Indian Parliament passes Companies Act (Amendment) Bill – UKMALAYALEE

Indian Parliament passes Companies Act (Amendment) Bill

Thursday 1 August 2019 7:52 AM UTC

New Delhi Aug 1 2019: The Rajya Sabha on Tuesday passed a bill to amend the Companies Act that seeks to improve ease of doing business and reduce compliance burden on companies.
The Lok Sabha had passed the bill last week.

Union Finance Minister Nirmala Sitharaman moved the bill in the Upper House.

The bill seeks to tighten Corporate Social Responsibility (CSR) norms, transfer certain responsibilities to the National Company Law Tribunal (NCLT) and classify certain offences as civil offences.

It also ensures stricter action for non-compliance of the company law.

Replying to the debate on the bill, Sitharaman said that government has de-registered 4 lakh shell companies.