Companies Law Committee report submitted
Q. Which of the following is/ are true regarding the Report of the Companies Law Committee?
1) Companies Law Committee was constituted for examining and making recommendations on the issues arising out of implementation of the Companies Act, 1956
2) It consisted of members of parliament along with economists.- Published on 02 Feb 16a. Only 1
b. Only 2
c. Both 1 and 2
d. None of the above
ANSWER: None of the above
- 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 was chaired by Secretary, Ministry of Corporate Affairs and nominees or heads of institutions like FICCI, CII, etc., Shri N.S. Vishwanathan, Executive Director from RBI and Shri P.K. Nagpal, Executive Director from SEBI as co-opted members and Joint Secretary (Policy), Ministry of Corporate Affairs as Member Convener. It had no MPs.
- The Committee has endeavored to reconcile the competing interests of the various stakeholders keeping in mind the difficulties and challenges expressed by them.
- It was also mindful of the Government’s objective of furthering ease of doing business, encouraging start-ups and the need for harmonizing various laws.
- The Committee also kept in mind the need to bring in greater clarity in the Act and Rules and harmonizing the various provisions.
