Revised Companies Bill to be taken up by Cabinet today
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The corporate affairs ministry has yielded to the demands of the Finance Ministry and has delegated the power to deal with cases of insider trading and forward dealings in listed companies to the Securities and Exchange Board of India (Sebi) under the revised Companies Bill, 2009.
The Cabinet is likely to take up a revised Companies Bill, 2009, on Thursday, after taking into consideration the issues raised by the Finance Ministry and deputy chairman Planning Commission Montek Singh Ahluwalia.
Sources told The Indian Express that the ministry has taken every concern on board and has tried to sort it out so that the ministry can move ahead with the reform that envisages to change the way corporates function.
The bill has for the first time introduced concepts like Corporate Social Responsibility (CSR), class action suits and a fixed term for independent directors and their liability in a company.
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