The government on Friday approved the draft of a new Companies Bill to incorporate far-reaching changes, including scrapping the minimum paid-up capital requirement and setting up special courts to try offences.
The Companies Bill (2008) mandates 33 per cent independent directors on the board of a company, which will have to follow SEBI norms if it gets listed, Science and Technology Minister Kapil Sibal told reporters after the Cabinet meeting.
The new bill to replace the existing Companies Act, 1956 will be introduced in the coming session of Parliament in October.
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