environment calls for economic laws and regulations that are effective and efficient, have a
reasonable compliance cost and keep Indian businesses competitive."
"Now that the law is ready, it is time to focus and work on the practical aspects of complying
with its provisions," said Chandrajit Banerjee, director general, Confederation of Indian Industry
(CII).
Banerjee said the new Companies Bill is commensurate with "global standards vis--vis
disclosure requirements, increased democratic rights for shareholders, self-regulation and
accountability."
At the same time, it also sought to restrain the management powers of promoters, who nurture
the company during its initial stages and provide the seed capital.
"In a country where 75-80 percent of the businesses are family-run/promoter-driven, we hope
that the new law would be able to achieve the fine balancing between ownership and
management, which is crucial for success of any enterprise and also fostering the spirit of
entrepreneurship," he said.