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Cabinet Approval on amendment in companies Law 2013.
Cabinet Approval on the amendment in companies Law 2013 by Corporate Affairs Ministry
The union cabinet approves an idea to make changes in Companies act.
The Corporate Affairs Ministry which implements the act has been looking at various ways of doing business in an easy way.
The finance minister Arun Jaitley discuss the rules and orders in a meeting with railway and coal minister Piyush Goyal and commerce & industry and aviation minister Suresh Prabhu among others.
These changes will be free up the already overburdened NCLT National Company Law Tribunal and special courts.
The finance minister also finding resolution in IL&FS case and suggest changes to empower the government appointed IL&FS board of directors.
They can take a major decision on amendment apart from the restructuring of corporate offenses to relieve special courts from routine offenses.
They may limit sitting fees of independent directors.
They may limit free of attending meetings, a consultancy.
They may take 16 offenses out of 81 compoundable offenses.
They may simplify penalties for minor courts offenses.
They also discussed the disqualification of directors beyond the limits and remuneration on independent directors.
This amendment must have implemented for a better result which ultimately helps all other.
