Lok Sabha passes Companies Amendment Bill, 2014
The Lok Sabha has passed the Companies (Amendment) Bill, 2014 through a voice vote.
This bill aims to provide an environment of doing business easy and has 14 amendments to existing Companies Act, 2013.
It also seeks to remove oppressive provisions in Companies law and to align it with international practices and attract investments.
- It exempts corporates from the need to get shareholders’ nod in the case of related party transactions valued lower than Rs.100 crore or 10 percent of net worth.
- It added the provision of severe punishment for those raising illegal deposits from the public.