Budget 2023: Amendments related to CCI, IBC and Companies Act likely to be discussed in Budget session
Budget 2023: Tarun said that the amendment draft to strengthen CCI is with the Parliamentary Standing Committee and this draft could be submitted in the next one week.
Budget 2023: During the Budget 2023-24 presentation, there will likely be discussions on three major amendments in the parliament. According to an exclusive report said by Zee Business Special Correspondent, Tarun Sharma, the amendments will be related to Companies Act, Insolvency Bankruptcy Code (IBC) and strengthening of the Competition Commission of India (CCI).
What is Capital Gains Tax? Types and Exemptions - Explained
As far as the changes in the Companies Act are concerned, the Company Law Committee which was formed to examine and recommend to the government on various issues related to implementation of the Companies Act and Limited Liability Partnership Act, has submitted a report that consists of changes in the rules related to buy back, auditors, etc. Sharma added that there will be provisions related to parallel statutory auditing as well.
#Budget सत्र में कंपनीज एक्ट में बदलाव संभव#CCI, #IBC एक्ट में भी होगा बदलाव
एक हफ्ते में संसदीय स्थायी समिति पेश करेगी CCI बिल ड्राफ्ट
जानिए पूरी खबर तरुण शर्मा से
#ZeeBusiness LIVE यहांhttps://t.co/KbZQeUi42Z@talktotarun pic.twitter.com/ldukNt0qFJ
— Zee Business (@ZeeBusiness) December 2, 2022
He said that the amendment draft to strengthen CCI is with the Parliamentary Standing Committee and this draft could be submitted in the next one week. This draft was earlier to be discussed in the Parliament's winter session but due to the time constraint it will now be discussed in the Budget Session of 2023-24.
Sharma further said that there will also be discussions on the amendments related to IBC and Cross Border Insolvency. There will also be changes in the role of Committee of Creditors (CoC).
The preparation for Budget session has begun and the budget for the year 2023-24 will be presented in the Lok Sabha on February 1, 2023.
CCI Bill
The bill was introduced in the Lok Sabha and was referred to the Parliamentary Standing Committee.
The draft law proposes all deals worth over 20 billion rupees ($250 million) should be subject to antitrust scrutiny if the companies have substantial business operations in India.
The Bill proposes to reduce the timeline for the CCI to pass an order on such transactions from 210 days to 150 days.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
06:14 PM IST