THE UPA government in its second term will take up the re-working of the proposed company law as a priority measure, after the proposed law has returned to the government for necessary changes. The Bill, the formulation of which took five years of deliberations and a Cabinet approval late in 2008, has lapsed. The Companies Bill 2008, which proposed to substitute the present Companies Act, 1956, was forwarded to a Parliamentary Standing Committee. But changes in the global economic front as well as the sensational revelation of the financial scam in Satyam Computer Services have necessitated that changes be brought to the Bill.
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