House panel to meet on Jan 6 to vet Cos Bill again

Written by Ronojoy Banerjee | Ronojoy Banerjee | New Delhi | Updated: Dec 26 2011, 09:48am hrs
The parliamentary standing committee on finance is likely to meet on January 6 to draw out the differences on the Companies Bill that was withdrawn from Parliament last week following the divide between the Congress and its principal opponent, the BJP.

Top government sources said that though the standing committee would not make any fresh proposal, it would however, vet the bill before it gets finally tabled in the parliament in the budget session.

The meeting would focus on closely scrutinising any new proposal that has been made after the standing committee on finance vetted it and gave its own observations on the matter in August last year, a source engaged in the discussions on the Companies Bill told FE.

He said that the parliamentary standing committee on finance headed by former finance minister Yashwant Sinha had accepted that though the BJP is not principally

opposed to the Bill it would still want to scrutinise the provisions.

Last week, Sinha had told FE that BJP had opposed the Bill on the grounds that parliamentary procedures were breached.

As per the Statement of Objects and Reasons of the Companies Bill, the legislation has been drawn up after the recommendations of the standing committee were taken into account apart from observations and suggestions of other stakeholders that were also included in the Bill.

Sources said that the error in the wording of the statement occurred when the Bill was sent to the law ministry for vetting.

Apart from that the standing committee is also unlikely to open doors for fresh discussions and proposals on the Bill.

The standing committee would not invite suggestions on the Bill. If that happens once again, the Companies Bill could get indefinitely delayed, the source said.

He said that the standing committees recall of the Bill is merely a procedural formality which is unlikely to delay the passage of the Bill that has faced parliamentary hurdles for over ten years.