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Long-awaited Companies Bill 2009 to be deferred to 2011

The Companies Bill has missed the deadline for this year’s session of Parliament and may only be tabled early next year, reported PTI today.

The bill, which aims to tighten corporate governance and increase the burden of independent directors against the background of the Satyam scandal, has faced long delays and protracted debate. Corporate Affairs Minister Salman Khurshid said it would be tabled in the budget session beginning in February 2011.

V Umakanth commented on the Indian Corporate Law blog: “That will provide more opportunity and lead time to iron out issues, many of which have substantial implications on the corporate sector. While the effort to overhaul the Companies Act began over a decade ago (with the Companies Bill, 1997) and the wait for a streamlined legislation continues, any enactment of the law in haste would certainly be counterproductive (and to that extent this development is understandable).”

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