Injeti Srinivas Committee constituted by Central Government to review Companies Act 2013

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. offences punishable with fine only or punishable with fine or imprisonment or both. It is also required to be seen as to whether any non-compoundable offences punishable with imprisonment only, or punishable with imprisonment and also with fine under the Companies Act, 2013 may be made compoundable. The Committee shall submit its report within 30 days to the Central Government for consideration of its recommendations.