MCA

MCA has relaxed KYC norms for company directors, cutting the filing frequency to once every three years while mandating updates within 30 days of any change in personal details

The MCA has extended the annual filing deadline by a month to January 31, 2026, with no additional fee, after professionals flagged persistent glitches on the V3 portal

The Supreme Court, in one of its judgments, had said that a shortfall of members and the lack of requisite strength has led to tribunals only sitting for a few days of the week or a few hours in a day

FM asked the Corporate Affairs Ministry to modernise systems, enhance transparency and ensure time-bound services as she reviewed Regional Directorates and the Registrar of Companies

Despite the MCA extending its filing deadline to December 31, professionals say persistent glitches on the new version 3 portal continue to stall compliance work

The standing committee chaired by Bhartruhari Mahtab, Member of Parliament in its report tabled in the Lok Sabha during the monsoon session backed the need to have an ex-ante regulatory framework

The task force reviewing existing norms is expected to release draft proposal in September

Experts feel a clarity by the government on this matter would bring relief to bidders who were concerned about approaching CCI before the CoC approval

Authorities including NFRA and ICAI are examining Gensol's books and audit trail; SFIO probe likely if MCA finds sufficient evidence of fund diversion

"We are examining the order and seeing what learnings can be taken from there in terms of IBC regulations and processes," the government official said

The corporate affairs ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator Sebi's order against the company. Last week, Sebi barred the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. The order came amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct. When contacted, the Ministry of Corporate Affairs (MCA) told PTI that it is examining the Sebi order in light of the provisions of the Companies Act, 2013. "Necessary action would be taken accordingly," the ministry said.

"We are discussing whether an oversight committee is required. The discussions at this stage are being done internally at the Ministry of Corporate Affairs (MCA) level," the senior official said

MCA has proposed that unlisted cos which have reasonable debt exposure of less than Rs 50 cr and have not defaulted on repayment can go through the fast track mechanism under Sec 233 of Companies Act

"We are in the process of doing a stakeholder discussion. Currently, the talks are being held with other ministries. We will finalise our proposal thereafter," a MCA senior official said

The scheme would target providing 125,000 internship opportunities to youth aged 21 to 24 in FY 2024-25 with a budget of Rs 800 crore

The Ministry of Corporate Affairs would make the portal open for candidates to apply from October 12th to October 25th

The MCA has held industry consultations on the scheme before finalising the guidelines. The ministry will also put in place checks and balances in the scheme to ensure transparency

This will ensure greater transparency and discourage delayed payments to small enterprises

Earlier, once annual KYC was filed, mobile numbers and email IDs could not be updated till April the next year

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