Sanctioning Corporate Crime And Misconduct: Decriminalisation Solutions?

The gargantuan changes occurred in the pretext of COVID-19 reiterated the need for harmonization of regimes with commercial realities of a sinking global economy. With a view to facilitate the 'ease of doing business', a new Companies Amendment Bill, 2020 (the Bill) was introduced in the Lok Sabha on 17th March and Company Law Committee (CLC) was constituted with the objective of decriminalizing some provisions of the Act to reduce the burden on the judicial bodies and to release companies from the redundant clutches of criminal law.

THE COMPANIES (AMENDMENT) BILL, 2020

In consonance with the Committee's recommendations, the government introduced 72 amendments in the Companies Act, 2013, thereby decriminalising minor, compoundable offences under the Companies Act in the following ways: