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,and will soon seek comments from India Inc and general public in this regard.
The new Companies Bill,which entails sweeping changes in the way the companies operate and are regulated in India,was passed by the Parliament earlier this month and is awaiting Presidents consent to become a law.
While we wait for this new bill to be signed into a law,a process has already begun to frame the detailed subordinate rules and the same would be finalised in a very transparent manner and not through a bureaucratic exercise, corporate affairs minister Sachin Pilot said.
Our aim is to usher in an era of less regulations and more compliance and the new rules would be framed in such a way so that they are easily understood and can be easily complied, Pilot said.
The new set of regulations would replace a nearly six-decade-old legislation,the Companies Act,1957,which has been amended at least 25 times and many of its provisions have turned out to be outdated or inadequate.