New Companies Bill to come up in Monsoon session

Shimla: Corporate Affairs Minister M Veerappa Moily on Saturday said the new Companies Bill will be introduced in the Monsoon Session of Parliament.

Addressing a press conference in Shimla on Saturday, Moily said the amendments in the Companies Act 1956 have been approved by the Standing Committee of Parliament.

The amended Bill would be approved by the Cabinet and introduced in the Monsoon Session, he added.

The Companies Bill, which was introduced in the wake of the Rs 14,000-crore Satyam fraud, seeks to keep pace with the changing modern industrial climate by proposing to enhance the accountability of companies, seeking greater disclosure and protection of investors and minority shareholders.

Moily was in Shimla to attend a high-level meeting of the senior officers of government of India, Chief Secretaries of the various states besides Central Vigilance Commissioner, Chief Information Commissioner, member of the Planning Commission and Revenue Secretary of the government of India.

The meeting convened by the Controller and Audit General (CAG) and various reforms in defence sector besides fiscal reforms were also discussed.