Spotlight

New Delhi, 13 January 2007

COMPANIES ACT TO BE REVISED

NEW DELHI, January 14 (INFA): A comprehensive revision of the Companies Act, 1956, is under the active consideration of the Government of India. It is intended to enable the Indian corporate laws to keep pace with changes in the economic environment.

Initially, to enable a broad-based consultation on the issues involved with the stakeholders, a concept paper on company law was published on the website of the Union Ministry of Company Affairs for the information and comment of the stakeholders.

Thereafter, an Expert Committee, including several experts and representatives of professional and trade bodies, regulators etc. headed by Dr. J.J. Irani, was constituted to advise the Government on revisions required to the Companies Act, 1956.

The Committee submitted its report on May 31, 2005.  Taking into consideration various inputs, including recommendations made by the Irani Committee, a Bill is being finalized for introduction in Parliament during its Budget Session. 

The Committee recommendation included those relating to incorporation of companies, raising and management of capital, audit and disclosure of accounts, management and governance, mergers, reconstructions, compromises and amalgamations, protection of minority shareholder interest, investigations and prosecution for offences, winding up, liquidation of companies etc.---INFA

NO PARASAILING AT HUSSAINSAGAR

HYDERABAD, January 14 (INFA): Parasailing at Hussainsagar Lake in the heart of Hyderabad city which began as a tourism promotion activity by the AP Tourism Development Corporation three years ago has not been happening for over a year now.

The two parasail boats imported from Vietnam at a cost of Rs.30 lakhs each have been in disuse for very long with visitors being refused a sortie. While one is being used as a speed boat, the other has been under repair on and off. The repairs have to be done by a German firm.

Meanwhile, the intensified anti-Parval measures taken up by the civic authorities during the recent outbreak of Chikungunya and Dengue in the twin cities of Hyderabad and Secunderabad do not seem to have had a positive impact.

Several areas continue to be mosquito-breeding centres on a large scale, researchers of the Vector Biology and Control Laboratory of the Hyderabad-based Osmania University have found.

The laboratory officials have found large density of mosquito larva in the water samples collected from different localities of the twin cities.---INFA