Company wasted time and met group for specific business (9)
I believe the answer is:
committee
'group for specific business' is the definition.
'company wasted time and met' is the wordplay.
'company' becomes 'co' (abbreviation).
'wasted' is an anagram indicator.
'and' says to put letters next to each other (I've seen this in other clues).
'time' after 'met' is 'mettime'.
'mettime' anagrammed gives 'mmittee'.
'co'+'mmittee'='COMMITTEE'
(Other definitions for committee that I've seen before include "Convened group" , "Parliamentary group" , "governance team" , "Meeting group" , "Group delegated to consider matters" .)