The rule-making committee, set up by the Corporate Affairs Ministry, is in the process of preparing the regulations.
    
"We expect to put out the draft rules on the website in two weeks," Corporate Affairs Minister Sachin Pilot said.
    
The new companies bill, having sweeping changes in the way companies operate and are regulated in the country, received approval of the Parliament earlier this month. The bill is now awaiting President's consent.
    
Once the rules are put out on the Ministry's website, up to 60 days would be provided for comments from various quarters including the general public.
     
Earlier, Pilot had said the government plans to adopt a transparent and interactive process to finalise a detailed set of rules to be adopted under the new Companies Bill.
     
The new bill requires companies to spend on social welfare activities, empowers investors against frauds committed by promoters, encourages companies to have women directors, and seeks to bring in greater transparency in corporate governance matters.
    
The new Bill also provides about three dozen new definitions, including for terms such as frauds, promoters, turnover, related parties (to promoters), small companies, associate companies and employee stock options.

(Agencies) 

Latest News  from Business News Desk