Majority of them believe that the roles and responsibilities of IDs, as defined by the Companies Act, are unreasonable and the expectations are onerous.
The move aims to facilitate ease of doing business further and reduce compliance burden on small companies.
Due to the pandemic, it is not just businesses; even directors seem to be caught between a rock and a hard place.
The aim of the new process is greater transparency in the company structure, but there is a need for clarity on many aspects.
The recently notified provisions under Indian law on disclosing the details of the ultimate beneficial owner of an entity are interesting and can be challenging to comply with.
