The Government, on March 23, 2026, issued the Corporate Laws (Amendment) Bill, 2026, to further amend the Limited Liability Partnership Act, 2008, and the Companies Act, 2013.
The following has been stated:
In the Limited Liability Partnership Act, 2008: -
• In section 2, in sub-section (1),― (i) after clause (m), the following clauses shall be inserted, namely: ‘(ma) “International Financial Services Centre” shall have the same meaning as assigned to it in clause (g) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019; (mb) “International Financial Services Centres Authority” means the Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019;’;
• In section 11, in sub-section (1), for clause (c), the following clauses shall be substituted, namely: –– “(c) there shall be filed along with the incorporation document, a statement in such form, as may be prescribed, by any one person who subscribed his name to the incorporation document that all the requirements of this Act and the rules made thereunder have been complied with, in respect of incorporation and matters precedent and incidental thereto; (d) a declaration in the prescribed form by an advocate, a chartered accountant, cost accountant or company secretary in practice, where a limited liability partnership engaged such professionals in its formation or incorporation.”;
In the Companies Act, 2013, in section 2: -
•In clause (28), for the words “the Cost and Works Accountants”, the words “the Cost Accountants” shall be substituted;
• In clause (41), after the third proviso, the following proviso shall be inserted, namely: — “Provided also that the Central Government may, on an application made in such form and manner as may be prescribed, by a company or body corporate referred to in the first proviso or, on commercial considerations, by any other company or body corporate, allow the company or body corporate to realign its financial year as the period ending on the 31st day of March of the following year;”;
• After clause (73), the following clause shall be inserted, namely: — ‘(73A) “Regional Director” means a person appointed by the Central Government as a Regional Director for the purposes of this Act and includes an Additional Regional Director, a Joint Regional Director, or a Deputy Regional Director under section 396;’;
Please refer to the document attached below for more details.
