MCA - Companies Amendment Bill 2016 goes to Standing Committee

The Bill seeking to make further amendments to the Companies Act has been referred to the Parliamentary Standing Committee, which is expected to prepare its report within three months. Corporate Affairs Minister Arun Jaitley had introduced the Companies (Amendment) Bill, 2016 on March 16 in the Lok Sabha. After taking into consideration suggestions made by a high level panel on further possible changes to the law, the government came up with the Bill as part of larger efforts to address difficulties faced by stakeholders and improve the the ease of doing business in the country. Lok Sabha Speaker Sumitra Mahajan has referred the Bill to the Standing Committee on Finance, which is chaired by senior Congress leader Veerappa Moily. The Speaker has referred the Companies (Amendment) Bill, 2016, as introduced in the Lok Sabha to the Standing Committee on Finance for examination and report within three months, according to the latest Lok Sabha bulletin. This would be the second time that Prime Minister Narendra Modi-led government would be amending the Companies Act, 2013 which was passed during the previous UPA regime. 

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