The fifth day of Finance Miniter’s series of press conferences also highlighted her plans for Ease of Doing Business aspect in the days of economic recovery from COVID-19.
Addressing the issue of ease of doing businesses, FM Nirmala Sitharaman pointed out, “Further key reforms for Ease of Doing Business are in the pipeline including direct listing of securities by Indian public companies in permissible foreign jurisdictions.”
Sitharaman further said that the government has taken necessary steps for the Decriminalization of Companies Act. She said that seven compoundable offences altogether dropped and five to be now dealt with under an alternative framework. The amendment will de-clog the criminal courts and NCLT, she said. She said, “Now, Indian public companies can list their securities directly in foreign jurisdictions. Private companies which list Non-Convertible Debentures on stock exchanges will not be regarded as listed companies.”
Additionally, Sitharaman said that “Government will announce a new public sector policy and a list of strategic sectors requiring presence of PSEs in public interest will be notified. In strategic sectors, at least one enterprise to remain in public sector but private sector to be allowed. In other sectors, PSEs will be privatised.”
She said that no fresh IBC cases will be initiated for one year in the wake of coronavirus and special insolvency framework for SMEs has been made.