Corp Affairs Min to introduce Companies Bill in Budget session

Written by: Pti
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Mumbai, Jan 25 (PTI) Newly appointed Corporate AffairsMinister Murli Deora today said his Ministry is planning tointroduce the Companies Bill, 2009, in Parliament during theBudget session.

"We will introduce the Bill (Companies Bill, 2009) inParliament in this Budget session and we are working towardsit. We hope that the Bill will be passed by Parliament duringthis session," Deora said at an interactive meeting withIndian Merchants Chamber here.

Deora stressed that the ministry will continue with itscommitment to support both small and medium industry alongwith large industries.

He said, the ministry will also work on its image to makeit more clean and transparent.

Talking about its take on independent directors, Deorasaid, the ministry is still considering it and will come outwith something that will satisfy majority of stakeholders.

Earlier, a Parliamentary panel had suggested onrestricting the number of companies'' Boards an individual canrepresent an an independent director to five, and 10 in caseof unlisted firms.

This was part of the suggestion of the Standing Committeeon Finance that came as part of comments on the new CompaniesBill that will replace the existing Act.

Currently, there is no restriction on the number ofcompanies a person can represent as an independent director.

On adoption of the International Financial ReportingStandards (IFRS), Deora said it is likely to come to theCabinet for approval within next two weeks.

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