The Hindu Business Line : Limited liability partnership: CMs urged to offer relief

FOSTERING TIES: (From right) The Minister for Company Affairs, Mr Prem Chand Gupta; the Chairman, Corporate Affairs Committee, PHDCCI, Mr Lalit Bhasin; and the PHDCCI President, Mr Sanjay Bhatia, at a seminar on `Limited liability partnerships: Fostering growth and enterprise' in the Capital on Saturday. — Kamal Narang

New Delhi March 17 The Minister for Company Affairs, Mr Prem Chand Gupta, has said that though it may not be easy to convince State Governments to provide relief on conversion of existing organisations to limited liability partnerships (LLPs), the Ministry had approached Chief Ministers to get a waiver.

Inaugurating a seminar on `Limited liability partnership: Fostering growth and enterprise,' the Minister said that although the Government was of the view that compulsory liability cover was not required as LLPs have to declare their asset value, it was open to suggestions on this issue. The seminar had been organised by the PHD Chamber of Commerce and Industry. The Ministry was also in discussion with the Finance Ministry to settle issues relating to taxation of LLPs, the Minister said.