Govt extends feedback deadline on Companies Act draft rules

Last date for submission of feedback/suggestion on first phase of draft rules has been extended by 2 days, ie, 10 October 2013

The government has extended the deadline till Thursday for providing feedback on the first set of draft norms for the new Companies Act.

The Corporate Affairs Ministry is in the process of framing norms for new legislation that replaces the nearly six-decade old law governing companies in the country.

"Last date for submission of feedback/suggestion on first phase of draft rules has been extended by 2 days, ie, evening of 10 October 2013," the Ministry said today.

The deadline for providing comments on the first tranche -- that covered 16 out of the 29 chapters of the Companies Act, 2013 -- was to end today. These draft norms were issued on September 9.

Already, the Ministry has received hundreds of comments on various draft rules, mainly on those related to Corporate Social Responsibility (CSR) spending and managerial remuneration, according to officials.

Among others, the first set cover rules for board of directors, auditors, registration and incorporation of companies, revival of sick companies, financial accounts of corporates, National Company Law Tribunal and Appellate Tribunal.

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