2 new members on Companies Act panel

One representative of the government as well as that of the Indian Banks' Association have been included in the expert committee which will advise the government on the new company law.

The department of economic affairs joint secretary U K Sinha and Indian Banks' Association legal adviser M R Umarji have been included in the 13-member committee as special invitees, an official communication said.

The expert committee that will suggest ways and means to overhaul the Companies Act of 1956 is being headed by Tata Sons executive director, J J Irani. The committee's first meeting took place on Monday.

Inaugurating the meeting, Company Affairs Minister Prem Chand Gupta said the concept paper to prune the Act by over one-third had evoked wide response from the industry whose representatives have been included in the expert committee to help Government prune and simplify the Act to suit the present day needs.

The committee is likely to submit its suggestions in the next three months.