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MAJOR HIGHLIGHTS OF THE COMPANIES (AMENDMENT) ACT, 2020

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The Companies (Amendment) Bill, 2020 was introduced in Lok Sabha by the Minister for Corporate Affairs, Ms. Nirmala Sitharaman, on March 17, 2020. The Bill seeks to amend the Companies Act, 2013.  It was passed by Lok Sabha on 19th September 2020 and passed further by Rajya Sabha on 22nd September 2020 and received the assent from President on 28th September, 2020 . The CAB, 2020 has been based on the Company Law Committee (“CLC/Committee”) which was set up under the Chairmanship of Shri Injeti Srinivas in September, 2019. The CLC was constituted with a view to decriminalize offences and  provide  ease  of  doing  business to  the  corporates  and other stakeholders. The Committee presented its Report 2 in November, 2019 which provided for de-clogging 46 penal provisions in the following manner: •Re-categorising   of   23   offences   out   of   66   compoundable   offences   to   an   in-house adjudication framework wherein penalty will be levied by an ad
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Section 8 Micro Finance Company- Features & Benifits

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  INTRODUCTION OF SECTION-8 MICRO – FINANCE COMPANY The Micro finance Company is basically the financial institutions that provide small-scale financial services in the form of loan, credit or savings. These companies are introduced to ease the credit system for small businesses as they don’t get a loan from banks due to their complex process. Therefore it is commonly named as a Micro-credit, Micro-benefit organization. They offer small loans to various small businesses or households that do not have access to formal banking channels or eligibility for loans. They provide small loans that are less than Rs.50,000 for rural areas and for urban it is Rs.1,25,000. The simplest way to register a Microfinance Company in India is to register the Section-8 Company with MCA (Ministry of Corporate Affairs). Without charging any marginal money or guarantee security. It can give loans at inexpensive rates directed by the RBI and central government. They are a huge support to all rural and agri
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Consumer Protection Act, 2019- Key Highlights

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The Digital Age has directed in a new era of commerce and digital branding, as well as a new set of customer expectations. Digitization  has provided easy access, a large variety of choice, convenient payment mechanisms, improved services and shopping as per convenience. However, along the growth path it also brought in challenges related to consumer protection. Keeping this in mind and to address the new set of challenges faced by consumers in the digital age, the Indian Parliament, on 6 August 2019, passed the landmark Consumer Protection Bill, 2019 which aims to provide the timely and effective administration and settlement of consumer disputes. The Consumer Protection Act, 2019 (New Act) received the assent of the President of India and was published in the official gazette on 9 August 2019. The  New  Consumer Protection Act, 2019  came into force on 20th July 2020 and it will empower consumers and help them in protecting their rights through its various notified rules and provis
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