The government on Wednesday cleared amendments to the Limited Liability Partnership (LLP) Act, with an aim to decriminalise various provisions under the law and foster the ease of doing business in the country.
Changes include removing criminal action for failure to comply with provisions of the Act will help about 2.30 lakh such firms in the country.
With the approval, the total number of penal provisions in the Act will be reduced to 22, the number of compoundable offences will be only seven, the number of non-compoundable offences will be only three, and the number of defaults will be only 12, among others, Finance Minister Nirmala Sitharaman said after the Cabinet meeting.
Published 28 July 2021, 12:09 IST