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Dr. Jamshed J. Irani
ChairmanExpert Committee on Company LawNew Delhi, 31 stMay, 2005
Dear Mr. Minister,
I have the privilege and honour to present the report of the Expert Committee to
advise the Government on the new Company Law, set up by the Ministry of Company
Affairs vide Order dated 2ndDecember, 2004.
The Committee had the benefit of participation by several experts in various
disciplines. It has tried to take a comprehensive view in developing a perspective on
changes necessary in the Companies Act, 1956 in context of the present economic and
business environment. Nevertheless, corporate law is a vast subject and we expect that
while the report of this Committee would provide useful inputs for its revision, it may
still not be the last word on various issues. However, our effort has also been aimed at
making India globally competitive in attracting investments from abroad, by suggestingsystems in the Indian corporate environment which are transparent, simple and globally
acceptable.
I thank you for providing me an opportunity for working with a wonderful group
of dedicated people in presenting our perspective on complex corporate law issues.
Yours sincerely,
Dr. Jamshed J. Irani
The HonourableShri Prem Chand Gupta,Minister for Company Affairs,New Delhi.
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16. A company should also be able to decide on remuneration to non-
executive directors including independent directors. This may be in the form of
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217 (2AA)
requiring a Director R
.
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Acknowledgements
The Committee wishes to acknowledge the assistance received from many
quarters in completing its task. All relevant information and records needed by
the Committee were promptly supplied by the Ministry of Company Affairs, who
also provided logistical and administrative support as well as secretarial assistance
to the Committee. The Institute of Chartered Accountants of India helped the
Ministry in arranging the venues and making other arrangements for holding of its
meetings.
The Committee was also supplied with technical documentation and
background material by the Institute of Chartered Accountants of India (ICAI),
the Institute of Company Secretaries of India (ICSI) and the Institute of Cost andWorks Accountants of India (ICWAI), who also made valuable suggestions
through their representatives on the Expert Committee.
The Committee would like to record its high appreciation for the efforts
put in by many professionals and experts who met the Committee or had sent in
their suggestions in writing to the Concept Paper published by the Ministry in
2004.
The Committee would also like to acknowledge the in-depth analysis done
in papers prepared by all the members of the Committee. The Committee wouldalso specially acknowledge the painstaking work put in by Shri M.M.K. Sardana,
Shri U.K. Sinha, Shri Bhagwat Swarup, Shri R.S.Loona, Shri M.R.Umarji and
Shri Sumant Batra, special invitees, in preparing papers on various subjects and
participating actively in related discussions.
Specific mention is to be made of the work put in by Shri Bharat Vasani
and Ms.Sandhya Kudtarkar of the House of Tatas, Shri Allwyn Noronha of
ASSOCHAM and Shri Sunderarajan of CII in assisting the Committee.
The Committee wish to record its high appreciation of the hard work put
in by the team of officials from the Ministry of Company Affairs who laboured
ceaselessly to enable timely and smooth holding of meeting, making technical
material available, collating and compiling responses from a host of
organizations, experts etc and providing the same to the Committee, conducting
presentations by various subgroups and compilation of the recommendation of the
Committee. The Committee would like to convey its thanks to Shri Jitesh Khosla,
Member-Convener of the Committee, Shri R.Vasudevan, Shri Samir Biswas and
other members of the support team provided by the Ministry of Company Affairs
to this Committee.
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