Recent amendments to the Companies Act have introduced changes affecting corporate governance, compliance, and reporting requirements.
## Key Amendments
1. **Board Composition**: New requirements for independent directors
2. **Audit Requirements**: Enhanced audit and reporting standards
3. **Compliance**: Simplified compliance for small companies
4. **Disclosure**: New disclosure requirements for related party transactions
## Impact
Companies must:
- Review board composition
- Update governance policies
- Enhance compliance procedures
- Improve disclosure practices
## Effective Date
Most provisions are effective from the financial year 2024-25.