New Company Law by the year end PC Gupta

Jaipur, May 10 (UNI) The UPA Government will bring new company law to substitute the Company Law Act 1956, by the year end, Union Company Affairs Minister Prem Chand Gupta said here today.

Talking to reporters, Mr Gupta said the new law would be simplified and rationalised legislation which would be just half, volume wise, of the 51 year old existing law.

He said the process of legal framming of the draft bill, proposed by the JJ Irani committee, was presently in progress and the government wanted to bring the bill by the end of the year.

Mr Gupta was in the town to lay foundation stone for the Corporate Bhawan building in the Residency area here this afternoon.

Rajasthan Chief Minister Ms Vasundhara Raje was the chief guest in the function.

Rajasthan Minister of State for Finance Virendra Meena, sitting Lok Sabha member from Jaipur Girdhari Lal Bharagva and local MLA Beeru Singh Rathore, were also present.

The proposed building, to be constructed in next 18 months with an investment of Rs 10 crore would house various regional offices of the Company Law Ministry.

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