The Hindu : `Companies Bill, a mixed bag'

Online edition of India's National Newspaper
Friday, Jul 11, 2003

Southern States

Southern States - Karnataka-Bangalore

`Companies Bill, a mixed bag'

By Our Special Correspondent

BANGALORE JULY 10. Satish Menon, Corporate Vice-President, Legal and Company Secretary, Wipro Group of Companies, has said that the Companies (Amendment) Bill 2003, aimed at improving corporate governance and strengthening the rights of shareholders through strict monitoring, has both the negative and positive aspects. Delivering a talk on the Bill here on Wednesday, he said the Bill, which was introduced in the Rajya Sabha on May 7, had some good provisions such as liberalisation of rules and regulations governing the corporate sector, ban on demanding and giving gifts at board meetings, provision to hold shareholders meetings on Sundays, and increasing the duration for filing of registration charges from 30 days to 60 days. The negative provisions in the Bill included creation of the office of Director-General of Inspection and Investigation exclusively for the purpose of investigation and inspection, fixing of maximum age limit of 75 years for directors in the case of public companies, reduction of the period of filing annual returns from 60 days to 30 days, defining powers and functions of the audit committee, and appointment of independent directors. The President of the Federation of Karnataka Chambers of Commerce and Industry, K.N.Jayalingappa, the Vice-President, B.S. Arun Kumar, and the Chairman, Economic Affairs, Banking and Finance Committee, K. Ravi, were present.

Printer friendly page
Send this article to Friends by E-Mail

Southern States

Stories in this Section

IT book exhibition begins

HC notice on ban on vehicles

New HR initiatives at BHEL

Attimabbe Awards announced

CD on holistic education released

`Companies Bill, a mixed bag'