the minister said that the new companies act will revolutionize corporate business in India
A new companies act is looking more likely to be passed in the Indian parliament, according to the Corporate Affairs Minister, M. Veerappa Moily (pictured), replacing the existing companies act that is nearly 60 years old.
Moily said recently that the government is eager to get the Act signed in a bid to clamp down on unfair business practices in India, saying that it will also contribute to a better system of Indian corporate governance.
According to Indian news site, Daijiworld, the minister said that the new companies act will ‘revolutionize corporate business in India’.
He added: "I am looking ahead for a better corporate sector in India and I am trying my best to get the new companies act passed in parliament."
The bill will give more power to shareholders and will give stricter standards of approval by them over decisions related to management issues.
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