New Delhi, May 28 (KNN) Furthering ease of doing business in India, 16 amendments in the Companies Act, 2013 were approved by the Parliament.
 
“…these amendments are aimed at facilitating business and addressing concerns raised by stakeholders,” Ministry of Corporate Affairs said in a statement.
 
A new integrated e-Form INC-29 was made available with effect from May 1, 2015 for companies.  The Form does away with filing multiple applications/forms saving time and payable fees. 
 
As many as 24 amendments in Rules under the Companies Act, 2013, 8 Removal of Difficulty Orders as well as many clarifications were also issued, the Ministry said adding that, “Certain prescribed forms were discontinued or merged with existing forms. Other Forms were also simplified”.
 
The government is also setting up a Committee to look into further modifications required in the Companies Act, 2013.
 
“A broad based Committee consisting of representatives of the Institute of Company Secretaries of India, the Institute of Chartered Accountants of India or some industry chambers and from the Ministry is being constituted to look into requirement for further changes in the Companies Act, 2013,” said the Ministry.
 
The government also came out with notification of Indian Accounting Standards.

“Consequent to announcement in the budget of Financial Year 2014-15 (para 128), accounting standards converged with global standards, namely, International Financial Reporting Standards (IFRS) were framed in consultation with the Institute of Chartered Accountants of India and National Advisory Committee on Accounting Standards.
 
These accounting standards are significantly congruent with the global standards, with minimum carve-outs and are expected to boost investor confidence”, said the Ministry.
 
The Ministry further said that the Constitution Bench delivered its final order on the long standing litigation. The constitution of the NCLT is being taken up in an expeditious manner, it added. (KNN Bureau)