Thursday, August 8, 2013

[aaykarbhavan] Companies Bill Passed in Rajya Sabha



Dear All,

The much-awaited Companies Bill was passed in the Rajya Sabha on Thursday. The new Bill will replace the nearly six-decade old regulations that govern corporates in the country.

The Companies Bill 2012 envisages a slew of changes to rules governing the functioning as well as social responsibilities of corporates. The new legislation would replace the Companies Act, 1956.

Spending towards Corporate Social Responsibility (CSR) activities, more responsibility on independent directors and setting up of National Financial Reporting Authority (NFRA), are among the major features of the new legislation.

The Bill was cleared by the Lok Sabha in December last year.

With both houses of parliament clearing the Bill, it will now go to President Pranab Mukherjee for his assent. The new legislation will come into effect with the relevant notification by the Corporate Affairs ministry after the President's assent.

With the new legislation, India would possibly become the first country to have Corporate Social Responsibility (CSR) spending through a statutory provision.

As per the proposal, companies have to shell out two per cent of their three-year average profit towards CSR activities and in case they are unable to spend the money, they have to provide explanations.

(With inputs from agencies)
NDTV India

CA.Ankit Gulgulia (Jain)|B.COM(H), C.A, C.IFRS, C.B.V

Gravita Consulting |Indirect Taxation| Transfer Pricing | Valuation | Corporate Laws | STPI

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