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Final Reports on Companies Law Committee will be given by next month

The high powered Companies law committee set up by government to address issues related to Companies act 2013 will give its final report on changes required next month.

The eight-member committee that includes members from the industry as well as judiciary was set up earlier this year to recommend changes in Companies Act to improve the ease of doing business.

The final meeting of the committee will be held on November 30 in Mumbai which will be chaired by the Corporate Affairs Secretary. Another round of amendments to Companies Act 2013 are expected as recommendations made by the committee would then go to cabinet for its approval after that a bill is likely to be introduced in Parliament.

The government expects to finish this exercise by the end of the current fiscal. According to experts, there are about 50 provisions in the Companies Act, 2013.

They are mostly related to inter-corporate loans, related party transactions, consolidated financial statements, and strict penalties and imprisonment.

After the Companies Act 2013 came into existence in April 2014, the government has brought out more than 50 clarifications and notifications and 16 amendments to the Act.

 

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