Govt brings out notification for Sixth pay commission report
NEW DELHIOver 50 lakh government employees, including the armed forces personnel, will be receiving an enhanced pay packet beginning September 1, with the government today notifying the revised recommendations of the Sixth Central Pay Commission (CPC).
The much-awaited CPC proposals had received a seal of approval from the union cabinet a fortnight ago after it amended certain recommendations of the Justice Sri Krishna-led Pay Commission that submitted its report to the government on March 24 this year.
The CPC recommendations and the subsequent government decision with regard to revised scales of pay and dearness allowance for civilian employees of the central government would be made retrospectively effective from January 1, 2006, the notification said.
However, the revised allowances, other than dearness allowance, would be effective only from September 1 this year. On payment of arrears, the government has modified to the extent that the arrears would be paid in cash in two installments - first installment of 40 per cent this financial year (2008-09) and the remaining 60 per cent in the next financial year (2009-10).
The government has approved the setting up of a committee to examine individual, post-specific and cadre-specific anomalies. The committee should try to complete the work in one year, the notification said.
Providing for post-notification changes in the CPC report, the government said "the department specific recommendations" will be processed by concerned departments and ministries and approval of the government obtained in consultations with the Finance Ministry or Department of Personnel and Training.
Tags: Sixth pay commission notification ,Sixth pay commission,6th pay commission,Finance Ministry or Department of Personnel and Training,dopt,
Source: http://economictimes.indiatimes.com/
Saturday, August 30, 2008
Sixth Pay Commission: Govt removes Bajaj as wage committee chairman
Govt removes Bajaj as wage committee chairman
LUCKNOW: The government in a decision taken here on Friday removed JL Bajaj, who was appointed chairman of the wage committee to review recommendations of the Sixth Pay Commission, and in his place appointed SAT Rizvi, a retired IAS officer.
It may be mentioned, UP Adhikaari Mahasangh , an apex organisation of state cadre officers, at its meeting held here recently had expressed strong resentment over the government's decision to appoint Bajaj, a retired IAS officer as chairman of the wage committee .
Besides Mahasangh, even UP Engineers' Association had raised objection over Bajaj's appointment alleging that being chairman of the review committee of the Fifth Pay Commission , Bajajhad not done justice to the officers recommending abolition of several allowances recommended by the Fifth Pay Commission and had even recommended the abolition of time-bound pay scale being given to the officers.
Meanwhile, general secretary of State Employees' Joint Council (SEJC) Ramji Awasthi has hailed CM Mayawati's decision to remove Bajaj and in his place appointing Rizvi as chairman of the committee.
He has urged the CM to direct the new chairman of the committee to present the report within three months so that no delay was caused in implementing the recommendations of the Sixth Pay Commission.
Tags: 6th Pay Commission,Sixth Pay Commission latest News,Sixth Pay Commission
Source: http://timesofindia.indiatimes.com
LUCKNOW: The government in a decision taken here on Friday removed JL Bajaj, who was appointed chairman of the wage committee to review recommendations of the Sixth Pay Commission, and in his place appointed SAT Rizvi, a retired IAS officer.
It may be mentioned, UP Adhikaari Mahasangh , an apex organisation of state cadre officers, at its meeting held here recently had expressed strong resentment over the government's decision to appoint Bajaj, a retired IAS officer as chairman of the wage committee .
Besides Mahasangh, even UP Engineers' Association had raised objection over Bajaj's appointment alleging that being chairman of the review committee of the Fifth Pay Commission , Bajajhad not done justice to the officers recommending abolition of several allowances recommended by the Fifth Pay Commission and had even recommended the abolition of time-bound pay scale being given to the officers.
Meanwhile, general secretary of State Employees' Joint Council (SEJC) Ramji Awasthi has hailed CM Mayawati's decision to remove Bajaj and in his place appointing Rizvi as chairman of the committee.
He has urged the CM to direct the new chairman of the committee to present the report within three months so that no delay was caused in implementing the recommendations of the Sixth Pay Commission.
Tags: 6th Pay Commission,Sixth Pay Commission latest News,Sixth Pay Commission
Source: http://timesofindia.indiatimes.com
Sixth Pay Commission: No raise in retirement age
No raise in retirement age
LUCKNOW: The government has refuted news published in a section of the media regarding increase in retirement age of state employees from 60 to 62 years.
