The Companies (Amendment) Bill 2019 (‘the Bill’) was passed in the Dewan Rakyat on 10 July 2019.
Since the Companies Act 2016 came into force on 31 January 2017, the Companies Commission of Malaysia received feedback from stakeholders on the need for several provisions to be amended to ensure good practices and better compliance with the law.
The provisions amended are sections 4, 66, 72(5), 84, 93, 247, 253(2), 304, 340, 386, 409, 433, and 580A.
In general, the proposed amendments aimed to improve internal procedures of a company towards a more organized and effective governance.
The Bill has yet to be tabled in Dewan Negara.