New Company Law Bill in next few weeks: PM

New Delhi, Mar 18 (UNI) A comprehensive Company Law Bill, focusing on promoting greater transparency and good governance in firms and giving them greater independence in operations, will be introduced in Parliament in the next few weeks, Prime Minister Manmohan Singh announced today.

''Such a law will be a comprehensive revision of the 50-year-old company law and bring us in alignment with current needs,'' Dr Singh said after launching the e-governance initiative of Ministry of Company Affairs (MCA-21).

He said the government would also expedite adoption of accounting standards in alignment with the international accounting standards so that the disclosure norms were on par with global practices.

He asked the Ministry to look into issues, such as limited liability partnerships, which were essential business structures in the emerging knowledge economy.

Stressing that an active competition body was an essential element in the architecture of a modern market economy, he also urged the Ministry to get the Competition Commission fully functional.

The launch of MCA-21 marks the launch of the first Mission Mode Project under the National e-Governance Plan.

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