SME Times is powered by   
Search News
Just in:   • Fresh prescription for a healthy economy  • Over 300 mn mobile phones to be sold in India in 2019: Study  • Ministry working on multiple fronts to push exports: Prabhu  • HC rejects plea challenging LIC acquiring 51 per cent stake in IDBI  • Afghanistan welcomes US exempting India from Iran sanctions over Chabahar 
Last updated: 16 Jul, 2018  

Arrest.9.Thmb.jpg Govt to review Companies Act, may decriminalise minor offences

Arrest.9.jpg
   Top Stories
» Ministry working on multiple fronts to push exports: Prabhu
» FDI increases to $60.97 bn in 2017-18: Minister
» 'India to address bilateral trade concerns of Turkey'
» Make in India has achieved a lot, claims govt
» Exporters jittery over RBI's reported move over remittances
SME Times News Bureau | 16 Jul, 2018

The Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine de-criminalisation of certain offences.

The MCA seeks to review offences under the Companies Act, 2013 as some of the offences may be required to be decriminalised and handled in an in-house mechanism, where a penalty could be levied in instances of default.

This would also allow the trial courts to pay more attention on offences of serious nature.Consequently, it has been decided that the existing compoundable offences in the Companies Act - 2013 viz. offences punishable with fine only or punishable with fine or imprisonment or both may be examined, an official release said on Sunday.

A decision may be taken as to whether any of such offences may be considered as civil wrongs or defaults' where a penalty by an adjudicating officer may be imposed in the first place and only consequent to further non-compliance of the order of such authority will it be categorised as an offence triable by a special court, it added.

It is also required to be seen as to whether any non-compoundable offences viz. offence punishable with imprisonment only, or punishable with imprisonment and also with fineunder the Companies Act, 2013 may be made compoundable. The Committee shall submit its report within thirty days to the Central Government for consideration of its recommendations.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 19 Dec, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(3)
» Honeywell Turbocharges The Honda Amaze(1)
» MSME credit: Liquidity crunch and delivery challenges (1)
» Rs 1 crore loan just in 59 minutes!(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter