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Government approves 72 amendments to Companies Act

Government approves 72 amendments to Companies Act

The Union Cabinet has approved 72 changes amending 65 sections of the Companies Act in order to decriminalise these sections, Finance Minister Nirmala Sitharaman said.

Sitharaman said the govt would remove provisions of imprisonment in various sections and also reduce penalties in case of various compoundable offences.

The companies having CSR obligation of less than Rs 50 lakh would not have to constitute a CSR committee.

Generally, compoundable offences are those which can be settled by paying a certain amount of money.

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