New Delhi, Nov. 20 -- The Company Law Committee, a government-instituted high level panel, has proposed reviewing the provisions of Companies Act on disqualification of directors and debarment of audit firms. It has also proposed decriminalizing more than half of the existing compoundable offences under the Companies Law as well as lower monetary penalties for violations by startups.
The Company Law Committee was constituted by the Ministry of Corporate Affairs in September this year. The committee is headed by Ministry of Corporate Affairs Secretary Injeti Srinivas.
The panel has prepared a report and submitted it to the Minister of Finance and Corporate Affairs Nirmala Sitharaman this week.
Major recommendations include dealing with...