The government is proposing to keep the new company legislation flexible so that rules and regulations governing companies can be updated quickly without following the cumbersome procedure of amendment through Parliament.
“We want to make sure that the regulations can be modified and updated continuously, as and when required.
Amending a section would be time-taking and a long process, while change in regulations would be faster and we can keep modifying the law with the changing times,” a senior official in the MCA told PTI.
The Ministry is considering revision of the Companies Bill, 2009, in light of the recommendations of the Parliamentary Standing Committee.
According to ministry sources, the focus would be on Rules and Regulations so that appropriate changes can be effected as and when required.