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.
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)