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Merchant Cambers not forthcoming on a new Companies Act
Kolkata:
A concept paper for drafting a new Companies Act would
be ready by end July. The paper would look into shrinking
the existing 658 provisions in the Act to less than 300.
The Paper is being prepared internally by the Department
of Company Affairs. According to Prem Chand Gupta, Union
Minister of State (Independent Charge) for Company Affairs,
the Paper, once finalised, would be sent to all chambers
of commerce, chartered accountants and other experts throughout
the country to seek their opinion and also record useful
suggestions. He said the Concept Paper would also be sent
to various ministries like finance, law, commerce etc
to elicit their viewpoints as well.
The
Minister said the present Companies Act, enacted in 1956,
and arguably the largest in the world, was unsuitable
to today's environment despite the various amendments
carried out so far. The Minister pointed out that none
of the big chambers like FICCI or CII or Assocham or any
of the professional institutes had sent in any suggestions
with regard to the changes required to be made in the
Companies Act.
He said some Rs 300 crore is spent annually by way of
compliance by companies to the various Act provisions,
and in the process, the Registrar of Companies had to
deal with 30 million documents every year, and keep these
in custody for 5 years. He also pointed out that this
massive amount of documentation was inspite of the fact
that some 4 lakh companies out of the 7-lakh companies
registered were defunct.
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Biocon's Clinigene gets CAP certification
Bangalore:
Biocon's
clinical research arm, Clinigene International Pvt Ltd,
has been re-accredited by the College of American Pathologists
(CAP) following a recent inspection. . The re-certification
applies to the new histopathology and microbiology facilities.
The CAP certification is considered the Gold Standard
in laboratory accreditation. Clinigene was the first Indian
CRO to get it two years ago, Biocon said in a release
here.
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