Report on Companies Bill tabled in the Lok Sabha also wants clearer definition of private placement
A parliamentary panel has asked the government to make corporate social responsibility (CSR) spending mandatory for companies above a certain threshold. It also wanted the government to clearly define in the Companies Bill the term ‘private placement’ of instruments to raise money. In its report on the Companies Bill, 2011, tabled in the Lok Sabha on Monday, Parliament’s standing committee on finance also suggested to the government that appointment of auditors be approved by shareholders at the annual general meeting . The Bill had proposed to allow appointment of auditors for the straight five years.