'New COs Law Bill in winter session of Parliament'

New Delhi, July 1: The Government will introduce the proposed limited liability partnership (LLP) Bill in the coming monsoon session of Parliament beginning July 24 and the new Companies Law Bill in the winter session, Company Affairs Minister Prem Chand Gupta today said.

Expressing hope for a smooth passage for the (LLP) Bill which offers reduced personal responsibility for business debts in a partnership firm, the Minister said the Ministry for Company Affairs was aiming for its introduction in the coming session of Parliament.

''Whether it is referred to a standing committee or not depends on Parliament,'' he told newspersons on the sidelines of the 58th Chartered Accountants' Day celebrations organised by the Institute of Chartered Accountants of India here.

To a query regarding delay in tabling the new Companies Law Bill, Mr Gupta said framing of the Bill was a massive exercise as a lot of issues needed to be sorted out as it was coming 50 years after the introduction of the Companies Law Bill of 1956.

UNI