scorecardresearch
Follow Us:
Wednesday, September 22, 2021

Companies Bill 2013 receives President’s assent

New Bill,provides for sweeping changes in the way companies operate and are regulated.

Written by PTI | New Delhi |
August 31, 2013 1:25:46 pm

The new Companies Bill has received President’s assent,that will make it into a law replacing the nearly six-decade old regulations that govern corporates in the country.

The Companies Bill 2013 received assent from the President Pranab Mukherjee on August 29,a government official said.

The new Bill,providing for sweeping changes in the way companies operate and are regulated in the country,received Parliamentary approval earlier this month. It would replace the Companies Act 1956.

The Corporate Affairs Ministry is in the process of making the rules for the new legislation.

The draft rules,expected to be ready in two weeks,would be put out on the Ministry’s website. After this,stakeholders and general public,among others,would have up to 60 days to provide their comments.

Corporate Affairs Minister Sachin Pilot had earlier said the government plans to adopt a transparent and interactive process to finalise a detailed set of rules to be adopted under the new Companies Bill.

The new Bill requires companies to spend on social welfare activities,empowers investors against any frauds committed by promoters,encourages companies to have women directors,and seeks to bring in greater transparency in corporate governance matters.

It also provides about three dozen new definitions,including for terms such as frauds,promoters,turnover,small companies,associate companies and employee stock options.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement