Press briefing of Cabinet Decision taken on 2016-03-23

Amendments to the Companies Act, No. 07 of 2007

- The Companies Act, No.07 of 2007 provides for the Incorporation of Companies, Administration and Management, Amalgamation, Liquidation and Settlement of Company Disputes etc; and it has now been in operation for a period of nearly 10 years. Based on the Auditor General's Report, all three versions of the Act were reviewed by the Advisory Commission appointed to advise the Minister regarding the implementation of Company Law and certain provisions were identified for expeditious amendment. Accordingly, the proposal made by Hon. Rishad Bathiudeen, the Minister of Industry and Commerce to amend the Companies Act, No.07 of 2007 incorporating the proposed amendments, was approved by the Cabinet.