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Last Updated : Jan 15, 2020 06:20 PM IST | Source: Moneycontrol.com

Cabinet to consider de-criminalisation of 44 offences under Companies Act: Report

The offences to be considered for de-criminalisation include the non-obedience of disclosure norms, non-obedience of court or National Company Law Tribunal (NCLT) orders and violations of norms under the Corporate Social Responsibility (CSR).

Representative image
Representative image

The Cabinet will consider de-criminalisation of about 44 offences under the Companies Act, according to flashes run by CNBC-TV18

The offences to be considered for de-criminalisation include the non-obedience of disclosure norms, non-obedience of court or National Company Law Tribunal (NCLT) orders and violations of norms under the Corporate Social Responsibility (CSR).

The Cabinet is also likely to consider norms to tighten corporate governance for systemically important non-listed companies. The Cabinet is also considering a proposal for loss-making companies to pay higher remuneration to key management personnel.

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Prime Minister Narendra Modi on December 19 last year said the government is working to decriminalise provision of Companies Act to make it easier to do business in the country. He said the recent cut in corporate tax has brought rates to all-time low for businesses.

Modi had said many provisions of the Companies Act have been decriminalised and work is on to bring in more provisions.

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First Published on Jan 15, 2020 06:20 pm
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