NEW DELHI, Jan. 22 -- Offences involving minor and technical violations of the Limited Liability Partnership (LLP) Act must be decriminalized and LLPs should have more flexibility in their borrowing decisions, an expert committee headed by corporate affairs ministry secretary Rajesh Verma said.
The report released on 18 January said 12 offences must be decriminalized and brought under an in-house adjudication mechanism instead of the National Company Law Tribunal (NCLT). However, one offence-non-compliance of tribunal orders-should be omitted to avoid duplication.
The changes are expected to encourage compliance and promote a congenial business climate, it said.
If the proposals find their way into the statute book, it will benefit over ...