Wednesday, 19 December 2012
The Lok Sabha has passed the much awaited Companies Bill 2011 on 18,th December, 2012. The Bill is all set to replace the 56 year old Act. The promulgation of the new Act is a step towards globalization and is a successful attempt to meet the changing environment and is progressive and futuristic duly envisaging the technological and legal developments. The new law surely promises investor democracy and addresses the public concern over corporate accountability and responsibility and alongside introduces some industry friendly provisions. The major Chapter-wise highlights of the new Companies Bill are summarized in enclosed attachment.