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Relief for business! Modi Government Approves Amendments To Eliminate Crime Under The Companies Act

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The Cabinet of the Union, chaired by Prime Minister Narendra Modi, on Wednesday approved up to 72 amendments to the company law, including the decriminalization of various offenses, a measure that would protect businesses in the event real business failures. The bill removes crime under the law in the event of breaches which can be objectively determined and which do not otherwise involve the element of fraud or involve a greater public interest.

Speaking to the media after the cabinet meeting, Finance Minister Nirmala Sitharaman said: "This bill improves the ease of life for law-abiding businesses and unclogs the country's criminal justice system".

The Union Cabinet approved the 2019 Company Law (Second Amendment) to amend the 2013 Company Law. With these changes, up to 23 offenses would be reclassified out of 66 cumulative offenses under the law, said Sitharaman.

Adding to that, seven cumulative offenses would also be omitted under the law, she added.

The FM said the government was removing the angle of imprisonment and reducing the sentence proposed under the law. In addition, the amount of the sentence will also be reduced, she said.

Read also: Updates to the Cabinet briefing: bank mergers will not affect customers, says FM Sitharaman

Previously, the Corporations (Amendment) Act, 2015 amended certain provisions of the Act to eliminate difficulties encountered in the implementation of various provisions of the Act.

Prime Minister Narendra Modi had promised industrialists to protect in the event of real commercial failures. He urged India Inc to "invest boldly" to stimulate economic growth.

The Indian economy has slowed to a record low in the past few quarters, due to a sharp slowdown in consumer demand.

Read also: Government approves 100% of FDI by Air India NRIs

Among other things, the Cabinet approved the authorization for non-resident Indians (NRIs) to hold up to 100% of Air India shares. Currently, NRIs can only acquire 49% of Air India. The announcement comes at a time when the government is looking to sell the sale at 100% of the shares of the national carrier.

By Chitranjan Kumar



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