|
The Joint Committee examining the Corporate Laws (Amendment) Bill, 2026, is working to present its report during the upcoming Monsoon Session of Parliament, Committee Chairperson Sudheer Gupta said on Thursday.
The committee has back-to-back meetings today and tomorrow during which it will hear the views of various stakeholders. It heard views of representatives of the Department of Financial Services, Reserve Bank of India and Insurance Regulatory and Development Authority of India, Department of Revenue, Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) It also heard views of the Ministry of Electronics and Information Technology (Meity), Niti Aayog and Insolvency and Bankruptcy Board of India (IBBI) The panel will hear views of Bharat Web3 Association, India Blockchain Forum (IBF) and India Blockchain Alliance (IBA), Confederation of Indian Industry (CII); Federation of Indian Chambers of Commerce and Industry (FICCI), and PHD Chamber of Commerce & Industry (PHDCCI). It will also hear views of representatives of Laghu Udyog Bharati (LUB) and National Small Industries Corporation (NSIC), National Law School of India University (NLSIU), National Law University (Delhi) and NALSAR University of Law and some law firms. Gupta said that during the committee's visit to Mumbai, they heard views of over 40 stakeholders, including SBI, BSE and NSE. He said the stakeholders shared their views and suggestions with the committee and members asked questions. "We are continuously holding discussions with the stakeholders... and took their opinions... We will try to present the report during the monsoon session. Clause-by-clause discussions will be held," he said. The Joint Committee is examining the Corporate Laws (Amendment) Bill, 2026. The bill seeks to decriminalise various procedural defaults under the Companies Act and the LLP Act by replacing criminal provisions with civil penalties. It provides for simplification of procedures relating to mergers and amalgamations through rationalisation of approval thresholds for fast-track mergers and enabling filing of applications before a single bench of the National Company Law Tribunal having jurisdiction over the transferee company. It also provides for relaxations for small companies by providing exemption from mandatory Corporate Social Responsibility (CSR) and requirements related to auditor appointment for a prescribed class of small companies, reduction in additional fees. (ANI)
|
