{"id":222275,"date":"2019-11-19T11:00:00","date_gmt":"2019-11-19T05:30:00","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222275"},"modified":"2019-11-20T10:54:19","modified_gmt":"2019-11-20T05:24:19","slug":"company-law-committee-2019-submits-its-report-to-finance-minister","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/19\/company-law-committee-2019-submits-its-report-to-finance-minister\/","title":{"rendered":"Company Law Committee-2019 submits its report to Finance Minister"},"content":{"rendered":"

The Committee took note of the progress made consequent to the Companies (Amendment) Act, 2019, which had resulted in de-criminalisation of 16 minor procedural\/technical lapses under the Companies Act, 2013 into \u2018civil wrongs\u2019, and adopted a principle-based approach to further remove criminality<\/strong><\/span>, in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest. Alternative methods of imposing sanctions have also been explored and recommended by the Committee, in some cases.<\/p>\n

In Chapter I of the report, the Committee has proposed amendments in 46 penal provisions, so as to either remove criminality, or to restrict the punishment to only fine, or to allow rectification of defaults through alternative methods, which would lead to further de-clogging of the criminal justice system in the country.\u00a0The main recommendations of the Committee in Chapter 1 are as follows:<\/strong><\/p>\n

    \n
  1. Re-categorising 23 offences out of the 66 remaining compoundable offences under the Act, to be dealt with in the in-house adjudication framework wherein these defaults would be subject to a penalty levied by an adjudicating officer. In addition, the quantum of penalties recommended are lower than the quantum of fines presently provided in the Act.<\/li>\n
  2. Omitting, altogether, 7 compoundable offences; limiting punishment for 11 compoundable offences to only fine by removing provision for imprisonment and recommending that 5 offences be dealt under alternative frameworks;<\/li>\n
  3. Reducing the quantum of penalties in respect of 6 provisions, which were shifted to the in-house adjudication framework through the recently passed Companies (Amendment) Act, 2019;<\/li>\n
  4. Retention of status-quo in case of the non-compoundable offences.<\/li>\n<\/ol>\n

    In Chapter 2, the Committee has made recommendations\u00a0<\/a>targeted towards providing further ease of living for law-abiding corporates, which are as follows:<\/p>\n

    Power to exclude a certain class of companies from the definition of \u2018listed company\u2019, mainly for the listing of debt securities, in consultation with SEBI;<\/p>\n

      \n
    1. \n
        \n
      1. Clarifying the trial court\u2019s jurisdiction on the basis of place of commission of offence under Section 452, for wrongful withholding of property of a company by its officers\/employees;<\/li>\n
      2. Including the provisions of Part IXA (Producer Companies) of the Companies Act, 1956 in the Companies Act, 2013;<\/li>\n
      3. Proposing benches of the National Company Law Appellate Tribunal;<\/li>\n
      4. Provisions for allowing payment of adequate remuneration to non-executive directors in case of inadequacy of profits, by aligning the same with the provisions for\u00a0 remuneration to executive directors in such cases;<\/li>\n
      5. Relaxing provisions related to the imposition of higher additional fees under the third proviso to Section 403(1);<\/li>\n
      6. Extending applicability of Section 446B (lower penalties for small companies and one-person companies) to all provisions which attract monetary penalties and extending the benefit to producer companies and start-ups also;<\/li>\n
      7. Excluding certain companies\/bodies corporate from the applicability of Section 89 (declaration of a beneficial interest in shares) and Chapter XXII (companies incorporated outside India);<\/li>\n
      8. Reducing timelines so as to speed up rights issues under Section 62;<\/li>\n
      9. Extending exemptions from filing of certain resolutions to certain classes of non-banking financial companies under Section 117 in consultation with RBI;<\/li>\n
      10. Providing power to enhance the thresholds which trigger the applicability of Corporate Social Responsibility provisions;<\/li>\n
      11. Non-levy of penalties for delay in filing the annual returns and financial statements in certain cases.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

        In addition, the committee while deliberating on certain other issues felt that wider consultation would be necessary and recommended that the following be taken up in due course, at a later stage;<\/p>\n

          \n
        1. Providing for appeal against the orders of the Regional Directors before the NCLT after due examination;<\/li>\n
        2. Exempting certain private placement requirements for Qualified Institutional Placements (QIPs) after due consultation with SEBI;<\/li>\n
        3. Reviewing provisions on disqualification of directors after due consultation and examination;<\/li>\n
        4. Reviewing provisions in respect of debarment of audit firms after due consultation and examination;<\/li>\n<\/ol>\n
          \n

          Ministry of Corporate Affairs<\/strong><\/p>\n

          [Source: PIB]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

          The Committee took note of the progress made consequent to the Companies (Amendment) Act, 2019, which had resulted in de-criminalisation of 16 <\/p>\n","protected":false},"author":8808,"featured_media":209748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[38364,38365],"class_list":["post-222275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-companies-amendment-act-2019","tag-company-law-committee-2019"],"yoast_head":"\nCompany Law Committee-2019 submits its report to Finance Minister | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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In view of constant endeavour of the Government to facilitate greater ease of living to law abiding corporates, a Company Law Committee (CLC) consisting of representatives from Ministry, industry chambers, professional institutes and legal fraternity was constituted on the 18th\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222793,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/03\/parliament-update-company-law-committee-recommends-decriminalisation-of-compoundable-offences-under-companies-act\/","url_meta":{"origin":222275,"position":2},"title":"Parliament Update | Company Law Committee recommends — decriminalisation of compoundable offences under Companies Act","author":"Bhumika Indulia","date":"December 3, 2019","format":false,"excerpt":"Company Law Committee, constituted by the Ministry of Corporate Affairs (MCA) vide order dated 18-09-2019, has submitted the first phase report to the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 18-11-2019, proposing amendments in the Companies Act, 2013 for further decriminalising the offences under the said Act\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226518,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/cabinet-approves-companies-second-amendment-bill-2019\/","url_meta":{"origin":222275,"position":3},"title":"Cabinet approves — Companies (Second Amendment) Bill, 2019; would enable listing of Indian companies on stock exchanges in foreign jurisdictions","author":"Bhumika Indulia","date":"March 4, 2020","format":false,"excerpt":"The Union Cabinet has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest.\u00a0 This\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226557,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/05\/standing-committee-on-finance-submits-its-6th-report-on-insolvency-and-bankruptcy-second-amendment-bill-2019\/","url_meta":{"origin":222275,"position":4},"title":"Standing Committee on Finance submits its 6th Report on — Insolvency and Bankruptcy (Second Amendment) Bill, 2019","author":"Bhumika Indulia","date":"March 5, 2020","format":false,"excerpt":"Standing Committee on Finance (2019-2020) prsented the Sixth Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019 in Lok Sabha on 04-03-2020. Insolvency and Bankruptcy Code was enacted on May 28, 2016, to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":236431,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/29\/presidential-assent-companies-amendment-act-2020-decriminalisation-of-offences-which-lack-element-of-fraud-or-involve-larger-public-interest\/","url_meta":{"origin":222275,"position":5},"title":"[Presidential Assent] Companies (Amendment) Act, 2020: Decriminalisation of offences which lack element of fraud or involve larger public interest","author":"Bhumika Indulia","date":"September 29, 2020","format":false,"excerpt":"The Companies (Amendment) Bill, 2020 received Presidential Assent on 28-09-2020. The Companies (Amendment) Act, 2020 Purpose: Based on the recommendations of the Company Law Committee and an internal review by the Government, it is proposed to amend various provisions of the Act to decriminalise minor procedural or technical lapses under\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=222275"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209748"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=222275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=222275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=222275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}