LS passes bill to amend the Companies Act 2013
New Delhi [India], July 26 (ANI) The Lok Sabha on Friday passed a bill to amend the Companies Act 2013 with Finance Minister Nirmala Sitharaman saying that nearly four lakh inactive companies have been de-registered by the government.
ANI
Jul 26, 2019 17:09 IST
New Delhi [India], July 26 (ANI) The Lok Sabha on Friday passed a bill to amend the Companies Act 2013 with Finance Minister Nirmala Sitharaman saying that nearly four lakh inactive companies have been de-registered by the government.
The Companies (Amendment) Bill 2019 was passed by a voice vote after a reply by Sitharaman. The bill seeks to replace an ordinance promulgated earlier this year.
"Nearly four lakh inactive companies have been de-registered by us," she said, adding they were totally inactive for several years, probably for more than five years.
Earlier while moving the bill, Sitharaman said it was a very important bill for ease of doing business.
The bill seeks to ensure better compliance levels and to re-categorise some of the compoundable offences as civil defaults.
The minister added that there is no rule which prevents companies from using Corporate Social Responsibility (CSR) funds locally.
(ANI)
Get the App
