Acting Domestic Trade and Cost of Living Minister, Armizan Ali in a statement has said that a bill to amend the Companies Act will be tabled in Parliament this October. He mentioned that the bill holds two primary objectives. Firstly, it strives to reinforce the provisions concerning the corporate rescue mechanism, aimed at providing support to companies encountering financial adversity. Secondly, the bill seeks to guarantee companies' adherence to global reporting standards and obligations concerning beneficial ownership. (Source: FMT / 27 August 2023)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.