{"id":236431,"date":"2020-09-29T11:45:22","date_gmt":"2020-09-29T06:15:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=236431"},"modified":"2021-07-30T09:34:20","modified_gmt":"2021-07-30T04:04:20","slug":"presidential-assent-companies-amendment-act-2020-decriminalisation-of-offences-which-lack-element-of-fraud-or-involve-larger-public-interest","status":"publish","type":"post","link":"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\/","title":{"rendered":"[Presidential Assent] Companies (Amendment) Act, 2020: Decriminalisation of offences which lack element of fraud or involve larger public interest"},"content":{"rendered":"

The Companies (Amendment) Bill, 2020 received Presidential Assent on 28-09-2020.<\/strong><\/p>\n

The Companies (Amendment) Act, 2020<\/strong><\/span><\/h3>\n

Purpose:<\/span><\/h3>\n

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 the provisions of the said Act, into civil wrong; and considering the overall pendency of the courts, a principle-based approach was adopted to further remove criminality in case of defaults, which can be determined objectively and which otherwise lack any element of fraud or do not involve larger public interest. In addition, the Government also proposes to provide greater ease of living to corporates through certain other amendments to the Act.<\/p>\n

Key Features:<\/strong><\/span><\/h3>\n

(a) to decriminalise certain offences under the Act in case of defaults which can be determined objectively and which otherwise lack any element of fraud or do not involve larger public interest;<\/p>\n

(b) to empower the Central Government to exclude, in consultation with the Securities and Exchange Board, a certain class of companies from the definition of “listed company”, mainly for listing of debt securities;<\/p>\n

(c) to clarify the jurisdiction of the trial court on the basis of place of commission of offence under Section 452 of the Act for wrongful withholding of property of a company by its officers or employees, as the case may be;<\/p>\n

(d) to incorporate a new Chapter XXIA<\/strong> in the Act relating to Producer Companies, which was earlier part of the Companies Act, 1956;<\/p>\n

(e) to set up Benches of the National Company Law Appellate Tribunal;<\/p>\n

(f) to make 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 remuneration to executive directors in such cases;<\/p>\n

(g) to relax provisions relating to charging of higher additional fees for default on two or more occasions in submitting, filing, registering or recording any document, fact or information as provided in Section 403;<\/p>\n

(h) to extend the applicability of Section 446B, relating to lesser penalties for small companies and one-person companies, to all provisions of the Act which attract monetary penalties and also extend the same benefit to Producer Companies and start-ups;<\/p>\n

(i) to exempt any class of persons from complying with the requirements of Section 89 relating to declaration of beneficial interest in shares and exempt any class of foreign companies or companies incorporated outside India from the provisions of Chapter XXII relating to companies incorporated outside India;<\/p>\n

(j) to reduce timelines for applying for rights issues so as to speed up such issues under Section 62;<\/p>\n

(k) to extend exemptions to certain classes of non-banking financial companies and housing finance companies from filing certain resolutions under Section 117;<\/p>\n

(l) to provide that the companies which have Corporate Social Responsibility spending obligation up to 50 lakh rupees shall not be required to constitute the Corporate Social Responsibility Committee and to allow eligible companies under Section 135 to set off any amount spent in excess of their Corporate Social Responsibility spending obligation in a particular financial year towards such obligation in subsequent financial years;<\/p>\n

(m) to provide for a window within which penalties shall not be levied for delay in filing annual returns and financial statements in certain cases;<\/p>\n

(n) to provide for specified classes of unlisted companies to prepare and file their periodical financial results;<\/p>\n

(o) to allow direct listing of securities by Indian companies in permissible foreign jurisdictions as per rules to be prescribed.<\/p>\n

