Companies Act violations involving minor technical, procedural decriminalised: Sitharaman
Addressing a press conference, Finance Minister Nirmala Sitharaman announced decriminalisation of Companies Act violations involving minor technical and procedural defaults, majority of compoundable offences sections to be shifted to internal adjudication mechanism. Compoundable offences can now be tried under internal adjudicating mechanisms, Sitharaman said. The amendments in the Companies Act will de-clog criminal courts and NCLT.
- Decriminalization of companies act defaults involving minor technical and procedural violations
- Majority of the compoundable offences sections to be shifted to internal adjudication mechanism and powers of RD for compounding enhanced
- The Amendments will de-clog the criminal courts and NCLT
- Seven compoundable offences altogether dropped and 5 to be dealt with under alternative framework
