Reduction in penalties for certain offences as well as in timeline for rights issues, relaxation in CSR compliance requirements and creation of separate benches at the National Company Law Appellate Tribunal (NCLAT) are also among the proposed changes.
Speaking on the bill after a brief discussion in Rajya Sabha, Finance and Corporate Affairs Minister Nirmala Sitharaman said the government keeps coming to Parliament with amendments as the Companies Act 2013 still has issues.
She said the stakeholders keep giving inputs as they say the law was not still helping them and they were facing issues related to compliances.
Around 48 sections of the Companies Act, 2013 are being amended to decriminalise various offences.
Sitharaman said there are currently around 124 penal provisions compared to 134 in 2013 under the Companies Act.
The minister, however, stressed that those engaged in fraud, deceit and injuries to public interest, will be dealt with firmly.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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