50 per cent locals in companies' board of directors

Gangtok, Jul 29 (UNI) The Sikkim Legislative Assembly today passed an amendment Bill that binds all companies registered or to be registered in the state to have at least 50 per cent Sikkimese in its board of directors.

The Registration of Companies (Amendment) Bill states that 'no companies shall be registered unless it has in the Board of Directors at least 50 per cent locals having Sikkim Subject Certificate or Certificate of Identification'.

Companies registered but not having the above criteria shall also comply with the requirement with a notified period failing which the companies shall be deregistered.

The Bill had been tabled yesterday in the House and was passed unanimously today, the final day of the session.

Another Bill, Sikkim Regulation of Societies, Associations and Other Voluntary Organizations (Amendment) Bill was passed today which also binds organizations in the state to include 50 per cent of members of the governing or executive body possessing Sikkim Subject certificate or Certificate of Identification.

All associations, organizations, clubs, societies and voluntary organizations, etc at the time of renewal of their Certificate of Registration shall have 50 per cent of its members of the governing body/executive body possessing Sikkim Subject Certificate or Certificate of Identification, the amendment Bill states.

The other four amendment Bills introduced yesterday were also passed by the House today.

UNI BG KK/src1835