MUMBAI, 22 SEPTEMBER, 2020 (GPN): Indian Chamber of Commerce (ICC) welcomes the passing of a bill to further amend the Companies Act and decriminalization of various compoundable offences. This will be a big morale booster for the existing as well as prospective Investors.

ICC specifically welcomes the decriminalization of various penal provisions, permit direct overseas listing of Indian Corporates and introduction of a new chapter related to producer organisations.

The amendments would promote ease of doing business as the amendments include reduction in timeline for rights issues, relaxation in CSR compliance requirements and creation of separate benches at the National Company Law Appellate Tribunal (NCLAT) etc. There are currently around 124 penal provisions compared to 134 in 2013 under the Companies Act. ENDS