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Lok Sabha passes amendment to the Companies Act

Written by: Staff

New Delhi, May 15 (UNI) The Lok Sabha today passed by voice vote an amendment in the Companies Act, 1956 which would go a long way in checking the vanishing companies and trace their histories, and also ensure security of data among other things.

The Bill has already been passed in the Rajya Sabha.

Replying the debate on the Bill, Company Affairs Minister Prem Chand Gupta assured the members that introduction of MCA 21 form would also help in reducing the time of interface of the public with government officials. ''Besides the 30 page form has been reduced to just eight pages,'' he added.

Describing the Bill as ''historical and revolutionary,'' he said over 1.5 lakh company directors had already applied for DL.

The Bill would also facilitate easier closures of companies, Mr Gupta said.

Varkala Radhakrishnan (CPI-M), Jual Oram and M A Kharbela Swan (both BJP) and Sandeep Dxit (Congress) also spoke in favour of the Bill.


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