Soften company law blow for private companies

Private companies — in which public interest is non-existent — should not be subjected to mandatory auditor rotation, requirement of a  woman director on the Board or be covered under class action suits. A submission to this effect has been made to the Corporate Affairs Ministry, listing at least 20 provisions of the new company law from which “non-public interest private companies” should be exempted. The exemption should be available for all private companies that are neither subsidiaries of listed companies nor have substantial public borrowings