In 2005 the Irani Report, on the reform of India's company law, was published. Legislation, to replace the Companies Act 1956, has been expected for some time. It has now been reported that a Companies Bill will soon be forthcoming. Corporate Affairs Minister Prem Chand Gupta has been reported as saying:
"[A] Draft of the new Company Law Bill is being given final touches. The new law will promote shareholders' democracy, replace approval-based system with responsible disclosures, promote good corporate governance and effective protection of investors".
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