India News | Govt to Rationalise Procedures for Speedy Company Mergers
Get latest articles and stories on India at LatestLY. The government will rationalise the requirements and procedures for speedy approval for merger of companies and the scope for fast track mergers will be widened as part of efforts to further improve the ease of doing business.
New Delhi, Feb 1 (PTI) The government will rationalise the requirements and procedures for speedy approval for merger of companies and the scope for fast track mergers will be widened as part of efforts to further improve the ease of doing business.
The proposal is part of the Union Budget for 2025-26 presented in the Parliament on Saturday.
"Requirements and procedures for speedy approval of company mergers will be rationalised. The scope for fast-track mergers will also be widened and the process made simpler," Finance Minister Nirmala Sitharaman said in her Budget speech.
Among other steps, the minister said the government will now bring up the Jan Vishwas Bill 2.0 to decriminalise more than 100 provisions in various laws.
In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalised.
Also, the revamped Central KYC Registry will be rolled out in 2025. "We will also implement a streamlined system for periodic updating," Sitharaman said.
The Institute of Company Secretaries of India (ICSI) described the budget as a balanced and transformative financial blueprint aimed at fostering long-term economic growth, sustainability, and inclusive prosperity.
"Rationalisation of requirements for speedy company mergers, rationalisation of TDS/TCS, measures for encouraging voluntary compliance reflects bringing a lot of business ease," it said in a release.
Further, ICSI said a key priority of the budget is expanding social welfare programmes aimed at supporting vulnerable communities, including increased funding for education, healthcare, and housing.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)