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The Companies Bill, 2011 is likely to be passed during the current session of Parliament, according to Mr R.P.N. Singh, Minister of Corporate Affairs.
The Bill, which introduces new concepts of corporate governance such as corporate social responsibility, one person company and class action suits, and is expected to increase accountability, was introduced in the Lok Sabha by Mr Veerappa Moily, Minister for Corporate Affairs.
Mr Singh was speaking on the sidelines of an Assocham event on ‘Changing Dimensions of Corporate Restructuring'.
The Competition Commission of India's Chairman, Mr Ashok Chawla, said that intra-corporate group restructurings will alter the country's economic architecture as more Indian companies get involved in cross-border mergers and acquisitions (M&As).
The current global economic conditions are not very robust, leading to a reduction in M&A activities, he said. “The inter-play of market forces calls for a broad regime to avoid adverse practices and improve businesses for consumer satisfaction. We would like to encourage creation of entities which can deliver faster and better goods and services,” he said.
In his address, the Minister said that emerging markets are compelling places to be in for international companies. “M &A activity is likely to pick up worldwide in years to come due to higher growth and the desire of companies to invest the cash hoarded during recession,” said Mr Singh.
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