New Delhi, Aug 29 (IANS) The cabinet Friday approved the introduction of the Companies Bill 2008 in the coming session of parliament, to replace the existing Companies Act, 1956.

The cabinet meeting was chaired by Prime Minister Manmohan Singh.

The new bill revolutionises company partnership structures. It will change the nature of corporate governance, and make companies competitive globally, Science and Technology Minister Kapil Sibal told reporters after the meeting.