Finance Minister Introduces High-Stakes Corporate Laws Amendment in Lok Sabha

Union Finance Minister Nirmala Sitharaman has introduced the Corporate Laws (Amendment) Bill, 2026, in the Lok Sabha, further amending the Limited Liability Partnership Act, 2008, and Companies Act, 2013. Congress MP Manish Tewari expressed concerns over legislative delegation, while PM Modi addressed security aspects amidst West Asia conflict.

On Monday, Union Finance Minister Nirmala Sitharaman presented the Corporate Laws (Amendment) Bill, 2026, in the Lok Sabha. The bill aims to amend the Limited Liability Partnership Act, 2008, and the Companies Act, 2013. Members of the Lok Sabha approved a proposal to refer the bill to a Joint Parliamentary Committee (JPC) for in-depth examination.

The introduction of the bill coincided with the resumption of the Parliament's Budget session's second phase. Alongside this legislation, the Finance Minister is set to present the Finance Bill, 2026, which details the Central Government's financial plans for the fiscal year 2026-27. During the session, Indian National Congress MP Manish Tewari voiced opposition, criticizing the bill for excessive delegation of significant legislative functions.

Tewari argued that the bill violated constitutional doctrines under Articles 245 and 246 by inadequately guiding on policy matters such as company classification, compliance requirements, corporate social responsibility thresholds, audit responsibilities, and penalties. Additionally, Prime Minister Narendra Modi addressed the Lok Sabha, highlighting critical components of the ongoing West Asia conflict and India's stance.

In a related development, on Sunday, PM Modi convened a meeting of the Cabinet Committee on Security to evaluate the situation in West Asia and explore potential strategies. The Cabinet Secretary briefed the committee on the global circumstances and coordinated mitigating measures by relevant Ministries. Concerns affecting sectors like agriculture, fertilizers, food security, and trade were evaluated for their macroeconomic implications.

(With inputs from agencies.)