According to a latest update from the Ministry of Corporate Affairs, in line with the Government's objective of promoting Ease of Living in the country by providing Ease of Doing Business to law abiding corporates, it has been decided to constitute a Company Law Committee for examining and making recommendations to the Government on various provisions and issues pertaining to implementation of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008.
The terms of reference of the Committee include analyzing the nature of the 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 concomitant measures to provide further Ease of Doing Business.
It is also set to examine the feasibility of introducing settlement mechanism, deferred prosecution agreement, etc., within the fold of the Companies Act, 2013 and study the existing framework under the Limited Liability Partnership Act, 2008 and suggest measures to plug the gaps, if any, while at the same time enhancing the Ease of Doing Business. The committee is supposed to propose measures to further de-clog and improve the functioning of the NCLT and also for removing any bottlenecks in the overall functioning of the statutory bodies like SFIO, IEPFA, NFRA, etc.
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