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Home / Corporate Law News / Government appointed Panel pitches for restructuring of offences under Companies Act

Government appointed Panel pitches for restructuring of offences under Companies Act

August 30, 2018:

De-registration of companies is sought in case of non-maintenance of registered office.

Companies Act, 2013
Companies Act, 2013

Today a Government-appointed panel has suggested restructuring of corporate offences under the companies law, 2013 and establishment of an in-house adjudication mechanism to ensure that courts get more time to deal with serious violations.

The high powered 10-member committee, which submitted its report to Corporate Affairs Minister Arun Jaitley, has made several recommendations as part of larger efforts to promote ease of doing business and better compliance levels in the Corporate sector.

The panel has demanded disqualification of directors in case they retain directorships beyond permissible limits and capping an independent director’s remuneration “in terms of percentage of income”.

Among other suggestions is de-registration of companies in case of non-maintenance of registered office.

It suggested to reduce the number of prosecutions filed in the special courts, which would, in turn, facilitate speedier disposal of serious offences and bring serious offenders to book.

Considering the potential misuse, the panel has suggested that the remaining 65 compoundable offences should continue to be under the jurisdiction of special courts.

To deal with the menace of shell companies, the panel has suggested re-introduction of declaration of commencement of business provision.

With respect to corporate governance, the committee has asked for greater disclosures regarding public deposits and reduced time limits for filing documents related to creation, modification and satisfaction of charges.

Among the panel members were banker Uday Kotak, former Lok Sabha Secretary General T K Vishwanathan and law firm Shardul Amarchand Mangaldas’ Executive Chairman Shardul S Shroff.

Source ET

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