Companies Bill

Legally Wired: Tue 26 July 2011

- A fake Patna High Court website has scammed Rs 7,000 from applicants for fake high court jobs; Police now investigating [Times of India]

- Raja ups the stakes and drags PM, Chidambaram into heart of 2G case, says they were fully aware of sale of licence-holding companies to foreigners [NDTV]

- “Bhaag bhaag DK Bhose, DK Bhose”: Law grad’s Allahabad PIL against Delhi Belly’s potentially rude hit song being played anywhere outside of a cinema; notice being issued [NDTV] [see also Legally India’s earlier coverage of DSK’s involvement in the many disputes against the film]

- Supreme Court watches two-hour video of Baba Ramdev supporters getting teargassed; Home minister not party to case [The Hindu]

- New Companies Bill will come up before the Monsoon session of Parliament, claims Moily in new garb as corporate affairs minister. [Business Standard]

Companies Bill to include voluntary CSR obligation

The government is mulling making Corporate Social Responsibility (CSR) voluntary rather than mandatory with the objective of invigorating spirit of “intent” over “legislation” in the new Companies Bill which is awaiting parliamentary approval.

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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