Wednesday, 14 September 2011

India: company law reform and the Companies Bill

It looks as if we are moving closer to the long awaited updating of company law in India. The Companies Bill 2009 was introduced in the Lok Sabha on 2009 and later referred to the Standing Committee on Finance for examination. The Committee's report was published in 2010 - see here (pdf) - and, since then, further work on the Bill has been undertaken. In a recent interview the Minister for Corporate Affairs said that an "entirely rewritten" Bill - the Companies Bill 2011 - would be introduced in the winter session of Parliament.  A transcript of the interview is available here, in which the Minister provides some insights regarding the contents of the Bill, including fixed terms for the external auditor and independent directors.

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