Companies (Amendment) Bill received the President’s assent on 31
July 2019 and was published in the official gazette on the
same date as the Companies (Amendment) Act, 2019 (Amendment Act
). The Amendment Act further amends the Companies Act, 2013 (Act).
Majority of the provisions of the Amendment Act are deemed to have
come into effect on 2 November 2018. The remaining provisions,
barring the amendment relating to corporate social responsibility,
were made effective from 15 August 2019.
The Amendment Act was notified in the official gazette on 31 July 2019. The Amendment Act includes the various amendments made to the Act pursuant to the Companies (Amendment) Ordinance, 2018, (Ordinance) promulgated on 2 November 2018, and retained in force through two subsequent ordinances, Companies (Amendment) Ordinance, 2019 and Companies (Amendment) Second Ordinance, 2019 (Ordinance Amendments). The Amendment Act has also introduced certain additional changes in the Act (New Amendments). Ordinance Amendments are deemed to have been enacted from the date of the Ordinance, i.e., 2 November 2018. The New Amendments, barring the amendments relating to corporate social responsibility, were enforced with effect from 15 August 2019.
key takeaways of the Amendment Act are: