The Ministry of Corporate Affairs ( MCA ) has released the report of the Committee to review the offences under the Companies Act, 2013.
The report presented a detailed reasoning along with the recommendations of the Committee on the need to review the existing regulatory mechanism in order to foster a better corporate compliance environment.
The main recommendations of the Committee are Restructuring of Corporate Offences to relieve Special Courts from adjudicating routine offences, De-clogging the NCLT and the recommendations related to the corporate compliance and corporate governance.
The Committee, in public interest, examined certain other provisions of the Companies Act, 2013 which have a large bearing on strengthening corporate governance standards as well as transparency and probity of the corporates in the country. However, in respect of offences having serious implications, no change has been suggested.
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