Report on Companies Act review to be finalized on Monday

There was a formal meeting that took place between the Secretary of Corporate Affairs and the Additional Secretary of Corporate Affairs with members of the Confederation of Indian Industry (CII) and company law experts in Delhi.

The report on the Companies Act 2013 review is likely to be finalized on Monday and the suggestions on the same will be put up for consultation post that, say sources in the Corporate Affairs Ministry.

Also read: Govt proposes relaxing Companies Act for private firms

In view of the representation that they had submitted within a period of 10 days, the Ministry of Corporate Affairs (MCA) has already started work on notifying and issuing certain draft clarifications and by Monday it is expected that the formal draft report is going to be ready.

The report is going to be put up for consultation following which we are going to be seeing changes being introduced to the Companies Act of 2013 in three phases- the first could be in the form of clarification; the other in terms of amendments and the third then depending upon the requirements of the industry.

There is also going to be a clarification issued by the MCA as far as the various certifications are required by directors under the New Companies Act which includes certification for fraud. It also includes certification that proper measures were taken by the company to avoid any kind of misuse the directors have been seeking clarity on the scope of the applicability of the companies act and that is something that is likely in the days to come

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Report on Companies Act review to be finalized on Monday

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