COMPANY LAW COMMITTEE
19, Sep 2019
Prelims level : Governance & Polity- Bills & Acts, Statutory & Regulatory Bodies Mains level : GS-II- Statutory, regulatory and Various Quasi-Judicial bodies.
Why in News?
- The government constituted the Company Law Committee for examining and making recommendations on various provisions and issues pertaining to the implementation of the Companies Act.
- The Committee will examine and make recommendations on various issues pertaining to the Companies Act, 2013 and the Limited Liability Partnership Act, 2008.
- The Committee will comprise of a chairperson and members.
- The Secretary of the Ministry of Corporate Affairs is the Chairman.
- The Committee will analyse the nature of offences (compoundable and non-compoundable) and submit its recommendation as to whether any of the offences could be re-categorized as ‘civil wrongs’ along with measures to optimize the compliance requirements under the Companies Act, 2013 and to provide further Ease of Doing Business.
- It will also study the feasibility of introducing settlement mechanism, deferred prosecution agreement, etc., within the ambit of the Companies Act, 2013.
- It will also examine the LLP Act and recommend measures to promote Ease of Doing Business.