The Companies Bill passed by Lok Sabha

The long awaited Companies Bill was finally passed by the Lok Sabha yesterday on 18th December, 2012. The new set of rules are expected to improve the quality of governance as it prescribes for stringent rule for auditors and strengthens the hands of the Serious Fraud Investigation Office (SFIO).
The new Companies Bill has 470 clauses which also limits the number of companies an auditor can serve to 20. It has also brought in more clarity on criminal liability of auditors. Further, the

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