Cabinet heading towards approving amendments to Companies to achieve ease of doing business in India

To improve the ease of doing business, the Cabinet yesterday approved amendments to the companies law that do away with a mandatory declaration by a firm before commencing business.

The changes have also been cleared to fast-track the approval process for draft notifications aimed at granting exemptions from various provisions of the Companies Act.

The amendments were approved at a meeting of Union Cabinet, chaired by Prime Minister Narendra Modi this morning, and are now part of the Companies (Amendment) Bill,2014.

The amendments include “doing away with the requirement for filing a declaration by a company before commencement of business or exercising its borrowing powers”.

Besides, they will rationalise “the procedure for laying draft notifications granting exemptions to various classes of companies or modifying provisions of the Act in Parliament, in order to ensure speedier issue of final notifications,”

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Leave a Reply

Your email address will not be published. Required fields are marked *

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates