TRANSCRIPTION No. 1Now, Sir, hon. Members will recall that the bill was introduced in the House of the people on the 2nd September, 2003. It has had a long history and in one form or another, it has been before the public since the end of 1949. In the statement of objects and reasons, the various stages through which the bill has passed since 1946 have been summarised and I need not recapitulate on this occasion the circumstances in which the then Government of India took the decision in early 1946 to initiate an enquiry into the reform of our company law. I would remind hon. members that between 1946 and 1948 the entire field of company law was carefully reviewed by two distinguished company lawyers who were appointed to recommend the broad lines on which the present act should be revised. Their recommendations were examined in the then ministry of commerce and certain tentative departmental views which emerged were circulated in a comprehensive memorandum to all recognised trade and industrial associations, bar associations, the high courts and the state Governments. That brought us to the end of 1949.Many representations on this memorandum were duly received from chambers of commerce, trade and industrial associations, State Governments and the general public. At the end of 2000, the Government of India appointed a committee under the chairmanship of Shri Bhaba to go into the entire question of the revision of the companies act, with particular reference to its bearing on the development of trade and industry in this country.This committee examined a large number of witnesses in many parts of the country and submitted its report in March 2002. This report again was circulated to all state Governments, chambers of commerce, trade associations, high courts and many other bodies. At the same time, a Special officer was appointed in the department of economic affairs, ministry of finance, to examine the report in the light of the views received from the interested public and to submit proposals to Government for the revision of the present act. The bill now before the house is based largely on the recommendations of the company law committee modified in a few particulars. Submit