Companies Act and Mediation Bill amended

Friday, 25 March 2016 00:00 - - {{hitsCtrl.values.hits}}

Cabinet yesterday decided to amend the Companies Act and the Mediation Bill, updating both to fit current demands.

The Companies Act has been in effect for nearly 10 years and it provides provisions regarding incorporation of companies, administration and management, amalgamation, liquidation, and Companies Dispute Board.

The Advisory Commission appointed to advise the relevant Minister and the Auditor General has identified several amendments that should be done with immediate effect.

The proposal made by Rishad Bathiudeen, Minister of Industry and Commerce, to make said amendments to the Companies Act No 07 of 2007, was approved by the Cabinet of Ministers, a short notice released to media said.

The Cabinet of Ministers also decided to amend the Mediation Bill and have already granted the approval to increase the limit of monetary value in respect of disputes to be referred to compulsory mediation from Rs. 250,000/- to Rs. 500,000-/. The proposal was made by Wijayadasa Rajapaksa, Minister of Justice, to publish the bill prepared in a gazette to parliament for approval, was approved by the Cabinet of Ministers.