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The Companies (Amendment) Act, 2019 received Presidential assent

The Companies (Amendment) Act, 2019 received Presidenti

On 2 November 2018, the Ministry of Law and Justice issued the Companies (Amendment) Ordinance, 2018 (ordinance) and made certain amendments to the provisions of the Companies Act, 2013 (2013 Act) on the basis of the report of the committee formed to review the framework dealing with offences under the 2013 Act.

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Background

On 2 November 2018, the Ministry of Law and Justice issued the Companies (Amendment) Ordinance, 2018 (ordinance) and made certain amendments to the provisions of the Companies Act, 2013 (2013 Act) on the basis of the report of the committee formed to review the framework dealing with offences under the 2013 Act.

To continue with the amendments made by the ordinance, on 12 January 2019, the President of India promulgated the Companies (Amendment) Ordinance, 2019 and the Companies (Amendment) Second Ordinance, 2019 (second ordinance) on 21 February 2019.

New development

On 25 July 2019, the Companies (Amendment) Bill, 2019 was presented in the Lok Sabha to replace the second ordinance. After much deliberations, on 26 July 2019, Lok Sabha passed the Companies (Amendment) Bill, 2019 and on 27 July 2019 it was passed by the Rajya Sabha. On 31 July 2019, the Companies (Amendment) Act, 2019 received the assent of the President of India. Accordingly, the second ordinance stands repealed.

The Companies (Amendment) Act, 2019 incorporates most of the amendments made by the second ordinance and incorporates certain other amendments to the 2013 Act.

This issue of First Notes provides an overview of the key amendments made by the Companies (Amendment) Act, 2019.

To access the text of the Companies (Amendment) Act, 2019, please click here.

To access the text of the MCA notification relating to effective date of certain amendments made by the Companies (Amendment) Act, 2019, please click here.

Also refer to KPMG in India’s First Notes on ‘MCA further amends the Companies Act, 2013 through an ordinance’ dated 28 November 2018.
 

© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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