Report Of The High-Powered Expert Committee On Companies And Mrtp Acts

We have felt the need to suggest certain changes either in the existing concepts or introduce additional concepts, wherever necessary. Firstly, as part of the overall .review of the Act, the Committee had gone into the existing concepts and definitions and their relevance to the new law that we have suggested. We have also paid attention to the need for more rational arrangement of the provisions of the Act and the consequent need for changes in the definitions. Some of the terms of reference like those relating to the workers’ participation,
managerial appointment, and remuneration, social responsibilities of business, professionalisation of management, etc., have called for certain departures from the existing scheme and this, in turn, had given rise to the need for introduction of new concepts and definitions
on the one hand, and modifications of the existing ones, on the other. In the fol1owing paragraphs we are giving our recommendations relating to the concepts and definitions by way of consolidation and rearrangement, modifications, additions and deletions.

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