Changes in Companies Act soon: Sitharaman

Reported by Chinmaya Dehury

Bhubaneswar, Aug 22:

Union Minister of State for Corporate Affairs Nirmala Sitharaman today said some rules of the Companies Act would be amended soon in order to remove hurdles in the way of doing business in the country.

“There are several aspects to the Companies Act that need a relook. Some of them need to be changed while others need to be corrected to improve the ease of doing business in the country,” Sitharaman told media persons here.

“It is an ongoing process. We had a day-long session on the issue recently. So, some corrections to the rules are happening and we expect to complete the whole exercise in the next few months,” she said.

Stating that the government would ensure that the Act would be executed properly, the Union Commerce and Industry Minister said wherever difficulties are faced, corrective steps through circulars, statutory orders and rules would be taken to provide ease and facilities to companies.

“Before grant of such relaxation, draft notifications have to be laid before each House of the Parliament. Preparation of such notification is under active consideration,” she said.

Quoting his government’s commitment for ‘Sabka Saath, Sabka Vikash’, the minister said the government is focused on achieving more than 5% growth and it is working towards sustainable growth.