THE COMPANIES BILL, 2008 ON ITS WAY

On Thursday, 23rd Oct. 2008 The Company Bill, 2008 was tabled on the Parliament. If the bill gets enacted then new Company Act 2008 will supersede the current Act. According to Corporate Affairs Minister Mr. Prem chand Gupta the new act would make things simpler. In the year 1956 their were 36,000 companies whereas in 2007 their were 7.5 lacs.

HISTORY

In India Ist Companies Act was passed in 1850. There after Company Act, 1866 was enacted & then followed by the Company Act 1913 which was replaced by the present The Company Act 1956. The Company Act 1999, 2000, 2002 had amended the Company Act, 1956.

WHAT’S NEW?

The Company Bill, 2008 paves way to:

  1. One Person Company (OPC).
  2. Limited Liability Partnership (LLP).

  3. Appointment of 33% independent directors on board.

  4. Many more……..