CII Pitches For Review of Companies Rules

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New Delhi: The Confederation of Indian Industry (CII) has pitched for a review of key economic policy decisions, including the new Company’s Act and the proposed Direct Taxes Code (DTC), by the new government.

“There should be time for the industry to put forward their views to the government before the Budget 2014-15 is presented,” said newly-elected CII president Ajay Shriram.

Companies LawDespite the ongoing model code of conduct ahead of the elections, the government has notified several chapters of the new Companies Act that have come into force from April 1.

Speaking to The Indian Express, Shriram hoped there could be more discussion with the industry on the provisions relating to third party transactions and corporate social responsibility in the new Companies Act.

The CII president, who is also the chairman and managing director of DCM Shriram, supported the tax on rich but said that the issue of retrospective taxation must be clarified by the new government. “The government also wants a transparent environment. With such provisions, we are losing out in terms of potential investors,” he said.

Meanwhile, talking about the draft Direct Taxes Code, that was put out by the Finance Ministry for public debate recently, he called for 35 per cent Income-Tax on individuals and Hindu Undivided Family, with an annual taxable income of over Rs 10 crore. Laying out an agenda for the new government, the CII said it would focus on discussions to spur manufacturing and economic growth.

[The Express Group]

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