Terming the news as baseless and misleading, a government spokesperson said that UP government was the first state government which had accepted the recommendations of the Sixth Pay Commission despite its financial constraints and implemented them keeping in view the difficulties of the employees in the face of spiralling prices.
The spokesperson said that since the government was also committed to safeguarding the interests of the younger generation and unemployed people, an increase in retirement age of state employees would block employment opportunities for the youth.
Therefore, there was no proposal before the government to increase the retirement age of state employees, he added.
Tags: 6th Pay Commission,Sixth Pay Commission latest News,Sixth Pay Commission
Source: http://timesofindia.indiatimes.com
LUCKNOW: The government has refuted news published in a section of the media regarding increase in retirement age of state employees from 60 to 62 years.
Terming the news as baseless and misleading, a government spokesperson said that UP government was the first state government which had accepted the recommendations of the Sixth Pay Commission despite its financial constraints and implemented them keeping in view the difficulties of the employees in the face of spiralling prices.
The spokesperson said that since the government was also committed to safeguarding the interests of the younger generation and unemployed people, an increase in retirement age of state employees would block employment opportunities for the youth.
Therefore, there was no proposal before the government to increase the retirement age of state employees, he added.
Tags: 6th Pay Commission,Sixth Pay Commission latest News,Sixth Pay Commission
Source: http://timesofindia.indiatimes.com
Sixth Pay Commission: Govt. has improved over original draft of 6th Pay Panel
New Delhi, Aug 30, 2008: Finally Sixth Pay Commission has been implemented by the government as it issued notification with some significant changes. The government has improved significantly over the original draft presented by the 6th pay panel.
The central government employees were fearful that the government may accept reducing gazetted holidays to just three as suggested by the pay panel. Luckily for the central government employees the central government has turned down the proposal.
It is probably because of the anticipated backlash from 5.5 central government employees that government turned downed the proposal.
But government has significantly improved over the original suggestions of the sixth pay panel.
The final government notification says that rate of annual increment will be 3 percent instead of 2.5% as originally recommended by the pay commission.
The rate of variable increment for high achievers in PB-3 will be 4% instead of 3.5% recommended by the commission.
The government has removed campus restriction for grant of transport allowance. Consequently employees living in campuses will also be eligible for transport allowance. Further transport allowance for the employees at the lowest levels will be increased to Rs 600 from existing Rs 400 in A-1/A class cities and Rs 400 from existing Rs 300 in other towns.
Grade pay will determine seniority of posts only within a cadre’s hierarchy and not between various cadres.
With regard to fixation of pay in the revised pay bands, the basic pay drawn as on 1.1.2006 on the existing fifth CPC pay scales will be multiplied by a factor of 1.86 and then rounded off to next multiple of 10. This will be the pay in the revised running pay band. Grade pay as approved by the corresponding to the pre-revised pay scale will then be added to the pay in the revised pay band. The total of pay in the pay band and grade pay will be the revised basic pay as on 1.1.2006.
Three upgradation will be granted under assured career progression (ACP) scheme at 10, 20 and 30 years as per the modified ACP scheme recommended by the commission. ACP scheme will also be applicable to group A employees.
Administrative ministries concerned will take an administrative view on the recommendation of sixth pay commission in central paramilitary forces at the level of deputy inspector general (DIG) and above. The posts of additional DIGs upgraded to the grade of DIG will however be continued to be manned by the cadre officers of the CPMFs.
Empanelment and cadre reviews for Central Group A Services will be brought up to date within an year.’
Regarding group B cadres the commision’ recommendation will be modified in the following manner:
After 4 years of regular services in the entry grade of Rs 4800 in PB-2 officers belonging to Delhi and Andaman and Nicobar islands police service will be granted the non-functional grade of Rs 5400 in PB3 and not in PB-2.
After 4 years of regular service in the section officer/ private secretary/equivalent grade of Rs 4800 grade pay in PB-2 officers of central secretrait service, central secretrait stenographers service and other similarly placed HQ services will be granted the non-functional grade of Rs 5400 in PB3 and not in PB-2.
In the IA & AD and all organized accounts cadres, posts of section officers and Assistant Audit/ Account officers will be merged and placed in PB-2 with grade pay of 4800 as recommended by the commission. In modification of Sixth CPC’s recommendations, Audit/ Account (AO)officers will be placed in Pay Band2 with grade pay of Rs 5400 and senior Aos will be placed in PB-3 with grade pay of Rs 5400.
