Corporate Affairs Min may amend LLP Act to tighten noose on shell firms

The Ministry of Corporate Affairs (MCA) is planning to tighten the norms for companies seeking to convert into limited liability partnerships (LLPs). The move is meant to keep a check on shell companies.      For this purpose, the ministry is likely to amend the LLP Act. It will set up of a committee to recommend changes in the Act, said people in the know. Conversion of companies into LLPs picked up pace in the past three years because of easy rules, giving rise to an apprehension that these may be shell companies. The number of firms that got converted to LL.....
Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.