Expert panel seeks public comments on Companies Act

NEW DELHI: To improve ease of doing business in the country, a government-appointed panel has sought suggestions from all stakeholders, including the general public, to address issues related to new companies law.

The eight-member panel has been asked to look into the issues faced by the companies and other stakeholders from the new law and to suggest necessary changes.

The committee, which was set up earlier this month by the Corporate Affairs Ministry, has now invited "comments or suggestions to assist in its deliberations."

"All stakeholders are requested to send their comments/ suggestions latest by July 21, 2015," the Ministry said in a public notice.

The Ministry has already made a raft of changes to the Companies Act, 2013 -- whose most provisions came into effect from April 1, 2014 -- amid concerns raised from various stakeholders.

The new law would make it easier to do business and provides for stricter penalties for fraud cases.

The amendments have been made to the Companies Act, 2013, mainly to deal with board resolution, tilisation of unclaimed dividends and setting-up of a firm among others as well as to bring the law in tune with the global standards

The 'Companies Law Committee', chaired by Corporate Affairs Secretary Anjuly Chib Duggal, would submit its recommendations within six months of its first meeting.

There are also representatives from the judiciary and industry in the panel.

Former Delhi High Court judge Reva Khetarpal, Tata Sons Chief Legal and Group General Counsel Bharat Vasani, L&T Finance Holdings Chairman Y M Deosthalee as well as Presidents of apex bodies -- chartered accountants, cost accountants and company secretaries would be part of the committee.

The three members are Institute of Chartered Accountants of India's Manoj Fadnis, Institute of Cost Accountants of India's A S Durga Prasad and Institute of Company Secretaries of India's Atul H Mehta.

Besides, Joint Secretary (Policy) at the Ministry would be member-convener.