Cos Law Changes To Improve Ease Of Doing Biz: ICAI

There are amendments in 22 Sections of the Act such as doing away with requirement of minimum capital and making common seal optional, ICAI said in its statement.

Under the earlier law, every company was required to have

a common seal with its name engraved on it. However, this requirement was made optional in the new Companies Act.

A major amendment is with regard to auditors. The issue was also pursued by the institute, it noted.

An amendment in Section 143 (12) of the Act prescribes that the auditor is required to report to the central government only frauds that are above a certain threshold.

Among others, except fraud, all other offences would be bailable under the Act while winding up cases would be heard by a 2-member bench.
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