- The Companies (Amendment) Bill 2020 was introduced in the Lok Sabha on March 17, 2020. The bill was tabled by Minister of State for Finance Anurag Thakur, who said that the bill will promote ethical and honest business in the nation.
- The Companies (Amendment) Bill 2020 mainly aims to decriminalize the major offences specified under the Companies Act of 2013. The opposition criticized the bill by saying that it is for the corporate, by the corporate and of the corporate. They also stated that the legislation will further dilute the corporate social responsibility of the corporate sector.
Objective
- The amendments proposed under the Companies (Amendment) Bill 2020 are aimed at improving ease of doing business.
Companies (Amendment) Bill 2020: Key Features
- The Companies (Amendment) Bill 2020 proposes to make several amendments to the companies law, including decriminalizing various offences. The bill proposes 72 changes to the Companies Act 2013. The amendment legislation was approved by the Union Cabinet on March 4, 2020.
