Karnataka - Bangalore

New-look Companies Bill to be tabled in next session

— Photo Bhagya Prakash K.

New facility: Union Minister for Corporate Affairs Prem Chand Gupta inaugurating Corporate Bhavan in Bangalore on Friday. Anurag Goel, Secretary, Ministry of Corporate Affairs, is seen.

BANGALORE: The new-look Companies Bill and the Limited Liabilities Partnership Bill will be introduced in the coming session of Parliament, Union Minister for Corporate Affairs Prem Chand Gupta has said.

Talking to presspersons after inaugurating Corporate Bhavan in Bangalore, Mr. Gupta said the proposed Bill would give flexibility to the corporate sector. It gave importance to self-regulation by the companies on various issues thus reducing government control. This measure would ensure that the Indian companies were able to exploit the growth opportunities before them, he added.

Mr. Gupta said that the Ministry was operationalising the Competition Commission of India, which would effectively check the cartelisation and other anti-competition business practices to ensure that consumers and common people got goods and services at reasonable prices.

The new Corporate Bhavan, spread across 27,000 sq ft area on the 12th Floor of Raheja Towers on Mahatma Gandhi Road, will house the offices of regional Official Liquidator and the offices of the National Company Law Tribunal (NCLT).

Mr. Gupta said the issue pertaining to the NCLT was pending before the Supreme Court and members to the Tribunal would be appointed soon after the court cleared the matter.

Mr. Gupta said, the Ministry had been upgrading the infrastructure in all its field offices across the country. The Ministry had accorded priority to upgrade its office infrastructure in Bangalore as the city had been witnessing rapid growth in corporate sector.

Anurag Goel, Secretary, Ministry of Corporate Affairs, and V.V. Davey, Registrar of Companies, Karnataka, were present.

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