Proposed amendments to companies law to de-clog criminal justice system: CII

Industry body CII on Wednesday said the proposed amendments to the companies law will further provide ease of doing business for corporates and de-clog the criminal justice system in the country.

The government on Wednesday cleared more amendments to the companies law, including decriminalising various offences.

As many as 72 changes to the Companies Act 2013 have been approved by the Cabinet.

"The proposed amendments certainly further provide ease of living for law-abiding corporates and de-clog the criminal justice system in the country. Importantly, it establishes the trust factor in business and industry that is essential for a healthy ecosystem," the chamber said in a statement.

It said CII has earlier submitted various representations to the government for decriminalising of business and economic legislations, including the Companies Act 2013.

It added that the move will instil a sense of confidence and optimism among the investor community.