New Company Law Bill to be introduced in monsoon session
May, 07th 2008
The much-awaited new Company Law Bill will be introduced in the next session of Parliament, a senior government official said on Monday.
"The new Company Law Bill will be introduced in the monsoon session of Parliament although we wanted it to be done in the ongoing session," Corporate Affairs Secretary Anurag Goel said at a CII event here.
He said there were a lot of complications in the bill that were being worked upon.
"The bill is with a the Law Ministry and they (law ministry) are tweaking the bill to give it a final touch," he said on the sidelines of the event.
The new bill will replace the existing Company Act 1956. According to Corporate Affairs Minister Prem Chand Gupta, the new law will promote good corporate governance and lead to effective protection of investors.