The Companies Amendment (Bill) 2017 has been passed by the Rajya Sabha on 19th December, 2017 which was earlier passed by the Lok Sabha. ICAI has been regularly interacting with the Ministry of Corporate Affairs and submitting representation/ providing suggestions/ giving inputs regularly on various issues right from the bill stage to smooth implementation of the Companies Act 2013.
ICAI was part of the consultative process adopted by the Companies Law Committee constituted by the Government of India for proposing these major amendments to the Companies Act, 2013. ICAI also represented before the Hon’ble Parliamentary Standing Committee on Finance on the issues in the Companies Act, 2013.
The Institute of Chartered Accountants of India has been giving suggestions to the Government which will help on the objective of addressing difficulties in implementation owing to stringency of compliance requirements, facilitating ease of doing business for companies and harmonization with accounting standards and other financial/ economic legislations. The Institute of Chartered Accountants of India (ICAI) will continue its collaborative efforts with the government to strengthen the regulatory framework.