Sunday, August 14

Tag: industries

MCA Restricts Manufacturing Activities for Limited Liability Partnerships and Include Penalties
Corporate, News

MCA Restricts Manufacturing Activities for Limited Liability Partnerships and Include Penalties

Highlights MCA puts a hold on LLPs to be a part of manufacturing and allied operationsThe MCA clarification comes along with the Penalty of about INR 100 per dayThe Institute of Company Secretaries of India (ICSI) has differed from MCAs decision The Ministry of Corporate Affairs (MCA) recently elucidated that Limited Liability Partnerships cannot perform any sort of manufacturing  and allied operations. This has come as a surprise to some, while shock to many. The MCA clarification comes along with the Penalty of about INR 100 per day for procrastination in filing and various issues faced in dissolution. The government has received a number of representations over the past one year regarding the penalty issue from individuals who registered an LLP, but did not operate an...