Group B officers of Ministry of railways in the pre revised scales of Rs 8000-13500 will be granted grade pay of Rs 5400 in PB-3 instead of PB-2.
Group B officers of Departments of Posts, Revenue etc will be granted Grade Pay of Rs 5400 in PB-2 on non- functional basis after 4 years of regular service in the grade pay of Rs 4800 in PB-2.
The commission’s recommendations and government decision thereon with regard to revised scales of pay and dearness allowance for civilian employees of the central government and personnel of all Indian services as detailed in Part A of annexe-1 will be made effective from 1st day of January 2006.
The revised allowances other than dearness allowance will be effective from 1st day of September 2008.
The commission’s recommendation regarding payment of arrears has been modified to the extent that the arrears will be paid in cash in two instalments- first instalment of 40% during the current financial year 2008-09 and the remaining 60 percent in the next financial year 2009-10.
The government has agreed to refer the recommendations of the commission in regard to pay scales of master craftsmen in the ministry of railways to fast track committee to be constituted by the government. In the meantime normal replacement scales will apply in the case of master craftsmen.
The government has approved setting up of anomalies committee to examine individual, post specific and cadre specific anomalies. The anomalies committee should endeavour to complete their work in one year.
The commission’s recommendations regarding higher pay packages of Rs 2.5 lakh and 3 lakh pm (without house and car) for chairperson and full time members of five specific regulatory bodies viz telecom regulatory authority of India, insurance regulatory and development authority, central regulatory commission, securities and exchange board of India and competition commission of India have been acceptd.
The government has agreed in principle approval to a scheme of allowances for CPMF officers of the rank of commandant and below and other ranks in the battalions deployed in difficult areas/counter insurgency areas and in high altitude areas keeping in view the allowances granted to defence forces personnel in such or similar areas and detachment and other allowances granted to the CPMF personnel at present to be worked out in consultation with department of expenditure.
The dynamic ACP scheme for doctors will be extended upto the senior administrative grade (Grade pay of Rs 10000 in pB-4) for medical doctors having 20 years of regular service, or seven years of regular service in he non functional selection grade of Rs 8700 grade in pay band –4.
The government while modifying the recommendations has accepted the suggestion of the pay panel for four pay bands with 20 grade pays.
Tags: 6th Pay Commission,Sixth Pay Commission latest News,Sixth Pay Commission
Source: http://www.khabrein.info/
The central government employees were fearful that the government may accept reducing gazetted holidays to just three as suggested by the pay panel. Luckily for the central government employees the central government has turned down the proposal.
It is probably because of the anticipated backlash from 5.5 central government employees that government turned downed the proposal.
But government has significantly improved over the original suggestions of the sixth pay panel.
The final government notification says that rate of annual increment will be 3 percent instead of 2.5% as originally recommended by the pay commission.
The rate of variable increment for high achievers in PB-3 will be 4% instead of 3.5% recommended by the commission.
The government has removed campus restriction for grant of transport allowance. Consequently employees living in campuses will also be eligible for transport allowance. Further transport allowance for the employees at the lowest levels will be increased to Rs 600 from existing Rs 400 in A-1/A class cities and Rs 400 from existing Rs 300 in other towns.
Grade pay will determine seniority of posts only within a cadre’s hierarchy and not between various cadres.
With regard to fixation of pay in the revised pay bands, the basic pay drawn as on 1.1.2006 on the existing fifth CPC pay scales will be multiplied by a factor of 1.86 and then rounded off to next multiple of 10. This will be the pay in the revised running pay band. Grade pay as approved by the corresponding to the pre-revised pay scale will then be added to the pay in the revised pay band. The total of pay in the pay band and grade pay will be the revised basic pay as on 1.1.2006.
Three upgradation will be granted under assured career progression (ACP) scheme at 10, 20 and 30 years as per the modified ACP scheme recommended by the commission. ACP scheme will also be applicable to group A employees.
Administrative ministries concerned will take an administrative view on the recommendation of sixth pay commission in central paramilitary forces at the level of deputy inspector general (DIG) and above. The posts of additional DIGs upgraded to the grade of DIG will however be continued to be manned by the cadre officers of the CPMFs.
Empanelment and cadre reviews for Central Group A Services will be brought up to date within an year.’
Regarding group B cadres the commision’ recommendation will be modified in the following manner:
After 4 years of regular services in the entry grade of Rs 4800 in PB-2 officers belonging to Delhi and Andaman and Nicobar islands police service will be granted the non-functional grade of Rs 5400 in PB3 and not in PB-2.
