Page 8 - Ministry Of Corporate Affairs

MCA likely to include tech experts in digital competition law panel

Startups, meanwhile, have been concerned about non-representation on the government panel which many said was skewed in favour of the big tech firms

16-member panel set up to draft Digital Competition Act within 3 months

Panel comprising civil servants, experts will study if Competition Act, 2002 enough to deal with new digital economy

3,552 foreign companies, subsidiaries closed in India between 2017-2022

A total of 3,552 foreign companies and subsidiaries of foreign companies have been closed in India between 2017 and 2022.

Ministry of Corporate Affairs reviews Adani Group's financial statements

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years

Changes to Competition Amendment Bill likely next week in Budget session

The panel had said that the MCA had not put forth a strong argument as to why IPR could not be used as a defence against the abuse of a dominant position

Budget 2023: Corp Affairs min gets Rs 756 cr, higher than current fiscal

The corporate affairs ministry will get a budgetary allocation of Rs 756.19 crore in the next financial year, higher than the amount earmarked for the ongoing fiscal ending March 31. In 2022-23, the total allocation was initially at Rs 733.02 crore, and the same was sharply revised to Rs 630.36 crore, according to the Union Budget 2023-24 presented in Parliament on Wednesday. The Budget documents showed that out of the total amount of Rs 756.19 crore for the next fiscal, Rs 714.19 crore will be from the revenue side and Rs 42 crore from the capital side for 2023-24. The funds towards regional directors, official liquidators and other expenditures with reference to various bodies under the Companies Act have been hiked to Rs 330 crore for the next financial year over the current fiscal. Another expenditure pertains to expenses of the Serious Fraud Investigation Office (SFIO), National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), National Financial ..

Company formation, conversion made easier and swifter on new MCA portal

The corporate affairs ministry has made more than 46 forms available on the latest version-3 of its portal on Monday, for easier and faster filing

Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more

Business Standard brings you the top headlines at this hour

IBC overhaul seeks to give adjudicating authority a power boost

MCA proposes specialised framework for realty projects

Govt proposes a slew of changes to Insolvency and Bankruptcy Code

Among other changes, the corporate affairs ministry has suggested developing a state-of-the-art electronic platform that can handle several processes under the Code with minimum human interface

Sebi extends relaxation on dispatching hard copies of financial statements

Sebi's extension comes after Ministry of Corporate Affairs has also provided similar relaxations to companies dispatching physical copies of financial statements

Indian govt portal upgrade may halt new debt issues, says merchant bankers

According to a notification from the Ministry of Corporate Affairs, the website companies use for electronic filings will not be available from January 7 to January 22

MCA concludes demerger hearing of Shipping Corp, may approve soon: Sources

The move could expedite the Centre's stake sale plan for the national carrier

Competition Bill: Panel asks for explicit definition of material influence

FICCI in its response to the standing committee had said that the introduction of material influence as proposed would still keep its definition vague and open to interpretation

Competition (Amendment) Bill: Panel wants annual review of deal valuations

Proposed Settlement and commitment mechanism

Centre says nearly 3,560 companies in India have Chinese directors

The government on Monday said there are 3,560 companies in India that have Chinese directors. In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Rao Inderjit Singh said there are 174 Chinese companies that are registered in the country as foreign companies having place of business in India with the ministry. "... as per the CDM database, there are 3,560 companies in India which have Chinese directors. It is not possible to give the number of companies having Chinese investors/ shareholders as the data is not separately maintained in the MCA (Ministry of Corporate Affairs) system," he said. The Corporate Data Management (CDM) portal has been developed by the ministry as an in-house data analytics and business intelligence unit. The government has amended certain rules and forms prescribed under the Companies Act, 2013 to regulate the incorporation of companies, the appointment of directors, issuance & transfer of securities and undertaking compromise, ...

IBC process: Resolution and distribution of funds may be separated

IBC amendments likely in the Budget Session, MCA also rethinking priority given to govt dues in the waterfall mechanism

Govt to sell 50.79% in NMDC's steel plant at Nagarnar, invites bids

The last date for submitting queries by interested bidders is December 29, 2022, and that for submission of bids is January 27, 2023 as per the expression of interest (EoI)

Revised combination assessment timelines under competition law soon: MCA

The revised timelines proposed in the competition law will help in making the assessment of combinations swift and time-bound as well as provide certainty to businesses, according to the Ministry of Corporate Affairs (MCA). A bill to amend the Competition Act is now being examined by the Parliamentary Standing Committee on Finance. One of the amendments proposed is to reduce the time limit for approval of combinations to 150 days from the current 210 days and another is that the Competition Commission of India (CCI) has to form a prima facie opinion within 20 days for expeditious approval of combinations. Generally, mergers and acquisitions are referred to as combinations in competition law parlance. The corporate affairs ministry has said the overall time limit for assessment of combinations is being reduced to make the process swift and time-bound. "Time frame of 20 days will provide certainty in terms of a prima facie view failing which it will be considered as deemed approved.

Glitches in MCA portal: CAs, CS seek extension in annual filing deadline

They were protesting against glitches in the MCA portal