The Minister of State for Corporate Affairs, Nirmala Sitharamn has emphasised that good progess has been made in addressing concerns about new companies law. She made the statement that if the stakeholders feel comforted with changes being made, then no amendment in the act is necessary.
She has been leading the Ministry in addressing concerns over the Companies Act, 2013. The Ministry of Corporate Affairs has initiated various measures, with major and minor changes, to implement the Act.
Nirmala Sitharaman said in an Interview, “If all this (steps are) already on course and people feel the relief which is being offered with all these (changes), amendments may not even be necessary… that is the way in which we have perceived the whole process. We have made a good progress in terms of addressing the concerns on Companies Act,” the Minister said.
Many provisions in The Companies Act, 1956 had been replaced by those in The Companies Act, 2013 since April 1 this year.