‘Will Address Contentious Provisions In Companies Act’

  • Union Finance Minister Arun Jaitley reassured India Inc that the contentious provisions in the new Companies Act would be addressed once Rajya Sabha passed the amendment bill pending before it.
  • Those provisions that could be amended through notifications had already been taken care of.
  • As for 15 other important sections that need Parliament’s approval for amendment, the government had moved a Bill
  • During an interactive session with the Confederation of Indian Industry (CII) members answering a question from Venu Srinivasan, Chairman, TVS Motor Company Mr. Jaitley said: The Lok Sabha had already passed the Bill, which was now pending in Rajya Sabha,
  • The Finance Minister pointed out that industry groups had not raised objections when the Companies Bill was discussed in Parliament during the UPA government.
  • Initiating the discussion, Mr. Seshasayee asked the Finance Minister whether the public investment would lead the investment cycle in the coming years or the country had to depend on private investment.
  • Mr. Jaitley said: Even with the present constraint of fiscal deficit in revenue, it’s a challenging and a difficult opportunity for us. But I think we have to take some special steps as far as public investment is concerned.
  • Mr. Ramaswami said that Indian textile industry with a market share of 3.5 per cent of global trade occupied second slot.
  • China with 35 per cent was becoming less competitive and some other countries were becoming competitive due to favourable trade agreement and raw material price.
  • In this context, he wondered if the Centre could look at removing the anti-dumping duty.
  • N. Srinivasan, Managing Director of India Cements, stressed the need for giving a boost to road development and housing sector.
  • Mr. Jaitley said that the present government would revive both the sectors.
  • Mr. Jaitley  opined : The government wants to start with public funding of highways till the investment comes in from the private sector.