Cabinet clears bill to amend companies law

The government Wednesday approved a bill to amend the Companies Act, 2013.

The bill would replace an ordinance issued in 2019. "The proposed amendments will lead to further promotion of ease of doing business, de-clogging of National Company Law Tribunal and Special Courts," an official release said.

The focus would be on serious cases of violations of the Act and ensuring enhanced compliance by corporates. The Companies Act to have 12 new changes or Amendments. 

"The amendments will benefit law-abiding corporates while simultaneously plugging gaps in the corporate governance and compliance framework enshrined in the Companies Act, 2013," the release said.

The bill was cleared by the Cabinet on Wednesday.