After 4 years of regular service in the section officer/ private secretary/equivalent grade of Rs 4800 grade pay in PB-2 officers of central secretrait service, central secretrait stenographers service and other similarly placed HQ services will be granted the non-functional grade of Rs 5400 in PB3 and not in PB-2.
In the IA & AD and all organized accounts cadres, posts of section officers and Assistant Audit/ Account officers will be merged and placed in PB-2 with grade pay of 4800 as recommended by the commission. In modification of Sixth CPC’s recommendations, Audit/ Account (AO)officers will be placed in Pay Band2 with grade pay of Rs 5400 and senior Aos will be placed in PB-3 with grade pay of Rs 5400.
Group B officers of Ministry of railways in the pre revised scales of Rs 8000-13500 will be granted grade pay of Rs 5400 in PB-3 instead of PB-2.
Group B officers of Departments of Posts, Revenue etc will be granted Grade Pay of Rs 5400 in PB-2 on non- functional basis after 4 years of regular service in the grade pay of Rs 4800 in PB-2.
The commission’s recommendations and government decision thereon with regard to revised scales of pay and dearness allowance for civilian employees of the central government and personnel of all Indian services as detailed in Part A of annexe-1 will be made effective from 1st day of January 2006.
The revised allowances other than dearness allowance will be effective from 1st day of September 2008.
The commission’s recommendation regarding payment of arrears has been modified to the extent that the arrears will be paid in cash in two instalments- first instalment of 40% during the current financial year 2008-09 and the remaining 60 percent in the next financial year 2009-10.
The government has agreed to refer the recommendations of the commission in regard to pay scales of master craftsmen in the ministry of railways to fast track committee to be constituted by the government. In the meantime normal replacement scales will apply in the case of master craftsmen.
The government has approved setting up of anomalies committee to examine individual, post specific and cadre specific anomalies. The anomalies committee should endeavour to complete their work in one year.
The commission’s recommendations regarding higher pay packages of Rs 2.5 lakh and 3 lakh pm (without house and car) for chairperson and full time members of five specific regulatory bodies viz telecom regulatory authority of India, insurance regulatory and development authority, central regulatory commission, securities and exchange board of India and competition commission of India have been acceptd.
The government has agreed in principle approval to a scheme of allowances for CPMF officers of the rank of commandant and below and other ranks in the battalions deployed in difficult areas/counter insurgency areas and in high altitude areas keeping in view the allowances granted to defence forces personnel in such or similar areas and detachment and other allowances granted to the CPMF personnel at present to be worked out in consultation with department of expenditure.
The dynamic ACP scheme for doctors will be extended upto the senior administrative grade (Grade pay of Rs 10000 in pB-4) for medical doctors having 20 years of regular service, or seven years of regular service in he non functional selection grade of Rs 8700 grade in pay band –4.
The government while modifying the recommendations has accepted the suggestion of the pay panel for four pay bands with 20 grade pays.
Tags: 6th Pay Commission,Sixth Pay Commission latest News,Sixth Pay Commission
Source: http://www.khabrein.info/
Gujarat Govt to study sixth pay commission hike
With the aim to increase the salary of the employees by 20%, the Gujarat government has taken up the decision to set up a babus’ committee on suggestion of the Centre's sixth pay commission award.
Jay Narayan Vyas, spokesperson of the Govt. informed soon after the Cabinet meeting was over, “The secretaries' committee will submit its report to the Cabinet sub-committee, formed early this year on what the sixth pay commission may mean to Gujarat.”
This announcement came due to the suggestion passed on Wednesday to the Cabinet that before putting the sixth pay panel suggestions into action, the official should first examine it properly. “The official committee will submit its report to the sub-committee, which in turn will get Cabinet nod before putting the sixth pay panel recommendations into gear,” reported Vyas.
Source: http://www.topnews.in/gujarat-govt-study-sixth-pay-commission-hike-263145
Jay Narayan Vyas, spokesperson of the Govt. informed soon after the Cabinet meeting was over, “The secretaries' committee will submit its report to the Cabinet sub-committee, formed early this year on what the sixth pay commission may mean to Gujarat.”
This announcement came due to the suggestion passed on Wednesday to the Cabinet that before putting the sixth pay panel suggestions into action, the official should first examine it properly. “The official committee will submit its report to the sub-committee, which in turn will get Cabinet nod before putting the sixth pay panel recommendations into gear,” reported Vyas.
