Expert panel to review grievances over Companies Act

Corporate Affairs Minister Arun Jaitley on Wednesday said an expert committee, to be set up shortly, would be set up shortly to review the Companies Act.

The Rajya Sabha on Wednesday cleared amendments to the Act aimed at promoting ease of doing business. The Lok Sabha had cleared the amendments. Contending that the amendments were not enough to cover everything, Jaitley said in the Upper House "a broad-based committee will continue to go into this question for the next few months as to where the shoe pinches... and this may not be the last amendments which we are bringing in." The panel would look into the discrepancies and suggest changes, he said.

Talking about the problems faced by the industry, he said the onerous provisions of the Act were dissuading entrepreneurs from incorporating companies and prompting them to set up limited liability partnership (LLP) firms for carrying out their business.