Review of corporate offences to recommend reclassification, penalty mechanisms and an in house adjudicatory system minimizing discretion. Constitution of a Committee to review offences under the Companies Act, comprising official and non official members with power to invite experts and regulators; non official members eligible for travel allowances if not sponsored; Ministry to provide secretarial support. Terms of reference include reclassifying certain compoundable offences into civil penalty regimes for companies and officers in default, reviewing non compoundable offences for possible recategorization, improving the penalty levy mechanism, designing an MCA21 driven in house adjudicatory mechanism to minimize discretion, drafting proposed legal changes, and addressing related matters; recommendations due within thirty days of first meeting.
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Review of corporate offences to recommend reclassification, penalty mechanisms and an in house adjudicatory system minimizing discretion.
Constitution of a Committee to review offences under the Companies Act, comprising official and non official members with power to invite experts and regulators; non official members eligible for travel allowances if not sponsored; Ministry to provide secretarial support. Terms of reference include reclassifying certain compoundable offences into civil penalty regimes for companies and officers in default, reviewing non compoundable offences for possible recategorization, improving the penalty levy mechanism, designing an MCA21 driven in house adjudicatory mechanism to minimize discretion, drafting proposed legal changes, and addressing related matters; recommendations due within thirty days of first meeting.
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