Sections in the Companies Act to be amended

Thursday, 6 September 2018 00:52 - - {{hitsCtrl.values.hits}}

A host of proposals made by Industry and Commerce Minister Rishard Bathiudeen, including amendments to the Companies Act No. 07 of 2007, were approved by the Government yesterday.

The Cabinet of Ministers gave approval to gazette the reforms to Sections 5, 9 and 10 of the Act, enabling the Registrar to make public announcements regarding an Incorporation of a New Company, and to issue instructions to a Company to revise its name.

A proposal made by the Minister to develop an Industrial Zone for Small Scale Entrepreneurs, in the 100 acres of area formerly used by Kankesanthurai Cement Factory, was also approved during yesterday’s Cabinet meeting. Under the proposal, infrastructure needed by the Industrial Zone for Small Scale Entrepreneurs will be developed under a Rs. 998 million investment. Further, the Government also approved development programs proposed by Minister Bathiudeen under the Tharapuram Co-operative Village Program in Mannar District. The Minister proposed the construction of a Convention Centre, using the allocated provisions under the program.