Ministry Of Corporate Affairs

Union Finance Minister Nirmala Sitharaman, along with Union Minister of State for Corporate Affairs Harsh Malhotra, chaired the 'Chintan Shivir' of the Ministry of Finance and the Ministry of Corporate Affairs here on Saturday. According to an official statement, all Secretaries of the Ministry of Finance and the Ministry of Corporate Affairs, Chairmen of Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), and the Chief Economic Adviser to the Government of India were also present at the brainstorming session. Senior officers from the Ministry of Finance and the Ministry of Corporate Affairs, and associated departments also attended the event. In a session on "AI, Ease of Doing Business and Financing for Viksit Bharat", the discussions focused on strengthening institutional capacity and policymaking through the use of artificial intelligence, technology-enabled systems, and process reforms to improve Ease of Doing Business. "Deliberations .

SC criticised Sebi, the CBI and the MCA for inconsistent and passive handling of allegations against IHFL, now Sammaan Capital, and directed coordinated action and fresh affidavits in the case

MCA finalises cabinet note; Bill to streamline rules, permit multi-disciplinary firms and widen NFRA's powers

Currently, the NFRA executive body is entitled to discharge all functions and duties assigned to the authority as a whole

This comes as MCA is placing first batch of interns as it races for full roll out

The ministry has asked LTI Mindtree, the service provider for the portal, to look into the volumes coming on to the portal and whether it needs ramping up of server capacities

The launch of the full fledged scheme would be based on the feedback received from the stakeholder consultations and evaluation of outcomes during the implementation of the Pilot Project

MCA seeks views on regulatory reforms to build Indian multidisciplinary firms and reduce dependence on global Big Four networks

MCA has widened the scope of fast-track mergers to include certain holding-subsidiary companies and unlisted firms with loans under Rs 200 crore and no defaults

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

"We are looking at it very seriously and taking inputs from the MSME ministry as well," a government source said

Ministry to invite proposals for a market study on ex ante digital regulations amid stakeholder concerns and inter-ministerial review

The new National Cooperative Policy aims to increase membership to 500 mn, enhance sector contribution to India's GDP, and ensure democratic control of cooperatives

The government may undertake a market study to establish a solid foundation for ex-ante regulations under draft Digital Competition Bill, said Harsh Malhotra, Minister of State for Corporate Affairs

Launched in January with 38 e-Forms, the MCA Version 3 portal is now seeing fewer login and filing issues, with ICAI support and gradual improvement in data retrieval

The corporate affairs ministry aims to complete the probe into crisis-hit Gensol Engineering Ltd and around 18 other related companies in the next three to five months, a senior official said on Tuesday. Separately, the National Financial Reporting Authority (NFRA) is conducting a preliminary enquiry into Gensol Engineering following a reference from the markets regulator Sebi, NFRA chief Ravneet Kaur said. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with Sebi, in April, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. The senior official said that the probe seeks to find everything when things are hot and the aim is to complete the probe into Gensol and around 18 other related companies in the next three to five months. The ministry is implementing the Companies Act, 2013, under which it has various powers to deal with instances of corporate ..

The corporate affairs ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials. Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after Sebi, in April, passed an order barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013. Under Section 210, the ministry has powers to order a probe into the affairs of a company on various grounds, including in public interest. Earlier, the ministry had said it would take necessary action in the matter after examining the Sebi order. The order by the Securities and Exchange Board o

"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 is set to strike off the names of more than 3,300 companies from the official records after receiving applications for removal of their names. Registrar of Companies (RoC) from various states and Union Territories issued public notices regarding striking off the names of these companies in April in accordance with the provisions of the Companies Act, as per the latest data available with the ministry. More than 3,300 companies across states and Union Territories are set to be struck off from the official records, the data showed. Out of the total, there are over 700 such companies in Maharashtra, nearly 500 in Delhi, more than 350 in Karnataka, over 200 each in Gujarat, Uttar Pradesh and West Bengal, among other places. RoCs had received applications from the companies under Section 248(2) of the Companies Act on certain grounds, including that they failed to commence business within one year of their incorporation or that they are not carrying on any

Sebi highlighted that dematerialisation eliminates inefficiencies and risks associated with physical share certificates, such as loss, theft, forgery, and delays in transfer and settlement