Govt plans to decriminalise MSMEs’ minor defaults
2 weeks, 1 day ago

Govt plans to decriminalise MSMEs’ minor defaults

Live Mint  

The Union government is considering decriminalisation of minor defaults under the Micro, Small, and Medium Enterprises Development Act. Ahead of the Union budget; the Micro, Small & Medium Enterprises ministry, as part of the consultation process, has recommended that the law ministry decriminalise acts such as furnishing incorrect self-declaration memorandum, failure in disclosures, said two people in the know of the development. Apart from decriminalization of provisions, the issue of delayed payments also needs to be addressed," said Anil Bhardwaj, secretary general, Federation of Indian Micro, Small and Micro Enterprises. The federation has also suggested changes to the MSMED Act, including the opening of more Micro and Small Enterprises Facilitation Councils and the training of officers to reduce the probability of arbitral awards being challenged.

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History of this topic

Govt may extend legal cover to medium enterprises to help with payment delays from clients
1 month ago

Govt may extend legal cover to medium enterprises to help with payment delays from clients

Live Mint  

The government is likely to consider including medium enterprises for the protection granted under the MSME Development Act, 2006, to resolve payment disputes. The government is considering amendments to definitions in the MSMED Act, two people aware of the matter said, at a time when industry stakeholders have demanded the inclusion of medium enterprises in the definition of "supplier" in …

Tax treatment of delayed payments to micro, small businesses in for a tweak
5 months, 3 weeks ago

Tax treatment of delayed payments to micro, small businesses in for a tweak

Live Mint  

NEW DELHI : The government introduced a tax provision last year to prod large corporations into paying their micro and small enterprise vendors in time, only to hear concerns that it could backfire on the intended beneficiaries. Policymakers, however, became worried that while the provision was meant to encourage timely payments to small businesses, large companies could refuse to do …

A ‘Medium’ Enterprise Can Approach MSEF Council If It Was A ‘Micro Or Small’ Enterprise At The Relevant Time: Delhi High Court
1 year, 5 months ago

A ‘Medium’ Enterprise Can Approach MSEF Council If It Was A ‘Micro Or Small’ Enterprise At The Relevant Time: Delhi High Court

Live Law  

The Delhi High Court has Court held that the relevant date under the MSMED Act is the date of agreement and additionally the date on which the goods and services were supplied, therefore, a ‘medium’ enterprise can maintain a claim before MSEFC if it was a either a micro or a small enterprise at the relevant time. The MSEFC has …

Parliament Passes Bill To Decriminalize Minor Procedural Offences Under Companies Act 2013, To Enhance Ease Of Doing Business [Read Bill]
4 years, 3 months ago

Parliament Passes Bill To Decriminalize Minor Procedural Offences Under Companies Act 2013, To Enhance Ease Of Doing Business [Read Bill]

Live Law  

The Rajya Sabha on Tuesday passed the Companies Bill, 2020 to decriminalize minor procedural or technical lapses under the Companies Act, 2013, into civil wrong, with an aim to enhance the ease of doing business in India. As per the statement of Objectives annexed it, the Bill inter alia seeks to: decriminalise offences in case of defaults which can be …

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