Page 2 - Companies Law
Decriminalisation in Companies Act a move in the right direction? Explained
As government revisits all economic laws, decriminalisation experts have called for a calibrated approach to ensure we don't end with toothless legislations and maintain the standards
 "Decriminalisation in Companies Act a move in the right direction? Explained")
Amendments to companies law receives President Ram Nath Kovind's assent
The corporate affairs ministry will now notify separately when various provisions would be coming into force, according to an official
 "Amendments to companies law receives President Ram Nath Kovind's assent")
RS passes bill to amend companies law; various offences decriminalised
Around 48 sections of the Companies Act, 2013 are being amended to decriminalise various offences
 "RS passes bill to amend companies law; various offences decriminalised")
Over 380,000 firms struck off under companies law in 3 years: Govt
In a written reply to the Rajya Sabha, Minister of State for Corporate Affairs Anurag Singh Thakur also said the term "shell company" is not defined under the Companies Act
 "Over 380,000 firms struck off under companies law in 3 years: Govt")
To ease burden on NCLT, govt notifies rules for winding up of companies
In a move that will help lessen the burden on the National Company Law Tribunal (NCLT), the government has notified the rules for winding up of companies under the companies law. The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules, 2020, which would be effective from April 1. Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital. Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for liquidation to be filed with the central government. "Though the draft rules had made this available only for small companies, the final rules make it available to companies that have assets of book value not exceeding Rs 1 crore; and have not taken deposits beyond Rs 25 lakh or have no secured loans beyond Rs 50 lakh or turnover beyond Rs 50 crore or paid up capital beyond Rs 1 ...
 "To ease burden on NCLT, govt notifies rules for winding up of companies")
Unfinished agenda: Govt to introduce bill to decriminalise company law
The proposal to make violation of the requirements under Section 8 punishable only with fines is also being widely debated
 "Unfinished agenda: Govt to introduce bill to decriminalise company law")
Criminal offences in Companies Act to be slashed, govt mulls 65 changes
The offences punishable with imprisonment, a fine, or both are compoundable, and offences punishable with imprisonment and a fine are non-compoundable
 "Criminal offences in Companies Act to be slashed, govt mulls 65 changes")
Govt amends significant beneficial owners rules under companies law
The corporate affairs ministry has issued amendments to the significant beneficial owners rules under the Companies Act, 2013
