Improvement of Governing System is a continuous process. Ministry of Corporate Affairs is concerned with administration of Companies Act 2013 and Rules made there under. The Act and Rules contain essential elements of corporate governance. Since the provision of the Act are gradually coming into force these reflect the latest best practices in corporate governance. Wherever difficulties or hardships are experienced, corrective steps through Circulars, statutory orders and Rules are being taken to provide ease and facilities to companies.

This was stated by Smt. Nirmala Sitharaman, MoS in the Ministry of Corporate Affairs in written reply to a question in the Rajya Sabha today.

Corporate governance reforms: updated rules reflect best practices and administrative measures ease compliance burdens and hardships. The Ministry of Corporate Affairs administers the Companies Act 2013 and its Rules, which embody essential corporate governance elements and reflect contemporary best practices as provisions come into force; where implementation causes hardships, the Ministry issues Circulars, statutory orders and Rules to provide ease and facilitate company compliance.