Sunday, 6 October 2013

The Companies Bill, 2012

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Current Status: Passed by Lok Sabha on August 13, 2013; Passed by Rajya Sabha
on August 08, 2013. Ministry: Corporate Affairs
The new Companies Bill, on its enactment, will allow the country to have a modern
legislation for growth and regulation of corporate sector in India. The existing statute for
regulation of companies in the country, viz. the Companies Act, 1956 had been under
consideration for quite long for comprehensive revision in view of the changing economic
and commercial environment nationally as well as internationally.

The new law will facilitate
business-friendly corporate regulation, improve corporate governance norms, enhance
accountability on the part of corporates/ auditors, raise levels of transparency and protect
interests of investors, particularly small investors.

The salient features of the new Companies law are: Business friendly corporate Regulation/
pro-business initiatives; e-Governance Initiatives; Good Corporate Governance and CSR;
Enhanced Disclosure norms; Enhanced accountability of Management; Stricter
enforcement; Audit accountability; Protection for minority shareholders; Investor protection

and activism; Better framework for insolvency regulation; and Institutional structure
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