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Deadlines under Companies Act relaxed, late fee waived for various filings SECTIONS Last Updated: May 04, 2021, 08:06 AM IST Share Synopsis The relaxation of charge-related timelines shall apply in cases where the creation or modification of the charge falls between April 1 and May 31, or where due date for filing charge-related forms falls between those dates. Getty Images The corporate affairs ministry (MCA) has provided relaxations on the timelines of various statutory requirements and waived late fees for various filings under the Companies Act, LLP Act and rules till July 31 on account of disruptions caused by the second wave of Covid-19. The period between two consecutive board meetings has been extended to 180 days from 120 days for the first two quarters of this fiscal while the months of April and May will not be counted as part of the timelines for filing of charge-related forms, circulars released by the ministry on Monday said. ....
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 DAILY NEWSLETTER Submit Related Articles ....
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 Monday, 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. ....