Pass Companies Bill, 2011


Here are details of my petition to pass Companies Bill, 2011:

Petition title:                                                                                         

Pass (Indian) Companies Bill, 2011

Addressed to:

  1. Dr. M. Veerappa Moily, Minister of Corporate Affairs, Government of India
  2. Shri Yashwant Sinha, Chairperson, Committee on Finance, Parliament of India

Reason for petition:

Present Companies Act, 1956 has been in force for about fifty-six year with several amendments. In these years, there is a new national and international economic and business environment, growth of economy, technologic advancements, emergence of e-governance, corporate governance, responsible and sustainable business issues. During last two decades, corporate scenario has been changed completely. With the change of way of business, there is a need to have an updated comprehensible law.

In last two decades, there were several failed attempts to bring a new law to replace existing obsolete Companies Act, 1956. Present government has already been presented the Companies Bill, 2011 before Parliament. Unfortunately, present bill has already been outdated by about one year with changing pace of business environment and may require some amendment before put to vote in Parliament. Leaders of government and opposition need to act immediately to bring a new law to serve interest of our nation and stakeholders of Indian business community called as India Inc. It needs to do a lot; let the Parliament working, doing legislative business as its core mandate, positively debate, then vote and pass the law. All stakeholders from schoolgirls in a remote village who may get benefit of proposed corporate social responsibility, small investors which may get benefit of corporate governance, compliance officers who may get benefit of reformed regulatory environment to top-notch managing director and Chief executive officers are looking for a new energetic law.

We need to act immediately to request our Government and Opposition to sit seriously for legislative work in Parliament and pass Companies Bill in Parliament, before it became obsolete.

Text of Petition:

We concerned stakeholders of India and Indian business community (India Inc), call upon you to do all efforts to ensure successful passing of present Companies Bill, with or without any amendment, in winter session of Parliament and get assent of President of India on time to ensure continuous success and growth of Indian corporate in reformed legal and regulatory environment for the protection of all investors and stakeholders. We urge you to ensure that all related subordinate legislation will also be timely on place.

Target audience:

Any stakeholder of India, Indian business community and more accurately any person interested in vibrant Indian parliamentary democracy may sign this petition in favor of effective implementation of Indian democratic process.

I hope to get support of at least 10,000 stakeholders.

Please click here to sign this petition.

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