Cabinet nod for foreign listing of firms, decriminalising offences

In ease of doing business push, 72 changes to companies law okayed

The Union Cabinet on Wednesday approved 72 changes to the Companies Act 2013, with a thrust on decriminalising compoundable offences and allowing direct foreign listing for domestic companies to boost “Brand India”. 

The nod for the Companies amendment Bill, likely to be tabled in the ongoing Parliament session, has been given to ease compliance burden related to corporate social responsibility (CSR) by exempting companies with obligation to spend Rs 50 lakh or less. Such companies will not be required to have a CSR committee. 

Also, if a company spends more than the required 2 per cent of its average profit in any