LENS ON EASE OF DOING BUSINESS – BRINGING GREATER INCLUSIVENESS IN THE CATEGORY OF SMALL COMPANIES
INTRODUCTION: The Ministry of Corporate Affairs (hereinafter “MCA”) vide notification bearing reference G.S.R. 92(E) , dated 1 st day of February 2021 introduced the Companies (Specification of Definitions Details) Amendment Rules, 2021 for amending the existing definition of ‘small company’ under the law for time being in force. The existence of the Companies Act, 2013 (hereinafter “the Act” ) and subsequent amendments thereof supplemented with rules made thereunder is well established with the object to facilitate effective governance and promote simplicity in compliance for companies domiciled in the Indian soil. A holistic approach towards company law has been the mandate that growth of industries and the dynamic environment has posed. Below elucidated is an observation made to highlight the intention of the law: The Lok Sabha debate (December 16, 2014) : 1. A World Bank Report stated that that concerning ease of doing business in India, India was ...