A
little more than a half of the provisions of Companies Act 2013 came into force
from 1st April 2014. Following this, several communications were received in
the Ministry of Corporate Affairs drawing attention to certain practical
difficulties concerning these provisions or seeking clarifications about the
same. To facilitate understanding the difficulties and to explain the
provisions an interactive session was held under the aegis of the National
Foundation of Corporate Governance at New Delhi on 21st June 2014. Following
exchange of views a number of points got resolved. Points have also been
identified for elaboration through orders under Section 470 of the Act relating
to removal of difficulties, amendments in certain Rules and through issue of
clarificatory circulars and suitable exemptions. Four draft Notifications under
section 462 of the Act have been tabled in Parliament for a month. Circulars
have already been issued to provide greater clarity. The question of amending
the Act would be considered in case the above measures prove insufficient.
This
was stated by the Minister of Corporate Affairs, Shri Arun Jaitley in a written
reply to a question in Lok Sabha today.
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