Govt to introduce companies law amendment bill in LS tomorrow

The government is expected to introduce the Bill to make a slew of amendments to the new companies law in the Lok Sabha tomorrow.
Most provisions of the Companies Act, 2013, came into effect from April 1 this year and the amendments are mainly aimed at making it easier for corporates to do business.
The amendments to the new companies law were approved by the Cabinet earlier this month.
According to the revised list of business for Lok Sabha tomorrow, Corporate Affairs Minister Arun Jaitley is to introduce the Companies (Amendment) Bill, 2014.
The Cabinet had cleared 14 proposed amendments, including provision to ensure that frauds beyond a certain threshold need to be mandatorily reported by the auditors to the government.

Besides, the government is looking to relax a number of norms, including those pertaining to related party transactions, while resolutions passed by the companies' boards would not be subjected to public inspection.
The new law, put in place by the previous government, has replaced a nearly six-decade old Companies Act, 1956, but the new government has been indicating for quite some time that it would bring in necessary changes to address concerns raised by various stakeholders.