In India's history, the year 1857 is a landmark one , remembered for India's first war for independence. However, a few know that the first Companies Act in India was legislated in the same year, which after multiple iterations resulted in the Companies Act, 1956. Is it any wonder then that change is due? The Companies Bill, 2011 is a really positive step to modernise the law and make it relevant to match the current macroeconomic, microeconomic and corporate environment. While India is an ancient land, it is also a land of the very young, IT savvy population; it is also the land of entrepreneurs as well as a growing economy which is demonstrating its might in the world. This India is in line with the current global trends and, therefore, we should focus on the change that the Companies Bill, 2011 brings to corporate governance.
Source: The Hindu Business Line
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