The government said the new Companies Bill seeks to provide more powers to the shareholders and ensure greater transparency about the functioning of corporate. <br/><br/>Corporate Affairs Minister Salman Khurshid expressed hope that the new Companies bill will pass this year and is with the Parliamentary Standing Committee. <br/><br/>Speaking in New Delhi at a SEBI event, Mr Khurshid said the government introduced the Companies Bill in the Lok Sabha in August last year. <br/><br/>He said the Bill seeks to replace the earlier law which was enacted in 1956. <br/><br/>AIR correspondent reports the new legislation seeks to promote shareholders democracy with protection of rights of minority shareholders, responsible self-regulation with adequate disclosure and accountability and lesser government control over internal corporate processes. <br/><br/>The bill also proposes to make stringent provisions for companies seeking to raise money from the public. <br/><br/>The bill also seeks to prohibit insider trading by company directors or key managerial personnel. <br/>