Cos Bill to be tabled in Budget Session: Gupta | india | Hindustan Times
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Cos Bill to be tabled in Budget Session: Gupta

The Government on Saturday said a Bill to amend the Companies Act, 1956, would be introduced in the second half of the Budget Session of Parliament.

india Updated: Jan 27, 2007 15:53 IST

The Government on Saturday said a Bill to amend the Companies Act, 1956, would be introduced in the second half of the Budget Session of Parliament.

"Our endeavour would be to introduce the Companies Bill in Parliament in the second half of the Budget Session," Company Affairs Minister PC Gupta said at a seminar organised by the ICSI.

He said the Companies Act, being the most important piece of legislation providing for basic structure, governance and liquidation of corporate entities, involves numerous complex issues and balancing of competing interests.

Since the bill is complex, the Ministry is not taking any chances, he said adding if it delayed this time due to some technical reason it would be tabled in the next session.

Currently, the Bill is before the Ministry of Law and the consultation process on the Bill is going on, he said.

Gupta said, amendments pertaining to the Competition Act, 2002, is likely to get Parliament's nod in the Budget Session itself.

The Standing Committee has made some recommendations. Based on their recommendation, the Ministry is taking suggestions from various Ministries, he said.

On the Limited Liability Partnership (LLP) Bill, which was introduced in Rajya Sabha on December 16, 2006, Gupta said it has been referred to the Standing Committee. The Bill would hopefully be cleared in the Monsoon Session.

Once it is through, LLP will be a new corporate form, enabling professional expertise to organise and provide a range of services to the corporate sector in a comprehensive and effective manner, he said.