Companies bill at finalization state
The Parliamentary Standing Committee on Finance, which is examining the Companies Bill, has had 16 meetings so far and understood to have reached an advance stage in finalising its report. Mr R. Bandhyopadhyay, Secretary, Ministry of Corporate Affairs, told reporters here on Saturday that the Ministry was awaiting Parliamentary debate after the committee placed it report to the Houses.
The committee is focussing on inspection and investigation mechanism of companies, strengthening of corporate governance frame work, accountability of auditors, functioning of Serious Fraud Investigation Office (SFIO) and functioning of the offices of Registrars of Companies.
Without discussing specifics, he said the Bill in the current form was far different from what was conceived earlier. The Ministry had begun work on the new Bill way back in 2003.
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