The department of company affairs has prepared a Cabinet note on the Insolvency Bill to be presented in the winter session of Parliament.
V K Dhall, secretary, department of company affairs, told reporters on the sidelines of the India Economic Summit 2002 that he expected the Cabinet to take a decision on it in the next few days.
Speaking earlier at the seminar he said the department was working towards stiffening the provisions of the Companies Act to rationalise the penalty for corporate crimes in proportion to the extent of malfeasance.
Dhall said the Companies Act was currently toothless because the penalties provided were a