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Parliament panel backs corporate law overhaul
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The committee report on the Corporate Laws (Amendment) Bill, 2026, said the primary objective of the Bill is to simplify corporate legal procedures, reduce compliance burdens and strengthen corporate governance.The committee has proposed a stronger role for NFRA and a framework allowing specified trusts to convert into limited liability partnerships.New Delhi: A joint committee of parliament has backed an overhaul of India's corporate law framework, proposing further decriminalization of procedural lapses, compliance relief for small businesses, and relaxed corporate social responsibility (CSR) normsIn its report on the Corporate Laws (Amendment) Bill, 2026, tabled in Parliament on Monday, the committee also proposed a stronger role for the National Financial Reporting Authority (NFRA) and a framework allowing specified trusts to convert into limited liability partnerships (LLPs).The report said the primary objective of the Bill is to simplify corporate legal procedures, reduce compliance burdens and strengthen corporate governance in line with recommendations of the Company Law Committee and earlier amendments to the Companies Act, 2013.It said the Bill seeks to replace criminal provisions for various procedural defaults under the Companies Act and the Limited Liability Partnership (LLP) Act, 2008, with civil penalties, while retaining criminal sanctions for serious violations.The committee noted that the proposed legislation aims to rationalize existing statutory mechanisms while introducing new frameworks aligned with global best practices.Ease of doing businessThe proposed amendments, the report said, are intended to promote ease of doing business by further decriminalizing provisions, easing compliance requirements for one-person, small, producer companies and startups, streamlining regulatory practices, recognizing new concepts in the evolving corporate landscape and carrying out drafting and clarificatory changes to remove ambiguities.It said the Bill marks a shift towards proportionate enforcement by moving lower-risk procedural defaults to in-house adjudication with monetary penalties while reserving criminal action for fraud and other serious violations.The committee also highlighted the Bill's proposals to provide further relaxations under the CSR framework, including exemptions from mandatory CSR obligations for eligible small companies, changes relating to auditor appointments for prescribed classes of small companies and a reduction in additional fees.It further noted that the legislation introduces a statutory framework that enables specified trusts registered with the Securities and Exchange Board of India (Sebi) or the International Financial Services Centres Authority (IFSCA) to convert into LLPs, facilitating greater flexibility in fund structuring and improving the ease of doing business.The report said the Bill also seeks to facilitate companies and LLPs operating in International Financial Services Centres (IFSCs) by permitting them to issue and maintain share capital in foreign currency as allowed by the IFSCA. It additionally proposes a digital-first governance framework by enabling hybrid and virtual shareholder meetings, electronic voting and automated filings, while requiring companies to hold at least one annual general meeting in physical mode.Wide consultationsThe committee said it received 130 memoranda containing more than 900 suggestions from stakeholders, including six members of parliament, and held extensive consultations with ministries, regulators, industry associations, professional bodies, banks, legal experts and corporate stakeholders before finalizing its recommendations.The committee also undertook a study visit to Mumbai to obtain views from industry associations, capital market institutions, startups, trusts, investment firms and banking institutions.Among its clause-wise recommendations, the committee endorsed amendments introducing definitions relating to IFSC LLPs and permitted
Combined petrol sales by Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp rose 9.7 per cent to 3.45 million tonnes in JulyFuel demand typically softens during the monsoon season as rainfall reduces the need for irrigation and limits road travel.( Diptendu Dutta | ANI)India's demand for piped natural gas (PNG) continued to strengthen in July as more commercial and industrial consumers shifted away from liquefied petroleum gas (LPG), contributing to a sharp decline in LPG sales. At the same time, petrol and diesel consumption at the country's three state-owned fuel retailers recorded strong year-on-year growth, driven by delayed monsoon rains that boosted irrigation demand and sustained road transport activity.Combined petrol sales by Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) rose 9.7 per cent to 3.45 million tonnes in July, compared with 3.14 million tonnes in the same month last year.The July petrol volume was also 15.1 per cent higher than the 2.99 million tonnes sold in July 2024 and 36.1 per cent above the level recorded in July 2023. However, on a sequential basis, petrol consumption slipped 1.1 per cent from 3.48 million tonnes in June.Diesel sales, widely regarded as a key indicator of economic activity, climbed 10.7 per cent year-on-year to 7.12 million tonnes from 6.43 million