Page 6 - Ministry Of Corporate Affairs

Govt slaps penalty on four firms that failed to hire female directors

The action has been taken against three private and one Maharashtra govt company. The development sheds light on the govt's emphasis on having more female leaders in company boardrooms

Ministry of Corporate Affairs could widen probe into MG Motor India books

In late 2023, MG Motor India was served an MCA notice to provide information about their accounts in the company's first year of operations in 2019-20

MCA enforces provision for foreign listing of Indian public companies

A public company, according to the Companies Act, is a company which, unlike a private company, does not restrict the transfer of shares

Govt asks all private companies to demat shares by September 2024

Move to boost transparency, supervision; small cos exempted

Two days before the deadline, one-third companies file financial statements

The MCA has asked stakeholders to file both these returns before the deadline on October 29

MCA to soon launch centre to process all compliances for companies

These would include forms related to the increase, redemption or cancellation of share capital and debentures, return of deposits, registration of charges, and appointment of directors

Quick commerce platform Zepto's FY23 losses widen 3x to Rs 1,272 crore

The firm's total expenses came in at Rs 3,350 crore, a six-fold increase from Rs 532.7 crore in FY22. To earn a rupee, Zepto spent about Rs 1.7 during the year

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.