Quick Summary
During the Budget 2023-24 presentation, there will likely be discussions on three major amendments in the parliament. According to an exclusive report, the amendments will be related to the Companies Act, Insolvency Bankruptcy Code (IBC) and strengthening of the Competition Commission of India (CCI). As far as the changes in the Companies Act are concerned, the Company Law Committee which was formed to examine and recommend to the government on various issues related to the implementation of
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FAQ :
The Budget 2023-24 session is expected to discuss amendments related to the Companies Act, the Insolvency Bankruptcy Code (IBC), and the Competition Commission of India (CCI).
The Company Law Committee has submitted a report recommending changes in rules concerning buy-backs and auditors, with provisions for parallel statutory auditing.
The draft law proposes that deals exceeding 20 billion rupees ($250 million) with substantial business operations in India will require antitrust scrutiny. It also aims to reduce the timeline for the CCI to issue orders on such transactions from 210 days to 150 days.
The CCI Bill was initially planned for discussion during the Parliament's winter session but was deferred to the Budget Session of 2023-24 due to time constraints.
Yes, discussions are expected on amendments related to the IBC and cross-border insolvency, which will also involve changes in the role of the Committee of Creditors (CoC).
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