COMPANIES (SECOND AMENDMENT) BILL, 2019

Companies (Second Amendment) Bill, 2019

The Union CABINET chaired by Prime Minister, Shri Narendra Modi vide Press Release id No. 1605145 dated 04^th March, 2020, has approved Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013

Crux:

1.      The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest.

2.      This would also lead to further de-clogging of the criminal justice system in the country.

3.      The Bill would also further ease of living for law abiding corporates.

Link: https://pib.gov.in/PressReleseDetail.aspx?PRID=1605145

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