Policy

Company law: Govt appointed panel to submit report before March, says ICSI President

K.R.Srivats New Delhi | Updated on January 22, 2018 Published on December 16, 2015

Report may form basis for further changes to new company law

The Government appointed panel to suggest changes to the Companies Act, 2013 will submit its report before March next year, Atul H. Mehta, President of the Company Secretaries Institute, has said.

"The deliberations are all over and very soon (before March) the report will be submitted," Mehta, who is a member of this panel, told BusinessLine here.

He was responding to a question on by when the panel report would be submitted.

The Centre had in June this year set up an 8-member panel to review the Companies Act 2013 and suggest necessary changes.

This panel was given six months time to make recommendations to the Government on issues arising from implementation of the new Companies Act, 2013.

It was also asked to examine recommendations from the Bankruptcy Law Reforms Committee, High Level Committee on Corporate Social Responsibility, Law Commission on the issue.

Indications are that the Government may look to bring further changes to the Companies Act 2015 in the ensuing budget session of Parliament so as to improve the ease of doing business and facilitate increased investments in the country.

Mehta also indicated that the Panel may come up with recommendations to ease the compliance burden of small and medium enterprises (SME) in the country.

One of the criticisms around the new company law has been that it had increased compliance burden for SMEs, which are the backbone of the Indian economy.

Mehta also said that there was no plan to rewrite the existing company law, but only to bring changes to certain provisions of the new law that were considered to be onerous for companies.

MAKE IN INDIA

Mehta announced that the 43rd National Convention of Company Secretaries would be held in the capital from November 17-19. The theme of this conference would be ‘Make in India: Innovate, Excel and Grow’.

He said that the conference would discuss threadbare the opportunities presented by the ‘Make in India’ programme to the members of the Company Secretaries Institute.

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Published on December 16, 2015
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