Companies Bill may not be tabled in Budget session

The Companies Bill 2009 may not be tabled in the ongoing Budget Session of Parliament, as the government has decided to cut short the duration of the current session.

“We are ready with the Bill, but may not be able to introduce it in Parliament during this session,” Minister of State for Corporate Affairs R P N Singh said.

Speaking to reporters on the sidelines of an event organised by industry chamber Assocham here today, Singh said the Bill would certainly be passed in the next session.

The new Companies Bill, meant to replace a 50-year-old Act, was drafted during the last tenure of the United Progressive Alliance government. It got reintroduced this year and was referred to a Parliamentary Standing Committee. The present form of the Bill was finetuned to incorporate the suggestions made by the committee.

Emphasis on corporate governance and stringent measures to preempt corporate frauds are among the salient features of the Bill.