Amendment in Companies Act 2013 was much awaited by the industry, says experts

New Delhi, Feb 29 (KNN) In his Budget speech, Union Finance Minister Arun Jaitley announced that a Bill shall be introduced in the current Budget session of the Parliament in order to amend the Companies Act 2013.

The amended act is anticipated to remove the difficulties and impediments to ease of doing business. While disclosing the general budget in Lok Sabha today, Jaitley said, “The Bill would also improve the enabling environment for start-ups”.

Responding to this, experts from the MSME sector have opined that amended in Companies Act is a much awaited modification by the industries.

“The small scale enterprises found it difficult to negotiate with the clients underlying the existing Companies Act 2013. Some of the Clauses in the act needed to be amended to make the business easier for the small sector,” said VK Aggarwal, Managing Director of Shashi Cables Ltd.

“The company bill did require some changes. The amendment introduced has been a relief for smaller scale SMEs,” Agarwal who is also an Executive Member of industry body FISME.

Agarwal said, “Under the amended act, the registration of companies will also be done in one day. (KNN Bureau)