Press Information Bureau
Government of India
Ministry of Corporate Affairs
08-December-2011 17:41 IST
Fraud Companies
The Companies Act, 1956, which is proposed to be repealed by the Companies Bill, 2011, provides for more stringent penal provisions for action against vanishing companies, prevention of frauds etc.

An expert group under the chairmanship of Dr. J. J. Irani was constituted on 02.12.2004 who submitted its report to the Central Government on 31.05.2005. The report seeks to rationalise the existing Companies Act, 1956 in the context of the present economic and business environment.

The Minister of State for Ministry of Corporate Affairs Shri R.P.N. Singh gave this information in a written reply in Lok Sabha today.