New Companies Rules, 2013 will be out, once the Companies Bill, 2013 gets the consent from President
"While we wait for this new bill to be signed into a law, a process has already begun to frame the detailed subordinate rules and the same would be finalised in a very transparent manner and not through a bureaucratic exercise," Corporate Affairs Minister Sachin Pilot said.
Most of the provisions in the Companies Bill, 2013 would need detailed subordinate rules for their implementation and compliance.
"We already have a rule making committee, which includes people from industry bodies, legal fraternity and private sector. it is a Government-headed committee, but has got enough participation from all segments of the business world, as well as from among other private citizens," Pilot said.
"The committee has already started the work on making draft rules. Once the President gives his consent, I intend to put the draft rules on the Internet so that the whole world can see, review, consider and opine about the various aspects of rule making," the 36-year-old Minister said.
"The real detailing is very very crucial. The law is what it is, but the rules are very critical. Therefore, I want to make sure that it as transparent as possible and not done behind the closed doors.