Companies Bill, 2011: Parliamentary Committee Report

The Companies Bill, 2011 introduced in Lok Sabha on 14 December, 2011, was referred to the Standing Committee (Finance) on 5 January, 2012 for examination and report thereon, by the Speaker, Lok Sabha under rule 331E of the Rules of Procedure and Conduct of Business in Lok Sabha. The Standing Committee on Finance had earlier examined the Companies Bill, 2009 and presented report on the same in the Parliament on 31 August, 2010. Keeping in view the recommendations made by the Standing Committee, a revised Companies Bill, 2011 was prepared by the Ministry of Corporate Affairs. The Hon‘ble Speaker referred the revised Bill to Parliamentary Standing Committee on Finance as certain new provisions were included in the Bill, which were not earlier referred to the Committee during the examination of Companies Bill, 2009. On June 26th, 2012 the Committee presented its report to the Hon’ble Speaker.

The team at Corporate Professionals has examined this Standing Committee report and highlighted the key recommendations made, including the recommendation to make CSR mandatory, redefine ‘listed’ companies and ‘private placement’.

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