Companies law committee receives over 2,000 suggestions

New Delhi: Government's high-level panel, set up to address issues related to the new companies law, has received over 2,000 suggestions from stakeholders and expects to finalise its report by December end.

While addressing the issues pertaining to the implementation of the Act, the panel would look at striking a balance between "regulatory requirements and the ease of doing business", according to an official.

Amid concerns expressed in various quarters about certain provisions in the Companies Act, 2013, the Corporate Affairs Ministry had set up the panel in June.

The ministry has already made a raft of changes to the Companies Act, 2013 -- whose most provisions came into effect from April 1, 2014. Besides, various rules have been amended.

The official said the 'Companies Law Committee' has received more than 2,000 suggestions from stakeholders and is in the process of going through them. The panel is expected to finalise its report by December end.

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.

The eight-member panel has representatives from the judiciary and the industry.

While carrying out its work, the committee can invite subject matter experts as well as people from Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI) and Comptroller and Auditor General (CAG) as needed.

In the interest of broad-based consultation, any other person or body can also be invited by the panel.