Companies bill deferred
BS REPORTERS New Delhi, 25 October
THE much awaited Companies Bill 2011 will require further fine tuning before it can get the approval of the Union Cabinet.
The Cabinet today deferred adecision on the Bill following objections by the finance and law ministries. It is learnt the objections were related to the newly introduced provisions regarding the corporate social responsibility norms. The jurisdictional issues with regard to the role of Securities and Exchanges Board, the Central Board of Direct Taxes and certain statutory provisions under the proposed Bill were also contentious matters.
Briefing the Cabinet decisions, Ambika Soni, minister of information and broadcasting, said the deferment was technical in nature. “There is no difference of opinion. Some of the Cabinet members had some queries on certain issues.
It will be clarified and the Bill will be back for Cabinet approval within a week or 10 days,” she said.
Corporate Affairs Minister MVeerappa Moily declined to speak on the matter.
He is expected to sort out the matter with Finance Minister Pranab Mukherjee and Planning Commission Deputy Chairperson Montek Singh Ahluwalia before the Bill goes back to the Cabinet.
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