The Companies Act, 2013 has acquired assent by President of India on August 29, 2013.

The new Companies Bill has received President’s assent, that will make it into a law replacing the nearly six-decade old regulations that govern corporates in the country.

The Companies Bill 2013 received assent from the President Pranab Mukherjee on August 29 2013.

The new Bill, providing for sweeping changes in the way companies operate and are regulated in the country.

The draft rules, expected to be ready in two weeks, would be put out on the Ministry’s website. After this, stakeholders and general public, among others, would have up to 60 days to provide their comments.

Corporate Affairs Minister Sachin Pilot had earlier said the government plans to adopt a transparent and interactive process to finalise a detailed set of rules to be adopted under the new Companies Bill.

The new Bill requires companies to spend on social welfare activities, empowers investors against any frauds committed by promoters, encourages companies to have women directors, and seeks to bring in greater transparency in corporate governance matters.

It also provides about three dozen new definitions, including for terms such as frauds, promoters, turnover, small companies, associate companies and employee stock options.

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