Finance Minister Arun Jaitley introduced the Bill when the House reassembled at noon after the first adjournment.
The Bill was necessitated as the Companies (Amendment) Ordinance, 2018 was promulgated on November 2, 2018. It amends several provisions in the Companies Act, 2013 relating to penalties among others.
It is based on the recommendations of a government-appointed committee to review offences under the Companies Act, 2013 in order to promote Ease of Doing Business along with better corporate compliance.
A total of 16 types of corporate offences have been shifted from special courts to in-house adjudication, increasing the scope of in-house assessment from 18 to 34 Sections of the Act.
The Bill also calls for instituting a transparent and technology driven in-house adjudication mechanism on an online platform and publication of the orders on the website.