New Bill on company law gets Cabinet nod

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New Delhi, Aug 29 (UNI) The Union Cabinet today approved for introduction in the coming Parliament session a Bill to replace the Companies Act, 1956, providing for minimum of 33 per cent independent directors on the company's board, raising the limit on the number of partners in partnership firms from 20 to 100, and allowing for the setting up of a one person company.

In respect of other partnership companies, such as those run by lawyers and chartered accountants, there will be no maximum limit to the number of partners, Union Minister Kapil Sibal told reporters while listing the provisions of the Companies Bill, 2008.

''The Companies Bill will be introducted and passed in the coming session along with the Limited Liability Bill pending in Parliament,'' he said.

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