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Mar 17, 2020

Govt introduces Companies (Amendment) Bill 2020 in Lok Sabha

Government today introduced the Companies (Amendment) Bill 2020 in the Lok Sabha. Introducing the Bill, Minister of State for Finance Anurag Thakur said that the proposed Bill will help in doing ethical and honest business in the country.

Opposition members including Congress, TMC and BJD opposed the bill and said that the government is working on ad-hoc polices and the bill is being introduced only to favor corporates and Corporate Social Responsibility of corporate is being diluted. Congress member Adhir Ranjan Chaudhry criticized the bill and termed it as by the corporate, for the corporate and of the corporate. BJD member B Mahtab asked to send the bill to the standing committee.

Rebuffing all the allegations of opposition, the Minister said, the proposed bill will only make the process of CSR obligation easy and there is no plan to dilute it. He further added that the allegations of decriminalizing the corporates are not true and the bill will only decriminalize those minor offences which does not harm public and are only becoming a burden on the legal framework.

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