As we explore the new Act further we discover more monsters [in - TopicsExpress

As we explore the new Act further we discover more monsters [in case you missed my article about 10 Monsters, here - india-financing/images/Articles/Ten%20_Monsters_%20of_%20Comapnies_%20Act_%202013.pdf]. The Act will seriously affect the ease of doing business in India. We have earlier commented upon a huge setback for FDI companies, as all such companies will be deemed as public companies. Here is one more setback - sec 149 (3) requires all companies to have at least 1 director who has been resident in India during the previous calendar year. If there are foreign investors wanting to float a company in India in October 2014, does it mean that at least one of them has to start staying in India from 2013? It is outright ridiculous provision.

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