Continuing with Government of India's recent spate of
reforms meant to bolster economic activity and investment in the
country, the Companies Amendment Bill, 2020 was introduced to amend
the Companies Act, 2013 (Act) with the intent of
improving the ease of doing business in India, de-criminalizing
various minor offences and regulating producer companies, amongst
other aspects. This Bill received the President's assent and
was notified in the official gazette as the Companies (Amendment)
Act, 2020 (Amendment) on September 28, 2020, and
will come into effect on such date(s) as may be notified by the
Central Government.
Key changes in this Amendment are enumerated here below:
- De-criminalization of minor offences: By way
of the Amendment, imprisonment as a consequence of contravention of
certain provisions of the Act has been done away with for over 46
offences under the Act, in addition to reducing, modifying and
omitting the fines/penalties for these offences. By
