The government of India promulgated a temporary law called the Companies (Amendment) ordinance 2018 on 2nd November 2018 to by parachute landing of few more reform measure. Constitution of India mandate that Government needs to get it approved by Parliament within 6 months. However, the companies (Amendment) Ordinance, 2018 has nothing which may require urgent attention unless government going to launch large-scale prosecutions against corporates. Moreover, soon after this ordinance government issued a consultation paper for further urgent reforms.
Readers may read this post as a law applicable with effect from 2nd November 2018 till passing law by the Parliament. In this post we will discuss minor changes related to relaxing burden of special courts.
Since our earlier discussion earlier here on law related to Special Courts, there are several new special courts have been notified. Here is an updated list of special courts as on date.
Central Government by a notification published in Official Gazette on 18th May 2016 appointed the 18th day of May, 2016 as the date on which the provisions of clause (iv) of sub-section (29) of section 2, sections 435 to 438 (both sections inclusive) and section 440 of the Companies Act, 2016 shall come into force. These provisions deal with Special Courts under Chapter XXVIII of the Companies Act, 2013. Even though, we have already discussed these provisions originally earlier here and with amendment here, it may be beneficial to have these notified sections in this post again.
Special courts are one most commendable constitute introduced by this Act. This is trend recently to constitute special courts for every single legal constitute. The main reason for establishment of such special court is technicalities involved in these technical matters.
Posted in Chapter XXVIII - CA2013, Companies Act 2013, Governance and Responsibility
Tagged Companies Act 2013, Companies Bill 2012, Company Prosecutor, CorpGov, CorpLaw, Corporate Governance, Corporate Law, India, Legal Reforms, Mediation and Conciliation Penal, Ministry of corporate affairs, Reforms, Special Court