Date:28/01/2007 URL: http://www.thehindubusinessline.com/2007/01/28/stories/2007012802910300.htm

Back `Companies Bill to be tabled in second half of Budget session'

Our Bureau

Talks on with Law Ministry

"The Bill is complex and we do not want to take any chances."

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New Delhi Jan. 27 The new Companies Bill will be introduced during the forthcoming Budget session of Parliament, the Minister for Company Affairs, Mr Prem Chand Gupta, said here on Saturday.

"We will make all efforts to introduce the Companies Bill during the second half of the Budget session of Parliament. However, if that is not possible then we will aim for moving it during the monsoon season.

"The Bill is complex and we do not want to take any chances," the Minister told newspersons after inaugurating a seminar on `Limited Liability Partnership Bill 2006'.

The seminar was organised by the Institute of Company Secretaries of India. At present, the Bill is with the Ministry of Law and consultations are going on, Mr Gupta said.

Other Bills

The Minister also indicated that the Bill to amend the Competition Act was likely to be cleared soon by the Parliament. He was hopeful that the Limited Liability Partnership (LLP) Bill would also be cleared during the monsoon season.

The Bill was introduced in Rajya Sabha on December 16, 2006, and has since been referred to the Standing Committee.

Work on defunct cos

The Minister said that the Government had also asked the Registrar of Companies to start work to deregister defunct companies. "The Government has also started work on vanishing or defunct companies.

In Delhi alone, more than 25,000 notices have been sent," he added.

Besides, the Ministry plans to set up an Institute of Corporate Affairs for which the Planning Commission has given in-principle approval to the project and is likely to sanction Rs 200 crore. The institute is to come up in Gurgoan.