Parliamentary panel to take up Companies Bill today

Last Updated: Mon, Apr 09, 2012 20:50 hrs

Blaming the Union government for the delay in the passage of the Companies Bill, the standing committee on finance is likely to submit its report on the revised Bill before the beginning of the second half of the budget session.

“The members of the standing committee on finance are meeting tomorrow to discuss the Companies Bill. It is expected the committee would submit its report before the start of the second session of the Budget. We are working towards it, there should be no problem,” said sources privy to the development.

Chairman of the committee, Yashwant Sinha, has often blamed the Union government’s “attitude” for the delay in the Companies Bill. Though the parliamentary committee had submitted its report on the Bill in the monsoon session of Parliament in 2010, the Union government had brought in a different version of the Bill in the winter session in 2011, he said.

Sinha argued since the government had considered the suggestions of other stakeholders after the report was submitted by the standing committee, the members had decided to start discussions on the Bill again, as it was a new legislation.

On the basis of the report submitted by the panel, the government has agreed to incorporate 157 of the 178 amendments. It had, however, introduced 22 changes. The revised Companies Bill was tabled last year in the winter session of Parliament.

The changes include the ones covering the definition of a private company and the number of members it can have, along with a modification of provisions related to private placements and the rotation of auditors.

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