From deferring the new Companies Act, 2013 by one year to bringing in a fresh law; from creating an ombudsman to bringing out comprehensive clarifications, were among the views expressed by a large number of stakeholders from India Inc, industry bodies and company law experts when they met the top officials of the ministry of corporate affairs (MCA) on Saturday to register their views on the challenges being faced due to the partial implementation of the new laws from April 1. The MCA officials met the stakeholders on the direction of minister of state for corporate affairs, Nirmala Sitharaman.

In the absence of the minister, the closed door meeting was chaired by the senior officials of MCA including the secretary and the additional secretary who heard and made notes on the various suggestions and views expressed by the stakeholders, said participants who attended the meeting. Acknowledging the industry’s concerns in the implementation of the Companies Act, 2013, Naved Masood, secretary, MCA said, “The law fortunately delegates considerable power to the government to make rules, through which many of the issues highlighted by the industry can be addressed.”

The meeting was held in the backdrop of various industry bodies and stakeholders like CII and Assocham raising concerns about certain provisions in the new law. (Financial Express)