Ministry to introduce Cos Bill in Budget session

Press Trust of India Mumbai | Updated on January 26, 2011

The newly appointed Corporate Affairs Minister, Mr Murli Deora, today said his Ministry is planning to introduce the Companies Bill, 2009, in Parliament during the Budget session.

“We will introduce the Bill (Companies Bill, 2009) in Parliament in this Budget session and we are working towards it. We hope that the Bill will be passed by Parliament during this session,” Mr Deora said at an interactive meeting with Indian Merchants Chamber here.

Mr Deora stressed that the Ministry will continue with its commitment to support both small and medium industry along with large industries.

He said the Ministry will also work on its image to make it more clean and transparent.

Talking about the issue of on independent directors, Mr Deora said the Ministry is still considering it and will come out with something that will satisfy majority of stakeholders.

Earlier, a Parliamentary panel had suggested restricting the number of companies' Boards an individual can represent as an independent director to five, and 10 in case of unlisted firms.

This was part of the suggestion of the Standing Committee on Finance that came as part of comments on the new Companies Bill that will replace the existing Act.

Published on January 25, 2011

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