Ministry Of Corporate Affairs

FM Nirmala Sitharaman to launch PM Internship Scheme app on Monday

The FM will also launch the first facilitation centre for the Internship Scheme being set up in Kolkata by the Ministry of Corporate Affairs in collaboration with the Confederation of Indian Industry

Examining probe report on SEMPL, Hero; no final conclusion yet: MCA

The Ministry of Corporate Affairs (MCA) on Monday said it is examining the probe report on the affairs of Salt Experiences and Management Pvt Ltd (SEMPL) and Hero MotoCorp Ltd, and that no final conclusion should be drawn at this stage. In June 2023, an investigation was ordered into the affairs of SEMPL and Hero MotoCorp for alleged irregularities and the investigation was carried out through the Office of Regional Director (Northern Region) under the ministry. Later, the report was submitted to the ministry. In a statement on Monday, the ministry said the investigation report into the affairs of the two companies is under examination and that "no final conclusion should be drawn in this matter at this stage". The statement came amid recent reports claiming that the ministry has found no breach of corporate governance or fund diversion in the investigation. The ministry had ordered the probe in public interest under Section 210(1)(c) read with Section 216 of the Companies Act, 201

Piyush Goyal asks industry players to be bold, focus on turning competitive

Union Commerce and Industries Minister Piyush Goyal on Thursday asked the industry players to be bold and focus their energies on turning competitive, rather than depending on the government for support. Speaking at an event organised by the IMC Chamber of Commerce here, Goyal asked till when will the industry depend on the "crutches" of subsidies, high import duties and other similar protectionist measures. "Till when can we look up to the government (for support)? Or, till when can we win on crutches of subsidies and support, incentives, high import duties, the protectionist mindset, and being very defensive in our engagement with the world?" "We as a nation will have to decide to get out of this protectionist mindset and weak-kneed thinking", Goyal said, wondering if Michael Porter's seminal work on competitive advantage is relevant only till industry leaders are in business schools. Competitiveness will come from the industry's ability to innovate, upgrading manufacturing ...

Govt expedites hiring to tackle 86% vacant director posts in central PSUs

Official data reveals that 648 of approximately 750 independent or non-official director roles on CPSE boards were unfilled by the end of December

Company law tribunal appoints 24 new members to tackle member shortages

The newly appointed members will serve for five years or until they reach the age of 65

Year in review: 5 important regulatory changes by Indian govt in 2024

Addressing diverse areas ranging from patent processes to frameworks for AI regulation, the Centre introduced several significant regulatory changes in 2024

LinkedIn appeals corporate ministry's order for SBO norms violation

A LinkedIn India spokesperson confirmed the development in response to an email query by Business Standard

MCA offers e-adjudication, e-consultation to boost stakeholder confidence

The Ministry of Corporate Affairs (MCA) has introduced e-adjudication and e-consultation platforms to streamline legal proceedings and foster a more business-friendly regulatory environment, a senior official said on Wednesday. Addressing the ASSOCHAM-ACCA Global Summit on Responsible Corporate Governance and Sustainability Reporting, Anita Shah Akella, CEO of the Investor Education and Protection Fund Authority (IEPFA) and Joint Secretary at MCA, highlighted the government's commitment to balancing corporate integrity with economic dynamism. The introduction of e-adjudication and e-consultation platforms aims to simplify legal procedures, improve stakeholders' experience, and bolster India's ranking in the ease of doing business. "We are moving more towards an ease of doing business era, and an ease of exit of business doing era," she said. The corporate affairs ministry has decriminalised various offences under the Companies Act, 2013, marking a significant shift towards a ...

PM Internship Scheme: Launch delayed; applicants awaiting revised timeline

The pilot project of the PM Internship Scheme received over 650,000 applications for 127,000 opportunities offered by 280 Indian companies participating in the scheme

Corporate exits now happening in 70-90 days under C-PACE, says govt in LS

The average time for processing such applications has reduced to 70-90 days from over six months earlier

Creditors recover Rs 3.55 trn through resolution of 1,068 cases till Sep

Creditors have recovered around Rs 3.55 lakh crore through resolution of 1,068 cases under the insolvency law till September this year, the government said on Monday. In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra also said that a total of 1,963 CIRP cases are ongoing and out of them, 1,388 have exceeded the time limit of 270 days. CIRP refers to Corporate Insolvency Resolution Process. The minister emphasised that realisation under the IBC is market driven and dependent on quality of assets at the time of resolution. "A total of 1,068 cases have been resolved under the Insolvency and Bankruptcy Code, 2016 (IBC) leading to a recovery of about Rs 3.55 lakh crore to the creditors since inception of IBC till September 2024," he said. So far, six amendments have been made to the IBC to strengthen the resolution process and to ensure proper implementation of provisions of the law. The Insolvency and Bankruptcy Board of India (IBBI) has made

Aligning with global audit norms key to Viksit Bharat vision: NFRA Chairman

Ajay Bhushan Pandey says the latest reforms proposed to India's audit standards are historic and long overdue

NFRA gets legal opinion on ICAI's powers to issue audit standards

'Only govt can take final call on audit standards'

Prime Minister internship scheme: Over 155,000 apply within a day

Shortlist of candidates identified by AI to be shared with firms on Oct 15

How MoSPI is tackling methodological concerns via GDP base year revision

MoSPI's move to revise the GDP base year aims to improve accuracy, address past controversies, and align with updated economic realities, while consulting experts on new datasets and methodologies

Reservations to apply in internship scheme; Rs 800 crore pilot launched

Aims to provide 125,000 internships in FY25

Working with MCA on Prime Minister's Internship Scheme portal: CII

The scheme, announced in the Budget 2024, aims to provide internship opportunities to 10 million youth in 500 top Corporate Social Responsibility (CSR) spend companies over the next five years

After Sebi, Parliament committee to conduct CCI's performance review

The Public Accounts Committee of Parliament, chaired by Congress leader KC Venugopal, has decided to assess the performance of regulatory bodies established by Acts of Parliament this financial year

AI likely to draw up initial list for internship scheme in October

A 'neutral panel' to select a pool of applicants after AI-based shortlisting

Internship Scheme: Govt to list out 500 companies based on CSR spend

Scheme portal to go live by Sep-end