Presidential gives nod to Companies (Amendment) Ordinance, 2018

Presidential gives nod to Companies (Amendment) Ordinance, 2018 :The Union Cabinet on Thursday approved promulgating an ordinance to amend the Companies Act and same has been forwarded to Presidential for his Assent. President has satisfied and render his NOD to the Ordinance.

The ordinance amend Companies Act, 2013 was passed by Ministry of Law and Justice on 2^ndNovember, 2018. The Companies (Amendment) Ordinance, 2018 suggests 32 amendments to the Companies Act, 2013.

The Ordinance has been promulgated based on the Report of Committee Constituted to Review Offences and suggested Corporate Governance Reforms.

Major amendments proposed in the Companies Amendment Ordinance 2018 Increase in power of Registrar of Companies and Regional Director. As at many places the word Tribunal has been replaced by Central Government, Compounding Threshold for going to NCLT to be revised, again introduction of Certificate of Commencement of Business, Stricter norms for Independent Directors, alteration in relation to time period for charge registration and satisfaction and new ground for strike off of Company has been given to ROC.   MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 2nd November. 2018/Kartika 11, 1940 (Saka) THE COMPANIES (AMENDMENT) ORDINANCE, 2018 No. 9 0F 2018 Promulgated by the President in the Sixty-ninth Year of the Republic of India. An Ordinance further to amend the Companies Act, 2013. WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action; Now, THEREFORE, in exercise of the powers conferred by clause (I) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance:- 1. (I) This Ordinance may be called the Companies commencement (Amendment) Ordinance, 2018. (2) It shall come into force at once. Click Here to Download The Ordinance