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Partners Column

June 15, 2015

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May, 2015 has just passed….a big relief for many from the hot summer. This time it was a talk of the nation and a few international media as well that Telangana and AP had the highest death toll due to high temperature. Union Government Narendra Modi’s Government successfully completed its maiden year. Though not achieved major milestones, but made its strong foot prints in terms attracting the attention of the Internal Business Community and the Governments for their investment opportunities.  Besides this, the Government is successfully implementing few basic necessities for the mass like banking facility to the poor for financial inclusion, accidental insurance policy, Pensions Policy, deposit scheme for the girl Child. Overall the regulatory and business environment is positive. State Government Telangana and Residual Andhra Pradesh have celebrated the completion of 1st year of post reorganisation. Both states look competing for development and making lot of road shows to attract and invite investments. There is ample opportunity to grow better if they create a friendly business environment. MCA As promised, Indian Government has brought out many relaxations to boost the “Ease of Doing Business”. MCA has announced the following important changes which will definitely improve the business environment:
  1. Introduction of Integrated Incorporation Form (Form INC 29) for Fast Track Incorporation of the Companies comprising DIN Application, Name Availability and Incorporation besides providing PAN, TAN and ESIC on Incorporation……..a move never thought in the past.
  2. Companies (Amendment) Act, 2015 w.e.f. 29th May, 2015 …which has done away with the minimum capital requirement to start a Company, mandatory Common Seal, Obtaining Commencement of Business certificate, public viewing of few Board Resolutions, reporting all frauds to CG (only material frauds to report to CG), put in place a speedier process for approval of draft notifications for providing exemptions etc. from specific provisions of the Act to a class of companies.
  3. Draft notifications keeping the Private Companies, Govt Companies, Section 8 Companies and Nidhi Companies hassle free from the compliance of various provisions of CA, 2013 making their life easier. I am sure these provisions will make Private Limited Companies as preferred vehicles for Incorporation.
MCA also constituted a Committee viz “Company Law Committee” comprising inter alia the presidents of all the three Professional Institutes as its members to make recommendations to the Government on the implementation of Companies Act, 2013 within 6 months from its first meeting. This will help the stakeholder to voice their concerns for its redressal. Taking a clue from this, ICSI has directed all its Chapters and Regional Councils to hold review meetings to study, analyse, examine and suggest the changes to CA, 2013 to it. Role of the Professionals, Industry Bodies and other Stakeholders will play an import role to improve and simplify the regulatory environment for Corporate. With regards, R.Ramakrishna Gupta Partner 10th June, 2015  
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