"We are now ready with the Bill. We will introduce it in the Parliament in the very near future," Ministry of Corporate Affairs Secretary Anurag Goel said at an ICAI function here.
The Ministry is working in close coordination with the Law Ministry and it is likely to be tabled very shortly, he said.
The new bill would replace the existing Company Act 1956.
The new law would promote shareholders democracy, replace the approval-based system with a system of responsible disclosures, promote good corporate governance and effective protection of investors.
Talking about other initiatives, Goel said, insolvency reform is another area that the Ministry is looking into. The matter is before the Supreme Court.
As and when it is cleared by the apex court, it would be implemented, he said.
Goel said, the Ministry is also in the process of setting up Indian Institute of Corporate Affairs at Manesar at a cost of Rs 211 crore.
The institute would work as a think-tank and help in capacity building, he said, adding, a partnership agreement will be signed with IIT Kharagpur soon which will help in implementing the project.
There would be five centres of excellence including one on Investors' Protection, he added.
