The Union Cabinet on Wednesday approved a bill to amend the Companies Act, 2013.
The amendment bill would replace an ordinance issued earlier in 2019.
"The proposed amendments will lead to further promotion of ease of doing business, de-clogging of National Company Law Tribunal and Special Courts," the government said in a statement. The focus would now be on serious cases of companies' law violations and ensuring enhanced compliance by corporates.
"The amendments will benefit law abiding corporates while simultaneously plugging gaps in the corporate governance and compliance framework enshrined in the Companies Act, 2013," the government release said.
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