[Analysis] Important Recommendations by CLC to Revamp Company Law
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- Last Updated on 11 May, 2022
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Gaurav N. Pingle – [2022] 138 taxmann.com 133 (Article)
The Company Law Committee (‘CLC’) presented its report in March 2022 and made recommendations on changes aimed at facilitating and promoting greater ease of doing business in India and effective implementation of the provisions of the Companies Act, 2013 (‘Act’). CLC has recommended various amendments to the Act to recognise new concepts, expedite corporate processes, improve compliance requirements and remove ambiguities from the existing provisions of the Act. CLC has made some important recommendations like, introduction of Restricted Stock Units (RSUs) and Stock Appreciation Rights (SARs), capital raising for distressed companies, holding general meetings through the use of technology, maintaining statutory registers through electronic platform, revising provisions on disqualification and vacation of director’s office, clarifying the manner of resignation of certain KMPs, easing restoration of de-registered companies, etc.
This article critically analyses few recommendations made by CLC and also analyses its impact, if the same are accepted and then part of the Companies Amendment Bill.
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