Rajyasabha passed the much awaited new Companies Bill on 08th August 2013. The Companies Bill 2012 passed by the Lok Sabha on 18th December 2012. Finally, today the new Bill moved out of Parliament and awaiting for the President's nod to become the Law.
The new Companies Bill replaces the existing Companies Act, 1956. The existing Act has been amended more than 25 times. But still most of the provisions in the Companies Act, 1956 are outdated.
The highlights of the new Companies Bill are as follows:
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