Dear Professional Colleagues,
We are delighted to inform that the Companies Bill has received the Hon™ble President™s assent on 30th August 2013, to become the Companies Act, 2013.
The next steps would be to finalize the Rules and define the procedural aspects of this Act. The Ministry of Corporate Affairs is expected to put the draft rules for public comments soon, and notify the relevant portions of this Act, in a step by step manner, along with the rules applicable.
The new laws are set to completely change the manner of corporate functioning. The New Act contains new disclosure norms, changed procedures & applicabilities, many more built in compliances etc. The MCA, has an uphill task to implement this new law. Having said that, it also poses a major challenge to Corporate world, to assess the impact of the forthcoming new rules and provisions and also gradually build a momentum towards a drastic change in their corporate functioning.
The New Act will require us professionals to completely unlearn the earlier Act and learn the new provision and effectively gear ourselves to contribute actively in the implementation of the fundamentals of the new Corporate Laws.
Looking forward to the exciting times ahead.
Team @ Corporate Law Reporter