Source: http://www.topnews.in/gujarat-govt-study-sixth-pay-commission-hike-263145
Companies bill 2008 gets the nod of Union Cabinet (pib.nic.in)
Companies bill 2008 gets the nod of Union Cabinet
USHERS IN AN ERA OF COMPACT CORPORATE LEGISLATION AND SHAREHOLDER DEMOCRACY
19:36 IST
The Union cabinet today gave its nod for the introduction of the Companies Bill 2008 in the next session of Parliament to replace the existing Companies Act, 1956 by incorporating far-reaching changes. The proposed Bill seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices so that entrepreneurship, investment and growth are encouraged. It calls for shareholder democracy with protection of the rights of minority stakeholders. The Bill provides right to Shareholder Associations/Group of Shareholders to take legal action in case of any fraudulent deed on the part of a company and also to take part in investor protection activities and 'Class Action Suits'. It provides for Special Courts to deal with corporate offences. Company matters such as mergers and amalgamations, reduction of capital, insolvency including rehabilitation, liquidations and winding up are proposed to be addressed by a National Company Law Tribunal/ National Company Law Appellate Tribunal. The Bill recognizes insider trading by company Directors/KMPs as an offence with criminal liability.
The Companies Bill 2008 is an effort to usher in self-regulation in corporate affairs with disclosures and accountability, and to substitute government control over internal corporate processes and decisions by shareholder control. It also provides for an easy transition of companies operating under the existing Companies Act of 1956, to the new framework as also from one type of company to another. A new entity in the form of One-Person Company is also being introduced by the new Bill. It also provides for appointment of Independent Directors in certain types of Listed Companies and in such cases the minimum number of Independent Directors shall not be less than 33 % of the total number of Directors. It also recognizes both accounting and auditing standards.
The Bill is the result of a comprehensive revision of the existing Companies Act, 1956 that started way back in 2004. In this context the Govt. had constituted an Expert Committee under the chairmanship of Dr. J.J. Irani in Dec. 2004.The Committee had submitted its report to the Govt. on 31st May 2005. After this a detailed consultation was done with various Ministries, Departments and Govt. regulators. The new Bill provides for the basic principles for all aspects of internal governance of corporate entities and framework for their regulation.
--------------
KKP
Source: http://pib.nic.in/release/release.asp?relid=42085
USHERS IN AN ERA OF COMPACT CORPORATE LEGISLATION AND SHAREHOLDER DEMOCRACY
19:36 IST
The Union cabinet today gave its nod for the introduction of the Companies Bill 2008 in the next session of Parliament to replace the existing Companies Act, 1956 by incorporating far-reaching changes. The proposed Bill seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices so that entrepreneurship, investment and growth are encouraged. It calls for shareholder democracy with protection of the rights of minority stakeholders. The Bill provides right to Shareholder Associations/Group of Shareholders to take legal action in case of any fraudulent deed on the part of a company and also to take part in investor protection activities and 'Class Action Suits'. It provides for Special Courts to deal with corporate offences. Company matters such as mergers and amalgamations, reduction of capital, insolvency including rehabilitation, liquidations and winding up are proposed to be addressed by a National Company Law Tribunal/ National Company Law Appellate Tribunal. The Bill recognizes insider trading by company Directors/KMPs as an offence with criminal liability.
The Companies Bill 2008 is an effort to usher in self-regulation in corporate affairs with disclosures and accountability, and to substitute government control over internal corporate processes and decisions by shareholder control. It also provides for an easy transition of companies operating under the existing Companies Act of 1956, to the new framework as also from one type of company to another. A new entity in the form of One-Person Company is also being introduced by the new Bill. It also provides for appointment of Independent Directors in certain types of Listed Companies and in such cases the minimum number of Independent Directors shall not be less than 33 % of the total number of Directors. It also recognizes both accounting and auditing standards.
The Bill is the result of a comprehensive revision of the existing Companies Act, 1956 that started way back in 2004. In this context the Govt. had constituted an Expert Committee under the chairmanship of Dr. J.J. Irani in Dec. 2004.The Committee had submitted its report to the Govt. on 31st May 2005. After this a detailed consultation was done with various Ministries, Departments and Govt. regulators. The new Bill provides for the basic principles for all aspects of internal governance of corporate entities and framework for their regulation.
