Companies Act: MCA officials to brief Jaitley tomorrow

Corporate Affairs Ministry officials are likely to brief Arun Jaitley tomorrow about the implementation of the new companies law.

Jaitley holds the portfolios of Corporate Affairs, Finance and Defence.

In the recent weeks, many changes have been made to various rules of the Companies Act, 2013 as part of efforts to address concerns raised by various stakeholders.

Many provisions of the new Act, which is aimed at bolstering overall corporate governance practices and protect investor interests, came into force on April 1.

According to sources, senior Ministry officials are to brief Jaitley about the implementation of new Companies Act tomorrow.

The Corporate Affairs Ministry has initiated various measures, including minor as well as substantial changes to rules related to the Act.

Last week, amendments were made to rules pertaining to related party transactions.

Among other amendments with regard to the Act, the Ministry has brought works carried out by corporates for slum area development under the ambit of Corporate Social Responsibility (CSR) activities.

Many stakeholders have raised concerns over certain provisions of the new Act, that replaces the nearly six-decade old legislation.

Earlier this month, Minister of State for Corporate Affairs Nirmala Sitharaman had said that good progress have been made in terms of addressing concerns about the Act.