The Cabinet on Tuesday approved amendments to the Companies Act to improve the ease of doing business and to specify punishments for illegal deposits. The 14 proposed amendments, which were approved by the Union Cabinet this evening, also include provision to ensure that frauds beyond a certain threshold would need to be mandatorily reported by the auditors to the government. Under the new norms proposed, the paid-up capital criteria has been scrapped while threshold limits for various transactions for getting shareholders approval has now been stipulated.
Posted on: Sat, 06 Dec 2014 04:10:20 +0000
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