Companies (Amendment) Act, 2019, Notified

The Companies Act, 2013 (the Act), amended under promulgation of the Companies (Amendment) Ordinance, 2018, and Companies (Amendment) Ordinance, 2019, and was placed for passage by the Parliament.

Accordingly, the Parliament has passed the Companies (Amendment) Act, 2019 (the Amendment Act), in monsoon session repealing the Companies (Amendment) Ordinance, 2019, and further received the assent of President on 31 July 2019. The provisions of the Amendment Act were notified in the official gazette on the same day and taken effect w.e.f. 2 November 2018 except certain sections which shall come into force on such date as the Central Government may notify.

The Amendment Act seeks to ensure more accountability and better enforcement to strengthen the corporate governance norms and compliance management in the corporate sector as enshrined in the Act.