It had been observed that a prosecutions launched against the companies and its Directors under various Sections of the Companies Act, were not getting concluded expeditiously. It was also observed that the Companies Act provides for prosecution for a number of offences committed by the companies. In order to review the whole scheme and systems of prosecution, the Ministry had constituted a Committee under the Chairmanship of Shri O.P. Vaish. The Committee after examining all the aspects of the prosecution mechanism under the Companies Act has submitted its final report.
Vaish Committee Report
Report of Expert Group - October 2005 on Streamlining prosecution mechanism under The Companies Act,1956.