The government is also looking to strengthen the National Companies Law tribunal to speed up winding up of companies
With time running out in the Winter Session, the Centre is moving faster with its legislative agenda. Sources say amendments to the Companies Act could be moved today. After an uproar from India Inc, the Centre is looking to change 7 key provisions of the Act.
First, the related party transactions are set to get simpler. Companies will only need an ordinary resolution and not a special resolution.
And auditors will have to report on fraud, which are only above a particular threshold to the government. Any fraud below the threshold can be reported only to the audit committee of the company. The threshold will depend on profit or turnover of the company.
To protect the confidentiality of board decision, the government will propose a ban of public inspections -- filing the decisions with the registry will be enough.
The government is also looking to strengthen the National Companies Law tribunal to speed up winding up of companies. Not just that--- only cases that are severe will go before a special judge, other cases will be tried before a magistrate.
Moreover, in a bid to rationalise punishment, the bail restriction on offences related to Companeis Act is set to be removed.
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