Companies Act 1956 to be amended, says government
Friday, 10 November 2006, 20:30 IST
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New Delhi: The government is set to introduce a new bill to amend the Companies Act of 1956 in the next Budget session of the parliament. "The government has incorporate amendments to the Companies Act after taking into consideration the legal challenges and it will be introduced in the Budget Session of 2007," Company Affairs Minister Prem Chand Gupta said here Friday. Gupta was speaking at the national conference on 'Emerging Trends in Corporate Laws' organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). According to a press release by FICCI, the minister said the Companies Act is the most important piece of legislation providing basic structure, governance and liquidation of corporate entities, which involves numerous complex issues, and balancing of competing interests. The revised Act will address the changes that are occurring in national and global economy, it will enable the Indian companies to adopt international best practice making the companies globally competitive and also providing adequate flexibility. On the pending Limited Liability Partnerships (LLP) Bill, Gupta said: "It is being finalised and we expect to introduce it in the parliament's winter session." According to Gupta, the LLP Bill would provide professional expertise to organise and facilitate a range of services to the corporate sector in a comprehensive and efficient manner.
Source: IANS
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