Quick Summary
Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into civil wrongs. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance Corporate Affairs, in a written reply to a question in Rajya Sabha. Stating the chronology, Shri Thakur said that in continuation of the Governments endeavour in similar directions, a Company Law Committee was constituted by the Ministry of Corporate Affairs in
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FAQ :
The Companies (Amendment) Act, 2019, has converted 16 criminal offences under the Companies Act, 2013, into civil wrongs.
The Company Law Committee was formed to further decriminalise provisions of the Companies Act, 2013, based on the gravity of offences, and to provide greater ease of living for corporates.
The amendments aim to remove criminality for procedural and technical defaults, as well as those that are objectively determinable and do not involve fraud or significant public interest.
23 out of 66 compoundable offences will now be handled by an in-house adjudication framework with lower penalties. 7 offences are being omitted entirely, 11 will only have fines (no imprisonment), and 5 will be dealt with under alternative frameworks.
The status quo remains for non-compoundable offences; they will continue to be treated as they were previously.
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