Parliament approved a long-awaited overhaul of the legislation that governs India’s companies that’s aimed at easing the process of doing business in the country and improving governance by making firms more accountable, making this one of the few reform measures that the Congress-led United Progressive Alliance has succeeded in getting through the House, Mint reported.

The Rajya Sabha approved the legislation on Thursday; the Lok Sabha had done so in December. Once President Pranab Mukherjee gives his nod, the new law—which also promotes gender equality on boards, allows for class action suits and makes spending on corporate social responsibility (CSR) mandatory—will be formally promulgated as the Companies Act, 2013, replacing the Companies Act of 1956.

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