The Companies (Amendment) Bill, 2017 was passed by Lok Sabha on July 27, 2017 and by Rajya Sabha on December 19, 2017 and, now, on 3rd January 2018the bill has become an Act subsequent to receiving the President’s assent.
With this latest amendment, in total 93 amendments have been carried out in Companies Act, 2013 to provide relief to various stakeholders.
The amendments under the Companies (Amendment) Act, 2017, are broadly aimed at:
- Addressing difficulties in implementation owing to stringent compliance requirements;
- Facilitating ease of doing business in order to promote growth with employment;
- Harmonization with accounting standards, the Securities and Exchange Board of India Act, 1992 and the regulations made thereunder, and the Reserve Bank of India Act, 1934 and the regulations made thereunder;
- Rectifying omissions and inconsistencies in the Act;
- Simplification of the process through which companies raise funds through a private placement of shares.