Page 7 - Ministry Of Corporate Affairs

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 In 2017, the ministry had withdrawn 14,247 prosecutions. Another 7,338 prosecutions pending before various courts will be withdrawn under Special Arrears Clearance Drive-II towards promoting ease of doing business and decriminalisation of compoundable offences under Companies Act, 2013, it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

Letter to govt seeks open consultation on digital competition law

A parliamentary committee's report last year underlined the need for ex-ante regulations - cautionary rules based on anticipated changes - for big tech companies

Corporate affairs ministry ordered inspection of Byju's last week: Report

The ministry has taken cognisance of various corporate governance lapses at Byju's, the television channel reported

Corporate Affairs Ministry ordered inspection of Byju's recently: Report

We have not received any such correspondence from MCA regarding this, and are not aware of any such inspection, the spokesperson said in a statement

MCA plans to further intensify crackdown on shell companies: Report

The Ministry of Corporate Affairs has already struck off hundreds of thousands of shell companies that are often used to funnel black money, the report said quoting sources in the know

Areas like blockchain, algorithmic collusion new challenges: CCI's Kaur

As the CCI chairperson, with the CCI now having a full quorum, my top priority is to address the pending cases related to antitrust and anti-profiteering

Corp affairs sec to hold stakeholders' consultations on MCA21 portal issues

The Ministry of Corporate Affairs will hold consultations with stakeholders on issues related to MCA21 portal in Chennai and Hyderabad next week. The move comes amid stakeholders facing various issues with respect to the portal, which is the key platform for submitting statutory filings under the companies law. In a series of tweets on Sunday, the ministry said the secretary will hold consultations with stakeholders in Chennai on June 20 and in Hyderabad on June 21. "Secretary @MCA21India will hold stakeholders' consultations, along with the team of @LTIMindtreeOFCL @theicai and @icsi_cs at Chennai on 20th June and at Hyderabad on 21st June on the issues relating to the MCA-21 Version-3 Portal. @nsitharamanoffc," it said in a tweet. Manoj Govil is the corporate affairs secretary. Filings under the companies law and the limited liability partnership law are submitted to the ministry through the MCA21 portal.

Leased petroleum assets under IBC to be exempt from moratorium: MCA

New rule aimed at ensuring national petro assets don't lie idle; petroleum ministry can repossess such assets such as oil wells and give them to another party

Corporate affairs ministry orders investigation into Hero MotoCorp

Shares of Hero were down as much as 4.2% in Thursday afternoon trade

Ministry of corporate affairs notifies timelines for fast-track M&As

Experts however said that while the government move is a step in the right direction, on the ground the implementation would be hard

ICAI working on new guidelines for disciplinary mechanism for CAs

The ICAI president said the institute had given its views on the foreign trade agreements with the UK and Canada, supporting foreign audit firms to operate in India on a reciprocity basis

Registrar of Companies to crack down on law violators with new reforms

Registrar of Companies expect to conduct a more detailed analysis of transactions involving companies that draw attention due to certain regulatory concerns

877 foreign firms ceased their 'place of business' in India in 2014-2021

The Ministry of Corporate Affairs in a written reply in Rajya Sabha on Tuesday said that Ford and Harley Davidson have not closed their place of business in India

Govt panel concludes stakeholder discussion on digital competition law

Govt panel concludes stakeholder discussion on digital competition law

Govt invites applications for 17 posts at CCI on deputation basis

The government has invited applications for 17 posts, including for Additional Director General and Deputy Director General, at the Competition Commission of India (CCI) on a deputation basis. The CCI, which comes under the Ministry of Corporate Affairs (MCA), keeps a tab on anti-competitive practices in the marketplace and also works towards promoting fair trade practices. Applications have been sought for the posts of Additional Director General, Joint Director General and Deputy Director General, among others, according to a notice. Applicants must be employees of central or state governments, government companies or autonomous bodies or regulatory authorities or universities or judicial institutions of central/ state governments. The appointment will be made on deputation on a foreign service terms basis initially for a period of three years, which can be extended for a period not exceeding seven years. "Applications in the prescribed proforma, together with all necessary ...

Taking several steps to create global brand for Indian tea: Comm Min

India has taken several steps to boost tea output, create a niche brand for the Indian tea and ensure the welfare of families associated with this industry, the commerce ministry said on Thursday. India is the second largest tea producer and the largest black tea producer and is self-sufficient in meeting domestic requirements and export obligations. It said the Indian tea is exported to various destinations and is the fourth largest tea exporter besides catering to a large number of domestic consumers. The industry is employing 1.16 million workers directly and an equal number are associated with it indirectly. "Government through the Tea Board had helped in the formation of 352 Self Help Groups , 440 Farmer Producer Organisations and 17 Farmer Producer Companies. Assistance has been provided towards procurement of pruning machines and mechanical harvesters," it said. Other measures include setting up of mini tea factories to encourage entrepreneurs; development of mobile app 'Ch

MCA approves demerger of core and non-core assets of Shipping Corp

Financial bids may be invited a month or two after SCILAL is listed