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MCA notified certain provisions of the Companies (Amendment) Act, 2020

MCA notified certain provisions of the Companies

This issue of First Notes provides an overview of the notified sections of the Companies (Amendment) Act, 2020.

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The Ministry of Finance introduced the Companies (Amendment) Bill, 2020 (the Bill) which proposed extensive amendments in the Companies Act, 2013 (2013 Act). The Bill was passed by the Lok Sabha and Rajya Sabha on 19 September 2020 and 22 September 2020 respectively.

On 30 September 2020, the Companies (Amendment) Act, 2020 (2020 Act) received the assent of the President of India. The 2020 Act incorporates amendments suggested by the Company Law Committee (CLC) in its report.

Recently, the Central Government notified certain sections of the 2020 Act effective from 21 December 2020. The notified amendments mainly relates to the following:

• Decriminalisation of certain compoundable offences i.e., rationalisation of 46 compoundable offences and adoption of a principle-based approach to decriminalise the offences and

• Rationalisation of penalties.

This issue of First Notes provides an overview of the notified sections of the Companies (Amendment) Act, 2020.

To access the text of the MCA notification, please click here.

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