Page 11 - Ministry Of Corporate Affairs

Living proof of face recognition

Millions of mobile users already deploy face recognition to unlock their phones. The use of face recognition for digital life certificates is a smart way to offer convenience to pensioners

No extension in AGM deadline beyond June 30, 2022 for companies: MCA

MCA has said that its circular should not be construed as conferring any extension of time for holding annual general meetings by the companies under the Companies Act, 2013.

Over 396,000 cos removed from official records for non-compliance in 5 yrs

More than 3.96 lakh companies were removed from official records in the last five financial years after following the due process under the companies law, according to official data. The corporate affairs ministry, which is implementing the Companies Act, 2013, struck off 12,892 companies from the official records in the last fiscal, while the number stood at 2,933 in 2019-20. Figures provided by Minister of State for Corporate Affairs Rao Inderjit Singh to the Rajya Sabha in a written reply on Tuesday showed that a total of 3,96,585 companies were removed from the Register of Companies in the last five financial years. In 2016-17, a total of 7,943 companies were removed from the register, while the count was at 2,34,371 in 2017-18 and 1,38,446 in 2018-19. To a query on whether many companies were struck off on account of lack of compliance, the minister replied in the affirmative. Pursuant to provisions of Section 248 (1) of the Companies Act, the name of a company can be removed

Corporate affairs ministry to test new MCA21 portal's Version 3 soon

The main purpose of the portal is to facilitate seamless integration and data exchange among regulators.

Govt extends tenure of Company Law Committee by one year till Sept 2022

The government has extended by one year the tenure of the Company Law Committee, which was constituted back in 2019

Corp affairs ministry grants companies two months extension to hold AGMs

According to Company Law, not more than 15 months should pass between the dates of two consecutive annual general meetings

MCA, Finance Ministry hammer out key changes to IBC at review meet

The IBBI has said that the CoC functions in an unregulated environment

NFRA to hold talks with Corp Affairs Ministry about raising no. of members

Seeks to increase strength from 12 to 15-18 in order to build its regulatory capacity

MCA is working to issue code of conduct for creditors under IBC: Verma

This comes a month after a Parliamentary panel flagged the "disproportionately large and unsustainable 'haircuts' taken by the financial creditors over the years"

CSR spending not source of financing resource gaps in govt schemes: MCA

Corporate Social Responsibility spending under the companies law should not be interpreted as a source of financing the resource gaps in government schemes, the Ministry of Corporate Affairs has said as it issued a detailed set of FAQs for the effective implementation of CSR norms. Activities undertaken by companies as part of the normal course of business is not considered CSR work. However, the ministry has provided an exemption for companies engaged in R&D activities for new vaccines, drugs and medical devices in their normal course of business with respect to COVID. The exemption would be in place for three financial years till FY 2022-23, as per the FAQs (Frequently Asked Questions) dated August 25. "This exclusion is allowed only in case the companies are engaged in R&D in collaboration with organisations as mentioned in item (ix) of Schedule VII and disclose the same in their board reports," the ministry said. The organisations are specified under item ix of Schedule ...

Check Nidhi firms' antecedents before investing money, says govt

At least 348 entities have failed to meet the criteria to be declared as Nidhi companies

Govt says 16,527 companies struck off during April 2020-June 2021 period

The Minister of State for Corporate Affairs said that terms such as 'shut down' or 'closed unit' or 'corporate unit' are not defined under the Act.

India inspects Carlsberg accounts for alleged impropriety: Report

The Registrar of Companies has issued a notice to Carlsberg India seeking its response and is preparing to summon the board of directors soon

MCA expands small firm definition, raises turnover and borrowing limits

This would enable a wider set of companies to avail of greater flexibility in the accounting standards, according to a notification issued on Wednesday

MCA amends provisions of SBO's share transfer to investor awareness fund

An SBO is a person holding a beneficial interest of at least 10 per cent whether acting alone, together or through one or more individuals or trust, in a company

CCI approves sale of YES Bank's MF subsidiaries to GPL Finance

Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.

Companies can create Covid-19 health infrastructure as CSR activity

Firms can work on Covid-19 healthcare either themselves or in collaboration with others.

Corporate affairs ministry facilitates tracking down of payments to MSMEs

From the next month, companies are required to disclose trade payables according to their ageing - less than one year, 1-2 years, 2-3 years, and more than three years - in their financial statements

Govt mandates companies to disclose investments in cryptocurrencies

Govt asks companies to also reveal CSR spend, benami property transactions from FY22

Govt to announce forensic auditing norms, bring clarity in fraud detection

Standards used now are not clear, resulting in hundreds of cases across India courts filed by borrowers, companies and individuals