Companies Amendment Bill 2017 was passed by Rajya Sabha on 19.12.2017 in its winter session while the bill was passed by Lok Sabha on 27.07.2017 in its monsoon session.
This Bill aims to provide for more than 92 amendments in the Companies Act, 2013 which includes Amendment of Existing Sections, Insertion of New Sections, Substitution of Existing Section with New Sections and Omission of Sections.
- Amendment of Existing Sections : 2, 4, 7, 12, 21, 26, 35, 47, 53, 54, 62, 73, 74, 76A, 77, 78, 82, 89, 92, 94, 96, 100, 101, 110, 121, 123, 129, 130, 132, 134, 135, 136, 137, 139, 140, 141, 143, 147, 148, 149, 152, 153, 157, 160, 161, 164, 165, 167, 168, 173, 177, 178, 180, 184, 186, 188, 196, 197, 198, 200, 201, 216, 223, 236, 247, 366, 374, 379, 384, 391, 403, 409, 410, 411, 412, 438, 439, 440, 441, 447, 458.
- Insertion of New Sections: 3A (Members severally liable in certain cases); 446 A (Factors for determining level of punishment), 446 B(Lesser penalties for One Person Companies or small companies)
- Substitution of Existing Section with New Sections: 42 (Issue of shares on private placement basis.); 90 (Register of significant beneficial owners in a company); 185 (Loans to directors, etc); 406 (Provision relating to Nidhis and its application, etc); 435 ( Establishment of Special Courts.)
- Omission of Sections: 93, 194 and 195 of Companies Act 2013
