Lok Sabha has passed the Companies Bill, 2012. The Government has said that the aim of this bill is to protect the interest of employees and small investors alike, while also encouraging firms to undertake Corporate social responsibility and voluntarily welfare, instead of having to impose the same through what is called “inspector raj”.
The Bill still needs to be passed in the Rajya Sabha. This bill aims to thoroughly revise and modify the archaic (Indian) Companies Act, 1956. It may still undergo further changes.
Download and read the whole Companies Bill 2012, as passed by the Lok Sabha on 18.12.2012.