Companies Act amendment bill to be tabled in Parliament: Arun Jaitley
New Delhi: A bill to amend the Companies Act will be introduced in the current session of Parliament for greater ease of doing business, including for facilitating the registration of a new company in just one day, finance minister Arun Jaitley said on Monday.
Presenting the Union budget for 2016-17, Jaitley said the proposed bill to amend the Companies Act of 2013 will remove the difficulties and impediments to ease of doing business. “The bill would also improve the enabling environment for start-ups. The registration of companies will also be done in one day,” he added.
Earlier this month, a government-appointed panel had suggested nearly 100 amendments to the new Companies Act to make it easier to do business in India, including for simpler laws for incorporating a company and for raising funds, as well as on insider trading and dealings with top executives.
The corporate affairs ministry had initiated a public consultation process on the suggested changes and had invited comments from all concerned stakeholders till 15 February in this regard. The ministry had constituted the Companies Law Committee in June 2015 for examining and making recommendations on the issues arising out of implementation of the Companies Act, 2013.
The committee, chaired by the corporate affairs secretary, had submitted its report on 1 February. The panel also had nominees from the Reserve Bank of India, the Securities and Exchange Board of India, industry bodies, and also from the Institute of Cost Accountants of India, the Institute of Chartered Accountants of India and Institute of Company Secretaries of India.