Government extends deadline for comments on Companies Act

NEW DELHI: Stakeholders have been given more time to submit their suggestions to a high-level panel that has been set up for addressing issues related to the new companies law.

The deadline, which was ending today, has now been extended till July 31.

Set up by the Corporate Affairs Ministry last month, the Companies Law Committee is expected to finalise its report in six months.

The Ministry is implementing the Companies Act, 2013, whose most provisions came into effect from April 1, 2014.

"Requests have been received from various stakeholders seeking more time for submission of suggestions and comments. To enable stakeholders to provide well researched inputs, it has been decided to receive suggestions and comments up to July 31, 2015," an official statement said today.

The Ministry has already made a raft of changes to the Act, amid concerns raised by various stakeholders.

The committee, chaired by Corporate Affairs Secretary Anjuly Chib Duggal, has representatives from the judiciary and industry in the eight-member panel.

As per the terms of reference, the panel would "make recommendations to the government on issues arising from the implementation of the Companies Act, 2013".

It would also examine the recommendations received from the Bankruptcy Law Reforms committee, Committee on CSR, Law Commission and other agencies.