New Delhi, July 28 (KNN) The Companies Amendment Bill of 2016, that was to make changes in the Companies Act 0f 2013 was flagged green after the Lok Sabha passed it.

The Bill seeks to revise the complications and facilitate ease of doing business. It further lays out a framework to strengthen the corporate governance standards.

Also the amendment will implement new guidelines against defaulting companies.

The bill to amend companies’ law was cleared with a voice vote.

Arjun Ram Meghwal, Minister of State for Finance and Corporate Affairs informed the lower house that the bill will prove to be instrumental for ease of doing business in the country.

Now that the bill is passed in Lok Sabha, it will go to the upper house for approval. (With PIB Inputs) (KNN/ DA)