A bill was introduced in the Lok Sabha that seeks to amend the Companies Act of 2013 to ensure better compliance levels and to re-categorise some of the compoundable offences as civil defaults.
The Companies (Amendment) Bill, 2019 was introduced by Finance Minister Nirmala Sitharaman and seeks to replace an ordinance promulgated earlier.
She said the Bill was not coming to the House for the first time and had been passed earlier this year by the 16th Lok Sabha.
She said since the Bill could not be passed in the Rajya Sabha, the government had to go for re-promulgation of the ordinance and was bringing the Bill back again.
The amendments seek to benefit law-abiding corporates while simultaneously plugging gaps in the corporate governance and compliance framework.
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