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CABINET APPROVES COMPANIES (SECOND AMENDMENT) BILL, 2019

Companies (Second Amendment) Bill, 2019

  •  The Companies (Second Amendment) Bill, 2019 proposes to amend the Companies Act, 2013 to enable listing of Indian firms on foreign stock exchanges.
  • This would increase the competitiveness among the Indian companies with respect to access to capital, better valuations and broader investor base.
  • The Amendment Bill would remove criminality under the Companies 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.

Significance of the Amendment for LLPs

  • It has been observed that due to applicability of additional fee on late filing, a large number of Limited Liability Partnerships (LLPs) have remained non-compliant.
  • The Central Government (Ministry of Corporate Affairs) has decided to introduce a scheme namely “LLP Settlement Scheme, 2020”, by allowing a One-time condonation of delay in filing statutorily required documents with the Registrar.
  • The Scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020
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September 2022
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