The Hindu Business Line : Relax corporate reform norms: CII

THE Confederation of Indian Industry (CII) has suggested that sub-section 9 under Section 10A and 10B of the Income-Tax Act should be abolished with retrospective effect to facilitate genuine restructuring of knowledge driven units of strategic importance.

This is one of the suggestions put forward by the CII in its pre-budget memorandum. Further, the chamber has pointed out that withdrawal of benefits in case there is a change in shareholding pattern by more than 49 per cent restricts restructuring, which these units require over a period of time to maintain their edge.

Besides, to facilitate corporate restructuring through mergers, de-mergers and amalgamations, CII has recommended that additional conditions required to be met by restructuring entities in order to avail fiscal incentives need to be streamlined.

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