Current Affairs - Miscellaneous - Discussion

The Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee, headed by the Injeti Srinivas (Secretary of Ministry of Corporate Affairs), for review of the penal provisions in the Companies Act, 2013. The basic aim of the committee is to examine de-criminalisation of certain offences and to suggest ways to replace it with in-house mechanism, where a penalty could be levied in instances of default. The committee will examine the existing compoundable offences in the Companies Act - 2013 viz. The Committee shall submit its report within 30 days to the Central Government for consideration of its recommendations.