Rajya Sabha today passed the Companies bill, 2012. The bill was passed by the lower house in 2012. It was tabled in the upper house today and will bring international best practices to Indian businesses.
The new legislation will provide for class action lawsuit to be filed. The bill also stipulates a new company law tribunal to be set up.
It was first introduced as Companies bill on August 3, 2009 which was then refferd to the standing commottee on finance a month later. The bill the came back as the companies bill in 2011. It was then referred to the standing committee again.
The bill was finally passed by the Lok Sabha in 2012 which was then passed to Rajya Sabha for final clearance. Now with the clearance from Rajya Sabha, the bill will be further sent to the President for his assent in order to become an enactment.
The new legislation will provide for class action lawsuit to be filed. The bill also stipulates a new company law tribunal to be set up.
It was first introduced as Companies bill on August 3, 2009 which was then refferd to the standing commottee on finance a month later. The bill the came back as the companies bill in 2011. It was then referred to the standing committee again.
The bill was finally passed by the Lok Sabha in 2012 which was then passed to Rajya Sabha for final clearance. Now with the clearance from Rajya Sabha, the bill will be further sent to the President for his assent in order to become an enactment.
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