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Murli Deora to push for early passage of companies bill

Murli Deora, the new corporate affairs minister, will meet the law minister in the next few days to discuss the pending companies bill.

business Updated: Jan 26, 2011 20:50 IST
HT Correspondent

Murli Deora, the new corporate affairs minister, will meet the law minister in the next few days to discuss the pending companies bill.

“Hopefully the bill should come up in the forthcoming budget session, I have not yet met the law minister but plan to meet him soon,” he said.

It was slated to be taken up in Parliament in the winter session. A ministry source said that the minister is likely to take up the pending bill on a priority basis and the change of guard in the ministry would not derail the passing of the bill.

A Parliamentary Standing Committee, which has already submitted its report in August last year has underlined the need to prohibit companies from endowing independent directors with stock options. Besides, independent directors may be allowed to serve as for a maximum period of two tenures on a company board. The government could also limit the number of company boards on which an independent director could be appointed to six from the present 15. This is to ensure that independent directors are able to devote more time on each company board. The role of independent director came under the scanner after the shocking revelation of the disgraced founder chairman B Ramalinga Raju of Satyam Computers that the records of the firms had been doctored for several years.