Union Finance Minister Arun Jaitely has made it easier for corporates and entrepreneurs to exit unviable ventures by proposing a uniform bankrupcty code by 2015-2016.
This code would replace the Sick Industrial companies act (SICA) as well as the Board for Industrial and Finance reconstruction (BIFR) Act.
This process has been undertaken by the bankruptcy panel set up under the chairmanship of TK Vishwanathan.The panel has started consulatations with various stake holders so as the liability of a failed venutre does not lie on one entity. Its first priority would be rehabilitation then winding up.
The minister also announced the pension reforms in the form of a universal security system that would require half the corpus being contributed by the union. And the premium would be as low as Rs 12 per annum.