February 17, 2011 8:36 PM

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Govt. to introduce Company Bill in Budget Session

The Government will introduce a Bill in the coming Budget Session of Parliament to ensure better corporate governance. Talking to reporters after an Interactive Session with captains of Industry in New Delhi, the Union Minister for Corporate Affairs Mr. Murli Deora said that the government is revising the existing Companies Act in view of the present needs. He said that it will be able to remove the shortcomings in the corporate sectors.He said that various suggestions have been received by the Standing Committee of Parliament regarding this Bill and the views of the stakeholders are under examination. He said that there are some differences among the stakeholders on the issues like Rotation of Auditors, Corporate Social Responsibility and others and expressed hope that they will be sorted out soon. Replying to a question on the provision of Corporate Social Responsibility, Mr. Deora favoured making it mandatory for the private sector to spend 2 per cent of their profits on it.

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