The Ministry of Corporate Affairs (MCA) on January 15, 2024, issued the notification to invite comments on the review of rules.
The following has been stated namely: -
• The following require the framing of rules namely: -
1. The Companies Act, 2013
2. The Limited Liability Partnership Act, 2008
3. The Competition Act, 2002
4. The Insolvency and Bankruptcy Code
5. The Chartered Accountants Act, 1949
6. The Cost and Works Accountants Act, 1959
7. The Company Secretaries Act, 1980
• The following factors have been considered while prescribing such Rules/Orders or during their subsequent revision, from time to time namely: -
1. Necessity of a robust corporate governance framework
2. Ease of doing business and ease of compliance
3. Economic environment in the country as well as internationally
4. Levels of various thresholds in respect of class or classes of companies for the purposes of various governance and compliance requirements
5. Pronouncements of various Courts/NCLT/NCLAT & other quasi-judicial bodies
6. Legal & Technological developments taking place across the globe
• Comments/suggestions on the Rules may be provided within 30 days of posting of the rules
• Comments/suggestions should be with specific reference to one or more rule/sub-rule/clauses of relevant Rules and should be submitted through the online facility only.
• In the first phase, rules relating to the Companies Act, 2013 and LLP Act, 2008 shall be posted on the e-consultation module for inviting comments/suggestions with effect from January 25, 2024
