Proposed amendments to India’s companies law would do away with much bureaucracy and bring India a step closer to modern international practices. By Bijesh Thakker in Mumbai
Since the Indian Companies Act was passed in 1956, it has been amended several times to keep pace with changing business realities. In spite of this, the 52-year-old law has many redundancies and is often viewed as a hindrance to the operational freedom of modern companies.
This has led to repeated calls for the act to be simplified and brought into line with international best practices. The result is the proposed Company Law Amendment Bill, which is based on a report compiled by the JJ Irani Committee.
The draft of the bill is not yet available for public comment. It is, however, possible to glean many of the likely implications of the bill from some of the Irani report’s more significant recommendations.
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Bijesh Thakker is a partner with Thakker & Thakker, a Mumbai-based law firm. He can be reached at bjt@ttindia.net.
