• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi , Aug. 5

INDIA Inc has welcomed the concept paper on a new Company Law, which was released on Wednesday for public debate. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the Government's move to reduce the size of the existing Companies Act is a step in right direction.

"Company Law should provide only the broad framework and details relating to business operations should be left to be evolved by corporates themselves in consultation with and consent of shareholders," the chamber said.

The Associated Chambers of Commerce and Industry of IndiaPresident, Mr Mahendra K Sanghi, was happy about the reduction of sections, however, he felt that the Sections 370 & 372 of the Companies Act 1956 should be deleted as they are redundant.

Mr Ravi Wig, President, PHD Chamber of Commerce and Industry , felt that given the fast paced changes in the corporate environment, the legal framework needed to be in line with international practices to provide greater autonomy to the corporate sector and ensure speedy decision-making. He suggested that in line with the sunset legislation concept, the Act should be reviewed every 10 years to keep pace with the changing environment.

More Stories on : Company Law

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Sony India suspends CTV production

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line