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Changes to Companies Act: Here are the amendments passed by Lok Sabha

Around 48 sections of the Companies Act, 2013 will be amended to decriminalise various offences

Nirmala Sitharaman
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Finance Minister Nirmala Sitharaman said the Centre would facilitate the borrowing, by talking to the RBI | Photo: PTI

BS Web TeamANI New Delhi
The Lok Sabha on Saturday passed a bill that seeks to decriminalise certain offences under the Companies Act, 2013, in case of defaults but not involving frauds.

The Companies (Amendment) Act, 2020, was passed by Lok Sabha through voice vote. Around 48 sections of the Companies Act, 2013 will be amended to decriminalise various offences. Speaking on the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman said decriminalisation of various provisions under the companies law will also help small companies by reducing the litigation burden on them.

Sitharaman said there are currently around 124 penal provisions compared to 134 under

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First Published: Sep 20 2020 | 11:18 AM IST

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