Friday, March 29, 2024
News

Panel suggests provision for NCD issuance by LLPs

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Tuesday, 2021 6:15:06 AM IST
The Company Law Committee on Decriminalisation of the Limited Liability Partnership Act, 2008, has recommended the inclusion of a provision in the Act for issuance of non-convertible debentures (NCD) by LLPs.

Among other recommendations, the committee has suggested decriminalisation of 12 offences under the LLP Act and the introduction of a new concept of "Small LLP".

As per the committee's report, it has suggested that the 12 offences should be shifted to the 'In-house Adjudication Mechanism'. One offence has been recommended for omission.

Under Section 7 of the LLP Act, every limited liability partnership shall have at least two designated partners and at least one of them has to be a resident of India. For the purposes of this section, the term "resident in India" means a person who has stayed in India for a period of not less than 120 days during the immediately preceding one year, as per the current norm.

--IANS rrb/sn/arm

( 167 Words)

2021-01-19-00:24:06 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Availability and cost of capital most im...
Religare Enterprises Ltd. (REL), Sir Gan...
BD India Launches UltraTouch; a New Age ...
The Art of Living upgrades its Bengaluru...
Introduction of T+0 rolling settlement c...
EC-Council Renews USD 3.5 Million Cybers...
More...
 
INDIA WORLD ASIA
'Three parties have allied directly...':...
Eknath Shinde's Shiv Sena releases first...
Jailed gangster-turned-politician Mukhta...
Chennai: Three dead after false ceiling ...
Uttar Pradesh: Security tightened in Ali...
AAP workers protesting against Kejriwal'...
More...    
 
 Top Stories
Pakistan Tehreek-e-Insaf to hold ra... 
Miami Open: Bopanna-Ebden storms in... 
Anju Bobby questions IOA's decision... 
"Three parties have allied directly... 
8 people killed after pickup truck ... 
IPL 2024: Rishabh Pant feels 'disap... 
Eknath Shinde's Shiv Sena releases ... 
"Thought we could win series": Craw...