Constitution of an Expert Committee to advise the Government on the new Company Law
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Company law reform: expert committee to advise on a simplified, flexible statute balancing stakeholder protection and modern business needs.
An Expert Committee is constituted to advise on revision of the Companies Act, 1956 to create a simplified, compact law. The Committee comprises a Chairperson, nominees from central ministries, industry and professional bodies, representatives of banks and financial institutions, senior advocates, and designated special invitees. Secretariat support is to be provided by the Ministry of Company Affairs. Its terms of reference include recommendations on stakeholder responses, statutory compactness, clarity of provisions, rulemaking flexibility and protection of stakeholders and investors, and it must submit a report to the Ministry within a specified short timeframe.