Uncertainty over companies Bill in monsoon session

The Centre on Tuesday said the Companies Bill will not be passed in the ongoing monsoon session of Parliament ending September 8, and there were uncertainties over whether it could even be tabled in this session.

Corporate affairs minister Veerappa Moily said he hoped to introduce the Bill during this session and get it passed in Parliament in the winter session, though ministry officials were not sure whether even that would be possible.

Speaking to reporters on the sidelines of a Federation of Indian Chambers of Commerce and Industry conference here on Tuesday, Moily said the ministry had done its work. “The Bill has been forwarded to the Cabinet. It is for the Cabinet to clear it for introduction in Parliament.”

The new Bill will replace the Companies Act, 1956. It gives emphasis on corporate governance and calls for disclosures of Corporate Social Responsibility (CSR) activities in the company balance sheets.