Co Act Bill to be tabled in Budget session

The government said on Friday a Bill to amend the Companies Act, 1956, will be introduced in the Budget Session of the Parliament next year, while the new accounting standards for firms in India is expected to be in place by January next year.

"The ministry is in the process of finalising the new Companies Bill for introduction in the Parliament in the Budget session of 2007," Union Company Affairs Minister Prem Chand Gupta said in New Delhi at a Ficci function.

The Companies Act, he said, being the most important piece of legislation providing for basic structure, governance and liquidation of corporate entities, involves numerous complex issues and balancing of competing interests.

Gupta said the revised Act will address the changes taking place in national and global economy, enable adoption of internationally accepted best practice, provide adequate flexibility and making the Indian companies globally competitive.

On the issue on new accounting standards, Ministry of Company Affairs Secretary Anurag Goel said the process to finalise it is on and by January next year it is expected to be in place.

A consultative meeting between the ministry and industry representatives will be held in December on the issue.

Commenting on the Limited Liability Partnership Bill, Gutpa said it will be be introduced in the winter session of Parliament.

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