Press Information Bureau

Government of India

Ministry of Corporate Affairs

10-May-2012 17:06 IST

New Companies Act

The Government has undertaken comprehensive revision of the Companies Act, 1956. The Companies Bill 2011 as approved by the Cabinet on 24th November, 2011 has been introduced in the Lok Sabha on 14th December, 2011 and the same has been referred to the Parliamentary Standing Committee on Finance for its examination and report.

This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh in the Lok Sabha today in reply to a written question whether there is a proposal under consideration of the Government to formulate a new Companies Act; and whether the Government has fixed any time-frame by which the draft of the said Act is likely to be passed.

*****

ST/-

Companies Act reform: new bill introduced and referred to parliamentary standing committee for examination and report. Cabinet approval led to introduction of the proposed Companies Bill, which has been referred to the Parliamentary Standing Committee on Finance for examination and report; the Minister of State reported these procedural steps in response to a written parliamentary question concerning a proposal for a new Companies Act and its anticipated timeline.