The Union Minister for Corporate Affairs, Mr P.C. Gupta, flanked by the ICAI President, Mr Sunil H. Talati (left), and the Vice-President, Mr Ved Jain, at a function to mark Chartered Accountants Day in the Capital on Sunday.
A Bill to enact a new modern company law is likely to be introduced in the winter session of Parliament, the Minister for Corporate Affairs, Mr Prem Chand Gupta, said here on Sunday.
We are in the final stages of giving shape to the Bill. I wanted it to be introduced in the monsoon session. But there are certain difficulties. It would definitely be introduced in winter session, Mr Gupta told reporters on the sidelines of function organised to commemorate the 59th foundation day of the Institute of Chartered Accountants of India (ICAI).
A legislation to replace the existing Companies Act has been in the works for over 30 months. Corporate India has been looking forward to a new modern company law, which would be a simplified version of the existing legislation.
Meanwhile, Mr Gupta said in his address at the ICAI function that he expected the limited liability partnership law to be in place by the end of 2007. The LLP Bill is currently under the examination of the Parliamentary Standing Committee. I understand that the ICAI has also presented its viewpoints before the Standing Committee. The day is not too far when the new legal framework will be in place for the benefit of the members of the ICAI, Mr Gupta said.
A LLP has many of the features of a normal partnership, but offers reduced personal responsibility for business debts.
On the occasion of the Chartered Accountants Day, Mr Gupta launched a new logo for chartered accountants. Mr Sunil Talati, ICAI President, said that the ICAI members would be allowed to use this logo in their visiting cards, letter-heads, and envelopes and as stickers on cars. The ICAI President also announced the launch of a free co-branded credit card with ICICI Bank for the benefit of institutes members. A certain percentage of the amount spent on the card would go towards the chartered accountants benevolent fund.