Question: Which of the following ministry is responsible for Companies’ Amendment Ordinance 2018?
(a) Ministry of Commerce and Industry
(b) Ministry of Finance
(c) Ministry of Shipping
(d) Ministry of Corporate Affairs
Answer: (d)
Related facts:
- The centre has promulgated the Companies’ Amendment Ordinance, 2018 to promote ease of doing business with better corporate governance.
- President Ram Nath Kovind gave his assent to the recommendation of the union cabinet for promulgation of the ordinance.
- Ministry of Corporate Affairs is responsible ministry for promulgating the ordinance which is based on the recommendations of the committee appointed by the government to review offences under the Companies Act, 2013.
- The main amendment in the act include shifting of the jurisdiction of 16 types of corporate offences from the special courts to in-house adjudication, which is expected to reduce the caseload of special courts by over 60 per cent.
By Ramayan Upadhyay
Links:
http://www.prsindia.org/billtrack/the-companies-amendment-ordinance-2018-5489/
http://pib.nic.in/newsite/PrintRelease.aspx?relid=184579
http://www.newsonair.com/Main-News-Details.aspx?id=354854
http://www.prsindia.org/uploads/media/Company%202018/The%20Companies%20Amendment%20Ordinance%202018.pdf