The government on Wednesday cleared more amendments to the companies law, including decriminalising various offences.
As many as 72 changes to the Companies Act 2013 have been approved by the Cabinet.
Briefing reporters, Corporate Affairs Minister Nirmala Sitharaman said the priority is to "decriminalise" provisions in the Act.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Sitharaman, who is also the Finance Minister, said the Cabinet has approved 72 changes to the Act. As many as 23 offences would be recategorised out of 66 compoundable offences under the Act. Besides, seven compoundable offences would be omitted, she said.
Sitharaman said the government would remove provisions of imprisonment in various sections and also reduce penalties in case of various compoundable offences.
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
"I Am A Material Man In A Material World': Quantum Advisors' Ajit Dayal On NDTV Profit Ignite
She also said that companies having a corporate social responsibility obligation of less than Rs 50 lakh would not have to constitute a CSR committee. These initiatives, Sitharaman said, are aimed at ease of doing business.
In November, a government-appointed high level panel proposed decriminalising more than half of the existing compoundable offences under the companies law as well as lower monetary penalties for violations by startups, amid efforts to further improve the ease of doing business in the country.
Generally, compoundable offences are those which can be settled by paying certain amount of money.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
