COMPANY LAW
- Companies Act 2013 has been implemented in parts. The Companies Act 1956 has still not been repealed.
- The indiscriminate application of various restrictions even to private limited companies having no public interest has resulted into complete destabilization of corporate sector. Section 185 - restricting loans to related parties, section 186 - restricting investment and loans to others, heavy restrictions on share application, deposits from shareholders and related party transactions even on small and medium size private limited companies have resulted into large scale unintended harassment. It is recommended that the Companies Act 2013 may be suspended for its application till 31st March, 2015 so that the new government can analyse all the new provisions and unjustified rules and regulations brought in on the Corporate Sector.
- Auditors’ and Directors’ criminal prosecutions should only be restricted to cases of wilful fraud or where public interest is adversely impacted.
- NFRA: Setting of Accounting standards, Auditing standards, ensuring quality of audit and disciplining auditors and audit firms should be left to the Institute of Chartered Accountants of India and NFRA need not be constituted. The government nominees have been adequately guiding and supporting the working of ICAI.
- Too many procedures and compliance's included in the Companies Act 2013 need to be eradicated and to be brought to the level of international standards on the premise of least interference of government in corporate sector.
COAL SECTOR
- The mining of coal can also be expedited and modernized under the revised PPP model.
- It is important and necessary that the coal is made available at very reasonable price to the power sector, so that the cost of power can be reduced significantly. This will achieve international competitiveness of our manufacturing sector.
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