Govt forms Company Law Committee to improve ease of doing business

NEW DELHI: The government on Wednesday decided to set up an 11-member panel which will suggest measures to de-clog and improve the functioning of the NCLT and make recommendations on various issues pertaining to implementation of the Companies Act as well as the Limited Liability Partnership Act.

The panel -- Company Law Committee -- headed by Corporate Affairs Secretary Injeti Srinivas, would also suggest measures for removing any bottlenecks in the overall functioning of statutory bodies like the Serious Fraud Investigation Office (SFIO), Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA).

The latest decision is in line with the government's objective of promoting ease of doing business for law abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having impact on the working of companies in the country, the Ministry of Corporate Affairs said in a statement.

The committee would submit its recommendations in phases and subject-wise to the government from time to time as may be decided by the chairperson. It will have a tenure of one year from the date of its first meeting.

Apart from Srinivas, other members of the panel include Uday Kotak, MD of Kotak Mahindra Bank; Ajay Bahl, Founder and Managing Partner at AZB & Partners, Advocates & Solicitors; Xpro India Chairman Sidharth Birla; Shardul S Shroff, Executive Chairman at Shardul Amarchand Mangaldas & Co; and T K Viswanathan, ex- secretary general, Lok Sabha.