New Cos Bill likely to be passed in monsoon session: MoS

Written by Press Trust of India | New Delhi | Updated: May 31 2012, 09:24am hrs
The much-awaited new Companies Bill, which seeks to replace the Companies Act 1956, is likely to be passed in the monsoon session of Parliament, minister of state for corporate affairs RPN Singh said on Wednesday.

The new Companies Bill is likely to be taken up in the upcoming session of parliament, Singh said at an Assocham event here.

The new Companies Bill is back with the Parliamentary Standing Committee on Finance as the committee wanted to discuss certain issues and suggestions of the stakeholders, he added.

When asked if the proposal of 2% CSR spend is the main bone of contention, Singh refused to clear the air but said, we have continued in the spirit of the Parliamentary Standing Committee on Finances suggestions and we will continue to do that.

The new Companies Bill, which was first introduced in the Lok Sabha in 2008, seeks to give a fillip to the cause of corporate social responsibility and corporate governance.

Besides, the Bill will make it mandatory for firms to maintain their documents in electronic format.