Friday, 27 May 2022

India: Company Law Committee report published by MCA

The Ministry of Corporate Affairs published, last month, a report by the Company Law Committee in which wide-ranging reforms were proposed: see here. The Committee has recommended, amongst other things, that the Companies Act 2013 is amended to (a) provide the Central Government with the power to require certain companies to be subject to joint audit; (b) recognise Special Purpose Acquisition Companies (SPACs); and (c) give Central Government the power to prescribe Rules to provide for greater use of electronic communication and the format (physical, electronic, hybrid) of shareholder meetings.

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