Page 3 - Ministry Of Corporate Affairs

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

ONGC gets director to spearhead new energy, petrochem business & strategy

Oil and Natural Gas Corporation (ONGC) has got a new director to spearhead its new energy, petrochemicals and corporate strategy as part of a board revamp aimed at breathing fresh life into the state-controlled behemoth. Arunangshu Sarkar has been appointed as Director for strategy and corporate affairs, ONGC said in a stock exchange filing. Before the elevation, Sarkar, a petroleum engineer from the Indian School of Mines, Dhanbad, was Group General Manager (Production) at ONGC. He had previously worked as General Manager (Strategy & Corporate Planning), ONGC Videsh Ltd - the overseas investment arm of ONGC. Two years back, the board of ONGC was reorganised. Besides creating the new post of Director (Strategy & Corporate Affairs), the post of Director (Production) was created after merging Director (Onshore), who is in charge of all oil and gas fields located on land, and Director (Offshore) who looks after all offshore assets, such as the prime Mumbai High fields. In ...

In a first, govt to conduct yearly private capex survey from October

The annual private capex survey will run in conjunction with the annual survey of industries, which tracks output, value-added, and employment across manufacturing sector enterprises

Govt notifies NaBFID as a public financial institution under Companies Act

The government has notified the National Bank for Financing Infrastructure and Development (NaBFID) as a public financial institution under the Companies Act. This will help the government fortify the nation's infrastructure finance structures. In a notification issued on September 10, the Corporate Affairs Ministry said that in exercise of the powers, Section 2 of the Companies Act, 2013, the Central Government, in consultation with the Reserve Bank of India, hereby notifies National Bank for Financing Infrastructure and Development as a "public financial institution". The move will enhance the bank's capacity to finance large-scale infrastructure projects, thereby bolstering the country's infrastructure development. NaBFID, a specialised Development Finance Institution (DFI), was set up in 2021, by an Act (The National Bank for Financing Infrastructure and Development Act, 2021). The Bank was set up with the essential objectives of addressing the gaps in long-term non-recourse

New rules for mergers involving foreign firms announced: What this means

Latest amendments introduced by the Ministry of Corporate Affairs require companies to receive prior permission from the Reserve Bank of India for mergers and acquisitions

M&A deal value of over Rs 2,000 crore comes under Competition Act

The government aims to scrutinise mergers that might escape under the traditional "asset" or turnover-based thresholds

Draft Digital Competition Bill: Kirana vs quick commerce likely on table

Consumer ministry raises with MCA potential threat to local stores from burgeoning quick ecom

Proposed digital antitrust law likely to cover 'killer acquisitions'

Killer acquisitions are deals where a dominant company acquires a smaller innovative firm to prevent competition

MCA likely to bring out internship scheme guidelines within two weeks

The MCA has held industry consultations on the scheme before finalising the guidelines. The ministry will also put in place checks and balances in the scheme to ensure transparency

Ministry of Corporate Affairs launches probe into Snapdeal operator

The probe is reportedly part of a larger investigation by the MCA into around 700 companies that have received investments from Chinese firms

Centre sets up team to implement internship scheme announced in Budget

The Union Ministry of Corporate Affairs is holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme