In a Notice dated 18th January, 2021 the Ministry of Corporate Affairs (“MCA”) has invited comments and suggestions on the Report of the Company Law Committee on Decriminalisation of the Limited Liability Partnership Act, 2008 (“Act”).
Please note that comments/suggestions on the Report must be sent to the Ministry within 2nd February, 2021 through email at email id : IIp.amendment@mca.gov.in in the following format:
| Sr. no | Section of the proposed amendment | Comments of Stakeholders | Rationale for comments |
Background:
With regard to its policy to decriminalize minor, technical and procedural offences, the MCA had undertaken action to identify twenty Compoundable offences under the Act and a public notice was placed on MCA website for suggestions and comments from stakeholders with respect to Decriminalization of Compoundable Offences under the Limited Liability Partnership Act, 2008 for improving Business Sentiments. In response to the said notice, some suggestions were received from different stakeholders.
The Company Law Committee was constituted to study the existing framework under Act and to suggest measures to plug the gaps and to identify specific provisions and to decriminalize the provisions of the Act based on their gravity and to take other concomitant measures to bring about Greater Ease of living for corporate stakeholders.
The Committee held its meetings respectively and after considering suggestions received from the stakeholders submitted its report.
In the report, the Committee has recommended twelve offences to be decriminalized and to be shifted to In-house Adjudication Mechanism and two offences to be omitted.
Source: Ministry of Corporate Affairs
