Lok Sabha passes the Companies Amendment Bill, 2016

The Lok Sabha has passed the Companies Amendment Bill, 2016 to amend the Companies Act, 2013, seeking to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in the country. The Bill, which was passed by a voice vote, provides for more than 40 amendments to the Companies Act, 2013. The Bill was introduced based on the suggestions received from various stakeholders on the Companies Law Committee Report, which was published in February 2016 suggesting certain reforms to the Act.