The Ministry of Food Processing Industries (MoFPI) has issued detailed operational scheme guidelines and has launched an online portal for Production Linked Incentive Scheme for Food Processing Industry (PLISFPI). As a part of Prime Minister s announcement of Aatmanirbhar Bharat Abhiyan, Government of India has approved a new Central Sector Scheme namely Production Linked Incentive Scheme for Food Processing Industry for implementation during 2021-22 to 2026-27 with an outlay of Rs. 10,900 crore to support creation of global food manufacturing champions. Applicant for the Scheme shall be (i) Proprietary Firm or Partnership Firm or Limited Liability Partnership (LLP) or a Company registered in India (ii) Co-operatives; and (iii) SME and making an application for seeking approval for coverage under the Scheme. Applicant may also include company applying on its own behalf and its subsidiary/ies provided the applicant company holds more than 50% of the stock of its subsidiary/ies and t
Introduction
Limited liability partnerships (LLPs) are partnerships in which the partners have limited liability. Therefore, LLPs exhibit elements of both partnerships and companies.
The Ministry of Corporate Affairs (MCA) introduced the concept of the LLP to help small and medium-sized enterprises in general and enterprises in the service sector in particular. Internationally, LLPs are the preferred vehicle for doing business in the service industry and for activities involving professionals. LLPs in India are governed by the Limited Liability Partnership Act 2008. In recent years, there has been a sharp increase in the registration of LLPs.
Proposed changes
In order to improve LLP compliance and regulate the designated partners of LLPs, the MCA has stated that it will extend certain sections of the Companies Act 2013 to the Limited Liability Partnership Act and therefore LLPs. As such, the following provisions of the Companies Act will soon apply to LLPs:
Wajid Khan s wife moves Bombay HC against his brother Sajid, mother in property case
Wajid Khan s wife moves Bombay HC against his brother Sajid, mother in property case
Late music composer-singer Wajid Khan s wife, Kamalrukh Khan, has moved Bombay High Court against his mother and brother Sajid Khan.
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Kamalrukh Khan with late music composer and singer Wajid Khan.
Late music composer-singer Wajid Khan s wife, Kamalrukh Khan, has moved the Bombay High Court regarding her husband s will and has sought a permanent injunction against his brother Sajid Khan and his mother. Wajid had made his will in 2012 and Kamalrukh Khan, Wajid s wife, has claimed that he had named her and their children as the only beneficiaries in Wajid s property. Wajid Khan died last year due to Covid-19.
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The Kerala High Court held that a Limited Liability Partnership can form a partnership with an individual or other persons.
In this case, a partnership deed was executed between an individual and an LLP. Registrar of Firms refused registration of the partnership firm on the ground that a LLP cannot be a partner of a firm. This was challenged before the High Court contending that the LLP is liable to be treated as a person and there cannot be any objection for registering a partnership with an LLP which is a person.
According to the Registrar of Firms, provisions of the Limited Liability Partnership Act 2008 are inconsistent with that of the Indian Partnership Act, 1932, pertaining to the liability. It contended that Section 25, 26 and 49 of the Indian Partnership Act makes the partners to be jointly and severally liable with all the other partners and also severally liable for the acts of the firm, of which such person is a partner. Under Section 28 of the LLP Ac
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By Tsegamlak Solomon – When investors think about Ethiopia, they often see the country as a difficult one to do business in. According to the World Bank, Ethiopia ranks 159 out of 190 in their Ease of Doing Business ranking.
While several reasons contribute to this ranking and the challenging business environment, the country has been working to rectify this and has been progressing their laws and programs to entice more people to invest in the country. One of the major changes that happened in 2019 was the adoption of the Homegrown Economic Reform Program, which aimed to transition the country’s economy and improve the country’s ranking.