Small shareholders’ long wait for greater rights in India is nearing an end with Parliament set to finally enact the Companies Bill, ending years of discussions to legislate a framework to make boardroom decisions transparent, hold auditors and directors more accountable and prevent corporate frauds by firms' owners by doctoring accounts and other such manipulations, Hindustan Times reported.
Corporate affairs minister Sachin Pilot will most likely move the Bill for passage in the Rajya Sabha on Tuesday. The Lok Sabha had already passed the Bill in December 2012. “Once the bill is passed, it would automatically address a host of issues including that of minority shareholders' rights besides providing an opportunity to women to represent the boards, which is not happening in a normal manner,” Pilot said.
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