Rajya Sabha passes Companies (Amendment) Bill, 2020

The Rajya Sabha passed the Companies (Amendment) Bill, 2020 on Tuesday.

Union Corporate Affairs Minister Nirmala Sitharaman moved the Bill for passing in the Upper House today stating that the amendments divided in two compartments are focused on decriminalisation and increasing the ease of living.

"The Companies Act was passed in 2013, and since then it has undergone so many amendments because the stakeholders kept giving inputs on its various aspects.. It essentially consists of two different compartments, the first one consists of 48 amendments all of which aim at decriminalization and related matters," Sitharaman said

"Decriminalisation and also greater ease of living both for companies and citizens. So compliance-related issues are being made simpler, in the second compartment there are 13 amendments, one chapter is getting added and there are three new sections inserted," she added.

The Lok Sabha had earlier passed the Companies (Amendment) Bill, 2020.

The Upper House had earlier also passed the Banking Regulation (Amendment) Bill 2020.

Earlier, today the Opposition MPs, including those from Congress, Samajwadi Party, among others had staged a walkout from the Upper House over the issue of suspension of eight parliamentarians and the farm-related bills.

-ANI

Also Read: Opposition members stage walkout from Rajya Sabha, protest in Parliament premises