CA, CS, CWA Amendment Bill has been passed by Lok Sabha today, Rajya Sabha has already passed this bills on 14th December 2011, paving the way for LLP and Multidisciplinary Partnerships (MDPs) subject to notification of the relevant provisions, after the assent of the President of India and issue of guidelines for MDPs by the Council.
The three bills will allow chartered accountants, cost and works accountants and company secretaries to have a choice to form a business model of limited liability partnership (LLP).
An amendment bill seeking to bring professionals for the management of national highways was also introduced in the Lok Sabha, amid opposition uproar over legal proceedings against a commentary on Bhagvad Gita in a district court in Russia.
The three bills seeking to amend laws governing the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and the Institute of Cost and Work Accountants of India (ICWAI) were passed by the Lok Sabha within a minute. They were moved by Corporate Affairs Minister M Veerappa Moily. The three legislations have already been passed by the Rajya Sabha.
The Bills will enable ICAI, ICWAI and ICSI members to form firms to offer their services. The Bills also allow them to form partnerships with members of specified professions.
By allowing charted accountants, company secretaries and cost and work accountants to have a choice to form a business model of LLP as defined by a related Act of 2008, the legislation is expected to help the professionals and thereby the country achieve a leadership position in the services sector.
The LLP Act was enacted in 2008. As on September-end, 6,439 LLPs have been registered in the country, mainly in the business service, trading, real estate, rentals, construction and so on.
While the Company Secretaries (Amendment) Bill, 2011, was being passed in the Lok Sabha, a BJP member, supported by other party colleagues, agitated for not being allowed to speak.
“It was announced by the Chair that three Bills at item numbers 19, 20 and 21 would be taken together. My name was called and I was on my legs. How can the Bill be passed without discussion? I am ready here to speak on the Bill,” a visibly angry BJP MP Harin Pathak said before he took his seat letting Samajwadi Party member Mulayam Singh Yadav speak on the issue of Bhagvad Gita .
Link To download the Amendment Bills are as Follows:-
COMPANY SECRETARIES (AMENDMENT) BILL, 2011
THE CHARTERED ACCOUNTANTS (AMENDMENT) BILL, 2011
THE COST AND WORKS ACCOUNTANTS (AMENDMENT) BILL, 2011
With Inputs From DHNS and PTI
