The Hindu Business Line : Redrafted cos Bill to be more liberal

A NUMBER of measures proposing liberalisation would feature in the redrafted Companies (Amendment) Bill, 2003, which have been returned to the Department of Company Affairs, said Mr M.M.K Sardana, Secretary, DCA.

When asked whether the department proposes to refer the Bill to a core committee, the Secretary said, "The department is yet to take any decision on it." Mr Sardana was addressing a session on Emerging Issues in Corporate Laws at a conference on `India's Competitiveness as a Business Destination' organised by the Federation of Indian Chambers of Commerce and Industry here.

Speaking at the session, he said, "In a globalised environment, principles of business have changed and would continue to change, particularly with the revolution that is taking place in technology. The regulators of yester era such as the Monopolies and Restrictive Trade Practices Commission (MRTPC) have to give way to new types of regulators to encourage competitiveness, growth of business and its restructuring, including a speedy exit."

Mr Sardana said that the Competition Act, 2002 has been enacted and the National Company Law Tribunal would also be coming up. With the establishment of regulatory bodies under these enactments, the earlier bodies like the MRTPC and the Company Law Board would cease to exist. In fact, the selection committee to appoint members for the law tribunal has already written to the Chief Justices of all High Courts, professional institutes and various bodies, to ask their members to apply for the posts.

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