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 the Companies Act and Limited Liability Partnership Act, has submitted a report that consists of changes in the rules related to buy back, auditors, etc. Sharma added that there will be provisions related to parallel statutory auditing as well.
He said that the amendment draft to strengthen CCI is with the Parliamentary Standing Committee and this draft could be submitted in the next one week. This draft was earlier to be discussed in the Parliament’s winter session but due to the time constraint, it will now be discussed in the Budget Session of 2023-24.
Sharma further said that there will also be discussions on the amendments related to IBC and Cross Border Insolvency. There will also be changes in the role of the Committee of Creditors (CoC).
The preparation for Budget session has begun and the budget for the year 2023-24 will be presented in the Lok Sabha on February 1, 2023.
CCI Bill
The bill was introduced in the Lok Sabha and was referred to the Parliamentary Standing Committee.
The draft law proposes all deals worth over 20 billion rupees ($250 million) should be subject to antitrust scrutiny if the companies have substantial business operations in India.
The Bill proposes to reduce the timeline for the CCI to pass an order on such transactions from 210 days to 150 days.
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