Article published by the Times of India e-paper, dated 15.11.2019, Mumbai Edition.
Dear all,
Your association SIMA is forwarding herewith an article published by the Times of India e-paper, dated 15.11.2019.
Govt plans to lower fines on cos to boost compliance: TOI, dated 15.11.2019.
(Penalties For Small Cos, Startups May Be Half Of Larger Cos)
As per the article, As part of its efforts to improve compliance, the government is set to lower penalties under the Companies Act while offering concessions to startups, smaller entities and farmer producer companies.
A company law panel is expected to recommend lower penalties — half of that levied on larger companies — for startups, smaller entities, single-person companies and farmer producer organizations. The move will come as a big relief not just for India Inc but for other entities, which together make up for a majority of the companies registered in the country.
There will be a respite for loss-making companies, including relaxation in compensation and other steps to enable these entities to hire non-executive or independent directors. This move will also benefit startups as several of them are loss-making and often find it tough to comply with some of the provisions of the Companies Act.
To read the full article PLEASE CLICK HERE.
This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
