{"id":225174,"date":"2020-02-04T21:47:55","date_gmt":"2020-02-04T16:17:55","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=225174"},"modified":"2020-02-05T11:20:42","modified_gmt":"2020-02-05T05:50:42","slug":"in-rajya-sabha-today-de-criminalisation-of-penalties-for-companies-law-breaches","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/04\/in-rajya-sabha-today-de-criminalisation-of-penalties-for-companies-law-breaches\/","title":{"rendered":"In Rajya Sabha today | De-criminalisation of penalties for Companies Law breaches"},"content":{"rendered":"<p style=\"text-align: justify;\">Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, <strong>to convert 16 criminal<\/strong> <strong>offences into civil wrongs<\/strong>. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance &amp; Corporate Affairs, in a written reply to a question in Rajya Sabha today.<\/p>\n<p style=\"text-align: justify;\">Stating the chronology, Shri Thakur said that in continuation of the Government\u2019s endeavour in similar directions, a Company Law Committee was constituted by the Ministry of Corporate Affairs in September 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates in the country. The Committee has recommended amendments in the Companies Act, 2013 to remove criminality in case of procedural and technical defaults as well as defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest. The amendments seek to provide alternative methods of sanctions in some cases.<\/p>\n<p style=\"text-align: justify;\">Shri Thakur stated a list of amendments the Committee recommended in 43 penal provisions of the Companies Act, 2013 (Act), as under:-<\/p>\n<ol>\n<li style=\"text-align: justify;\">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<li style=\"text-align: justify;\">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<li style=\"text-align: justify;\">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<li style=\"text-align: justify;\">Retention of status-quo in case of the non-compoundable offences.<\/li>\n<\/ol>\n<hr \/>\n<p><span style=\"color: #008000;\"><strong>Ministry of Corporate Affairs<\/strong><\/span><\/p>\n<p style=\"text-align: right;\"><span style=\"color: #008000;\">[Press Release <\/span>dt<span style=\"color: #008000;\">. 04-02-2020]<\/span><\/p>\n<p style=\"text-align: right;\"><span style=\"color: #008000;\">[Source: PIB]<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into <\/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":[39480,38364,39481],"class_list":["post-225174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-civil-wrongs","tag-companies-amendment-act-2019","tag-criminal-offences"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>In Rajya Sabha today | De-criminalisation 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This was stated by Shri Anurag Thakur Minister of State for Finance & Corporate Affairs in a written reply to a question in the Rajya Sabha on 19-11-2019. He stated that steps include, inter-alia, the\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","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":210388,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/20\/cabinet-approves-promulgation-of-the-companies-second-amendment-ordinance-2019\/","url_meta":{"origin":225174,"position":2},"title":"Cabinet approves Promulgation of the Companies (Second Amendment) Ordinance 2019","author":"Bhumika Indulia","date":"February 20, 2019","format":false,"excerpt":"The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill.\u00a0It is based on the recommendations of the Committee to review offences under the Companies Act, 2013, so\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","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\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":198565,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/07\/16\/committee-constituted-to-review-offences-under-companies-act-2013\/","url_meta":{"origin":225174,"position":3},"title":"Committee constituted to review offences under Companies Act, 2013","author":"Saba","date":"July 16, 2018","format":false,"excerpt":"The Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine \u2018de-criminalisation\u2019 of certain offences. The MCA seeks to review offences under the Companies\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222275,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/19\/company-law-committee-2019-submits-its-report-to-finance-minister\/","url_meta":{"origin":225174,"position":4},"title":"Company Law Committee-2019 submits its report to Finance Minister","author":"Bhumika Indulia","date":"November 19, 2019","format":false,"excerpt":"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, in case of defaults which can be determined\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","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\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":210784,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/24\/companies-amendment-second-ordinance-2019\/","url_meta":{"origin":225174,"position":5},"title":"Companies (Amendment) Second Ordinance, 2019","author":"Bhumika Indulia","date":"February 24, 2019","format":false,"excerpt":"In pursuance of the Government\u2019s objective of providing Ease of Doing Business to Law abiding corporate while simultaneously strengthening the corporate governance and compliance framework enshrined in the Companies Act, 2013, the Companies (Amendment) Second Ordinance, 2019 has been promulgated with a view, to empower the Central Government to allow\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","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\/225174","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=225174"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/225174\/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=225174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=225174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=225174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}