No jail for 2/3rd offences under Companies Act?
The govt is set to decriminalise two-thirds of the Companies Act as it looks to do away with jail term in over 40 sections out of the 66 where compounding is permitted. The ministry of corporate affairs is also seeking to lower the penalty for small companies. The steps are being discussed by the Company Law Committee, which is also looking at stringent deterrents for violators, without putting them in jail.