New companies act likely in 2012: Veerappa Moily

India will have a new companies act next year to replace the existing law passed in 1956, union Corporate Affairs Minister Veerappa Moily said here Monday.

“The ministry has reworked the Companies Bill 2009 after the standing committee suggested as many as 300 amendments to it. The new bill has been fine-tuned accordingly,” Moily told mediapersons on the sidelines of a meeting on the national competition policy.

Moily said he expected to obtain the approval of the Union cabinet on it soon. After that, it would be be introduced during the winter session of Parliament.

He said that the new bill seeks to promote greater shareholder democracy and improve corporate governance in the country.