--------------
KKP
Source: http://pib.nic.in/release/release.asp?relid=42085
Companies bill 2008: Union cabinet clears new Companies Bill
Companies bill 2008: Union cabinet clears new Companies Bill
The new Bill will streamline the approval process for mergers and acquisitions
Sangeeta Singh
New Delhi: The Union cabinet on Friday cleared the Companies Bill, 2008, that calls for stricter disclosure norms, speedier incorporation of companies, more powers to shareholders and streamlining businesses.
The new Bill is also leaner with the number of provisions—norms related to different aspects of doing business—being halved to 400.
The current Companies Act came into effect in 1956 when Indian firms totalled just 30,000, government data shows. Today, there are more than 700,000 companies doing business in a far more complex and liberalized scenario that has seen a surge in international transactions in recent times.
“Self-regulation, shareholders’ democracy and minimal interference by the government, in other words, reducing approvals needed from the government, besides huge penalties for non-compliance are some of the main features of the proposed Bill,” said minister of corporate affairs Prem Chand Gupta.
The new Bill will streamline the approval process for mergers and acquisitions, or M&As. For smaller, private and family-owned businesses, there will be a provision for so-called deemed approval. Currently, each M&A needs to be approved by a high court.
The new Bill, vetted by the law ministry, is likely to be placed in Parliament that begins a session on 17 October.
Under the proposal, partnership firms can have 100 members compared with 20 now, offering scope for expanding their businesses considerably.
“This will further facilitate limited liability partnership firms (Llp), the Bill for which is already in the Parliament,” said Gupta.
An Llp is an alternative business structure combining the limited liability benefits of a company with the flexibility of partnerships.
To enable an individual to start and manage his or her own enterprise, a provision of “one person company” has been introduced in the Bill. Under existing laws, at least two people are needed to start a company.
It has also introduced so-called class action suits, through which minority shareholders can challenge the management as a group.
“Minority stakeholders will benefit from class action, as also guidelines specified for fair valuation of companies through independent professionals such as cost and work accountants, chartered accountants and company secretaries,” said Sumant Batra, member of the managing committee of industry lobby Associated Chambers of Commerce and Industry of India.
Tags: Companies bill 2008,Companies bill,
Source: http://www.livemint.com/2008/08/30000836/Union-cabinet-clears-new-Compa.html
The new Bill will streamline the approval process for mergers and acquisitions
Sangeeta Singh
New Delhi: The Union cabinet on Friday cleared the Companies Bill, 2008, that calls for stricter disclosure norms, speedier incorporation of companies, more powers to shareholders and streamlining businesses.
The new Bill is also leaner with the number of provisions—norms related to different aspects of doing business—being halved to 400.
The current Companies Act came into effect in 1956 when Indian firms totalled just 30,000, government data shows. Today, there are more than 700,000 companies doing business in a far more complex and liberalized scenario that has seen a surge in international transactions in recent times.
“Self-regulation, shareholders’ democracy and minimal interference by the government, in other words, reducing approvals needed from the government, besides huge penalties for non-compliance are some of the main features of the proposed Bill,” said minister of corporate affairs Prem Chand Gupta.
The new Bill will streamline the approval process for mergers and acquisitions, or M&As. For smaller, private and family-owned businesses, there will be a provision for so-called deemed approval. Currently, each M&A needs to be approved by a high court.
The new Bill, vetted by the law ministry, is likely to be placed in Parliament that begins a session on 17 October.
Under the proposal, partnership firms can have 100 members compared with 20 now, offering scope for expanding their businesses considerably.
“This will further facilitate limited liability partnership firms (Llp), the Bill for which is already in the Parliament,” said Gupta.
An Llp is an alternative business structure combining the limited liability benefits of a company with the flexibility of partnerships.
To enable an individual to start and manage his or her own enterprise, a provision of “one person company” has been introduced in the Bill. Under existing laws, at least two people are needed to start a company.
It has also introduced so-called class action suits, through which minority shareholders can challenge the management as a group.
“Minority stakeholders will benefit from class action, as also guidelines specified for fair valuation of companies through independent professionals such as cost and work accountants, chartered accountants and company secretaries,” said Sumant Batra, member of the managing committee of industry lobby Associated Chambers of Commerce and Industry of India.
Tags: Companies bill 2008,Companies bill,
Source: http://www.livemint.com/2008/08/30000836/Union-cabinet-clears-new-Compa.html
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