Parliament passes amendments to IBC.
Posted Date : 12-Mar-2020 , 03:14:45 pm | Posted By CASANSAAR
Parliament on Thursday passed amendments to the insolvency law that will help ring-fence successful bidders of insolvent companies from risk of criminal proceedings for offences committed by previous promoters. The Insolvency and Bankruptcy Code (Amendment) Bill, 2020 was passed by voice vote in Raj...
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Corporate Law |
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Cabinet approves Companies (Second Amendment) Bill, 2019
Posted Date : 04-Mar-2020 , 04:32:59 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013.
The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the el...
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Corporate Law |
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NCLAT sets asides insolvency proceedings against Flipkart.
Posted Date : 27-Feb-2020 , 02:07:09 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Profe...
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Corporate Law |
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MCA orders inspection of Zee Entertainment's books
Posted Date : 04-Feb-2020 , 09:46:52 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has ordered an inspection of the financials of Zee Entertainment Enterprises Limited (ZEEL) following allegations of corporate governance lapses and after some of its independent directors quit recently, a source told Moneycontrol.
The inspection has been ordered...
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Corporate Law |
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De-criminalisation of penalties for Companies Law breaches
Posted Date : 04-Feb-2020 , 09:43:51 pm | Posted By CASANSAAR
Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into civil wrongs. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajy...
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Corporate Law |
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CCI Releases ‘Market Study on E-commerce in India: Key Findings and Observations
Posted Date : 08-Jan-2020 , 05:35:00 pm | Posted By CASANSAAR
The Competition Commission of India (CCI) released a Report titled ‘Market Study on E-commerce in India: Key Findings and Observations’ today, available at:
https://www.cci.gov.in/sites/default/files/whats_newdocument/Market-study-on-e-Commerce-in-India.pdf.
The Market Study on E-com...
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Corporate Law |
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Homebuyers move SC against the IBC amendment introducing minimum threshold
Posted Date : 08-Jan-2020 , 09:41:08 am | Posted By CASANSAAR
Group of homebuyers have filed multiple writ petition with the Supreme Court challenging the recent amendment brought in by the government in the Indian Bankruptcy Code (IBC) which has put a minimum threshold on the number of home buyers that can approach the National Company Law Tribunal (NCLT) in ...
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Corporate Law |
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New legislation for social impact Companies soon
Posted Date : 06-Jan-2020 , 09:38:07 am | Posted By CASANSAAR
The Government is considering a new law for setting up social impact companies, where profits can be distributed among the shareholders.
An official said having such companies would help in attracting private capital towards developmental activities in the country.
The corporate affairs minist...
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Corporate Law |
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DHFL creditors claim more than Rs.87,000 Cr under IBC process
Posted Date : 31-Dec-2019 , 08:57:50 am | Posted By CASANSAAR
Lenders, bondholders, employees and other creditors to Dewan Housing Finance Corp. Ltd (DHFL) have claimed dues of Rs.87,905.6 crore under the insolvency resolution process, showed data on the debt-laden shadow lender’s website.
This does not include holders of fixed deposits (FD), to whom ...
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Corporate Law |
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NCLAT restores Cyrus Mistry as Chairman of Tata Group
Posted Date : 18-Dec-2019 , 03:55:37 pm | Posted By CASANSAAR
In what is being seen as a big win for Cyrus Mistry, the National Company Law Appellate Tribunal on Wednesday ordered restoration of him as the Executive Chairman of Tata Sons.
The tribunal held the appointment of N Chandra as Executive Chairman illegal.
However, the tribunal said the restorat...
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Corporate Law |
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Over 9,600 cases worth Rs 3.75 trn disposed of at IBC pre-admission stage
Posted Date : 16-Dec-2019 , 09:44:50 am | Posted By CASANSAAR
More than 9,600 cases involving a total amount of nearly Rs 3.75 trillion have been disposed of at the pre-admission stage of the insolvency law process, according to the government.
The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for resolution of stressed asset...
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Corporate Law |
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MCA deactivates 19,40,313 Director Identification Numbers
Posted Date : 04-Dec-2019 , 10:16:37 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to the non-filing of Know Your Client (KYC), as on 28.11.2019.
This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, i...
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Corporate Law |
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Company Law Committee recommends decriminalisation of compoundable offences under Companies Act
Posted Date : 03-Dec-2019 , 04:51:47 pm | Posted By CASANSAAR
The Company Law Committee, constituted by the Ministry of Corporate Affairs (MCA) vide order dated 18.09.2019, has submitted the first phase report to the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 18th November 2019, proposing amendments in the Companies Act, 2013 for...
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Corporate Law |
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ROC removes 3.39 lakh companies in last 2 fiscal years
Posted Date : 03-Dec-2019 , 10:18:31 am | Posted By CASANSAAR
Registrars of Companies (RoCs) struck off 338,963 companies from official records in the last two financial years for failure to submit annual returns, minister of state for corporate affairs Anurag Singh Thakur told the Lok Sabha on Monday.
The minister said that the ministry through its R...
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Corporate Law |
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Company Law Committee submits its report to Finance Minister
Posted Date : 19-Nov-2019 , 10:23:01 am | Posted By CASANSAAR
The Company Law Committee was constituted by the Ministry of Corporate Affairs in September, 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates i...
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Corporate Law |
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NCLAT asks ED, MCA to reach consensus on BPSL assets
Posted Date : 25-Oct-2019 , 01:03:42 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on Friday asked the divergent Enforcement Directorate and the Ministry of Corporate Affairs to discuss and reach a consensus on the attachment of assets of Bhushan Power and Steel (BSPL).The ministry and directorate have locked horns over the issue...
