Corporate affairs minister Salman Khursheed said that the new Companies Bill 2009 is set for budget session. It will have stricter disclosure norms and provision for one-person corporate entity.

Khursheed said, “We will table the new bill this session itself.” He said this on the margins of a conference that is organised by the Confederation of Indian Industry (CII).

The earlier version of companies bill has been lapsed and it is being re-introduced by tabling in this budget session. It has been lapsed because of dissolution of the previous Lok Sabha. He also mentioned that the provisions in the proposed law would be in accordance with the changing economy.

For the Companies Bill 2009 the government hopes that the provisions in it will afford greater protection to the shareholders. This bill will make disclosure norms stricter in the wake of the Satyam Computer Services scam. It will also allow formation of one-person company and will help India Inc to compete more effectively globally.

Right now minimum two people are required to form a private limited company and for constituting a public limited company the number or heads are seven.