Bills & ActsCurrent Affairs

Cabinet approves 2019 Companies Second Amendment Bill

The Union Cabinet chaired by Prime Minister Narendra Modi approved the Companies (Second Amendment) Bill, 2019 on 4 March 2020. The Bill will amend the Companies Act, 2013.  Bill Provisions: The Bill will make 72 changes in the Companies Act. The Bill will 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.   The Bill will lead to further de-clogging of the criminal justice system in the country.  It would also further ease of living for law-abiding corporates. Previously, the Companies Act was amended by the Companies (Amendment) Act, 2015. The Bill removed certain difficulties faced in the implementation of various provisions of the Act.

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