Union Minister for Corporate Affairs and Minority Affairs Salman Khursheed has informed that the country may have its all new Company Law by the end of this financial year 2010-11. The minister has informed this fact in a statement.

He was addressing to the Bengal National Chamber of Commerce and Industry today and revealed this. He has also said that the new law will be a much simple code for the liability of independent directors of the companies.

As per Mr. Khursheed, the Standing Committee of Parliament has already made its suggestions on the bill. The Companies bill will be vetted by the Union Law Ministry soon. Then it will be presented at the Parliament for a pass.

The procedure will take time but he anticipates that by the end of the current fiscal there will be a brand new Company law for the country.

He has also added that the government is targeting the winter session to pass the bill in the parliament. If due to some reasons it misses the session then it will be presented during the budget session to be help at the end of the fiscal.