New Companies Bill May Get Nod By Year End (05-Feb-2010)
Corporate Affairs Minister Salman Khurshid stated that the new Companies Bill with stricter corporate governance norms is likely to be enacted by the end of this year.
However, companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha, were reintroduced in the Lok Sabha in August last year.
The omnibus companies Bill will seek to give shareholders mainly the minority shareholders a voice and balance the interests between the minority and majority shareholders.
He said that he hopes that it will be enacted by the end of this year.
Meanwhile, the Bill comes in the backdrop of the multi-crore accounting fraud in Satyam Computer Services that exposed gaping holes in the existing corporate governance norms in India and highlighted the need for stricter norms.
Khurshid said the new Companies Bill seeks to fix more responsibility on independent directors.
Whereas, the government is currently framing out norms for their appointment and conduct.
On the other hand, the new legislation will also protect the rights of the minority shareholders; bring about responsible self-regulation with adequate disclosure and accountability and lesser government control over internal corporate processes.
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