Govt plans to decriminalise compoundable offences under LLP Act
PrintListen to this Article
0:00
0:00
The 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 : 405
Ashneer Grover, former managing director of BharatPe, has moved the National Company Law Tribunal (NCLT), Delhi, alleging opression and mismanagement at the company. The case came up for hearing on...
Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs. Businesses opt for winding up for various reasons, including financial u...
Three board members of Ed tech company Byju’s resigned on Thursday, June 22. According to reports, Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Init...
Comments