'Govt open to amending new Cos Act'

'Govt open to amending new Cos Act'

'Govt open to amending new Cos Act'

The government is open to amending the new Companies Act of 2013 if problems faced by the stakeholders are not addressed through change in certain rules in the existing act.

“Matters arising from the operation of provisions already brought in force are getting attention of the government in the form of issue of circulars, suitable statutory orders and amendments in Rules to remove doubts or practical difficulties,” Minister of State for Corporate Affairs Nirmala Sitharaman said in Rajya Sabha. “Amendments in the Act would be considered in case the above measures prove insufficient,” she said.

The Companies Act 2013, which replaces the 1956 rules governing companies, came into force from April 1. But the stakeholders, including industry chambers, have raised concerns over various provisions.

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