'New companies bill likely to get Presidential assent in few days'

NEW DELHI: The new legislation Bill, which will replace the nearly six-decade old Companies Act, is likely to get the Presidential assent in the next few days, a senior government official said today.

The much-awaited Companies Bill was approved by the Rajya Sabha on August 8. The legislation had received the Lok Sabha nod in December last year.

"Hopefully in the next few days, we will also be receiving the Presidential assent," Corporate Affairs Secretary Naved Masood said here.

He was speaking at a function to present the national awards for excellence in cost management. The event was organised by the Institute of Cost Accountants of India.

The Ministry expects rules regarding the new legislation to be in place by the end of this fiscal, after taking into account the suggestions from experts, public and other stakeholders.

Speaking at the event today, Additional Secretary at the Ministry M J Joseph said the new bill provides an opportunity for cost accountants in discharging their internal cost audit functions in respect of prescribed class of companies.

"In addition, cost accountants would also be able to serve as insolvency administrators and company liquidators," he noted.

According to Joseph, the subject of cost management has become more relevant than before amid growing pressure of global competition and other factors.