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New Delhi : The Ministry of Corporate Affairs (MCA) has constituted a 13-Member Company Law Committee for examining and making recommendations to the Government on various provisions and issues pertaining to implementation of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008.
Secretary, MCA, will be the Chairperson of the Committee constituted in line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having impact on the working of corporates in the country.
The terms of reference of the Committee include Analysing the nature of the offences (compoundable and non- compoundable) and submit its recommendation as to whether any of the offences could be re-categorised as ‘civil wrongs’ along with measures to optimise the compliance requirements under the Companies Act, 2013, and concomitant measures to provide further Ease of Doing Business; Examining the feasibility of introducing settlement mechanism, deferred prosecution agreement, etc., within the fold of the Companies Act, 2013; Study the existing framework under the Limited Liability Partnership Act, 2008, and suggest measures to plug the gaps, if any, while at the same time enhancing the Ease of Doing Business, according to a PIB release.
The Committee shall submit its recommendations in phases and subject-wise to the Government from time to time as may be decided by the Chairperson of the Committee. It shall initially have a tenure of one year from the date of its first meeting.