MCA extends the Tenure of Company Law Committee [Read Order]

MCA - Tenure of Company Law Committee - Taxscan

The Ministry of Corporate Affairs (MCA) notified the extension of the tenure of the Company Law Committee till September 16, 2022.

A Company Law Committee to review the offences under the Companies Act, 2013 was constituted vide order No. 2/1/2018-CL-V dated 13.07.2018. The report of the Committee was submitted to the Corporate Affairs Minister on 27.08.2018. The report, inter alia, made recommendations for re-categorizing certain offences into ‘civil wrongs’, de-clogging the NCLT and also touched upon certain essential elements of corporate governance. On the basis of recommendations made by such Committee and passage of the Companies (Amendment) Act, 2019, relevant changes have been made to the Companies Act, 2013.

In line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law-abiding corporates, fostering improved corporate compliance for stakeholders at large and also addressing emerging issues having an impact on the working of corporates in the country, it has been decided to constitute a Company Law Committee for examining and making recommendations to the Government on various provisions and issues pertaining to the implementation of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008.

The Chairperson of the Committee may also invite or co-opt any other practitioners, experts (subject-specific) who have knowledge or experience in the field of corporate law and representatives from other Ministries or regulators. The Committee may also consult other stakeholders as part of its deliberations. M/s Vidhi Centre for Legal Policy, which is a not-for-profit organization, shall provide legal research assistance to the Committee.

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