Union Cabinet Approves Amendments In Companies Bill ,2014

29 April, New Delhi

The Cabinet also gave its approval for amending the Companies (Amendment) Bill, 2014. The Amendments will do away with the requirement of filing a declaration by a Company before commencement of business or exercising its borrowing powers.

The amendments also seek to rationalise the procedure for laying draft notifications for exemptions to various classes of companies or modifying provisions of the Act to ensure speedier issue of final notifications. These amendments will address issues related to ease of doing business and put in place a speedy process for approval of draft notifications for providing exemptions from specific provisions of the Act to a class of companies.