New Companies Bill in budget session: Gupta

New Delhi, Nov 10: Keen to operationalise the Competition Commission of India (CCI), the government would introduce the new Companies Bill in the Budget session next year.

''The government has introduced amendments to the Competition Act after taking into consideration the legal challenges and the order of the apex court,'' Minister of Company Affairs Prem Chand Gupta said while addressing the national conference on 'Emerging Trends in Corporate Laws' organised by FICCI.

These amendments are presently under the consideration of Standing Committee on Finance and officials of the Ministry of Company Affairs will meet members of the Standing Committee on November 16 to take the process forward, Mr Gupta added.

The Minister also said Limited Liability Partnerships (LLP) Bill is being finalised and is expected to be introduced in the winter session of Parliament.

LLP, he said, will be a new corporate form, enabling professional expertise to organise and provide a range of services to the corporate sector in a comprehensive and efficient manner.

This will also help small businesses which require a framework that provides flexibility without imposing detailed legal and procedural requirements intended for large and widely held companies.

Mr Gupta said, his Ministry has evolved a streamlined disciplinary mechanism for taking action in cases of misconduct by professionals and are having a Quality Review Board to enable assessment of quality of the services provided by these professionals.

''The Ministry would shortly unveil the new accounting standards, which will be at par with international norms. The accounting standards would be simple and easy to implement and will cause no hardship to the corporates,'' Secretary, Ministry of Company Affairs Anurag Goel said.

The 'MCA-21' e-governance project has had a smooth transition and from September 16 this year, 80 per cent of all filings by corporates have been done from their virtual front offices, he added.

UNI