In a big relief to India Inc, the Modi Government will be moving amendments to the Prevention of Corruption (Amendment) Act, 2013 brought by the UPA, to ensure corporate bosses are not in the dock unless they have expressly connived in or consented to a corrupt act of their juniors.
The original bill brought in 2013 to amend the 1988 Prevention of Corruption Act extended the liability of the commercial organisation to every person “in charge of and responsible” to the organisation for the conduct of its business through a deeming provision.
Further, any officer of the organization was to be deemed guilty if the act of corruption was “attributable to his neglect” and the burden of proving otherwise lay with him, as per the 2013 Bill. The sentence for the offence meant a jail term of three-seven years, raising fears among corporates of misuse of the law and consequent harassment.
The original article can be found at economictimes.indiatimes.com