The Parliamentary Standing Committee on Finance is likely to submit its report on the Companies Bill, 2009 during the monsoon session of Parliament, the Committee’s new Chairman and former Finance Minister, Mr Yashwant Sinha, said.
However, the Corporate Affairs Ministry sources said the Government may not be able to get the Bill passed in Parliament in the monsoon session (scheduled to begin in July) itself because preparing a ‘revised proposal’, on the basis of the Committee’s recommendations, and then getting the Cabinet approval for the same, may take time.
“I am hoping that it will be possible for the Committee to submit the report during the monsoon session. We (the Committee) are trying our best,” Mr Sinha told. He said the Committee held a three hour-long meeting on Monday with the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and the Institute of Cost and Works Accountants of India.
“We have some more witnesses to examine,” Mr Sinha said.
Asked whether his taking over as the head of the Committee at such a late stage is likely to cause any delay in completion of the report, Mr Sinha replied in the negative, adding, “That is not a big issue. I have understood the main points (of the Bill).” Mr Sinha took over from senior BJP leader Dr Murli Manohar Joshi.
When contacted, a senior Corporate Affairs Ministry official said that even after the Committee submits its report, there are a host of procedures that the Bill will have to go through before it becomes a law.
“First we will have to prepare a revised proposal based on the Committee’s recommendations. That itself will take over a month. Then it will have to be approved by the Cabinet. After that it will be taken to Parliament. But it is unlikely that it (the Bill with the revised proposal) will be taken to Parliament in this (monsoon) session,” the official said.
Once it is placed before Parliament, it can pass the Bill with further changes, if necessary. Then it has to get the President’s assent, the official said, adding, “All this will take time.”
