Spate of notifications, clarifications and orders relating to the Companies Act, 2013, from the Ministry of Corporate Affairs (MCA) over the last few weeks has brought cheer to India Inc. and, finance & accounting professionals. At the same time, it has also raised questions whether the new Act was well thought out and whether practicality of implementation was considered while framing the Rules.
A section of India Inc., industry bodies and company law experts claim their peers have been expressing displeasure at the manner of implementation, without giving adequate time to them to comprehend the new requirements.
They have been demanding anything 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. They also apprehend that a large section of the industry along with professionals associated with all the three accountancy streams - cost, chartered and secretary - affected by the new Companies Act 2013 are 'probably seeking restoration of the Companies Act 1956.