President ratifies Companies Act amendment

President Dr. Mohamed Muizzu today ratified the first amendment to the Companies Act (No. 07/2023).

The bill was passed by the parliament during its third extraordinary sitting held on 17th September.

As per the new amendment, the 21-day deadline to send out invitations for meetings, as mentioned in section 100, number a(1), has been reduced to a 3-day deadline, and the three-month deadline for holding the meetings mentioned in section 100, number a(2), has been reduced to ten days.

The law now also stipulates a 7 day prior notice on private and public companies to send invitations for Extraordinary General Meetings (EGM) as opposed to the previous 14 day period.

Additionally, the law now grants a ten day deadline for appointing directors and managing directors when instructed by the Registrar, compared to the previous 30 day period.

With the amendment now ratified and published in the Government Gazette, it has taken immediate effect.