Companies Bill 2011 - some new concepts / Big Change

Companies Bill 2011 which could not be passed and is likely to be passed in Budget session 2012 has some new concepts & big change . Touching below some of the key points although the changes are so many .

1. Inclusion of at least one woman director on board
2. Concept of One Person Company introduced.
3. Key managerial personnel (KMP) to include Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Company Secretary (CS).
4. Class Action Suits recognised as exist in USA
5. Limit on maximum number of members of private company increased to 200 from 50
6. National Advisory Committee on Accounting Standards (NACAS) to be renamed as National Financial Reporting Authority (NFRA) and changes in responsibilities and powers (Clause 132)
7. Mandatory Rotation of auditors 
8.  Corporate Social Responsibility – 2% of average net profits of the previous three years
9. Mandatory Internal Audit for prescribed classes of companies
10. Secretarial Standards Introduced and provided statutory recognition 
11. Secretarial Audit
12. 1/3^rd of the total number of directors as independent directors – listed public companies