Cabinet to consider amendment in the Companies Act, 44 out of 66 offences to be decriminalised
In what may be termed as a move towards alleviating the complexities in running businesses, the cabinet will apparently consider an amendment in the Companies Act. As per reports, the proposed changes have been pulled from the CLC (Company Law Committee) report headed by Injeti Srinivas, secretary of corporate affairs.
According to reliable sources, the amendment in the Act will reportedly decriminalise approximately 44 out of 66 offences. The list of infringements includes CSR (corporate social responsibility) violations and non-filing of returns.
The proposed changes in the Act are also said to consider easing norms related to remuneration for loss-making companies to enable higher salary structure for key managerial personnel, including non-executive directors in these fir...