Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Report of the Companies Law Committee

News and Press Release - Dated:- 2-2-2016 - The Companies Law Committee was constituted in June 2015 for examining and making recommendations on the issues arising out of implementation of the Companies Act, 2013. The Committee submitted its report to the Government. 2. The Committee was chaired by Secretary, Ministry of Corporate Affairs and consisted of Shri Bharat Vasani, nominee of the Confederation of Indian Industries (CII), Smt. Reva Khetrapal, Judge (Retd.), Delhi High Court, Shri Y.M. D .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

te Affairs as Member Convener. 3. The Committee had extensive consultations with stakeholders before making its recommendations. More than 2000 suggestions were received during the consultation process. The stakeholders consulted included all Industry Chambers, Professional Institutes, law firms, financial sector and other regulators. Six broad based groups were set up to review the suggestions received during the public consultation, each group being convened by a member of the Committee, and c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

mmittee also kept in mind the need to bring in greater clarity in the Act and Rules and harmonizing the various provisions thereof while making its recommendations. 5. After exhaustive deliberations, the Committee has proposed changes in 78 sections of the Companies Act, 2013, which along with consequential changes, would result in about 100 amendments to the Act. Approximately fifty amendments to the Rules have also been proposed. The recommendations cover significant areas of the Act, includin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s. 2] Private placement process to be substantially simplified, doing away with separate offer letter, making valuation details public, details/record of applicants to be kept by company and to be filed as part of return of allotment only, and reducing number of filings to Registrar. [s. 42] Incorporation process to be made easier and allow greater flexibility to companies: An unrestricted objects clause to be allowed in the Memorandum of Association dispensing with detailed listing of objects, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nt companies to be removed. [s. 2(87), 186(1)] Change in the definition of term relative for determining disqualification of auditor [s. 141] Rationalize penal provisions with reduced liability for procedural and technical defaults. Penal provisions for small companies to be reduced. [ various sections] No filing fees if financial statements and annual returns filed within prescribed time. [s. 403] Auditor to report on internal financial controls with regard to financial statements. [s. 143] Fra .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ions with SEBI s disclosure requirements and financial statements to be removed while retaining the informative content for shareholders. [s. 134, Rules] Increased threshold for unlisted companies for compliance in context of requirement for Independent Directors (IDs), Audit Committee and Nomination and Remuneration Committee. [s. 149, 177, 178] Test of materiality to be introduced for pecuniary interest for testing independence of ID; thresholds for relatives pecuniary interest to be revised t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version