Companies Act

MCA proposes wider scope for fast track M&As under present rules

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

CCI to investigate Tasmac for 'abuse' of dominant market position

Fair trade regulator CCI has ordered an investigation against state-owned liquor retailer Tamil Nadu State Marketing Corporation Ltd (TASMAC) over allegations that it is restricting competition in the state's beer market by favouring select brands. TASMAC is a Tamil Nadu government's wholly-owned company registered under the Companies Act. In an order passed on Tuesday, the Competition Commission of India (CCI) directed the Director General (DG) to complete and submit the investigation report within 60 days. The order came after an individual filed a complaint alleging that TASMAC has been purchasing and selling only a few beer brands, while limiting access to other brands in the market and discouraging competition in business. The complainant argued that this practice violates Section 4 of the Competition Act, 2002, which prohibits abuse of dominant position. According to the complainant, TASMAC, which has exclusive rights to sell alcoholic beverages in Tamil Nadu through its ...

Central processing centre sees better results on forms shifted from RoC

The Ministry of Corporate Affairs plans to shift an additional 14 such forms from the Registrar of Companies (RoC) offices to the CPC by the end of this financial year, sources informed

Orient Green Power eyeing to raise authorised share capital to Rs 2,500 cr

Orient Green Power will seek shareholders' approval to raise its authorised share capital to Rs 2,500 crore from the existing Rs 1,600 crore in its annual general meeting later this month. The proposal to raise the authorised share capital is listed on the agenda of the annual general meeting scheduled on June 28, 2024, the notice of the AGM stated on Thursday. The notice informed that to undertake a capital raising activity in the future and for other business requirements that arise from time to time, it is proposed to increase the authorised share capital from Rs 1,600 crore to Rs 2,500 crore. The increase in authorised share capital of the company and alteration of Clause V of the Memorandum of Association are subject to the approval of members of the company by way of passing an ordinary resolution in terms of Sections 13, 61 and 64 and other applicable provisions of the Companies Act, 2013, as well as any other applicable statutory and regulatory approvals, it added. The comp

Beneficial ownership norms in focus as MNCs face greater scrutiny

Experts said that the SBO provisions are facing compliance issues since their introduction on account of interpretational issues

Companies finding innovative ways to rotate independent directors

Rotation within group firms, replacing father with sons, and roping in ex-staffers among innovative ways used by companies to replace independent directors (IDs)

MCA issues fresh notice to fintech BharatPe as part of ongoing inquiry

BharatPe claimed that the notice pertained to an inquiry initiated in 2022, requesting additional information on its operations and actions taken against co-founder Ashneer Grover

Key shareholders of Byju's call for EGM, want CEO Raveendran to quit

The current board of Byju's parent Think and Learn mainly consists of Raveendran, his wife and Byju's co-founder Divya Gokulnath, and his brother Riju Ravindran

Auditors must do basic groundwork, not rely too much on AI: NFRA Chairman

If one reads the Companies Act, Code of Ethics, and Standards of Audit and Quality Control in a harmonious manner, then one would not have any confusion about definition of non-audit services, he said

Govt allows direct listing at IFSC to enable local cos raise global capital

The move will enable startups and other domestic companies to access the global market and raise capital in foreign currency through GIFT IFSC

MCA enforces provision for foreign listing of Indian public companies

A public company, according to the Companies Act, is a company which, unlike a private company, does not restrict the transfer of shares

MCA in talks with market regulator Sebi to allow issue of fractional shares

The senior official said that Sebi has views on this issue since it impacts the listed companies and will soon be making a presentation to MCA on the matter

Over 96,000 companies voluntarily wound up operations in last five years

From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act

Workers' dues to not get priority in case of IBC liquidation: SC

Justice M R Shah and Justice Sanjiv Khanna dismissed a batch of petitions challenging the constitutionality of Section 327(7) of the Companies Act, 2013

India Inc registers surge in independent directors quitting their jobs

IDs are responsible for both legal and regulatory obligations. They can raise red flags and register their disagreement on board matters

Budget session: Govt likely to propose amendments to competition law

The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament, according to a senior official. Besides, discussions are going on with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013. The official also said that the corporate affairs ministry is examining a Parliamentary panel's suggestions on having a new digital competition law. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year. A bill to amend the competition law was introduced in Parliament on August 5 last year and was later referred to the Parliamentary Standing Committee on Finance. The panel tabled its report on December 13 last year and the ministry will now be coming up with an amendment bill after taking into consideration various recommendations of the ...

Zomato co-founder, chief technology officer Gunjan Patidar resigns

His exit is the latest in a string of high-profile resignations in recent times

Those selling products at market rate can't claim charitable status: ITAT

Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit

The opaque world of climate reporting

Investors, lenders, and stakeholders need a basis to accurately assess the impact of climate change on company operations. Sebi's climate change-reporting framework is well-intended but not adequate

Glitches in MCA portal: CAs, CS seek extension in annual filing deadline

They were protesting against glitches in the MCA portal