Page 4 - Ministry Of Corporate Affairs

MCA website lists Agora status as 'active'; contradicts Buch's claim

Experts suggest Chair may have used term loosely

'Internship scheme a complicated solution to a complicated issue': Fin secy

At 'Budget with BS: The Fine Print,' Finance Secretary TV Somanathan said companies costs for interns will be funded through their CSR budgets

Govt taking steps to cut pending cases under companies law: FM Sitharaman

The Ministry of Corporate Affairs (MCA) has taken several steps, including the withdrawal of prosecutions and compoundable cases, to reduce litigations under the companies law, Finance Minister Nirmala Sitharaman said Monday. Sitharaman, also the Union Minister of Corporate Affairs, said in Lok Sabha that 14,247 prosecutions were withdrawn in the first special drive conducted in 2017 and a decision has also been taken for withdrawing 7,338 compoundable cases identified in the second special drive in 2023. "Till July 15, 2024, a total of 6,294 applications for withdrawal have been filed before various courts. However, serious or non-compoundable offences will continue to be prosecuted," she said in Lok Sabha. The minister said the MCA has taken several steps to review pending prosecutions in various courts. In 2017 and later in 2022, a committee of senior officers of the ministry was set up to give recommendations on withdrawal of prosecutions. The objective was to free judicial cou

Companies now have to report dealings with MSEs on half-yearly basis

This will ensure greater transparency and discourage delayed payments to small enterprises

MCA allows multiple KYC updates throughout the year for directors

Earlier, once annual KYC was filed, mobile numbers and email IDs could not be updated till April the next year

Central processing centre sees better results on forms shifted from RoC

The Ministry of Corporate Affairs plans to shift an additional 14 such forms from the Registrar of Companies (RoC) offices to the CPC by the end of this financial year, sources informed

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 & ...

Special course to help independent directors read financial statements

Training by the Indian Institute of Corporate Affairs is expected to help improve compliance

ICAI, MCA secretary discuss road map to create big Indian companies

Earlier in May, Finance Minister Nirmala Sitharaman had said that the ICAI should take it as a challenge to set up an Indian big four firm and seek global clients

Divergent views emerge within IAMAI on proposed digital competition bill

The IAMAI has argued against the need for ex-ante regulations for digital markets in their submission on the draft Digital Competition Bill

Consumer Affairs Ministry looking at mediation to solve complaints

The national consumer helpline monthly gets 125,000 complaints

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

MCA fines LinkedIn India, Nadella, 8 others for companies law violations

The corporate affairs ministry on Wednesday slapped fines on Microsoft-owned LinkedIn India, Satya Nadella and eight other individuals for violation of the significant beneficial owner norms under the companies law. Nadella is the chief of Microsoft, which acquired the professional networking platform LinkedIn in December 2016. In a 63-page order, the Registrar of Companies ((NCT of Delhi & Haryana) said that LinkedIn India and the individuals violated the Significant Beneficial Owner (SBO) norms under the Companies Act, 2013. "... Satya Nadella and Ryan Roslansky are the SBOs in relation to the subject company and are liable to a penalty under section 90(10) of the Act, due to their failure to report as per section 90(1). Ryan Roslansky was appointed as the global CEO of LinkedIn Corporation on 1st June 2020 and started reporting to Satya Nadella," the RoC, which comes under the ministry, said in the order. Section 90 of the Act pertains to SBO. It requires companies have to ...

Digital Competition Bill could negatively impact MSMEs, study finds

'Learn from the experience of the European Union and its experiment with the Digital Markets Act'

CCI conducting enquiries against some fintech entities: Ravneet Kaur

Fair trade watchdog CCI is conducting enquiries against some fintech entities to check whether their ways of leveraging technologies are impacting competition, its chief Ravneet Kaur said and asserted that the regulator is taking necessary action to ensure a competitive digital market. With a slew of amended regulations, key rulings against anti-competitive practices in the digital market and advocacy efforts, the CCI is strengthening its efforts to curb unfair business ways. In an interview to PTI, Competition Commission of India (CCI) Chairperson Ravneet Kaur said there is an increased sensitisation among entities about the competition law and stressed the focus is on "striking the right balance between regulation and freedom". According to her, the regulator is focused on big tech companies as well as various other sectors, including fintech and online intermediary service providers. "The CCI is conducting enquiries into some entities in the fintech sector. We are looking into h

The Digital Competition Law: Big Tech firms opposed to ex-ante norms

Proposed Bill requires digital companies to notify Competition Commission of India that it fulfills criteria to qualify as a Systemically Significant Digital Enterprises based on criteria set in Bill

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

CCI can impose fines based on companies' global turnover under new norms

Fair trade regulator Competition Commission can now impose penalties on companies based on their global turnover for violations, with the government notifying the amended competition norms. Till now, the Competition Commission of India (CCI) has been deciding penalties on the basis of a company's turnover from a particular business segment where violations have been found. The corporate affairs ministry has notified the provisions under the amended the Competition Act with effect from March 6. Vaibhav Choukse, Partner and Head of Competition Lawa at JSA Advocates and Solicitors, said the amendment empowers the CCI to impose a penalty on the global turnover of a company derived from all the products and services. This amendment is likely to have major implications on multi-product companies and those with global operations and may lead to unfair and discriminatory outcomes between (I) domestic companies and the one with global operations and (II) multi product companies and single .

MCA starts comprehensive review of auditing standards regulations

MCA secretary Manoj Govil urged the corporate sector, including the CEOs and CFOs to improve upon the level of public trust within the business ecosystem as preparers of financial statements