A rules advisory committee comprising members from leading industry chambers, dignitaries, experts and lawyers among others, is currently working on draft rules and the same are expected to be put forth on MCA website for public comments by the end of this month, a senior ministry official said.
     
The suggestions on draft rules would be invited for a period of 45-60 days after which the rules advisory committee would gather all the comments and see to it as to what extent the suggestions can be included.
     
"The basic tenancy of the rule would be transparency and disclosure and as far as possible we will try to take in as many views as possible," Ministry of Corporate Affairs Joint Secretary Renuka Kumar said adding that she hopes that the entire process would be complete by April 1, 2014.
     
Parliament on August 8, passed the much-awaited Companies Bill which aims at protecting the interest of employees and small investors, with the government saying the "historic" measure will give impetus to growth and bring transparency. The Companies Bill, would replace the nearly 50-year-old Companies Act.
     
The new law requires companies that meet certain set of criteria, to spend at least 2 percent of their average profits in the last three years towards corporate social responsibility (CSR) activities.

(Agencies)

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