The Chairman of the Committee (Damodaran Panel) had circulated a draft report for comments earlier last month. The report will be submitted to the Government soon. Giving this information in written reply to a question in the Rajya Sabha earlier last month, Shri Sachin Pilot, Minister of Corporate Affairs, said that the Companies Bill, 2013 which has now become an Act, incorporates certain important provisions with regard to following matters to facilitate ease of doing business in India:
- Faster incorporation/registration of companies through fully electronic MCA-21 Registry provided;
- Companies allowed to maintain records and hold meetings through e-governance mode;
- Companies empowered to function in a manner which is ˜self-regulated with disclosures/transparency™ rather than ˜Government/regulatory approval based regime™;
- Concepts of ˜One Person Company™ and ˜Small Company™ recognized to allow new entrepreneurs to take advantage of corporate form of business;
- Faster mergers and acquisitions including short form of merger and cross border mergers allowed;
- Time bound approvals through National Company Law Tribunal (NCLT); and
- Summary liquidation process for a class of companies provided.
