Asked about the objections being raised by industrialists that the code should be implemented only after the Companies Act has been amended, Mehta said that all the industry organisations had representatives on the Bhagwati committee and none of them had raised this issue there. There is a feeling in the government that the industrialists are trying to buy time by tying up the implementation of the new takeover code with amendments to the Companies Act. The earliest that the amendments to Companies Act 1956 could be moved would be in the monsson session of Parliament. This means that an amended Companies Act may not be a reality until next year.
