Companies Law Committee had submitted its report to the Government for examining and making recommendations on changing of the Companies Act, 2013.
Changes are as follow:
- Administrative compensation to be approved by shareholders
- Re-opening of accounts is limited to 8 years.
- Limit on sweat equity is raised to 50% of paid up capital from 25% for start-ups.
- Frauds less than Rs. 10 Lakh are considered as compoundable offences.
Keys
- Secretary of Ministry of Corporate Affairs – Tapan Ray
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