Special lecture on “LLP: An Emerging Concept in India” by Prof J.P Sharma, Director IMSGhaziabad , September 23. 2016
Under the auspices of “Special Seminar Series”, a Special Lecture was delivered by Prof. J.P.Sharma, Director,IMS Ghaziabad, on “ LLP: An Emerging Concept in India”, on September 23, 2016. Prof. Sharma Sir is quite instrumental in initiating “Special Seminar Series”, keeping in mind the creation of ambience of “Knowledge Dissemination “among IMSians.
In his opening remarks, Prof. Sharma reminded that ‘Commendas & Societas’ were prevalent in 11th century. He traced its origin to Italy where it prevailed as ‘Medieval Business Model’. While deliberating on “Historical aspects”, Prof. Sharma told that such ideas also spread to other parts of the world like France, Germany, China, Japan, USA, etc. The UK had pursued three forms of Partnerships governed by Partnership Act, 1890; The Limited Partnership Act 1907 and LLP Act 2000.
While elaborating further, Prof. Sharma chronicled the developments of limited liability partnerships in India. The first development occurred in 1957, where a proposal by ‘Iron & Steel Chamber’ was proposed to the 7th law Commission on Partnership Act 1932, which was rejected. Later on, in 1997, Abid Hussain Committee recommended it. LLP was so popular in USA, that every state developed its own form of LLP. It had its impact on India too. Subsequently, Naresh Chandra Committee (I) and Naresh Chandra Committee (II) strongly recommended in year 2002 and 2003. India saw further developments, when J.J.Irani Committee, in 2005, recommended for a separate law to include the small enterprises with the scope of LLP.
The first LLP was formed in India on April 1, 2009. He further talked about its relevance: ie ‘Hybrid Model’ and benefits associated with it as compared to a company. He also elaborated various other aspects related to LLP: its status, partners, name, Limited Liability, Incorporation Documentation, Form of contribution, Annual Accounts & Annual Returns, Audit, and Miscellaneous provisions under which electronic filing, winding up & dissolution of LLP, FDP in LLPs, Foreign LLPs were covered.
Such a pithy “Seminal Lecture”, delivered by Prof. J.P.Sharma Sir, was indeed based on ‘facts and quality research’ inputs and it left an everlasting imprint on the minds of the audiences. In the presence of PGDM Chairperson- Dr.Tapan Kumar Nayak and distinguished faculty members, Chairperson for “Special Seminar”- Dr.S.K.Dube expressed vote of thanks to the Director, Prof. J.P.Sharma Sir, for his ‘insightful lecture’ and keeping the flame of “Knowledge sharing” alive in IMS.