The government is expected to come out tomorrow with the second set of draft rules for implementation of the new Companies Act, that replaces nearly six-decades old legislation governing corporates.

The Corporate Affairs Ministry, on September 9, came out with the first tranche of draft rules for the new Act.

"The next set of draft rules will be released on September 20... The final set of draft rules are likely to be issued by first week of October," Renuka Kumar, Joint Secretary at the Corporate Affairs Ministry, said here today.

Draft rules covering about eight to nine chapters of the Act are expected to be released in the second tranche.

The first tranche covered 16 out of total 29 chapters of the Companies Act 2013 and stakeholders can give their comments till October 8.

According to Renuka Kumar, the Ministry has already received more than 600 comments and "there are extreme swings in opinions (received from various quarters)".

With regard to the draft rules released by the Ministry, she said many questions have been raised about clauses related to Corporate Social Responsibility (CSR) activities and responsibilities of auditors, among others.

Speaking at a conference organised by industry body Assocham, she said the Ministry plans to have a formal rule making committee.

At present, there is an informal rule making panel whose members include representatives from the private sector.

The new Companies Act, among others, strives to ensure greater transparency in corporate governance matters and requires firms to shell out money on social welfare activities. (Business Standard)