Page 6 - Ministry Of Corporate Affairs

More than 196,000 cos, LLPs incorporated till Nov this year: Govt

More than 1.96 lakh companies and Limited Liability Partnerships (LLPs) were incorporated in the country this year till the end of November, which is higher than 1.88 lakh such entities registered in the year-ago period, the corporate affairs ministry said on Thursday. Providing a review of the key developments during 2023, the ministry said in the framework of corporate governance, it continues to focus on bolstering 'ease of compliance' and 'ease of doing business'. "During calendar year 2023, 1,96,028 companies and LLPs got incorporated as on 30th November 2023 as against 1,88,364 companies and LLPs for the corresponding period during calendar year 2022," the ministry said in a release. Among others, in 2023, the Central Processing for Accelerated Corporate Exit (C-PACE) became operational in May. Amendments were also made to the Competition Act as well as to various rules under the Companies Act. "In an important development, the amendment to the Companies (Compromises, ...

Government may implement 2-month asset freeze of airlines under insolvency

To prevent immediate repossession of aircraft by lessors after default, the government is contemplating a two-month moratorium rule for the aviation sector

Centre likely to review IBC Bill only after 2024 general elections

The decision to revisit the proposed amendment Bill is also in the backdrop of frequent amendments that the IBC has undergone since its introduction in 2016. The law has been changed six times so far

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