The Union Cabinet on Wednesday approved a bill to amend the Companies Act, 2013 to ensure better compliance levels and re-categorise some of the compoundable offences as civil defaults.
The bill would replace an ordinance promulgated earlier this year.
Information and Broadcasting Minister Prakash Javadekar told reporters that it will help companies bring the public issue in less time and benefit law-abiding corporates.
Officials said the proposed amendments would lead to de-clogging of National Company Law Tribunal and special courts, strengthening corporate governance standards, strengthening of enforcement with a focus on serious cases of violation and to ease of doing business.
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