Damodaran Panel’s Report on Business Climate
The Chairman of the Committee (Damodaran Panel) has circulated the draft report for comments, if any, by 26th August, 2013. The report will be submitted to the Government soon thereafter. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that the Companies Bill, 2013 which has been passed by the Parliament incorporates certain important provisions with regard to following matters to facilitate ease of doing business in India:
i) Faster incorporation/registration of companies through fully electronic MCA-21 Registry provided;
ii) Companies allowed to maintain records and hold meetings through e-governance mode;
iii) Companies empowered to function in a manner which is ‘self-regulated with disclosures/transparency’ rather than ‘Government/regulatory approval based regime’;
iv) Concepts of ‘One Person Company’ and ‘Small Company’ recognized to allow new entrepreneurs to take advantage of corporate form of business;
v) Faster mergers and acquisitions including short form of merger and cross border mergers allowed;
vi) Time bound approvals through National Company Law Tribunal (NCLT); and
vii) Summary liquidation process for a class of companies provided.
