Constitution of an Expert Committee to advise the Government on the new Company Law - Companies Law - F No. 1/5/2004/RC

F No. 1/5/2004/RC Ministry of Company Affairs Government of India 'A' Wing, 5 th Floor, Shastri Bhawan New Delhi - 110 001. Dated : December 2, 2004 ORDER Subject: -Constitution of an Expert Committee to advise the Government on the new Company Law The Government have undertaken an exercise to revise the Companies Act, 1956 to enable evolution of a simplified compact law that will be able to address the changes taking place in the national and International scenario, enable adoption of internationally accepted best practices as well as provide adequate flexibility for timely evolution of new arrangements as warranted. 2. It has been decided to constitute an Expert Committee consisting of the following:- S. No. Name of person/Institution Position 1 Dr. J. J. Irani Chairperson 2 Shri Z. S. Negi, Addl Secy, M/o Law Nominee of Law Ministry 3 Shri K. N. Memani Nominee of FICCI 4 Shri Anil Agarwal, Alternate President ASSOCHAM Nominee of ASSOCHAM 5 Shri R. Seshasayee Nominee of CII 6 Shri R. S. Adukia Nominee of ICAI 7 Ms. P Malhotra Nominee of ICSI 8 Shri T P Ghosh, Sr. Professor (Fin.) MDI, Gurgaon Nominee of ICWAI 9 Ms. Kalpana Morparia Representative of Banks 10 Shri R Parthasarthy Representative of FIs 11 Shri O P Vaish Sr. Advocate 12 Shri Shardul Shroff Sr. Advocate 13 Shri Jitesh Khosla, Jt. Secy, MCA Member-Convener Special Invitees to the Expert Committee shall include:- (i) Shri M.M.K. Sardana Member, MRTPC (ii) Shri Bhagwat Swarup Member, Income-Tax Settlement Commission, New Delhi (iii) Shri R S Loona Executive Director (Law), SEBI (iv) Shri S Batra Insolvency Expert (v) Representative of D/o Banking, DEA, RBI and others as may be decided from time to time. 3. The terms of reference of the Expert Committee are: To make recommendations to the Government on- a. Issues arising from the revision of the Companies Act, 1956. b. Responses received from various stakeholders on the Concept Paper. c. Bringing about compactness by reducing the size of the Act and removing redundant provisions; d. Enabling easy and unambiguous interpretation by recasting the provisions of the law; e. Providing greater flexibility in rule making to enable timely response to ever-evolving business models; f. Protecting the interests of stakeholders and investors, including small investors. g. Any other issue related, or incidental, to the above. 4. Secretarial assistance to the Committee will be arranged by Ministry of Company Affairs. 5. The Committee will submit its report to the Ministry within 3 months from the date of its constitution. Sd/- (K.L. Bhatia) Under Secretary to the Government of India