Corporate Affairs Minister Veerappa Moily said that the New Companies Bill is expected to be taken up in the winter session of Parliament, after Cabinet approval.

“Companies Bill had gone to the parliamentary standing committee which had made new recommendations for amendments. We have circulated those amendments to all the Ministries who had cleared it. Now it has gone to the Cabinet,” Moily told Business Line.

The parliamentary committee recommendations for the new Companies Bill have provisions for stricter corporate governance clauses besides focused spending on corporate social responsibility.

Asked if the Corporate Affairs Ministry will be looking into the Sahara case, he said, “The Supreme Court has already pronounced its decision and the company has been given time to follow these directives.

If they do not then SEBI and the Corporate Affairs Ministry will take action. But at this moment it is premature for me to comment.” The Ministry is expected to receive the investigation report on Reebok soon.

(This article was published on September 13, 2012)
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