{"id":8525,"date":"2019-07-27T16:25:42","date_gmt":"2019-07-27T10:55:42","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=8525"},"modified":"2019-07-27T16:25:42","modified_gmt":"2019-07-27T10:55:42","slug":"explained-lok-sabha-has-passed-amendments-to-the-companies-act-heres-what-they-are","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/explained-lok-sabha-has-passed-amendments-to-the-companies-act-heres-what-they-are\/","title":{"rendered":"Explained: Lok Sabha has passed amendments to The Companies Act. Here\u2019s what they are"},"content":{"rendered":"\n<ol class=\"wp-block-list\"><li>Lok Sabha has passed The Companies (Amendment) Bill, 2019.The Bill seeks to amend The Companies Act,2013.<\/li><li>Under the 2013 Act,there were 81 compoundable offences that carry punishments of a fine and\/or prison terms.These offences were heard by courts.&nbsp;<\/li><li>The Bill makes 16 of these offences civil defaults where government appointed adjudicating officers may levy penalties.Some of these offences are the issuance of shares at a discount and the failure to file annual returns.<\/li><li>Currently,companies that are required to budget for Corporate Social responsibility(CSR) must disclose in their annual reports the reasons why they were unable to fully spend these funds.&nbsp;<\/li><li>However,the bill now says that any unspent annual CSR funds must be transferred to one of the funds under Schedule 7 of the Act (for example, the Prime Minister\u2019s Relief Fund) within six months of the financial year.<\/li><li>Under the Act, the National Financial Reporting Authority can debar a member or firm from practising as a Chartered Accountant for six months to 10 years in case of proven misconduct.&nbsp;<\/li><li>The Bill amends this punishment to provide for debarment from appointment as an auditor or internal auditor of a company or performing a company\u2019s valuation for the same period.<\/li><li>Under the Act,change in period of financial year for a company associated with a foreign company has to be approved by the National Company Law Tribunal (NCLT).Under the Bill,these powers have been transferred to the central government.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Lok Sabha has passed The Companies (Amendment) Bill, 2019.The Bill seeks to amend The Companies Act,2013. Under the 2013 Act,there were 81 compoundable offences that carry punishments of a fine and\/or prison terms.These offences were heard by courts.&nbsp; The Bill makes 16 of these offences civil defaults where government appointed adjudicating officers may levy penalties.Some&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/explained-lok-sabha-has-passed-amendments-to-the-companies-act-heres-what-they-are\/\">Continue reading <span class=\"screen-reader-text\">Explained: Lok Sabha has passed amendments to The Companies Act. Here\u2019s what they are<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3198,3194],"class_list":["post-8525","post","type-post","status-publish","format-standard","hentry","category-economy","tag-companies-act","tag-csr","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700776082,"cached_date":1704611757},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/8525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=8525"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/8525\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=8525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=8525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=8525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}