In what could be assumed as a tentative indication for a fresh round of amendments to the Companies Act, 2013, the Union Finance, Corporate Affairs and Defence Minister Arun Jaitley said here on Sunday that the Government was seized of the problems that the companies faced in implementing the provisions of the new Act.

“We now have a new Companies Act and now only when it’s unfolding that we are all realising where the shoe pinches... I have started receiving innumerable number of requests to look into some of those provisions (of the Act)”, the Minister said.

The Union Ministry of Corporate Affairs has already made some significant amendments in the context of approval of related party transactions under the Companies Act, 2013.

At the Indian Institute of Company Sectaries-organised function for the 13th National Awards for Corporate Governance, Jaitley said Governance was one area where “we have to learn from international best practices”.

“In the corporate sector, competitiveness exists. To have sustained success, highest level of excellence has to be there -- be it innovation, administration, maintenance of records. It is necessary to have transparency and accuracy for maintenance of records. Companies deal with investors’ money. Investors have a right to know each affair of the company”, the Minister added.

”The fly by night operators may or may not have instant success, but they are destined to go to dustbin”, he said. ”If there are any blackcaps and they are identified, let the law be tough on them”, the Minister categorically said.

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