The Companies Bill 2012 has been passed by both the houses now. Last companies Bill was made in 1956, and we need new updated practices for new exigencies of the economic climate. It is in tune with latest global practices. Investor protection cells will give them greater empowerment. With practices with global compliance, there will be greater confidence. From now onwards, minority shareholding will be regulated as they have rights. Class action suite is now permitted. Its now better suited for foreign companies as practices are more similar. Shareholders and investors have a say in the actions of the company. Grievances must be addressed as early as possible. Every five years auditors will be changed. They must follow SEBI regulations. Corporate social responsibility is 2% (or 5%for corporates)of profits Companies must reveal their accounts now. Disclosure is mandatory. Website of companies will give details of rules. Modern technology is incorporated as there will be e-voting by shareholders. Mergers would be easily possible, now. There will be seats reserved for women in the companies' boards, this will bring in greater egalitarianism and promote positive affirmative action. Growth is expected with the passing of this bill. This bill still needs President's approval. This could pave the way for bigger increase in economic activities than ever before. That means better, faster and greater growth of the Indian nation.
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