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Parliament has okayed the corporate affairs ministry’s amendments to the limited liability partnership law

Updated: Share Article 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. SUBSCRIBE TO OUR ...

As part of efforts to further improve the ease of doing business, the corporate affairs ministry has sought comments on the recommendations of a high-level committee regarding the LLP Act., , llp act, government, debentures

Company Law Committee recommends decriminalisation of LLP Act, introduction of 'small LLPs' SECTIONS Share Synopsis The committee also suggested the introduction of the concept of a small LLP in line with small companies under the Companies Act, and provision for issuance of non-convertible debentures (NCDs) by LLPs to raise funds. Getty Images A high-level government panel recommended decriminalisation of 12 compoundable offences and the omission of one penal provision under the Limited Liability Partnership (LLP) Act. The Company Law Committee (CLC) also suggested, in a report released on M...