The government had mandated that Corporate India publish a comprehensive report on their specific CSR initiatives.
The corporate affairs ministry is preparing to launch the third version of the MCA21 portal in March, starting with the LLP module.
The government introduces a long-overdue Bill to improve the audit discipline
The government has sought public comments on the proposal by January 13
Under the Companies Act, 2013, certain class of profitable entities are required to spend at least 2 per cent of their three-year annual average net profit towards Corporate Social Responsibility
The corporate affairs ministry on Tuesday provided more leeway for companies in terms of holding annual general meetings in virtual mode.
Millions of mobile users already deploy face recognition to unlock their phones. The use of face recognition for digital life certificates is a smart way to offer convenience to pensioners
MCA has said that its circular should not be construed as conferring any extension of time for holding annual general meetings by the companies under the Companies Act, 2013.
More than 3.96 lakh companies were removed from official records in the last five financial years after following the due process under the companies law, according to official data. The corporate affairs ministry, which is implementing the Companies Act, 2013, struck off 12,892 companies from the official records in the last fiscal, while the number stood at 2,933 in 2019-20. Figures provided by Minister of State for Corporate Affairs Rao Inderjit Singh to the Rajya Sabha in a written reply on Tuesday showed that a total of 3,96,585 companies were removed from the Register of Companies in the last five financial years. In 2016-17, a total of 7,943 companies were removed from the register, while the count was at 2,34,371 in 2017-18 and 1,38,446 in 2018-19. To a query on whether many companies were struck off on account of lack of compliance, the minister replied in the affirmative. Pursuant to provisions of Section 248 (1) of the Companies Act, the name of a company can be removed
The main purpose of the portal is to facilitate seamless integration and data exchange among regulators.
The government has extended by one year the tenure of the Company Law Committee, which was constituted back in 2019
According to Company Law, not more than 15 months should pass between the dates of two consecutive annual general meetings
The IBBI has said that the CoC functions in an unregulated environment
Seeks to increase strength from 12 to 15-18 in order to build its regulatory capacity
This comes a month after a Parliamentary panel flagged the "disproportionately large and unsustainable 'haircuts' taken by the financial creditors over the years"
Corporate Social Responsibility spending under the companies law should not be interpreted as a source of financing the resource gaps in government schemes, the Ministry of Corporate Affairs has said as it issued a detailed set of FAQs for the effective implementation of CSR norms. Activities undertaken by companies as part of the normal course of business is not considered CSR work. However, the ministry has provided an exemption for companies engaged in R&D activities for new vaccines, drugs and medical devices in their normal course of business with respect to COVID. The exemption would be in place for three financial years till FY 2022-23, as per the FAQs (Frequently Asked Questions) dated August 25. "This exclusion is allowed only in case the companies are engaged in R&D in collaboration with organisations as mentioned in item (ix) of Schedule VII and disclose the same in their board reports," the ministry said. The organisations are specified under item ix of Schedule ...
At least 348 entities have failed to meet the criteria to be declared as Nidhi companies
The Minister of State for Corporate Affairs said that terms such as 'shut down' or 'closed unit' or 'corporate unit' are not defined under the Act.
The Registrar of Companies has issued a notice to Carlsberg India seeking its response and is preparing to summon the board of directors soon
This would enable a wider set of companies to avail of greater flexibility in the accounting standards, according to a notification issued on Wednesday