Recategorise 23 more offences under cos law: Panel report

Recategorise 23 more offences under cos law: Panel report

The committee has suggested amendments to 46 penal provisions, "so as to either remove criminality, or to restrict the punishment to only fine

AgenciesUpdated: Tuesday, November 19, 2019, 08:47 AM IST
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New Delhi: A government-appointed high level panel has proposed recategorisation of 23 more offences under the companies law.

The committee has suggested amendments to 46 penal provisions, "so as to either remove criminality, or to restrict the punishment to only fine, or to allow rectification of defaults through alternative methods", an official release said on Monday.

The proposals are aimed at further de-clogging of the criminal justice system in the country, it added.

As per the committee's report submitted to Corporate Affairs Minister Nirmala Sitharaman, 23 out of the 66 remaining compoundable offences under the Companies Act could be recategorised.

Such offences could then be dealt with in-house adjudication framework wherein these defaults would be subject to a penalty levied by an adjudicating officer.

"Omitting, altogether, 7 compoundable offences; limiting punishment for 11 compoundable offences to only fine by removing provision for imprisonment and recommending that 5 offences be dealt under alternative frameworks," the release said citing the report.

The Company Law Committee is headed by Corporate Affairs Secretary Injeti Srinivas.

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