Upper House passes New Companies Bill into law 08 Aug 2013, 05:48 PM

Companies Bill is to enhance corporate governance. We must be very severe on noncompliance. The Bill is compliant with innovations in technology and markets.

The Bill also intends to nurture entrepreneurs, artisans, craftsman and ensures that no effort is spared to consult every single stakeholder. The Companies Bill will usher in a new era for our economy.

Sachin Pilot added that he will seek comments on forming rules and address imbalance towards women in the corporate sector. For the first time CSR is part of the statute.

The 2-percent CSR mandate is not a tax or a cess and corporate India is more than willing to spend money on CSR initiaitives, he highlighted.

The Bill allows companies the freedom to choose areas of work for CSR and the mandate of a rotation in auditors every 5 years gives the process added credibility.

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