Union Ministry of Corporate Affairs today said it will organise a Lok Adalat for companies for the first time on June 11, with an intention of minimising litigation and avoid unnecessary prosecution against defaulting companies.

“The Ministry of Corporate Affairs has decided to organise Lok Adalat for companies for settlement of compoundable offences for the first time ever. The first such Lok Adalat is going to be held in Chandigarh,” Registrar of Companies (Punjab, Himachal Pradesh and Chandigarh) Raj Singh said here.

“Lok Adalat will provide an opportunity to defaulting companies to settle their compoundable offences in one day,” he added.

He stated that the Ministry was not interested in pursuing the litigation in cases where the compliance by defaulting companies have been made after filling of prosecution and where companies have expressed interest to make the default good.

More Under Company Law

Posted Under

Category : Company Law (3486)
Type : News (12751)
Tags : MCA (184)

Leave a Reply

Your email address will not be published. Required fields are marked *