Page 11 - Ministry Of Corporate Affairs
Modi govt considers tougher rules for audit firms amid crack down on lapses
To stamp out conflicts of interest, the corporate affairs ministry is also weighing either a complete ban on non-audit services
 "Modi govt considers tougher rules for audit firms amid crack down on lapses")
Choosing your company's name? MCA lists examples to avoid any duplication
The Ministry of Corporate Affairs made it clear that the use of different phonetic spellings, including the use of misspelled words of an expression, would be treated as same
 "Choosing your company's name? MCA lists examples to avoid any duplication")
MCA tightens noose on ponzi scheme operators, wants ban on cryptocurrencies
About 60% of the money in these schemes comes from the small investors who never come forward to claim the money. They usually put money in such schemes in the range of Rs 500 to Rs 1,000
 "MCA tightens noose on ponzi scheme operators, wants ban on cryptocurrencies")
MCA moves contempt pleas against Axis, StanChart chiefs and Ramesh Bawa
The matter could not be heard on Thursday because of paucity of time and has been listed for hearing on April 26
 "MCA moves contempt pleas against Axis, StanChart chiefs and Ramesh Bawa")
Significant beneficial ownership rules: The ambiguity continues
Based on the concept of mere 'participation', potentially, all individuals holding key positions, namely, executive directors, CEOs, CFOs and COOs may be considered SBOs
 "Significant beneficial ownership rules: The ambiguity continues")
Over 100,000 firms deregistered under Section 248 this fiscal: Govt
Section 248 pertains to removal of name of a company that has not been carrying out business activities for a long time
 "Over 100,000 firms deregistered under Section 248 this fiscal: Govt")
40% firms failing to file returns under MCA lens, may get deregistered
The ministry has found that even after these companies were de-registered, their directors were not vacating offices - as they are supposed to Companies Act
 "40% firms failing to file returns under MCA lens, may get deregistered")
Lower threshold for 'beneficial owners'; new rules take effect from June 30
An entity or an individual holding at least 10 per cent in a company will now be considered a significant beneficial owner
 "Lower threshold for 'beneficial owners'; new rules take effect from June 30")
Govt to improve norms for auditors, corp professionals: P P Chaudhary
In recent months, scores of auditors have left audit work of companies, mostly listed ones, citing various reasons
 "Govt to improve norms for auditors, corp professionals: P P Chaudhary")
MCA asks 200,000 companies to stop operations, get de-registered
The decision comes after these firms lagged behind in filing annual returns for several years
 "MCA asks 200,000 companies to stop operations, get de-registered")
MCA extends deadline for companies to submit annual filings
Companies must now file annual returns and financial statements by Nov 29; earlier deadline was Oct end
 "MCA extends deadline for companies to submit annual filings")
