Blitz Bureau
NEW DELHI: The Lok Sabha on March 23 gave its approval for referring the Corporate Laws (Amendment) Bill, 2026, to the Joint Parliamentary Committee (JPC) for further scrutiny.
Finance Minister Nirmala Sitharaman introduced the Bill, which aims to amend the Limited Liability Partnership Act, 2008 and the Companies Act, 2013, in the lower house of the Parliament and proposed that it be sent to the JPC for detailed analysis. The Bill aims to facilitate ease of doing business, decriminalise minor offences, replace certain criminal provisions with civil penalties and reduce compliance burdens for small firms, startups, and produce companies set up by farmers.
Earlier, the opposition members, including Congress member Manish Tewari, Trinamool Congress member Sougata Ray of TMC and the DMK’s Dr T. Sumathy, opposed the introduction of the bill.
They alleged that the proposed legislation dilutes the provisions of Corporate Social Responsibility. Responding to their concerns, the Finance Minister said that the proposed amendment will not only attract more investments but also facilitate corporate governance.
Sitharaman highlighted that this legislation has been brought after two years of full deliberation. She said the opinion of the representatives from industry chambers, professional institutes, legal and accounting experts, and the public was taken and examined before introducing the Bill in the House.
