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The Companies (Amendment) Bill, 2016, is introduced in Lok Sabha on 16th March 2016. The amendment Bill is introduced as part of efforts to address difficulties faced by stakeholders and improve the ease of doing business in the country.
Below are the few highlights of the bill:-
- simplification of the private placement process by doing away with separate offer letter, by making filing of details or rec ords of applicants to be part of return of allotment only, and reducing number of filings to Registrar;
- allow unrestricted object clause in the Memorandum of Association dispensing with detailed listing of objects, self-declarations to replace affidavits from subscribers to memorandum and first directors;
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| 18 March 2016 |
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