India Inc gets govt to redraft Companies Bill

 The provisions in the Bill that were opposed by industry chambers and corporates included changes in the composition of the board of directors, the number of subsidiaries a company can float, routing of investment through subsidiaries, and the mode of approval for transfer of shares.

 The Bill had suggested these changes on the back of reports by the Naresh Chandra committee and the joint parliamentary committee on the 2001 stocks scam.

 The prolonged public debate over the Bill raised various controversial issues and the government felt a fresh Bill would help in clearing the confusion, officials in the department of company affairs said. They did not specify any deadline for redrafting the Bill.