Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Finance Minister Nirmala Sitharaman - THE HINDU
In a move that could propel the growth of Limited Liability Partnerships ( LLPs) in the country, Finance Minister Nirmala Sitharaman on Monday said the government will bring legislative changes to allow decriminalisation of the Limited Liability Partnership Act 2008.
“The decriminalising of the procedural and technical compoundable offences under the Companies Act 2013 is now complete. I now propose to next take up decriminalisation of the Limited Liability Partnership Act 2008,” Sitharaman.
It maybe recalled that a Ministry of Company Affairs ( MCA) appointed panel had recommended that 12 compoundable offences be decriminalised and one penal provision be omitted in the Act.
No significant changes had been suggested in the serious non-compoundable offences provided under the LLP Act.
The panel had also recommended that LLPs be permitted to issue non-convertible debentures, which could pave the way for private equity funds to make investments in such instruments.
To facilitate greater ease of doing business, the panel, headed by MCA Secretary Rajesh Verma, also recommended the introduction of a new concept of “Small LLP”.
Creation of a new category of Small LLP is expected to benefit small and micro enterprises as it will reduce the cost of compliance, subject such class of LLP to lesser penalties in the event of default as has been done in the case of companies under Companies Act 2013.
The panel has recommended that LLPs with capital contribution upto ₹25 lakh and turnover not exceeding ₹40 lakh in a financial year be allowed to opt for Small LLP structures.
Rahul Chadha, Managing Partner, Chadha & Co, said: “Decriminalising various offences under the LLP Act, 2008, on the heels of a similar step of decriminalising some offences under the Companies Act, 2013, will not only mitigate the risk for the management of LLPs for minor non-compliances but also reduce the burden on the judicial system, which is clogged due to the pendency of trivial non-compliance”.
Rudra Pandey, Partner, Shardul Amarchand Mangaldas & Co, said, “The move is in line with the government’s efforts to ensure greater compliance with corporate laws, unclog the criminal justice system and promote a hospitable business environment in India..”
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
Creator of the world’s biggest art canvas hopes to help children in poorer countries
A book on Badri Narayan is a tribute — albeit a belated one — to an artist who did not enjoy the recognition ...
The country hasn’t had a quiet moment since the military seized power on February 1
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor