Views/Suggestions solicited on Companies Bill, 2009

Views/Suggestions solicited

Companies Bill, 2009

(15-09-2009)

The corporate form of organization is increasingly emerging as the preferred vehicle for economic and commercial activity and has contributed significantly to the growth of the Indian economy and the emergence of service, information and knowledge-based enterprises.

In this backdrop, a comprehensive review of the Companies Act, 1956 and drafting of a new Companies Bill was taken up by the Government on the basis of a detailed consultative process. After the 14th Lok Sabha was dissolved and the Companies Bill, 2008 lapsed as per clause (5) of article 107 of the Constitution of India the Companies Bill, 2009 has been introduced in Lok Sabha on 3rd August, 2009.

The new Bill proposes to open up new avenues for the professionals especially Chartered Accountants and at the same time casts a lot of responsibility on them for conduct of affairs of the companies.

Appreciating the need of the hour and in view of the importance of the Bill, the Corporate Laws Committee has formed study groups at National level, Regional level and Branch level to consider the provisions of Companies Bill and the suggestions emanating there from shall be forwarded to the Ministry of Corporate Affairs by making a suitable representation.

Members are requested to give their views/suggestions to formulate the views of the Institute to the Corporate Laws Committee at corporatelaws @ icai.in.

Corporate Laws Committee, ICAI

Click here for a copy of the Bill