Govt sets up panel to review Companies Act

The panel would be examining suggestions from the Bankruptcy Law Reforms committee and Law Commission, among some other commitees

The government on Friday formed an eight-member panel to review the Companies Act, 2013, and suggest necessary changes.

Chaired by Anjuly Chib Duggal, secretary, ministry of corporate affairs (MCA), it is to give the report within six months of its first meeting. It is to "make recommendations to the government on issues arising from implementation of the Act". The panel would be examining recommendations from the Bankruptcy Law Reforms committee, High Level Committee on Corporate Social Responsibility, Law Commission and other agencies on the issue. It may invite subject experts and those from regulatory bodies as needed.

Others on the committee are Manoj Fadnis, president of The Institute of Chartered Accountants of India; A S Durga Prasad, president, Institute of Cost Accountants of India; Atul H Mehta, president, Institute of Company Secretaries of India; Reva Khetarpal, former Delhi high court judge; Bharat Vasani, chief legal and group general counsel, Tata Sons, and Y M Deosthalee, chairman, L&T Finance Holdings. The joint secretary (policy), MCA, would be member-convener.

The government has already made many changes in the year since the Act came into implementation, with Parliament recently okaying amendments, including easing thee norms for related-party transactions.