MCA Seeks Feedback on Companies & LLP Rules

New Delhi, Jan 16 (PTI) The Ministry of Corporate Affairs (MCA) has sought comments from stakeholders on the rules under the companies and limited liability partnership laws.

The move is part of the ministry's decision to initiate a comprehensive review of all the rules prescribed under various legislations being administered by it.

In the first phase, the ministry has invited comments on rules under the Companies Act, 2013 and Limited Liability Partnership Act, 2008, according to a public notice issued on Monday.

The MCA is also the nodal ministry for implementing the Competition Act, 2002, Insolvency and Bankruptcy Code, Chartered Accountants Act, 1949, Cost and Works Accountants Act, 1959, and Company Secretaries Act, 1980.

It has already released a policy for pre-legislative consultation and comprehensive review of existing rules and regulations prescribed under various legislations administered by it.

As per the policy, the "need for public consultation in rule/regulation making exercise has been felt for bringing in greater transparency and greater involvement of the stakeholders".