tonnes in July last year.As the country's most-consumed fuel, diesel is extensively used in freight transportation, agricultural machinery and irrigation pumps. The delayed arrival of the monsoon led farmers to rely more heavily on diesel-powered pumps during the peak sowing season, boosting fuel demand.Diesel consumption in July was 11.5 per cent higher than the corresponding month of 2024 and 12.7 per cent above the level recorded in July 2023. Compared with June, however, sales declined 9.2 per cent from 7.85 million tonnes.Fuel demand typically softens during the monsoon season as rainfall reduces the need for irrigation and limits road travel. This year, however, the late onset of rains resulted in increased diesel consumption for agricultural activities. The month-on-month decline was largely attributed to seasonal factors, as June generally sees stronger fuel demand due to increased holiday travel during school and college vacations.Aviation turbine fuel (ATF) sales also posted modest growth, rising 2.9 per cent to 659,900 tonnes in July. The volume was 2.3 per cent higher than the 641,300 tonnes consumed in July 2024 and 16.5 per cent above the 566,600 tonnes recorded in July 2023. On a monthly basis, ATF sales eased 4.6 per cent from 691,700 tonnes in June.In contrast, liquefied petroleum gas (LPG) consumption continued to weaken, falling 17.4 per cent to 2.37 million tonnes during the month.Industry officials attributed the decline primarily to a shift by some consumers from LPG to piped natural gas (PNG) following supply disruptions triggered by the West Asia crisis.LPG demand has been under pressure since the regional conflict disrupted supplies, prompting restrictions on consumption in sectors such as hotels and restaurants. Although those curbs were lifted last month and sales recovered 8.6 per cent month-on-month to 2.18 million tonnes in June, overall consumption remained below year-earlier levels as several industrial and commercial users continued to rely on piped natural gas instead of LPG.July LPG sales were 13.3 per cent lower than the 2.73 million tonnes recorded in July 2024 and 1.1 per cent below the 2.39 million tonnes consumed in July 2023, reflecting the continued shift in fuel usage across commercial and industrial segments.Stay updated with the latest Trending, India, World and US news. Follow CJP Protest LIVE updates as Sonam Wangchuk ends his 26-day hunger strike following government assurances, while the Jantar Mantar protest continues. Get the latest updates on talks between the CJP delegation and the Centre, the demand
Albania’s parliament approved a $302 million US loan to fund military purchases, as the NATO member steps up defense spending and prepares to host the alliance’s next summit.Albania’s Parliament Approves $302 Million US Defense LoanAlbania’s parliament approved a $302 million US loan to fund military purchases, as the NATO member steps up defense spending and prepares to host the alliance’s next summit.Lawmakers in Tirana resorted to an accelerated procedure to pass the defense agreement on Monday. Opposition politicians said they supported military investments but objected that they had been given little time to examine the deal, parts of which were confidential and required lawmakers to sign declarations before being given access to read it.While the Albanian government hasn’t disclosed the interest rate nor identified the equipment and services it plans to buy with the funds, the Defense Ministry said the loan will finance procurements for Albania’s air, land and naval forces, alongside cyber defense, command systems and military infrastructure, according to a statement to Bloomberg News. The vote took place as two-month old protests dubbed the Flamingo Revolution continued outside parliament over planned luxury resorts linked to Jared Kushner, US President Donald Trump’s son-in-law. Police detained several people on Monday as the demonstrations now call for Prime Minister Edi Rama to resign.The defene loan will be channeled through the US Foreign Military Financing program, with the Defense Security Cooperation Agency representing Washington. It will be repaid over as many as 12 years and disbursed gradually for specific military needs, according to Taulant Balla, head of the ruling Socialist Party’s parliamentary group.Albania would have 48 months to activate the financing, with a grace period of as long as 12 months, Balla said. Albania’s 2026 defense budget is 58.9 billion lek , 12% higher than last year and equivalent to 2.2% of GDP, according to the country’s Defense Ministry. That puts the country just above NATO’s previous 2% guideline but below the alliance’s new 3.5% target for 2035.NATO Secretary General Mark Rutte confirmed this month that the alliance’s next summit will be held in Albania, though the timing has not been decided.©2026 Bloomberg L.P.This article was generated from an automated news agency feed without modifications to text.Stay updated with the latest Trending, India, World and US news. Follow CJP Protest LIVE updates as Sonam Wangchuk ends his 26-day hunger strike following government assurances, while the Jantar Mantar protest continues. Get the latest updates on talks between the CJP delegation and the Centre, the demand for Dharmendra Pradhan’s resignation, possible arrests, Delhi security measures and developments in Parliament.More
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