Monday, December 15, 2014

Companies (Amendment) Bill, 2014

The Government has tabled the Companies (Amendment) Bill before the Parliament. The bill proposes punishment for illegal money pooling activities, amid rising instances of people getting duped by such fraudulent schemes. Besides, the changes pertain to related party transactions, fraud reporting by auditors, public inspection of board resolutions, responsibilities of audit committee, requirement of minimum paid-up share capital and strengthening of benches for hearing winding up cases. Amendments have been proposed with regard to restrictions on bail, making common seal optional and jurisdiction of special courts to try offences.

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