Decriminalisation of Compoundable - The Company Law Committee, constituted by the Ministry of Corporate Affairs (MCA) vide order dated 18.09.2019, has submitted the first phase report to the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 18th November, 2019, proposing amendments in the Companies Act, 2013 for further decriminalising the offences under the said Act and to facilitate ease of doing business and ease of living. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
The Company Law Committee was constituted for examining and making recommendations to the Government on various provisions and issues pertaining to the implementation of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008 and other related matters. The MCA has undertaken several reforms towards easing the business environment in the country by providing Ease of Doing Business to law-abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having an impact on the working of corporates in the country. The main recommendations of the Committee with regard to the decriminalization of compoundable offences are as under:-
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