Eyeing business ease at priority, MCA Injeti Srinivas heads Company Law Committee suggesting reforms in extant ccts and laws

19 Sep 2019 13:04:31
New Delhi, September 19: In line with the Modi-led government's objective of promoting Ease of Living by providing Ease of Doing Business to law abiding corporates, the authoritative delegates have decided to constitute a Company Law Committee that would examine, make recommendations on various provisions, issues pertaining to implementation of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008.
 
"This formation would also foster improved corporate compliance for stakeholders at large and also will aid to address emerging issues having impact on the working of corporates in the country", the statement read.
 
 
The said Committee will be chaired by Secretary of the Ministry of Corporate Affairs, Injeti Srinivas. Among those who have been appointed as members of this Committee are Shardul S Shroff, Executive Chairman of Shardul Amarchand Mangaldas, and Ajay Bahl, Founder and Managing Partner of AZB & Partners.
 
Tolling the terms of reference of the committee, the notification led certain facts of procedures that the Company Law Committee would follow.
 
1. Analyze the nature of the offences and submit its recommendation as to whether any of the offences could be re-categorized as civil wrongs. The committee would also provide measures to optimize the compliance requirements under the Act, to provide further Ease of Doing Business.
 
2. Examine the feasibility of introducing settlement mechanism, deferred prosecution agreement within the fold of notified Act in 2013.
 
3. Study the existing framework under the Limited Liability Partnership Act, 2008 and suggest measures to plug the gaps, if any, while at the same time enhancing the Ease of Doing Business.
 
4. Propose measures to further de-clog and improve the functioning of the National Company Law Tribunal.
 
5. Suggest measures for removing any bottlenecks in the overall functioning of the statutory bodies like SFIO, IEPFA, NFRA.
 
"The formation will also identify specific provisions that need to be amended to bring about greater Ease of Living for the corporate stakeholders including but not restricted to review of Forms under the two Acts", the statement noted further. With this the Committee is however slated to submit its recommendations in phases and subject from time to time as may be decided by the Chairperson of the Committee, it signed off.
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