CLR Notes:
The Companies Law Committee has presented its report to make recommendations to the Government on issues arising from the implementation of the Companies Act, 2013 as well as on the recommendations received from Bankruptcy Law Reforms Committee, the High Level Committee on CSR, the Law Commission and other agencies.
The report is divided into two parts, namely Part I, dealing with the suggested amendments in the Companies Act, 2013, and Part II, proposing changes to Rules issued under the Act.
Summary of the changes proposed in the Act and the Rules as contained in the report have been tabulated at Annexure III.
The Committee’s recommendations, if implemented, would result in more than 100 changes in the Act.
Report of the Companies Law Committee
New Delhi, the 1st February, 2016
To,
Honourable Union Ministry of Finance, Corporate Affairs and I&B
Sir,
We have the privilege and honour to present the report of the Companies Law Committee, set up on 4th June, 2015, to make recommendations to the Government on issues arising from the implementation of the Companies Act, 2013 as well as on the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on CSR, the Law Commission and other agencies.
2. The Committee had the benefit of participation by various institutes, industry chambers and experts in various disciplines. It has tried to take a holistic and comprehensive view while suggesting changes in the Act/Rules keeping in mind the difficulties and challenges expressed by various stakeholders. It has endeavoured to reconcile their competing interests, being mindful of the need for facilitating “ease of doing business” in India, and incentivising start-up companies.
3. We thank you for providing us an opportunity to present our views on the issues arising from implementation of the Companies Act, 2013 and related matters.
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