The much awaited amendment to or the recodifcation? of the Company Law - companies Bill- is taking its own time to see the day. Although the Irani Comittee report was submitted to the Ministry of Corporate Affairs (MCA ) about 2 1/2 years ago and a draft of the companies Bill was prepared by the MCA - it has not progressed much. Considering that the Irani committee Report had suggested a number of amendments to the extant Act, and the indications were that the MCA would give effect to most of the recommdndations of the Commmittee , the coporates have been eagerly waiting for the rewritten law- which in the opinion of the corporates would give pragmatic touch to various provisions in the Act and delete the the obsolete ones .
The expereince so far is that with the change in Governement, the proposals ealrier proposed by the Goverment in power are either dropped or referred to a Committee to review such proposals by the next governemnt- whatever be the advanced stage such documents would have progressed into!!! We wish the present Government survives the floor test to prove its majority and survives for the remaining pteriod of current term and brings out the rewriiten company law for the benfit of the corproates and investors at large.
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