 "Nirmala Sitharaman")
The Lok Sabha on Saturday passed a bill that seeks to decriminalise certain offences under the Companies Act, 2013, in case of defaults but not involving frauds.
The Companies (Amendment) Act, 2020, was passed by Lok Sabha through voice vote. Around 48 sections of the Companies Act, 2013 will be amended to decriminalise various offences. Speaking on the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman said decriminalisation of various provisions under the companies law will also help small companies by reducing the litigation burden on them.
Sitharaman said there are currently around 124 penal provisions compared to 134 under
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