A Committee under the Chairmanship of Sh. M. Damodaran has been constituted on 23.08.2012 by this Ministry to extensively examine different areas of root functioning such as financial reforms, governance reforms, liberalized policy framework, process reforms etc, and to suggest a roadmap for improving climate in India. The Committee is likely to submit its report shortly. Giving this information in written reply to a question in the Lok Sabha today Shri Sachin Pilot, Minister of Corporate Affairs, said that the Companies Bill, 2012 incorporates certain important provisions with regard to following matters to facilitate ease of doing business in India:
i) Faster incorporation/registration of companies through fully electronic MCA-21 Registry provided;
ii) Companies allowed maintaining records and hold meetings through e-governance mode;
iii) Companies empowered to function in a manner which is ˜self-regulated with disclosures/transparency™ rather than ˜Government/regulatory approval based regime™;
iv) Concepts of ˜One Person Company™ and ˜Small Company™ recognized to allow new entrepreneurs to take advantage of corporate form of business;
v) Faster mergers and acquisitions including short form of merger and cross border mergers allowed;
vi) Time bound approvals through National Company Law Tribunal (NCLT); and vii) Summary liquidation process for a class of companies provided.