To strengthen the Corporate Governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in the country The Companies (Amendment) Bill 2017 was passed by the Lok Sabha on 27th July 2017.
Rajya Sabha gave its nod to the Companies (Amendment) Bill that seeks to bring major amendments in the Companies Act, 2013 on 19th December 2017.
Now, only the President’s assent is pending to give it the statute of ‘Companies (Amendment) Act, 2017’.
The major amendments proposed include simplification of the private placement process, providing for maintenance of register of significant beneficial owners and filing of returns in this regard to the ROC, removal of requirement for annual ratification of appointment or continuance of auditor, streamlining of provisions related to loan to directors etc. The amendments proposed in the Bill are expected to simplify disclosure and compliance requirements for companies.