FICCI Welcomes the Passage of Companies Bill

INDIACSR News Network

NEW DELHI: : FICCI heartily welcomes the passage of the Companies Bill by the Hon’ble Rajya Sabha which will give India a comprehensive and contemporary legislation. This legislation is indeed a milestone in the history of company law and will revolutionize the administration and management of businesses in the times to come, said Ms Naina Lal Kidwai, President, FICCI.

The Bill has been through many stages of discussion and has brought in many radical changes to the erstwhile Act. FICCI has been part of these discussions and compliments the Ministry of Corporate Affairs and its officials for adopting a highly pragmatic and consultative approach towards evolution of the present day Companies Bill. Industry hopes that the Working Rules which are expected to be put out in the public domain before notification would provide greater clarity on the operative provisions in the Bill while taking into account legitimate concerns of India Inc.

The new Bill has introduced numerous changes and concepts which should simplify regulations and bring greater clarity and transparency in managing businesses. The global environment calls for economic laws and  regulations that are effective and efficient, have a reasonable compliance cost and keep Indian businesses competitive.

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Upon en actment, there will also arise the indispensable need for aligning the existing regulations with the new law. “FICCI hopes that there are no inconsistencies in various laws since consistency and certainty in laws helps in effective functioning of business, added Ms. Naina Lal Kidwai, President, FICCI.

Any legislation evolves with time and we are certain and hopeful that the new Companies Act while providing an enabling environment for smooth working and growth of India Inc. will also address valid concerns of the Industry.