The Companies Amendment Bill includes the winding up of companies would be heard by a two-member instead of three-member bench
The Rajya Sabha on Wednesday passed the Companies (Amendment) Bill, 2014, which provides for severe punishment for those raising illegal deposits from the public.
The amendment also proposes to exempt corporates from the need to get shareholders' nod in the case of related party transactions valued lower than Rs 100 crore or 10 percent of net worth of the company.
Among other amendments, the Companies Amendment Bill includes the winding up of companies would be heard by a two-member instead of three-member bench. Also, the bail restrictions will apply only for offence relating to fraud under section 447 of the Companies Act 2013.
The amendment also proposes to exempt corporates from the need to get shareholders' nod in the case of related party transactions valued lower than Rs 100 crore or 10 percent of net worth of the company.
Among other amendments, the Companies Amendment Bill includes the winding up of companies would be heard by a two-member instead of three-member bench. Also, the bail restrictions will apply only for offence relating to fraud under section 447 of the Companies Act 2013.
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