Page 8 - Ministry Of Corporate Affairs

Enforcement action or shoot at sight?

The fear of enforcement action often undermines the objective of achieving quality in corporate governance

'Technical and complex': Firms rush to file SBO details as deadline nears

Notified by the MCA in 2018, the SBO rules went through major revisions in 2019. The deadline for making the filing has been extended four times since, with the latest being March 31.

NCLT allows MCA's plea to reopen CG Power's accounts from FY15 to FY19

The National Company Law Tribunal (NCLT) on Thursday allowed a government petition seeking to reopen CG Power and Industrial Solutions accounts from 2014-15 to 2018-19. The corporate affairs ministry had filed an application in the NCLT seeking the appointment of an independent auditor to reopen the accounts of CG Power & Industrial Solution from 2014-15 to 2018-19. The ministry in its prayer had said the reopening of the books of accounts is needed to bring out the truth in the larger public interest. The Mumbai-bench -- comprising members Bhaskara Pantula Mohan and Rajesh Sharma -- in its order also directed the government not to rely on the report by Vaish Associates, and asked them to conduct a separate investigation. The tribunal also denied CG Power & Industrial Solution founder Gautam Thapar's plea to grant stay on the order. Earlier in January, the NCLT had quashed the audit report submitted by Vaish Associates, terming it bogus. Thapar was sacked based on this report,

Greater transparency

New audit rules more onerous, but useful

Related party transactions: Govt, Sebi at the table to cut inconsistencies

The regulator has proposed widening the definition of related party and RPTs, changing the threshold for determining RPTs, and tighter disclosures and approvals.

Draft Competition (Amendment) Bill 2020: How life may change for tech firms

The Competition Act requires any proposed combination meeting the specified threshold of asset or turnover to be approved by CCI.

Govt's new audit rules to shield companies against financial frauds

Companies (Auditor's Report ) Order to enhance disclosures on part of auditors

Tweak in Companies Act may allow Indian unlisted firms to list abroad

Currently, Indian companies tap foreign capital mostly through American depository receipts or global depository receipts

Changes in CCI norms proposed to bring buyer cartels under competition law

The ministry also sought to give monetary and penal powers to the director general for investigation under the Competition Commission of India (CCI)

Making auditors accountable

The MCA's proposals will address the conflict of interest issue

DEA had red flagged possible 'risks' over IL&FS collapse in 2018

The Department of Economic Affairs had earlier raised red signals over the likely collapse of IL&FS in a confidential note on September 30, 2018 and expressed concerns over its impact on the Indian economy, according to a latest affidavit filed by the corporate affairs ministry. The Ministry of Corporate Affairs (MCA) in the affidavit said the DEA had opined that if IL&FS group collapses, the Indian economy may have to face repercussions as redemption pressure would continue, debt market sell-off expected, may create liquidity crunch and NBFC licenses could be cancelled. "DEA had raised red signals of the likely collapse of IL&FS and had expressed its deep concern of such a collapse on the Indian economy," said MCA in the affidavit filed before the National Company Law Appellate Tribunal (NCLAT). Immediately after that, the MCA had moved the National Company Law Tribunal to take over the management of IL&FS, which had a debt exposure of over Rs 91,000 crore. According .

MCA's proposal to curb non-audit services will affect small firms: Experts

Any move to cap the number of clients of large audit firms will hurt investment, say experts

Registering a company online to be easier as govt mulls direct method

Companies may soon be able to directly fill information online

Govt to pare time taken for starting biz; new e-form to offer 10 services

The corporate affairs ministry would introduce the form -- SPICe+ -- to offer 10 services

Insolvency process: MCA orders SFIO probe into Castex Technology affairs

Castex Tech started its resolution process in December 2017 with a debt of Rs 6,000 crore

MCA inspection may spoil the show for Zee; stock sheds 15% in two sessions

In a clarification to the exchanges, Zee acknowledged that it had received a letter from the MCA, seeking information and inspection

MCA notifies winding-up rules: Shutting business now easier for small firms

The Central government will provide required approvals to such companies for winding up instead of the tribunal

Irdai decides to defer implementation of IndAS in insurance sector

The regulator had planned to implement IndAS 117, which is an equivalent of IFRS 17, and IndAS 109 from April 1 onwards, but the IASB decided to amend IFRS 17

MCA unearths Rs 700 cr scam in Unitech, says funds diverted to 16 shell cos

Company believed to have siphoned off huge amounts of money to various shell companies

Govt lays out strategy to revive Unitech, says won't use public money

The MCA on Wednesday submitted a proposal in the Supreme Court to take over the management of Unitech.