In a bid to check irregularities and ensure transparency in the corporate sector, a new Companies' Act would be enacted in place of the existing one, union minister for company affairs Premchand Gupta said here today. The existing act dates back to 1956 and has become "outdated and impractical", Gupta said. A bill in this regard would be brought in the winter session of Parliament. The new act proposes to bring transparency in company affairs besides checking irregularities and scams, he said. The ministry has received J J Rani Committee report and soon a new act would come into force, which would be "so simple that even a layman could understand it", the minister said adding that the number of provisions in it would be half of the 786 provisions in the existing act. |