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Govt plans to decriminalise compoundable offences under LLP Act
PrintThe ministry of corporate affairs (MCA) has proposed to decriminalise certain compoundable offences under the Limited Liability Partnership (LLP) Act, involving minor, procedural or technical violations “In order to provide greater ease of doing business in India to law abiding LLPs” it said.
In a public draft on Friday, the MCA listed 20 sections of the LLP Act, ranging from registration or change of designated partners to maintaining books of accounts to the improper use of the words ‘LLP’, seeking public comments and stakeholder consultations given the importance and large scale impact of the proposal.
“It has been decided to review the penal provisions of the Act to decriminalize compoundable offences...which may not involve any harm to public interest,” the draft said.
However, all the sections it mentioned are punishable by only a fine of varying amounts and not imprisonment. Experts suggested that this particular exercise could be to streamline the fine amounts. #casansaar (Source - Economic Times)
In a public draft on Friday, the MCA listed 20 sections of the LLP Act, ranging from registration or change of designated partners to maintaining books of accounts to the improper use of the words ‘LLP’, seeking public comments and stakeholder consultations given the importance and large scale impact of the proposal.
“It has been decided to review the penal provisions of the Act to decriminalize compoundable offences...which may not involve any harm to public interest,” the draft said.
However, all the sections it mentioned are punishable by only a fine of varying amounts and not imprisonment. Experts suggested that this particular exercise could be to streamline the fine amounts. #casansaar (Source - Economic Times)
Category : Corporate Law | Comments : 0 | Hits : 361
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