The government is planning to introduce the Companies Amendment Bill in May 2005. According to government officials, the expert committee under Tata Sons Director J.J. Irani is expected to commence work on the drafting the new law next month and is likely to be given 60-90 days to complete its task. The government is planning to release the first draft of the rules relating to the Company Law for discussion by December 15. The draft rules will be placed on the government’s website for comments and feedback for 60 days. 

According to the tentative time-table, the expert group is expected to give its final recommendation to the government in March 2005. After reviewing the final recommendations, the ministry of company affairs will submit the Bill to the law ministry for vetting. The expert group will have 18 members, with 10 core members and eight visitors. It has been decided to have special invitees in the panel so that all aspects of the law are given adequate attention, officials said. 

The special invitees to the committee will include Company Law Board Chairman S Balasubramanium, Monopolies and Restrictive Trade Practices Commission Member MMK Sardana and B Swarup, member, settlement commission, income-tax. Further, one representative each from the Reserve Bank of India, Securities & Exchange Board of India, Department of Economic Affairs, Comptroller and Auditor General of India and the joint secretary, legislative, will also be permanent invitees. 

Noted lawyer OP Vaish will join the committee as the legal expert. The core group will include Infrastructure Leasing & Finance Services Managing Director Ravi Parthasarthy as an expert from the field of finance. One representative each from the Confederation of Indian Industries, Associated Chambers of Commerce and Industry, Federation of Indian Chambers of Commerce and Industry, Institute of Chartered Accountants of India, Institute of Companies Secretaries of India and Institute of Cost and Works Accountants will also be part of the expert committee.