Finance Minister Nirmala Sitharaman: Union Finance Minister Nirmala Sitharaman on Saturday said that the central government has no hesitation in repeatedly going to Parliament to amend corporate laws as it seeks to rectify them and To strengthen the laws. The purpose of adding process is to meet the ever-changing requirements of the industry along with the challenges in the laws.
Finance Minister made a big statement about amendments in corporate laws
Nirmala Sitharaman said this after inaugurating the renovated complex of the National Company Law Appellate Tribunal (NCLAT). He said that the opposition members used to repeatedly question the logic behind going to Parliament but the government has been able to convince them about the need for such frequent amendments to corporate laws.
The finance minister also said that the government had taken a serious note of the outrage in some quarters about filling up of vacancies in the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) and a lot of appointments are now taking place . He said the goal was to make the country more transparent in its business activities and gain full investor confidence. The minister said that the government is firm in its commitment to achieve this.
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The NCLAT chairman also requested the minister to appoint one more judicial and technical member to the Chennai bench of the appellate body. NCLAT Judicial Member M Venugopal said that the Chennai bench of NCLAT disposed of 562 out of 1,480 appeals filed since its inception on January 25, 2021.
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