Page 6 - Ministry Of Corporate Affairs

Govt may clarify prospective clause of IBC exemption for aviation

The High Court has asked the government for its response to a plea by a Gofirst lessor

MCA probes accounts of Adani Enterprises' Mumbai, Navi Mumbai airports

India's Ministry of Corporate Affairs had in February initiated another probe into the Adani Group's financial statements

IBC regime was costing carriers additional $1.3 billion, says Centre

Time period during which airlines incurred these costs is unclear

Corporate affairs ministry exempts aviation from IBC's moratorium clause

Section 14 of the IBC declares a moratorium on proceedings, transfer or disposal of any of the assets of the company from the date of commencement of its insolvency

Corporate exits under C-PACE now in 100 days instead of 180 days: MCA secy

In her Budget speech last year, Finance Minister Nirmala Sitharaman had introduced the inception of C-PACE for the 2022-23 fiscal year

Beware of over-regulation

Regulation of unlisted firms must be rational, not reactive

Part ownership

Allowing fractional shares will benefit retail investors

After filling most NCLT vacancies, Centre eyes faster resolution

After boosting NCLT's strength, the MCA has asked the body to expeditiously dispose of crucial cases, especially M&A, under the Companies Act

MCA in talks with market regulator Sebi to allow issue of fractional shares

The senior official said that Sebi has views on this issue since it impacts the listed companies and will soon be making a presentation to MCA on the matter

Regulatory framework for large unlisted firms by MCA in the works

These regulations are expected to be part of the deliberations of the Company Law Committee, the senior official added

FinMin, MCA must strive for simplification of processes: Sitharaman

Ministries of Finance and Corporate Affairs should strive for simplification of processes with a focus on whole-of-the country approach to maximise delivery and engagement, Union Minister Nirmala Sitharaman said on Tuesday. Addressing the Chintan Shivir of the Finance Ministry and MCA, Sitharaman also emphasised the need to continuously reorient policy in the cultural context and to instil a sense of ownership in decision-making, to enhance effectiveness with efficiency. During the three-day Chintan Shivir of the Ministry of Finance and Ministry of Corporate Affairs, discussions were held by more than 100 senior officers of MoF and MCA on how to re-orient to achieve the Amrit Kaal goals. In a statement issued after the conclusion of the Chintan Shivir on Tuesday, Sitharaman advised the officers to optimally utilise the vast pool of resources and experience at disposal in the Government. The Finance Minister underlined mentoring of young generations to embellish efforts in the march

Corporate affairs ministry assessing need to ramp up bench strength of NCLT

While industry stakeholders are calling for dedicated benches to handle insolvency matters, the government is reportedly not in favour of this proposal

Govt extends deadline to apply for judicial posts at NCLAT till Sept 1

The Ministry of Corporate Affairs (MCA) on Thursday said it has extended the deadline for submitting applications for the post of judicial and technical members at NCLAT till September 1. Earlier, the deadline to submit the applications was July 5, according to a notice issued by the MCA. "To widen the participation of candidates and attract the best talent, it has been decided to accept further applications, with the last date for submission of the online application being extended to September 1, 2023," the notice said. All other terms and conditions of the vacancy circular, including eligibility criteria, age limit, and qualification, for the posts remain unchanged, it added. In June this year, the government invited applications for three judicial members and two technical members at the National Company Law Appellate Tribunal (NCLAT). The principal bench of NCLAT is in the national capital, while another bench is in Chennai.

Centre pushes for faster admission of corporate insolvency cases at NCLT

MCA finalising draft guidelines to reduce delays at tribunal

Corporate Affairs ministry examines Sebi's allegations against Zee Ent

However, the MCA has not issued an inspection order, the report added

Corporate Affairs Ministry officials among 4 arrested in bribery case

The CBI has arrested four people, including two joint director-ranked officers posted in the Ministry of Corporate Affairs and an associate of Alok Industries, in connection with alleged bribery of Rs 3 lakh, officials said on Saturday. "Searches were conducted in Delhi, Gurugram and Chennai in the premises of the accused which led to the recovery of cash of Rs 59.80 lakh (approximately), several incriminating documents and digital evidences," the CBI said in a statement. Those arrested were Joint Directors Manjit Singh and Puneet Duggal, Senior Technical Assistant Ruhi Arora, all posted in the offices of the Ministry of Corporate Affairs, and Alok Industries associate Reshabh Raizada, officials said. Singh and Arora are posted in the office of the Director General of Corporate Affairs, while Duggal is posted as official liquidator in Chennai. The agency had booked them on Friday for allegedly indulging in corrupt and illegal activities and, in pursuance of a conspiracy, taking bri

Centre orders probe into Eros International Media's accounts: Report

In an interim order in June, SEBI said it had found prima facie evidence that Eros International's accounts were "overstated and do not present a true and fair picture of its financial health"

Professionals registered on MCA21 portal to have single ID, says govt

The government has started the process for deactivating multiple login IDs that are in the name of a single company secretary, chartered accountant or cost accountant on the MCA21 portal, which is the platform for submitting statutory filings under the companies and LLP laws. In this regard, the corporate affairs ministry has issued a circular and professionals, who are having multiple IDs, need to get approval from their respective apex institutes for deactivating the IDs so that there is only one ID for one user, according to officials. Professionals refer to company secretaries, chartered accountants and cost accountants. The move comes as Version 3 (V3) of the portal is being operationalised. Under V3, a professional can have only one login ID whereas in V2, multiple IDs were allowed. For instance, a company secretary having multiple log IDs on the MCA21 portal need to get approval from the Institute of Company Secretaries of India (ICSI) for deactivating the multiple IDs. In

Ministry of Corporate Affairs to take back 7,338 cases under companies law

The corporate affairs ministry has decided to withdraw 7,338 prosecutions under the companies law that are pending before various courts as part of promoting the ease of doing business. Prosecutions related to serious non-compoundable offences such as cheating, fraud and acceptance of deposits would not be considered for withdrawal. In 2017, the ministry had withdrawn 14,247 prosecutions. Another 7,338 prosecutions pending before various courts will be withdrawn under Special Arrears Clearance Drive-II towards promoting ease of doing business and decriminalisation of compoundable offences under Companies Act, 2013, it said in a release on Friday. The withdrawal "will lead to a 21.86 per cent reduction in pending prosecutions being pursued by the central government," it added. The ministry had constituted a committee to undertake a thorough review of all the pending litigations. "Long pending prosecutions for compoundable offences have been identified for withdrawal. Prosecutions

Govt orders inspection of Byju's account books following turmoil: Reports

The Ministry of Corporate Affairs has sought a report in six weeks, said the people, asking not to be named as the information isn't public