August 3, 2009
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Company law reform consolidates incorporation, governance, e compliance and insolvency into a unified statutory framework for stronger accountability.
Comprehensive revision consolidating company incorporation, governance, compliance, restructuring and winding up under a centralized statutory framework administered by the Central Government; enabling electronic filings and faster incorporation with director identification, strengthening governance through shareholder democracy, independent directors, Key Managerial Personnel, board committees and independent valuation, criminalizing insider trading, mandating consolidated financials, and providing a unified insolvency and enforcement regime with specified penalties, recovery for fraud, investor protection measures and specialized tribunals.