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India: New Bill on company affairs to be tabled in next session of Parliament

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Union minister for Company Affairs (India) Prem Chandra Gupta has announced that a fresh Bill on company affairs will be tabled in the next session of Parliament commencing later this month.


The current Company Act of 1956 has 786 provisions. The new Act will have half the number of said provisions and would be much more simpler and transparent. It is the largest e-Governance initiative launched by the Union government in association with the Tata Consultancy Services Limited. Gupta said the proposed Bill envisages more powers for chartered accountants, company secretaries and cost accountants along with additional responsibilities for them. He claimed that the changes brought in by the UPA government had even received international laurels. The Vice-President of the Tata Consultancy Services, T Chakraborty, threw light on the MCA 21 e-Governance initiative and said that companies should avail of this facility for filing their returns as well as registering themselves.  Chakraborty said the MCA 21 initiative basically envisages modernisation and computerisation of the ministry of company affairs to allow it to deliver services more efficiently and with more transparency. He said that the website www.mca.gov.in was already being used extensively.

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