After 5 years, govt finally approves Companies Bill
Among other things, the Companies Bill 2008 proposes to tighten the rules governing share sales by firms to their owners, to bar issuance of shares at a discount to owners, does away with shares that have differential voting rights and scraps the requirement of minimum paid-up capital. The Bill proposes the requirement to appoint independent directors, where applicable, at a minimum of 33 per cent of the total number of directors.
