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....pls reply confidently

CA Trinath Galla (student) (3130 Points)

01 December 2008

Hi frns

i juz heard that pcc (company law is going to be changed with effect from April 2009.If is it so it would apply for Nov-09 exams as 6 months would be completed..

so iam juz confused???

pls post the facts u no confidently

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3 Replies

(Guest)

I also hear it but our teacher neglect it

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CA. Dashrath Maheshwari (TaXpert) (15103 Points)
Replied 01 December 2008

The Union cabinet gave its nod for the introduction of the Companies Bill 2008 in the next session of Parliament to replace the existing Companies Act, 1956 by incorporating far-reaching changes. The proposed Bill seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices so that entrepreneurship, investment and growth are encouraged. It calls for shareholder democracy with protection of the rights of minority stakeholders. The Bill provides right to Shareholder Associations/Group of Shareholders to take legal action in case of any fraudulent deed on the part of a company and also to take part in investor protection activities and 'Class Action Suits'. It provides for Special Courts to deal with corporate offences. Company matters such as mergers and amalgamations, reduction of capital, insolvency including rehabilitation, liquidations and winding up are proposed to be addressed by a National Company Law Tribunal/ National Company Law Appellate Tribunal. The Bill recognizes insider trading by company Directors/KMPs as an offence with criminal liability.

If this bill is passed before the April 2008 then only will be applicable for the November Examinations of the Institute of Chartered Accountants of India.

**DM