Govt to introduce new Companies Act soon

MUMBAI: The government will shortly introduce a new Companies Act which would ensure greater transparency and accountability in corporate India, a senior Central government official said.

"The new Companies Act is already placed on the table of the House. A committee has been constituted of renowned Parliamentarians and they are working on it. We are very hopeful that within 3-4 months we will have a new Companies Act," Ministry of Corporate Affairs' Secretary, R Bandyopadhyay, said at a function here.

"The new Act will also make corporate India more responsible," Bandyopadhyay said.

He said more new company regulations would come up in the future to ensure greater transparency and accountability in corporate India.

On the Limited Liability Partnerships (LLP) Act, Bandyopadhyay said, "Under the LLP Act, chartered accountants, company secretaries and advocates can now set up multi-disciplinary firms that will act as one-stop shops for people to avail of various professional services."

"We have also introduced e-stamping," he said, adding "we will streamline the use of MCA-21 for information from the corporate marketplace and cross-checking them," he said.