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Proceedings initiated against Byju's under companies law still ongoing: MCA

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 & ...

Consultations underway at MCA for expansion of audit firms in India

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

Raft of exemptions for government companies covers Sebi, MCA, CCI

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

MCA revises thresholds for mergers and amalgamation under Competition Act

Merger transactions with acquisition targets having assets under Rs 450 cr or turnover below Rs 1,250 cr are exempt from CCI approval

Initial penalties on cos won't be on global turnover: CCI's new guidelines

The penalty for anti-competitive practices will not initially be imposed on global and total turnover but adjusted over the penalty calculated on the relevant turnover of the company

Edtech major Byju's, investors slug it out in NCLT over rights issue

NCLT has directed the parties to file written submissions of their contentions in three days. It has also issued notice to Ministry of Corporate Affairs (MCA) and Registrar of Companies (ROC)

MCA probing some loan apps over allegations of violating Company Law

Many gullible borrowers are often defrauded of their money by fraudulent loan apps

MCA calls for speeding up edtech company Byju's inspection report

The edtech company's financial disclosures had also come under the Institute of Chartered Accountants of India's (ICAI's) scanner because of a 22-month delay in submission of financial reports

MCA, Meta to curb AI-generated misinformation with WhatsApp helpline

The Misinformation Combat Alliance (MCA) and Meta have announced that a dedicated fact-checking helpline on WhatsApp - aimed at combating deepfakes and deceptive AI-generated content - will be available for the public in March 2024. The pledge to crack down on deepfakes comes at a time when the world's largest democracy is preparing for general elections. The Lok Sabha elections are due in April-May this year. "The Misinformation Combat Alliance (MCA) and Meta are working on launching a dedicated fact-checking helpline on WhatsApp in an effort to combat media generated using artificial intelligence (AI) which may deceive people on matters of public importance, commonly known as deepfakes, and help people connect with verified and credible information," according to a release. The helpline will be available for the public to use in March 2024, it added. MCA is a cross-industry alliance bringing companies, organisations, institutions, industry associations and entities together to ..

Indian startup ecosystem welcomes MCA's performance review of CCI

The Finance and Corporate Affairs Minister, Nirmala Sitharaman, is likely to convene a meeting in this regard this month

MCA launches framework for self-governing standards on fact-checking

A framework for trusted fact-checkers in India has been under discussion for over 10 months

Byju's core business sees 2.3x revenue growth, Rs 2,253 cr net loss in FY22

The financials revealed by Byju's are based on an 'unqualified FY22 audit'; it will file the financials with MCA in the next few weeks, according to the sources

Corporate exits under C-PACE now in 100 days instead of 180 days: MCA secy

In her Budget speech last year, Finance Minister Nirmala Sitharaman had introduced the inception of C-PACE for the 2022-23 fiscal year

DGCA fills 27% of newly created positions amid expansion of airlines: MoCA

The expansion comes in response to the rapidly growing fleets of airlines such as IndiGo and Air India

Regional rural banks merger unlikely to happen in current financial year

The exemption dispensation from prior scrutiny and approval of CCI would be available for five years, the Corporate Affairs Ministry (MCA) said

Corporate Affairs ministry examines Sebi's allegations against Zee Ent

However, the MCA has not issued an inspection order, the report added

MCA considering easing moratorium rules in IBC for certain sectors

Section 14 of the IBC declares a moratorium on proceedings, transfer or disposal of any of the assets of the company from the date of commencement of its insolvency

Corp affairs sec to hold stakeholders' consultations on MCA21 portal issues

The Ministry of Corporate Affairs will hold consultations with stakeholders on issues related to MCA21 portal in Chennai and Hyderabad next week. The move comes amid stakeholders facing various issues with respect to the portal, which is the key platform for submitting statutory filings under the companies law. In a series of tweets on Sunday, the ministry said the secretary will hold consultations with stakeholders in Chennai on June 20 and in Hyderabad on June 21. "Secretary @MCA21India will hold stakeholders' consultations, along with the team of @LTIMindtreeOFCL @theicai and @icsi_cs at Chennai on 20th June and at Hyderabad on 21st June on the issues relating to the MCA-21 Version-3 Portal. @nsitharamanoffc," it said in a tweet. Manoj Govil is the corporate affairs secretary. Filings under the companies law and the limited liability partnership law are submitted to the ministry through the MCA21 portal.

Right to Repair: how to access it, what it covers, and consumer benefits

Everything you need to know about the MCA's new portal Right to Repair and how it can increase the shelf life of your electronic devices

MCA portal sees 20 times increase in number of authenticated users

A key feature of the portal is to identify the transactions by linking each user ID with PAN number