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Corporate Law |
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Corporate income tax cut will help revive investment in India: IMF
Posted Date : 19-Oct-2019 , 09:50:57 am | Posted By CASANSAAR
Changyong Rhee, Director, Asia and Pacific Department, IMF, said that following a marked slowdown in the last two quarters in India, the economy is expected to grow at 6.1% this fiscal.
The International Monetary Fund (IMF) on Friday supported India’s recent decision to reduce corporate inc...
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Corporate Law |
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Last date for filing DIR-3 KYC extended till 14th Oct 2019
Posted Date : 01-Oct-2019 , 08:52:11 am | Posted By CASANSAAR
Please note that the last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th October 2019. Stakeholders may kindly note and plan accordingly. - MCA
...
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Corporate Law |
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Formation and Taxation of NPOs and Private Trusts - Questions and Answers
Posted Date : 29-Aug-2019 , 10:09:55 am | Posted By CASANSAAR
Video on Formation and Taxation of NPOs and Private Trusts - Questions and Answers by
CA Anil Agarwal,
CA Mani Jain,
CA Mansi Vohra.
https://youtu.be/iXzkQ-Zy2rA
Don't forget to â–¶ SUBSCRIBED CA Sansaar YouTube Chan...
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Corporate Law |
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NCLAT Refuses To Stay NCLT Hearing In IL&FS Case
Posted Date : 21-Aug-2019 , 10:08:40 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has refused to give interim relief to IL&FS auditors Deloitte and BSR Associates regarding the move to ban them.
On August 9, the NCLT rejected the plea made by Deloitte and BSR Associates, who had challenged the tribunal’s jurisdictio...
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Corporate Law |
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Lok Sabha passes Companies (Amendment) Bill, 2019
Posted Date : 27-Jul-2019 , 07:34:08 am | Posted By CASANSAAR
The Lok Sabha has passed The Companies (Amendment) Bill, 2019. The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility compliance, transfer certain responsibilities to National Company Law Tribunal and recatgorise certain offences as civil offences.&...
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Corporate Law |
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MCA going to amend CARO - Companies (Auditor’s Report) Order
Posted Date : 21-May-2019 , 10:14:06 am | Posted By CASANSAAR
India is set to strengthen audit reporting standards with the role of auditors coming under cloud after a number of corporate frauds.
The ministry of corporate affairs plans to propose changes to the Companies (Auditor’s Report) Order or CARO as soon as the next government assumes off...
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Corporate Law |
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Govt plans introducing artificial intelligence system in MCA 21 portal
Posted Date : 20-May-2019 , 10:15:28 am | Posted By CASANSAAR
The government plans to introduce artificial intelligence system in the MCA 21 portal as it seeks to make the compliance process easier as well as ensure routine enforcement activities are done round-the-clock on autopilot basis.
MCA 21 is the electronic backbone for the dissemination of informat...
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Corporate Law |
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Govt inspected Jet Airways' Books after allegations of fraud
Posted Date : 11-May-2019 , 09:03:33 am | Posted By CASANSAAR
Jet Airways (India) Ltd. on Friday said that the Ministry of Corporate Affairs (MCA) had during September last year conducted an inspection and sought documents from the airline’s management before approaching the company again last month for seeking further documents and details.
This happ...
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Corporate Law |
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DIN holders are required to file DIR-3 KYC form every year - MCA
Posted Date : 16-Apr-2019 , 11:12:35 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has issued some clarification with regards to filling of e-form DIR-3 KYC.
In a notification, MCA said “DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in th...
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Corporate Law |
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284 companies may face prosecution for CSR non-compliance
Posted Date : 20-Dec-2018 , 10:19:24 pm | Posted By CASANSAAR
The government has sanctioned prosecution proceedings against 284 companies and sent 5,382 notices to companies that have not fulfilled the mandatory corporate social responsibility (CSR) expenditure norms, minister of state for corporate affairs P P Chaudhary has said.
Companies with a net...
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Corporate Law |
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Govt moves NCLT to appoint more directors on IL&FS board
Posted Date : 20-Dec-2018 , 10:15:12 pm | Posted By CASANSAAR
The government moved the Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday seeking to appoint Vijay Kumar and N. Srinivasan to the board of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS). However, the tribunal directed the government— represented b...
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Corporate Law |
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Only registered valuers can do valuation under IBC from Feb 2019
Posted Date : 22-Oct-2018 , 09:04:53 am | Posted By CASANSAAR
From February next year, only entities registered as valuers with the IBBI can carry out valuation of assets under the insolvency law, according to a circular.
The registration of valuers is done by the Insolvency and Bankruptcy Board of India (IBBI). Valuation of assets is a key factor for...
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Corporate Law |
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SC sends three directors of Amrapali group to police custody
Posted Date : 09-Oct-2018 , 10:18:16 pm | Posted By CASANSAAR
The Supreme Court today sent three directors of the Amrapali group to police custody, directing them to hand over all the documents of the 46 group companies to forensic auditors.
A bench of Justices Arun Mishra and U U Lalit took exception to the Amprapali group not handing over all the do...
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Corporate Law |
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Govt orders SFIO investigation into IL&FS and its subsidiaries
Posted Date : 03-Oct-2018 , 09:17:52 am | Posted By CASANSAAR
The government on Monday said an Serious Fraud Investigation Office (SFIO) investigation has been ordered into the affairs of IL&FS and its subsidiaries. The debt-laden infrastructure financing giant was paying dividends and huge managerial pay-outs regardless of looming liquidity crisis.
In ...
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Corporate Law |
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