Crime no longer soon! Big relief for businessmen on these 16 corporate offences
The maximum number of defaults (around 6,000) under the Companies Act have been on account of non-filing of financial statement and annual report. The law provides for a fine of Rs 50,000 with a maximum of Rs 5 lakh or an imprisonment of up to six months or both.
The Union Cabinet on Thursday approved an ordinance to decriminalise 16 corporate offences under the Companies Act, 2013. Representational Image, source: Reuters