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AAA The Corporate Affairs Ministry on Wednesday said it plans to decriminalise 12 offences as well as omit a provision entailing criminal liability under the Limited Liability Partnership (LLP) Act, 2008, for greater ease of doing business for law-abiding LLPs.
“An exercise was undertaken to identify those provisions of the LLP Act, violations of which do not result in injury to the public interest but are presently criminal in nature with fine as well as punishment after conviction being provided for in the Act,” according to an official release.
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Govt To Decriminalise 12 Offences Under LLP Act
LLPs will be allowed to raise capital through the issuance of fully secured Non-Convertible Debentures (NCDs) from investors regulated by Sebi or the RBI.
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The corporate affairs ministry on Wednesday said it plans to decriminalise 12 offences as well as omit a provision entailing criminal liability under the Limited Liability Partnership (LLP) Act, 2008, for greater ease of doing business for law-abiding LLPs. The government treats Honest and Ethical Corporate entrepreneurs as wealth creators and nation builders. The objective of the de-criminalisation exercise is to remove criminality of offences from business laws where no malafide intentions are involved. an exercise was undertaken to identify those provisions of the LLP Act, violations of which do not result in injury to the public interest but are presently criminal in nature with fine as well as punishment after conviction being provided for
Centre plans to decriminalise 12 offences under LLP Act for ease of doing business
One proposal is to create small LLPs in line with the concept of small companies
PTI | February 4, 2021 | Updated 09:31 IST
The corporate affairs ministry on Wednesday said it plans to decriminalise 12 offences as well as omit a provision entailing criminal liability under the Limited Liability Partnership (LLP) Act, 2008, for greater ease of doing business for law-abiding LLPs. The government treats Honest and Ethical Corporate entrepreneurs as wealth creators and nation builders. The objective of the de-criminalisation exercise is to remove criminality of offences from business laws where no malafide intentions are involved. an exercise was undertaken to identify those provisions of the LLP Act, violations of which do not result in injury to the public interest but are presently criminal in nature with fine as well as punishment after conviction being provided for in the Act, an official rel
The government treats Honest and Ethical Corporate entrepreneurs as wealth creators and nation builders. The objective of the de-criminalisation exercise is to remove criminality of offences from business laws where no malafide intentions are involved. an exercise was undertaken to identify those provisions of the LLP Act, violations of which do not result in injury to the public interest but are presently criminal in nature with fine as well as punishment after conviction being provided for in the Act, an official release said. Offences that relate to minor/ less serious compliance issues, involving predominantly objective determinations, are proposed to be shifted to the In-House Adjudication Mechanism (IAM) framework instead of being treated as criminal offences.