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Parliament Winter Session: Chidamabaram calls for separate law for small companies

“Eventually, we must have a separate law for small and medium companies and have a comprehensive Companies Act only for large companies,” Chidamabaram said during a discussion on the Companies (Amendment) Bill in Rajya Sabha

Written by Shubhajit Roy | New Delhi |
December 20, 2017 3:30:30 am
Parliament Winter Session, Winter Session, Lok Sabha, Chidamabaram, P Chidambaram, small companies law, india news, indian express, indian express news Uniion Finance Minister P. Chidambaram. Express

As Parliament passed Tuesday a bill to strengthen corporate governance standards and help improve ease of doing business, former finance minister P Chidambaram advocated a separate law to deal with small and medium companies, saying firms of all sizes cannot be governed by the same companies law. “Eventually, we must have a separate law for small and medium companies and have a comprehensive Companies Act only for large companies,” he said during a discussion on the Companies (Amendment) Bill in Rajya Sabha.

The legislation, moved by MoS (Corporate Affairs) P P Chaudhary, was later passed by voice vote. It had been adopted by Lok Sabha during the monsoon session. Replying to issues raised by members, Chaudhary said the amendment would ensure better corporate governance and improve the ease of doing business. IIMs get autonomy on degrees Rajya Sabha passed Tuesday a bill — it had been passed by Lok Sabha in July — extending greater autonomy to the Indian Institutes of Management by restricting the government’s role in their functioning and granting them power to award PG degrees instead of diplomas. It grants statutory powers to the IIMs in their running including appointment of directors and faculty members.

“Through this bill we will remove all interference of the government, bureaucracy in the functioning of the IIMs. They will themselves decide how to manage and run these premier institutes,” HRD Minister Prakash Javadekar said. The bill was passed unanimously.

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