‘The Ministry of Corporate Affairs (MCA) extends Company Law Committee (CLC) by one more year (up to 16th September 2023).The tenure has already been extended twice in September 2020, and September 2021 which was originally constituted on sth September 2019.
The Government had set up the 11-member CLC for the tenure under the Chairmanship of the MCA.At present,11-member CLC is chaired by corporate affairs secretary Tarun Bajaj.

Key Highlights:

  • CLC recommends various changes which pertain to the issues of the implementation of the Companies Act, 2013 and the Limited Liability Partnership (LLP) Act 2008.
  • The National Company Law Tribunal (NCLT) will hear the cases related to the company.
  • The Companies Act, 2013 has 29 chapters divided into 470 sections in which different parties (related to the company) can attract penalties, fines, prison, or some serious actions, according to the offence made by an individual.
  • LLP Act 2008, benefits the limited partnership.

 

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