Govt brings out draft norms for new Companies Act

Posted By: Religare
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The government has come out with the detailed draft norms for various clauses of the new Companies Act that replaces a nearly six decade-old legislation and overhauls the way corporates function and are regulated in the country, reported PTI.

Releasing the first set of draft rules, covering 16 out of total 29 chapters of the Companies Act 2013, government invited comments from the public and other stakeholders till October 8 and said the second tranche of these rules would be released next week.

As per the media reports, the first tranche covers rules governing new norms for the board of directors, auditors, registration and incorporation of companies, revival of sick companies, financial accounts of corporates, foreign incorporated companies and National Company Law Tribunal and Appellate Tribunal, among others.

Besides, draft rules have been issued for chapters on declaration and payment of dividends, prevention of oppression and mismanagement, nidhis and miscellaneous, said the media report.

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