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The Companies (Amendment) Bill, 2017 has been passed by both the houses of parliament and is awaiting President’s assent. The proposed Amendments are broadly aimed at addressing difficulties faced by stakeholders and facilitating ease of doing business.
The Ministry of Corporate Affairs (MCA) had in September 2017 disqualified 3,09,614 directors associated with companies that had failed to file financial statements or annual returns for a continuous period of three financial years from 2013-14 to 2015-16 in terms of provisions of section 164(2) read with 167(1)(a) of the Companies Act, 2013 [the Act]. A list of such directors was published on the website of MCA.