Corporate law reform expands IFSC frameworks, decriminalises company defaults, and modernises governance, audit, valuation, and filing rules. Corporate laws amendment legislation proposes extensive changes to the Limited Liability Partnership Act, 2008 and the Companies Act, 2013. The bill introduces IFSC-related definitions and a framework for Specified IFSC LLPs, including foreign-currency accounting, naming, registered office, valuation, and conversion of specified trusts into LLPs. It also updates company law provisions on incorporation, meetings, disclosure, filings, buy-backs, auditor and director rules, CSR, NFRA, valuation, winding up, and producer companies, while replacing many criminal offences with penalty-based adjudication and appeal mechanisms.
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Corporate law reform expands IFSC frameworks, decriminalises company defaults, and modernises governance, audit, valuation, and filing rules.
Corporate laws amendment legislation proposes extensive changes to the Limited Liability Partnership Act, 2008 and the Companies Act, 2013. The bill introduces IFSC-related definitions and a framework for Specified IFSC LLPs, including foreign-currency accounting, naming, registered office, valuation, and conversion of specified trusts into LLPs. It also updates company law provisions on incorporation, meetings, disclosure, filings, buy-backs, auditor and director rules, CSR, NFRA, valuation, winding up, and producer companies, while replacing many criminal offences with penalty-based adjudication and appeal mechanisms.
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