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ARTICLE · 05 JANUARY 2018

Parliament Passes Companies (Amendment) Bill 2017

S.S. Rana & Co.
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The Bill is aimed at strengthening corporate governance standards, providing for strict action against defaulting companies and improving ease of doing business in the country.

IndiaCorporate/Commercial Law
S.S. Rana & Co. Advocates
S.S. Rana & Co. Advocates
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Introduction

The Rajya Sabha on December 19, 2017, passed the Companies (Amendment) Bill, 20171, (hereinafter referred to as the "Bill") which seeks to bring about major changes in the Companies Act, 2013. The Bill is aimed at strengthening corporate governance standards, providing for strict action against defaulting companies and improving ease of doing business in the country.

The Bill was earlier adopted by the Lok Sabha on July 27, 2017, and now will have to receive the assent of the President to become law. If the bill becomes law, then it will be the second instance of the Companies Act getting amended under the current Government.

The Bill aims to provide for more than 92 amendments in the Companies Act, 2013, which includes amendment of existing Sections, insertion of new section, substitution of the existing sections with new sections and omission of sections.2

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