Page 5 - Ministry Of Corporate Affairs

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

Edtech major Byju's, investors slug it out in NCLT over rights issue

NCLT has directed the parties to file written submissions of their contentions in three days. It has also issued notice to Ministry of Corporate Affairs (MCA) and Registrar of Companies (ROC)

MCA probing some loan apps over allegations of violating Company Law

Many gullible borrowers are often defrauded of their money by fraudulent loan apps

Corporate affairs ministry probing Chinese cos linked to mobile loan apps

The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the Serious Fraud Investigation Office (SFIO), the official said. Further, the official said that the ministry receives complaints from the Reserve Bank of India (RBI) and the ...

Govt forms panel headed by T V Somanathan to finalise uniform KYC norms

"The committee has been constituted. Different government departments and FSDC members are part of it," a senior official said

MCA calls for speeding up edtech company Byju's inspection report

The edtech company's financial disclosures had also come under the Institute of Chartered Accountants of India's (ICAI's) scanner because of a 22-month delay in submission of financial reports

MCA notifies leniency plus regime under the Competition Act 2023

The current Act already contains a leniency provision

Digital competition law committee asked to consider MCA's draft bill

Proposes digital entities to ensure interoperability, data sharing, portability

Fewer listed firms failing to get women directors, shows govt data

Sebi had fined 20 companies till September for FY 2023-24 against 64 in 2019-20

MCA issues fresh notice to fintech BharatPe as part of ongoing inquiry

BharatPe claimed that the notice pertained to an inquiry initiated in 2022, requesting additional information on its operations and actions taken against co-founder Ashneer Grover

Delhi HC dismisses plea seeking probe into Indiabulls Housing Finance

The court stated that the balance sheets or other material placed on record are already available on the website of these companies and are thus already in the public domain

Highest ever tally: Over 141K firms incorporated in FY24 so far, shows data

Official sources said that this was indicative of increased economic activity in the country