MCA

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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The Ministry of Corporate Affairs on Wednesday said proceedings initiated against edtech player BYJU'S under the companies law are "still ongoing" and a final conclusion cannot be drawn in the matter at this stage. Last year, the ministry ordered the inspection of the books of BYJU'S in the wake of various developments at the edtech company, including its inability to finalise the statements and the resignation of an auditor. In a statement on Wednesday, the Ministry of Corporate Affairs (MCA) said reports claiming that BYJU'S has been cleared of financial fraud in an ongoing investigation by it are "factually incorrect and misleading". "The proceedings initiated by MCA under the Companies Act, 2013, are still on going and no final conclusion should be drawn in this matter at this stage," it added. In July 2023, MCA asked the office of the Regional Director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru. Think & ...

These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry

The rules surrounding MPS requirements have differed for PSUs compared to their private sector counterparts