Companies Bill, 2011, if approved by both houses of Parliament, IT WOULD REPLACE 55 YEARS OLD - THE COMPANIES BILL, 1956.
Main Glimpse of the bill-
1. 2% yearly spend on CSR activities
2. Fix term for independent directors.
3. Private Companies member maximum limit will be enhanced to 1000 members.
4. The one-person company.
5. Class-action suits.
6. Easier to start and shut companies.
7. Change of auditor in every 5 years.
Note: All these glimpse are subject to approval of both houses of parliament and then president. Not any or some point may get disapproved.
By Team CA helpers
Main Glimpse of the bill-
1. 2% yearly spend on CSR activities
2. Fix term for independent directors.
3. Private Companies member maximum limit will be enhanced to 1000 members.
4. The one-person company.
5. Class-action suits.
6. Easier to start and shut companies.
7. Change of auditor in every 5 years.
Note: All these glimpse are subject to approval of both houses of parliament and then president. Not any or some point may get disapproved.
By Team CA helpers
