The Bill also seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility compliance, transfer certain responsibilities to National Company Law Tribunal and recatgorise certain offences as civil offences.
Responding to debate on the bill, Finance Minister Nirmala Sitharaman said, the bill will ensure improved ease of doing business for the companies. She said, it will help provide better governance framework. The Minister said, it is a companies friendly bill and there is nothing to fear.