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        Corp. Laws, SEBI & IBC

        Cabinet approves Companies (Second Amendment) Bill, 2019

        March 4, 2020

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        The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013.

        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.  This would also lead to further de-clogging of the criminal justice system in the country.  The Bill would also further ease of living for law abiding corporates.

        Earlier, the Companies (Amendment) Act, 2015 amended certain provisions of the Act to remove difficulties faced in implementation of various provisions of the Act.

        Decriminalisation of corporate defaults to remove criminal liability for objectively determinable, non fraudulent breaches, easing compliance. The Companies (Second Amendment) Bill, 2019 proposes decriminalisation of specific defaults under the Companies Act, 2013 by removing criminal liability where defaults are objectively determinable and do not involve fraud or larger public interest, aiming to reduce load on the criminal justice system and ease compliance for law abiding corporates.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Decriminalisation of corporate defaults to remove criminal liability for objectively determinable, non fraudulent breaches, easing compliance.

                                The Companies (Second Amendment) Bill, 2019 proposes decriminalisation of specific defaults under the Companies Act, 2013 by removing criminal liability where defaults are objectively determinable and do not involve fraud or larger public interest, aiming to reduce load on the criminal justice system and ease compliance for law abiding corporates.


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