Limited Liability Partnerships: MCA introduces framework for penalty adjudication

The Corporate Affairs Ministry (MCA) has come out with a detailed framework for adjudication of penalties under the Limited Liability Partnership Act (LLP Act). This specified framework would come into effect from April 1. it provides a window for registration of appeals and also prescribes a graded fee structure.

Against this backdrop, Abhishek Sanyal, Partner, Economic Laws Practice (ELP) has been quoted in BusinessLine in their article titled ‘Limited Liability Partnerships: MCA introduces a framework for penalty adjudication’. He says, “these changes operationalize the adjudication process and further cement the welcome move of decriminalization of offences under corporate legislation for non-material offences. This sends a positive signal to the start-up community and small business owners.”

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