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The Government expects to have the Expert Committee report on the revision of the Companies’ Act 1956 this month. The Minister of Company Affairs, Shri Prem Chand Gupta, gave this information in the Rajya Sabha today. In a written reply to a question, he informed the House that the Concept Paper on Company Law placed on the Ministry’s website on August 4, 2004 to obtain the views of stakeholders and general public on the proposed revision of the Companies Act, 1956 has elicited good response. Many organizations and individuals have given their comments. These have been placed before the Expert Committee headed by Dr. J. J, Irani whose work is in progress. The Irani Committee report covering various aspects of the legal framework for corporate entities and remedies against its violation including provision of penalties is expected to be available this month, he said.
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