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The Union government, on Friday 12th December 2014 , introduced a Bill in the Lok Sabha to amend the Companies Act, 2013 to provide stringent punishment for illegal money pooling activities, among other things.
The Companies (Amendment) Bill, 2014, introduced by Finance Minister Arun Jaitley, proposes as many as 14 changes in various provisions of the new companies law, which was passed by the previous UPA regime.
The Bill proposes punishment for illegal money pooling activities, amid rising instances of people getting duped by such fraudulent schemes.
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