New Delhi, March 24 -- Union finance minister Nirmala Sitharaman on Monday introduced the Corporate Laws (Amendment) Bill, 2026 and also proposed that it be examined by a Joint Parliamentary Committee (JPC) after three members raised objections to its introduction on the grounds that the legislation would dilute corporate governance. The bill seeks "to amend" certain provisions of the Limited Liability Partnership (LLP) Act, 2008 and the Companies Act, 2013 to further enhance the ease of doing business, decriminalize minor offences, replace certain criminal provisions with civil penalties and reduce compliance burdens for small firms, startups and producer companies set up by farmers. Congress leader Manish Tewari opposed its introduction, saying that the bill "in its present form, undermines the constitutional balance between the legislature and the executive, dilutes Parliamentary oversight, and raises serious concerns regarding arbitrariness, accountability and the rule of law". Trinamool Congress member Sougata Ray said the legislation would dilute Corporate Social Responsibility (CSR) obligations of companies. And DMK leader Thamizhachi Thangapandian said the bill leaves "several substantiative matters" unaddressed that could be prescribed later through rules, which would result in "legislative abdication and reduced parliamentary oversight". She also questioned wide powers conferred on the Union government and the National Financial Reporting Authority (NFRA), a regulator established in 2018 to oversee auditing and accounting standards. Replying to them, Sitharaman said, the Bill has undergone two years of "full" deliberation. "The recommendations of the Company Law Committee (CLC) and its reports have been fully taken on board. CLC had representatives from industry chambers and professional institutes, legal and accounting experts," she said. The eleven-member CLC included former secretary general of Lok Sabha TK Viswanathan, Kotak Mahindra Bank managing director Uday Kotak, Shardul Amarchand Mangaldas & Co executive chairman Shardul S Shroff, chartered accountant G Ramaswamy, and Xpro India chairman Sidharth Birla. On NFRA's powers, she said, "The proposed provisions are very similar to those which are given to the other regulators" such as the Securities and Exchange Board of India (Sebi), the Competition Commission of India (CCI) and the Insolvency and Bankruptcy Board of India (IBBI)....