Page 2 - Ministry Of Corporate Affairs

Corp affairs ministry orders probe against Gensol Engineering, BluSmart

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

BPSL liquidation: MCA, IBBI study SC order to assess IBC implications

"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

Corporate affairs ministry to remove 3,300 firms from official records

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 proposes mandatory demat before IPO filings to plug regulatory gaps

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

Sebi may extend relief to NCDs from sending physical financial statements

Markets regulator Sebi on Monday proposed limited relaxation to issuers of listed non-convertible debt securities from the requirement to send hard copies of key financial documents to investors. In its consultation paper, the regulator has proposed extending an exemption pertaining to Regulation 58(1)(b), which mandates sending hard copies of financial statements and related documents to holders of non-convertible securities who have not registered their email addresses. The move is in line with the Ministry of Corporate Affairs' (MCA) decision to extend similar relaxations until September 30, 2025. Based on the MCA's extension and stakeholder requests, Sebi proposed "no penal" action for entities having listed non-convertible securities for not sending physical copies of financial statements, including the board's report, the auditor's report and other documents. Sebi said that entities having listed non-convertible securities and have not sent hard copy of statement to those ...

MCA considering an oversight body for lender committee functioning

"We are discussing whether an oversight committee is required. The discussions at this stage are being done internally at the Ministry of Corporate Affairs (MCA) level," the senior official said

Speeding up fast-track mergers: Govt proposes wider scope, action awaited

Company Law experts said listed companies were unable to take the benefit of the fast-track mechanism for mergers with a wholly owned subsidiary since approval of all shareholders was required

Govt may launch full-fledged version of PM Internship Scheme by Sept 2025

The pilot of the scheme was launched on October 3, 2024. The MCA will have to get the Cabinet's approval for the launch of the full scheme

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

Corporate affairs ministry proposes changes to fast-track mergers

The Union corporate affairs ministry has proposed amendments to rules in relation to fast-track mergers as part of larger efforts to improve the ease of doing business. Section 233 of the Companies Act, 2013, provides for mergers or amalgamation of certain companies (fast-track mergers) through approval of the central government. The ministry has delegated the powers to regional directors in this regard. The ministry has sought public comments till May 5 on the proposed amendments in the rules to widen the scope of fast-track mergers under the Act, according to a release on Saturday. In her Union Budget speech on February 1, Finance Minister Nirmala Sitharaman had said the government would rationalise the requirements and procedures for speedy approval for mergers of companies and the scope for fast-track mergers would be widened. "Requirements and procedures for speedy approval of company mergers will be rationalised. The scope for fast-track mergers will also be widened and the .

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