Decriminalization of Companies Act 2013. May 2020 Amendment in Companies Act

Описание: In order to provide relief to the companies amid COVID-19 pandemic, Union Finance Minister Nirmala Sitharaman on Sunday announced the decriminalisation of Companies Act defaults.

"Decriminalisation of Companies Act defaults; 7 compoundable offences altogether dropped and 5 to be dealt with under alternative framework. The amendment will de-clog the criminal courts and National Company Law Tribunal (NCLT)," Sitharaman said while announcing the last tranche of the economic package announced by the government. She said that debts due to COVID-19 will not be included in the category of 'default'.

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