Companies Act: God lies in the detail

With the passage of the Companies Bill, 2012, by Parliament on August 8, 2013, the good news is that finally the country is getting a new company law—something which has been in the making for the past decade or more. The UPA-1 government had initiated steps to overhaul the outdated and complex Companies Act, 1956, way back in its first year in office by constituting an expert committee under the chairmanship of JJ Irani on December 2, 2004.

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