Transcription of AN OVERVIEW OF THE COMPANIES (AMENDMENT) BILL, 2017
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AN OVERVIEW OF THE COMPANIES (AMENDMENT) BILL, 2017
AN OVERVIEW . OF THE. COMPANIES ( amendment ) bill , 2017 . As passed by the Parliament BRIEF SUMMARY. The COMPANIES ( amendment ) bill , 2017 , introduced in Lok Sabha on 16 March, 2016 as The COMPANIES ( amendment ). bill , 2016 was referred to the Standing Committee on Finance on 12 April, 2016. The Committee after hearing the views of the representatives of the Chambers of Commerce and Industry as well as professional bodies adopted its report on 30th November, 2016. The Government after considering the suggestions of the Committee and also the experience gained by it, gave notice of amendments as approved by the Cabinet to the Lok Sabha. The COMPANIES ( amendment ) bill , 2017 passed by Lok Sabha on July 27, 2017 , received the assent of Rajya Sabha on December 19, 2017 . The major amendments proposed include simplification of the private placement process, rationalization of provisions related to loan to directors, omission of provisions relating to forward dealing and insider trading, doing away with the requirement of approval of the Central Government for managerial remuneration above prescribed limits, aligning disclosure requirements in the prospectus with the regulations to be made by SEBI, providing for maintenance of register of significant beneficial owners and filing of returns in this regard to the ROC and removal of requirement for annual ratification of appointment or continuance of auditor.
The Companies (Amendment) Bill, 2017, introduced in Lok Sabha on 16 March, 2016 as The Companies (Amendment) Bill, 2016 was referred to the Standing Committee on Finance on 12 April, 2016. The Committee after hearing the ... State Act other than the Companies Act…
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