Companies Act relaxations for GIFT City

They include 5-yr exemption from setting aside funds for CSR, easier norms for appointing directors

The Union ministry of corporate affairs has issued two notifications, giving major relaxations aimed at more 'ease of doing business' for companies wanting to operate in the GIFT City-based International Finance Service Centre (IFSC).

Gujarat International Finance Tec-City or GIFT is under construction on 360 hectares between Ahmedabad and Gandhinagar in Gujarat. The aim is to get finance and infotech companies from elsewhere to relocate here.

The relaxations include a five-year exemption from setting aside funds for corporate social responsibility, easier norms for appointing of directors, audit and other legal compliance.

Several companies, especially from abroad, have been waiting for relaxations in application