ANJU YADAV Mumbai Union Corporate Affairs Minister M Veerappa Moily Monday said the much awaited new Companies Bill, which intends to replace the Companies Act 1956, will be passed in the current session of Parliament.
” We would li
ke to see the new companies bill to be passed in the current session of Parliament,” Moily said on the sidelines of the Institute of Company Secretaries of India( ICSI) Capital Markets conference on Monday.
The ICSI is observing capital market week on the theme, alt39 Capital Market Growth Driversalt39 from April 23 to April 28 across the country.
The Bill hopes to provide a new thrust to corporate social responsibility ( CSR) and corporate governance.
Besides, it aims to make it mandatory for firms to maintain their documents in electronic format. It also introduces the concept of egovernance, makes provision for encouraging ethical corporate behaviour and rewards employees for their integrity.
Asked about efforts to build awareness among investors and promoting good governance in capital markets, the minister said,” We are having a series of discussions in five metropolitan cities on investments and governance. We are going to prepare a road map as to how the investment could be boosted up, what are the hurdles and how to make business easy in this country.” A committee under the Godrej Group chairman Adi Godrej which was setup in last week will suggest a comprehensive policy framework to enable corporate governance of the highest quality in all classes of companies without impinging on their internal autonomy.
The report is expected within six months.
