Companies Bill 2012 made easy ~ Better Corporate Governance, Stringent Disclosure Norms, CSR and more..
ANALYSIS OF THE NEW COMPANIES BILL 2012 RELIANCE INDUSTRIES LTD Posted by ~ Er Tejas Somaiya Prelude The Companies Bill 2011 was laid before the Parliament in December 2011 and was referred to Parliament Standing Committee on Finance. The Standing Committee submitted its report in June 2012 and based on Standing Committee's report, the Companies Bill 2011 was amended and was introduced as the new Companies Bill, 2012. The Bill was passed by the Lower House of Parliament on 18th December 2012. The Bill is pending the Upper House of Parliament-the Rajya Sabha and therefore, may undergo further changes. The Bill is divided into 29 chapters and contains 470 clauses as against 658 sections in the existing Companies Act, 1956. Corporate Governance: Concept of Independent Directors ("ID") has been introduced for the first time in Company Law. Some of the important points relating to IDs are mentioned below: Maximum number of direct...