New Delhi, July 27 (IANS) The Lok Sabha on Thursday took up discussion on a bill to amend the Companies Act, 2013, in relation to structuring, disclosure and compliance requirements for firms.
Moving the Companies (Amendment) Bill, 2016, for consideration and passing in the Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said once passed, the amendments will improve the “ease of doing business ranking” for India.
Congress leader K.V. Thomas said the bill aimed at diluting many provisions of the act.
The Companies Act, 2013, limits the number of intermediary companies through which investments can be made in a company. Similarly, the act limits the number of layers of subsidiaries a company can have. The bill removes these limits.
The act also requires an individual who has a beneficial interest in the shares of a company to disclose these.