INSUBCONTINENT EXCLUSIVE:
while briefing the media after the Cabinet meeting, said that the changes are being made in Companies Act, decriminalising many sections and
improving the 'Ease Of Doing Business' for companies."A similar treatment had to be given for LLPs," she said.Accordingly, a total of 12
offences are to be decriminalised for LLPs, and three sections will be omitted.These amendments, she said will bring the LLPs on an equal
footing, compared to large companies which come under the Companies Act.The definition of LLP is also being changed and accordingly
individual contribution level of partners is being raised from Rs 25 lakh to Rs 5 crore and turnover from Rs 40 lakh to Rs 50 crore, the
minister informed further.
