Limited Liability Partnership (Amendment) Act, 2021 (BILL NO. XXXI OF 2021)
No: 31 Dated: Jul, 30 2021
LIMITED LIABILITY PARTNERSHIP ACT, 2008
Limited Liability Partnership (Amendment) Act, 2021
BILL NO. XXXI OF 2021
A Bill to amend the Limited Liability Partnership Act, 2008.
BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:—
1. Short title and commencement:-(1) This Act may be called the Limited Liability Partnership (Amendment) Act, 2021.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
2. Substitution of reference of certain expressions by certain other expressions:- Throughout the Limited Liability Partnership Act, 2008 (hereinafter referred to as the principal Act), for the words and figures “the Companies Act, 1956” wherever they occur, the words and figures “the Companies Act, 2013” shall be substituted.
3. Amendment of section 2:- In section 2 of the principal Act, in sub-section (1),—
(a) in clause (c), for the words, brackets, figures and letters “sub-section (1) of section 10FR”, the word and figures “section 410” shall be substituted;
(b) in clause (d), for the word and figure “section 3”, occurring at both the places, the words, brackets and figures “clause (20) of section 2” shall be substituted;
(c) in clause (e), for the words “and occupation”, the words “and occupation except any activity which the Central Government may, by notification, exclude” shall be substituted;
(d) after clause (i), the following clause shall be inserted, namely:—
‘(ia) “debenture” means a non-convertible debenture issued by a limited liability partnership evidencing a debt and constituting a charge on the assets of such limited liability partnership;’;
(e) after clause (r) , the following clause shall be inserted, namely:—
‘(ra) “Regional Director” means a person appointed as such by the Central Government for the purposes of this Act or the Companies Act, 2013, as the case may be;’;
(f) for clause (s), the following clause shall be substituted, namely:—
‘(s) “Registrar” means a person appointed by the Central Government as Registrar, an Additional Registrar, a Joint Registrar, a Deputy Registrar or an Assistant Registrar, for the purposes of this Act or the Companies Act, 2013, as the case may be;’;
(g) after clause (t), the following clause shall be inserted, namely:—
‘(ta) “small limited liability partnership” means a limited liability partnership—
(i) the contribution of which, does not exceed twenty-five lakh rupees or such higher amount, not exceeding five crore rupees, as may be prescribed; and
(ii) the turnover of which, as per the Statement of Accounts and Solvency for the immediately preceding financial year, does not exceed forty lakh rupees or such higher amount, not exceeding fifty crore rupees, as may be prescribed; or
(iii) which meets such other requirements as may be prescribed, and fulfils such terms and conditions as may be prescribed;’;
(h) in clause (u), for the words, figures and letters “sub-section (1) of section 10FB”, the word and figures “section 408” shall be substituted.