New Cos Bill in Budget Session: Gupta

The long-awaited New Companies Bill would be tabled in the second half of forthcoming Budget Session of Parliament, said Minister of Company Affairs Prem Chand Gupta. The amendments pertaining to the Competition Act, 2002, would most likely get Parliament’s nod in the same session.

Addressing a seminar on Limited Liability Partnership (LLP) Bill 2006 organised by Institute of Company Secretaries of India today, Gupta said, “LLP bill has been referred to the standing committee. The Bill would hopefully be cleared in the Monsoon Session.” LLP bill was introduced in Rajya Sabha on December 16, 2006.It is before the Ministry of Law at present.

Gupta also spoke about his ministry’s plan to set up an Institute of Corporate Affairs for training, capacity building and developing synergy with international bodies. The Planning Commission is likely to sanction Rs 200 crore for the project. The institute would be spread over 15 acres in Manesar near Delhi.

Speaking about the action taken on the O.P. Vaish Committee report, the minister said, “The ministry has advised all Registrars of Companies to initiate process of de-registering defunct companies. The ministry is pursuing over 17,000 cases pending before the various courts.”