Ministry Of Corporate Affairs Weighs Proposal To Update Companies Act

Ministry of corporate affairs weighs proposal to update Companies Act 

The government is looking to alter several sections of the Companies Act to simplify the law that came into force in 2013. 

The ministry of corporate affairs is actively considering the changes, which include fasttracking mergers and acquisitions, doubling the penalty for repeat offences, increasing remuneration of independent directors and prohibiting Section 8 companies, or companies formed with charitable objects, from converting into commercial companies.