The government has receieved nearly 26,000 comments on the draft rules for the new Companies Act which would replace the nearly six decade old legislation governing corporates in the country.

The staggering number of comments to draft rules for Companies Act, 2013, has come in less than two months from September 9, when the government started seeking responses from the stakeholders as well as the public.

Corporate Affairs Ministry, which is implementing the legislation, has so far issued draft rules for various chapters in four tranches.

The Ministry has received 25,891 comments till October 31 on the draft rules and the first phase, comprising 16 chapters, got as many as 20,553 comments, according to latest official data.

The second tranche of draft norms, that covered nine chapters, saw 5,218 comments.

As per the official data, third and fourth tranches that together covers four chapters, the comments received so far is around 120.

The deadline for providing comments on the last two tranches of draft rules is November 5.

The overall tally includes comments received on draft forms for various chapters.

Among the various provisions in the new law, certain class of companies are required to shell out at least two per cent of their three-year average annual profit towards social welfare activities.

The legislation, that replaces the Companies Act, 1956, was approved by the Parliament in August.

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