REPORT OF THE COMPANY LAW COMMITTEE ON DECRIMINALIZATION OF THE LIMITED LIABILITY PARTNERSHIP ACT, 2008

  • We have the privilege and honour to present the report of the Company Law
    Committee set up on 18th September, 2019, to make recommendations to the
    Government inter alia on further decriminalization of certain “compoundable
    offences”, consequential amendments and certain other changes in the LLP Act,
    2008 to facilitate and promote ease of doing business and ease of living.
  • The Committee had the privilege of participation of various representatives in
    respect of decriminalization. During course of deliberations, it was endeavored
    to arrive at a meaningful understanding of the nature and gravity of the offences.
    In respect of offences involving frauds, deceit, injury to public interest and
    wrongful dealings, status quo has been retained. A principle-based approach was
    followed by the Committee while making recommendations for amendments in
    the LLP Act.
  • Through this Report the Committee has recommended to decriminalize twelve
    compoundable offences and omission of one penal provision in the Act. No
    change has been suggested in the serious non-compoundable offences provided
    under the LLP Act. The Committee also took note of certain issues which
    required urgent action to facilitate greater ease of doing business and thereby
    greater ease of living for corporates and stakeholders in the country. These were
    also examined and suitable recommendations have been included in this Report.

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