The Union Cabinet, has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013.
The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest.
This would also lead to further de-clogging of the criminal justice system in the country. The Bill would also further ease of living for law abiding corporate.
Companies (Second Amendment) Bill, 2019 would enable the listing of Indian companies on stock exchanges in foreign jurisdictions.