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Current Affairs

Companies (Second Amendment) Bill, 2019

Current context: The Union Cabinet has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013 on 5th March 2020.
Companies (Second Amendment) Bill, 2019 
  • Finance Minister Nirmala Sitharaman said that the bill focuses on removing criminality under the Companies Act, 2013 and the Bill will further ease of living for law-abiding corporates.
  • The cabinet approved 72 changes along with the re-categorisation of 23 offences in the new bill to further de-clog the criminal justice system in the country.
  • The changes would enable the listing of Indian companies on stock exchanges in foreign jurisdictions.
  • The Bill removes criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest.
  • It will remove the imprisonment angle and reduce the punishment proposed under the Companies Act, 2013.

Question: 

Q.1 The Companies (Second Amendment) Bill, _____________ has been recently approved by the Union Cabinet on 5th March 2020, to amend the provisions of Companies Act, 2013? 
a. 2020
b. 2019
c. 2015
d. 2014
Companies (Second Amendment) Bill, 2019 Companies (Second Amendment) Bill, 2019 Reviewed by Neha Verma on March 06, 2020 Rating: 5

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