Cos Law Changes To Improve Ease Of Doing Biz: ICAI

NEW DELHI: The fresh amendments to the Companies Law will go a long way in improving ease of doing business, chartered accountants' apex body ICAI has said.

The institute also welcomed the government's decision to set up an expert committee "to look into nitty-gritty and iron out creases".

The proposed panel will also look into other areas of the Companies Law to ascertain whether further amendments are required.

In a statement, ICAI President Manoj Fadnis said "it was heartening that the Rajya Sabha has passed the Companies (Amendment) Bill, 2014, which will go a long way towards ease of doing business".

The changes, including those pertaining to fraud reporting by auditors and related party transactions, will be made to the Companies Act, 2013. Most provisions of this law came into effect from April 1, 2014.

The Rajya Sabha approved the amendments yesterday.

From time to time, the Institute of Chartered Accountants of India (ICAI) had submitted suggestions about the Act "to create conducive environment for functioning and growth of business".

"We are thankful to the government for considering our views and assure all stakeholders that we will live up to the expectations," Fadnis said.

He emphasised that the institute will extend full support to the Ministry towards developing "a favourable framework that promotes ethics and governance".
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