NEW DELHI: The Lok Sabha on Thursday passed the Companies Act (Amendment) Bill, 2016 that seeks to make significant changes to the 2013 law to remove complexities and improve ease of doing business, strengthen corporate governance standards and prescribes strict action against defaulting companies. The bill was passed with a voice vote, with over 40 amendments moved by Arjun Ram Meghwal, minister of state for finance and corporate affairs.
The bill will now go to the Rajya Sabha. The bill has been brought to improve ease of doing business, Meghwal said. He said the National Spot Exchange Ltd and PACL scams were legacy issues the government was trying to resolve. It will proceed against companies not complying with corporate social responsibility standards, he added.