New Companies Bill may get nod by year-end: Khurshid

by Business Standard, February 4, 2010.

The new Companies Bill with stricter corporate governance norms is expected to be enacted by the end of this year, Corporate Affairs Minister Salman Khurshid said today.

Companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced in the Lok Sabha in August last year.

“The omnibus (companies) Bill will seek to give shareholders, particularly the minority shareholders a voice and balance the interests between the minority and majority shareholders… I hope that it will be enacted by the end of this year,” Khurshid said at the diamond jubilee celebrations of the Press Trust of India here.

The Bill comes in the backdrop of the multi-crore accounting fraud in Satyam Computer Services last year that exposed gaping holes in the existing corporate governance norms in the country, highlighting the need for stricter norms…(continue reading)

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