The Government has created a committee to look at re-categorization of certain offences under the Companies Act as civil offences and will review other provisions of the Companies Act and the Limited Liability Partnerships (LLP) Act 2008. The Company law committee will look into the major issues including the introduction of a settlement mechanism for offences under the companies act as well as de-clogging the National Company Law Tribunals and suggest measures to improve the functioning of statutory bodies under the Companies Act. This is in line with the Government’s objective of promoting “Ease of Doing Business” and fostering improved corporate compliance for stakeholders at large.

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