Financial Daily from THE HINDU group of publications
Wednesday, Jun 01, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jun 01, 2005 |
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Corporate
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Company Law Bill on new company law in monsoon session Our Bureau
New Delhi , May 31 THE Government plans to introduce a Bill to replace the existing company law during the monsoon session of Parliament, the Company Affairs Minister, Mr Prem Chand Gupta, said here today. "My target is to have a new Companies Act in place by the end of the year. The new look company law should be compact, simple, easy to understand and easy to enforce. I want corporate sector to be freed from bureaucratic hassles," Mr Gupta told newspersons here after receiving the Dr J.J. Irani committee report on company law. Mr Gupta said that the Ministry of Company Affairs would now study the expert committee report and prepare a Bill to re-codify the company law after consultations with law and other ministries. "If required, we would also seek clarifications from Dr Irani and his colleagues in the committee. The committee report would be put on the Company Affairs ministry's Web site and any last minute suggestions from public would also be welcome," the Minister said. He said that the recommendations of the Dr Irani committee would be given due importance and weightage while drafting the provisions of the Bill. On the reason as to why Dr J.J. Irani, former Managing Director of Tata Steel, was chosen to head the expert committee, the Minister said that he had wanted to appoint somebody who had gone through the "rigmarole and complications" of the existing company law. "As Dr Irani had good experience with the various tenets of company law, I thought he would be the best person to recommend a simple law that can be easy to use and administer," Mr Gupta said.
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