Applicability of Section 460 of Companies Act to LLP under Section 67 of LLP Act

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Applicability of Section 460 of the Companies Act to LLP under Section 67 of LLP Act

Government directs that provisions of section 460 of the Companies Act, 2013 hall apply to a limited liability partnership from the date of publication of this notification in the Official Gazette

Section 67 of the Limited Liability Partnership Act, 2008 states-

       (1) The Central Government may, by notification in the Official Gazette, direct that any            of the provisions of the Companies Act, 1956 (1 of 1956) specified in the notification-
a) shall apply to any limited liability partnership; or

b) shall apply to any limited liability partnership with such exception, modification, and adaptation, as may be specified, in the notification
(2) A copy of every notification proposed to be issued under sub-section (1) shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions.
As we are aware that LLP Act requires LLPs to file Annual Documents on MCA Portal and other event-based intimations to ROC within the prescribe time limit. These documents may include:
  • For the purposes of subsection (3) of section 34 every LLP shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of 30 days from the end of 6 months of the financial year to which the Statement of Account and Solvency relates.
  • Every LLP shall file an annual return with the ROC within 60 days of closure of its financial year in FORM-11 and accompanied by such fees as may be prescribed

So, Section 460 deals with Condonation of delay in certain cases-

Notwithstanding anything contained in this Act—

a) where any application required to be made to the Central Government under any provision of this Act in respect of any matter is not made within the time specified.

b) where any document required to be filed with the Registrar under any provision of this Act is not filed within the time specified therein, the Central Government may, for reasons to be recorded in writing, condone the delay.

Procrastination in filing eForms will surely be a thief of time and money. Therefore, the LLPs will now have to take to strive for timely filing else the same would not only invite additional fees but also condonation of delay.

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