Standing committee sticks to agenda in new Companies Bill

The Parliamentary Standing Committee on finance that has vetted the Companies Bill has stuck to its guns over some of the contentious proposals in the new bill, reports CNBC-TV18. 

Sources said that the standing committee has opposed stringent norms for private placements and has also sought for its clear definition. The committee has also proposed that after every five years the auditors of a company get ratified in an AGM.

Apart from that, the Yashwant Sinha Panel has also insisted that CSR be made mandatory for companies and is local area specific.

The house panel has also noted that the term, listed company, be used for only for those firms that issue securities via public offers. One has to wait and watch how many of these proposals are finally accepted by the govt.

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