Read the detailed Act here: ACT<\/a><\/span><\/h4>\n
\n

Ministry of Law and Justice<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Companies (Amendment) Bill, 2020 received Presidential Assent on 28-09-2020. The Companies (Amendment) Act, 2020 Purpose: Based on the recommendations of the <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[27634,41603,40050,37091,29785,41976,40051,22014,2563,43604,43605],"class_list":["post-236431","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-companies-act","tag-csr","tag-decriminalise-offences","tag-housing-finance-companies","tag-law","tag-legislation","tag-listed-company","tag-nclat","tag-SEBI","tag-small-companies","tag-unlisted-companies"],"yoast_head":"\n[Presidential Assent] Companies (Amendment) Act, 2020: Decriminalisation of offences which lack element of fraud or involve larger public interest | 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\" href=\"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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[Presidential Assent] Companies (Amendment) Act, 2020: Decriminalisation of offences which lack element of fraud or involve larger public interest\" \/>\n<meta property=\"og:description\" content=\"The Companies (Amendment) Bill, 2020 received Presidential Assent on 28-09-2020. 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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":236776,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/05\/monsoon-session-of-parliament-heres-a-quick-recap-of-all-the-bills-that-received-presidential-assent\/","url_meta":{"origin":236431,"position":1},"title":"Monsoon Session of Parliament | Here’s a quick recap of all the bills that received Presidential Assent","author":"Bhumika Indulia","date":"October 5, 2020","format":false,"excerpt":"Here's the list of all the Bills that received Presidential Assent for the Monsson Session of 2020: Act Presidential Assent The Banking Regulation (Amendment) Act, 2020 20-09-2020 The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 29-09-2020 The Industrial Relations Code, 2020 28-09-2020 The Occupational Safety,\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":225174,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/04\/in-rajya-sabha-today-de-criminalisation-of-penalties-for-companies-law-breaches\/","url_meta":{"origin":236431,"position":2},"title":"In Rajya Sabha today | De-criminalisation of penalties for Companies Law breaches","author":"Bhumika Indulia","date":"February 4, 2020","format":false,"excerpt":"Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into civil wrongs. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya\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\/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":299390,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/16\/jan-vishwas-amendment-of-provisions-act-2023\/","url_meta":{"origin":236431,"position":3},"title":"Jan Vishwas (Amendment of Provisions) Act, 2023","author":"Bhumika Indulia","date":"August 16, 2023","format":false,"excerpt":"The object of the Act is to decriminalise and rationalising offences to further enhance trust-based governance for ease of living and doing business.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"jan vishwas (amendment of provisions) act 2023","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/jan-vishwas-amendment-of-provisions-act-2023.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/jan-vishwas-amendment-of-provisions-act-2023.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/jan-vishwas-amendment-of-provisions-act-2023.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/jan-vishwas-amendment-of-provisions-act-2023.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":236288,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/25\/presidential-assent-insolvency-and-bankruptcy-code-second-amendment-act-2020-temporary-suspension-of-initiation-of-corporate-insolvency-resolution-process\/","url_meta":{"origin":236431,"position":4},"title":"Presidential Assent | Insolvency and Bankruptcy Code (Second Amendment) Act, 2020; Temporary Suspension of Initiation of Corporate Insolvency Resolution Process","author":"Bhumika Indulia","date":"September 25, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 received Presidential assent on 23-09-2020. Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 Key Features: Suspension of Initiation of Corporate Insolvency Resolution Process In light of the extraordinary situation caused by the COVID-19 pandemic, a need was felt to temporarily suspend\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":[]},{"id":242897,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/28\/key-highlights-of-the-companies-amendment-act-2020\/","url_meta":{"origin":236431,"position":5},"title":"Key Highlights of the Companies (Amendment) Act, 2020","author":"Bhumika Indulia","date":"January 28, 2021","format":false,"excerpt":"by Tanvi Singh\u2020","rel":"","context":"In "Law made Easy"","block_context":{"text":"Law made Easy","link":"https:\/\/www.scconline.com\/blog\/post\/category\/law-made-easy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/01\/Companies-Act.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/01\/Companies-Act.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/01\/Companies-Act.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/01\/Companies-Act.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/01\/Companies-Act.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236431","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=236431"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236431\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=236431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=236431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=236431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}