Deadline for giving comments on draft rules ends today

Comapnies Act would replace the nearly-six decade old legislation governing country's corporates

The deadline for giving comments on the third and fourth tranche of draft rules for the new Companies Act, which would replace the nearly-six decade old legislation governing country's corporates, ended today.

 

"Today i.e. November 5, 2013 was the last date for the public at large for giving suggestions/ comments to the Ministry of Corporate Affairs (MCA) for the 3rd and 4th tranche of Draft Rules being framed under the Companies Act, 2013," an official statement said.

 

The third and fourth set of draft rules released by the Corporate Affairs Ministry pertained to chapters on deposits, SFIO, National Financial Regulatory Authority (NFRA) and Investor Educations and Protection Fund (IEPF) Authority.

 

According to the new norms, NFRA will have powers to lay down the accounting and auditing policies and standards for adoption by companies or class of companies or their auditors.

 

Further, the new legislation will give more teeth to SFIO that is currently investigating many high profile cases, including the Saradha chit fund scam.

 

The government has issued draft rules in four tranches on the new Companies Act. These tranches collectively received nearly 26,000 comments, as on November 1, 2013.

 

The new legislation, that replaces Companies Act, 1956, was approved by the Parliament in August this year.