Companies Bill 2011- Passed in Lok Sabha on 18th Dec 2012 at 10:46 PM The Lok Sabha today passed the much awaited Companies Bill 2011. The Bill is all set to replace the 55 year old Act. The promulgation of the new Act is a step towards globalization and is a successful attempt to meet the changing environment and is progressive and futuristic duly envisaging the technological and legal developments.
Good News as a citizen of India but Bad
News as a
CA student-
Loksabha today passed the companies bill
and
now the decades old 'The Companies Act,
1956'
would be replaced, if upheld by Rajysabha
and
approved by President.
Highlights of the bill-
1. India will be the 1st country to make
CSR
expenditure mandatory.
2. Director's Remuneration will not be
more than
5% of Net Profits.
3. Bill will have 476 clauses.
One more amendment. :(
And not just an amendment, it willchange
almost
many provisions of Old CompaniesAct.
Stay connected with us. We will give you
all latest
information and impacts of that on our
studies.
Clarification:
Bill is not yet passed by RS and approved
by
President.
So its not an act till now. IT IS NOT
APPLICABLE to any exam yet.
1st it will have to
become an act, then what the ICAItakes
on it, that
will decide the applicability of the act to
our exams.
May 2013 exams will have NO IMPACT due
to this
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