New date for Companies Act

Johannesburg - The department of trade and industry has recommended May 1 as the implementation date for the new Companies Act.

On Thursday evening, the department said it acknowledged the high volume of enquiries regarding the implementation date of the Act, which had been expected to come into effect on Friday.

"In terms of the act, the implementation date shall be the date on which the act is proclaimed. The department can confirm that after all the technical processes required have been completed."

The department said it had recommended to the presidency that it provide May 1 as the implementation date.

"The department reiterates that all the necessary systems and processes necessary for the operation of the Companies and Intellectual Property Commission, including the appointment of the commissioner and deputy commissioner, are on track."

The department's head of communications, Clement Manoko, told I-Net Bridge on Thursday that it was important to note that the parliamentary process in regard to the adoption of the act was only finalised on March 24.

On Friday the Presidency refuted a media report which suggested that President Jacob Zuma was delaying implementation of  the Companies act as "incorrect and misleading.”

Zuma had not yet received the Companies Amendment Bill for processing, it said.

"The parliamentary process in regard to the adoption of the Companies Amendment Bill was finalised on 24 March 2011, following a rigorous and inclusive consultative process that resulted in the incorporation of recommendations from stakeholders.

"The Bill then went back to the Department of Trade and Industry for legal and technical refinement before sending to the Presidency."

The media report was "unbalanced" and portrayed the President as being negligent and in dereliction of his duty, thereby causing an unnecessary delay in the processing of the law.

The Presidency said it had asked those responsible for the media report to publish a correction and an apology.