The Union Cabinet has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013.

This will enable the listing of Indian companies on stock exchanges in foreign jurisdictions. The listing of Indian companies in foreign stock exchanges is expected to increase the competitiveness of Indian companies in terms of access to capital, broader investor base and better valuations.The framework for enabling such listing under the foreign exchange and securities laws would be finalised by the Ministry of Finance in consultation with Ministry of Corporate Affairs, Reserve Bank of India and the Securities and Exchange Board of India.

Briefing media yesterday, Finance Minister Nirmala Sitharaman said, the priority is to remove criminality under the Act and the Bill will further ease of living for law abiding corporates. She said, 72 changes brought in the Bill will lead to further declogging of the criminal justice system in the country. The Minister said, re-categorisation of 23 offences have been done in the new Bill.

In another decision, the cabinet approved mega consolidation of ten Public Sector Banks into four with effect from 1st of next month. Ms Sitharaman said, the amalgamation will enable creation of digitally driven consolidated banks with global heft and business synergies.