By IANS
New Delhi : Corporate India will have to wait for a few more months for the much-awaited new Companies Bill to become law, as the government has now decided to table it in the winter session of parliament.
"We would be introducing the bill in the winter session of the parliament," said Corporate Affairs Minister Prem Chand Gupta, on the sidelines of a conclave on corporate governance here Monday.
"The new companies act would take care of what you are expecting," he told the event, organised by the Confederation of Indian Industry (CII).
The government had earlier proposed to introduce the bill in the monsoon session but the minister said a parliamentary committee was currently examining the bill in detail.
Gupta said the new bill has drawn much from the recommendations of the committee chaired by J.J. Irani Committee, including how many independent directors would be allowed in the boards of companies, which currently is limited to one-third.
The new law seeks to promote greater transparency and allow business houses to be more competitive globally. It would also look at aspects such as formation of the board, appointment of auditors and corporate investments, Gupta said.