11/12/99-CL-V

Government of India

Ministry of Law, Justice & Company Affairs

Department of Company Affairs

5^th Floor, 'A' Wing, Shastri Bhawan,

New Delhi, Dated 1.11.99

Subject: Constitution of a High Powered Committee to draft a legislation for formation and conversion of co-operative businesses into companies

The Government has decided to constitute a Committee to draft a legislative framework to enable formation of co-operative businesses as companies and to convert existing co-operative businesses into companies under a regulatory framework similar to that of private limited companies.

2. The Committee will examine and make recommendations with regard to :

1. framing a legislation which would enable incorporation of cooperatives as

   companies and conversion of existing cooperatives into companies and

2. ensuring that the proposed legislation accommodates the unique elements of cooperative businesses within a regulatory framework similar to that of private limited companies.

2. The Committee will consist of

1. Dr. Y.K. Alagh, Economist Chairman
2. Shri R.C.A. Jain, Additional Secretary, Member

   Department of Agriculture & Cooperation

3. Ms. Amrita Patel, NDDB, Anand Member
4. Shri Vinay Kore, Chairman, Warana Rural Co-operative Member

   Complex, Warananagar, (Kholapur)

5. Smt. Sudha Pillai, Joint Secretary, Member

   Department of Rural Development

6. Shri N. Vaidyanathan, Advocate Member
7. Shri K.D. Singh, Joint Secretary & Legal

4. The Committee would devise its own procedure for its working and may consult

other experts in the field as and when considered necessary.

5. The Committee will submit its report within a period of two months.

6. Department of Company Affairs would be the nodal Department for the legislation.

7. A copy of the Order for Constitution of the Committee and this Press Note has been placed at the Web page of the Department of Company Affairs at the Internet Address http://www.nic.in/dca.

( R.D. Joshi)

Joint Secretary to the Govt. of India