Page 9 - Ministry Of Corporate Affairs

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

India launches probe into MG Motor as scrutiny on Chinese firms widens

The company's top management, including directors, managing director and auditors have been summoned next month by the ministry seeking more clarification

Byju's takes Rs 300 crore unsecured loan from Aakash at a rate of 7.5%

Aakash Educational Services was acquired by Think and Learn Pvt, Byju's parent company, in April 2021 for a cash and stock deal worth $950 million

Ministry of Corporate Affairs nominates two directors on board of IL&FS

The Ministry of Corporate Affairs (MCA) has nominated two directors -- G Mahalingam and Deepak Mohanty -- on the board of IL&FS. The appointment of these two directors has been approved by both the MCA and National Company Law Tribunal. When contacted, IL&FS confirmed their induction on the board effective October 15, 2022. Both Mahalingam and Mohanty are former executive directors in the Reserve Bank of India. With this induction, the existing board of IL&FS now comprises 6 members with C S Rajan as non-executive chairman.

MCA planning to shift all company forms to new portal by December

Currently only nine forms are to be filled on the new version, ministry officials cite surge in company submissions on version 3

MCA approves demerger of NMDC steel plant in Chhattisgarh from NMDC

: The Ministry of Corporate Affairs (MCA) has approved the demerger of NMDC Steel, a three-million tone steel plant in Chhattisgarh, from NMDC Ltd, the iron ore miner said. This is to inform you that the Company is in receipt t of the MCA Order dated 06.10.2022 received on 11.10.2022 sanctioning the Scheme, and the same is annexed to this letter. Request you to kindly take the same on record and oblige, NMDC said in a communication to BSE on Tuesday night. The Company is in the process of complying with the requirements as envisaged in the MCA Order and the observation letters received from Bombay, Calcutta and National Stock Exchanges, NMDC said. NMDC is in the process of demerging its three-million Greenfield steel plant it built at Nagarnar in Chhattisgarh with an investment outlay of over Rs 20,000 crore.

Top Headlines: TCS on moonlighting, licensing of digital apps, and more

TCS said moonlighting is an "ethical issue" and against its core values but has not taken any action against any staff

Ministry of Corporate Affairs improves the ease of running a company

Over the past two years the government has moved to decriminalise key provisions and simplified statutory requirements in the Companies Act

Govt looks to ease compliance burden with new CSR disclosure rules

The new rules have also revised the amount to be spent on impact assessment of CSR projects to 2 per cent of total CSR obligation or Rs 5 million, whichever is higher

Companies can omit important information under new CSR disclosure rules

New rules let companies omit details like title, location, and duration of the business's CSR project, budget allotted for it, the amount spent on it during the current fiscal year among others

Special cell to hear cases against CAs for registering Chinese shell firms

When asked what action can be taken against CAs who are found guilty, Debashis Mitra said they could be removed from their post for as long as their lifetime

SFIO arrests 'mastermind' behind web of Chinese shell companies

The September 10 arrest comes after Finance Minister Nirmala Sitharaman directed the MCA to identify shell companies that can be used to siphon off funds

After lay-offs, edtech startup Lido Learning files for insolvency

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016

MCA mulls imposing fines on unicorns over delay in filing financials

Swiggy had delayed its FY21 result filing by 11 months and Ola Electric was at least 13 months late in filing the financials with the RoC

MCA tweaks rules about company deposits, enhances statutory auditors' role

The new rules, according to experts, will widen the responsibility of directors to the statutory auditors. They came into effect on August 29

Govt asks Byju's to explain delay in filing audited financial accounts

Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the seventeen-month delay in filing audited accounts

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