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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Corporate Law

Govt moved NCLT to supersede Management of IL&FS on grounds of mismanagement
Posted Date : 01-Oct-2018 , 11:09:54 pm | Posted By CASANSAAR

The Central Government, based on a report received from the Regional Director, Mumbai, Ministry of Corporate Affairs, concluded that the affairs of IL&FS holding Company  and its group companies are being conducted in a manner prejudicial to public interest.  With a view to preventing ...

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Category : Corporate Law | Comments : 0 | Hits : 397

Govt constitutes Competition Law Review Committee to review the Competition Act
Posted Date : 30-Sep-2018 , 10:22:39 pm | Posted By CASANSAAR

  In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act. The Competition Act was passed in the year 2002 and the Competition Comm...

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Category : Corporate Law | Comments : 0 | Hits : 375

High Level Committee Constituted on Corporate Social Responsibility
Posted Date : 28-Sep-2018 , 10:51:53 pm | Posted By CASANSAAR

A High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) has been constituted under the Chairmanship of Shri. Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) to review the existing framework and guide and formulate the roadmap for a coherent policy on Corpora...

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Category : Corporate Law | Comments : 0 | Hits : 856

MCA extended last date for rendering Valuation Services upto 31st Jan 2019
Posted Date : 26-Sep-2018 , 09:48:45 pm | Posted By CASANSAAR

Ministry of Corporate Affairs has extended the last date for rendering the Valuation services without a Certificate of Registration under the Companies Act 2013 till 31st January, 2019. After 31st January 2019 only registered valuers under IBBI will do the Valuation. Prior to amendment the las...

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Category : Corporate Law | Comments : 0 | Hits : 710

Govt plans exam for individuals looking to become independent directors
Posted Date : 03-Sep-2018 , 12:34:30 pm | Posted By CASANSAAR

The government plans to have examinations for individuals who want to become independent directors as part of bolstering the corporate governance framework, according to Union Minister P P Chaudhary. While there are stringent provisions under the Companies Act, 2013 to ensure good governance standar...

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Category : Corporate Law | Comments : 0 | Hits : 1575

Govt panel suggests ways to curb shell companies, de-clog NCLT
Posted Date : 28-Aug-2018 , 08:29:32 am | Posted By CASANSAAR

A Government committee has recommended companies to declare commencement of business in order to curb shell companies. It has also suggested capping independent directors’ remuneration. The report also touches upon certain essential elements related to corporate governance such as declarati...

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Category : Corporate Law | Comments : 0 | Hits : 613

Tata Sons cannot force Cyrus Mistry to sell his shares - NCLAT
Posted Date : 24-Aug-2018 , 04:21:58 pm | Posted By CASANSAAR

In a partial relief to Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Friday stated that Tata Sons cannot force him to sell his shares. However, the two-judge bench headed by Justice S.J. Mukhopadhyaya, declined Mistry's appeal to stay the conversion of Tata Sons into a pri...

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Category : Corporate Law | Comments : 0 | Hits : 624

2,25,910 companies under scanner of MCA for not filing returns
Posted Date : 03-Aug-2018 , 10:24:31 pm | Posted By CASANSAAR

  Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for...

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Category : Corporate Law | Comments : 0 | Hits : 394

NCLT allows merger of LLP, Private Companies
Posted Date : 31-Jul-2018 , 09:35:14 am | Posted By CASANSAAR

In what could kick off a new wave of mergers and acquisitions and open a new frontier in the resolution space, Chennai National Company Law Tribunal has given the green signal to merger of a Limited Liability Partnership with a private company.  The move, experts say, sets a distinct precede...

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Category : Corporate Law | Comments : 0 | Hits : 584

NCLAT stays voting by Bhushan Power & Steel lenders on finalising bids
Posted Date : 18-Jul-2018 , 07:57:37 am | Posted By CASANSAAR

The NCLAT today stayed the meeting of Committee of Creditors (CoC) of Bhushan Power and Steel Ltd to vote on finalisation of bids of the debt-ridden firm. The National Company Law Appellate Tribunal (NCLAT) also pulled up the Resolution Professional (RP) of the company, Mahendra Kumar Khandelwal,...

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Category : Corporate Law | Comments : 0 | Hits : 538

Govt seeks applications for NFRA Chairperson, Members posts
Posted Date : 31-May-2018 , 07:38:32 am | Posted By CASANSAAR

The government sought applications for the posts of chairperson and three full-time members of the National Financial Reporting Authority (NFRA).  In March, the Cabinet approved setting up of the NFRA, which would be an independent regulator for the auditing profession. The same month, the C...

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Category : Corporate Law | Comments : 0 | Hits : 864

Employers can validate e-challan offline with new tool - EPFO
Posted Date : 28-Apr-2018 , 07:08:13 am | Posted By CASANSAAR

Retirement fund body EPFO today said it has provided an offline tool for employers for validating the ECR or EPF return (electronic challan cum return) before uploading it at the unified portal. "In order to assist the employer to create the correct ECR file every month, EPFO has provided an...

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Category : Corporate Law | Comments : 0 | Hits : 2263

NCLAT stays CCI penalty of Rs 136 Cr on Google in search bias case
Posted Date : 28-Apr-2018 , 07:03:17 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) today stayed an order of the Competition Commission that imposed a penalty of Rs 136 crore on Google for unfair business practices in online search market. While admitting the plea of Google against the order, the NCLAT bench headed by Chairman ...

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Category : Corporate Law | Comments : 0 | Hits : 2107

Rendering of Valuation Services without a Certificate of Registration till 30th Sept 2018
Posted Date : 03-Apr-2018 , 09:45:45 am | Posted By CASANSAAR

In exercise of the powers conferred by section 247 read with sections 458, 459 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government, vide Gazette Notification dated 18th October, 2017, published the Companies (Registered Valuers and Valuation) Rules, 2017 (hereafter ‘Rules&r...

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Category : Corporate Law | Comments : 0 | Hits : 609

Govt to introduce Fugitive Economic offenders Bill and Chit Funds (Amendment) Bill in Lok Sabha
Posted Date : 11-Mar-2018 , 09:40:11 pm | Posted By CASANSAAR

The Chit Funds (Amendment) Bill and The Fugitive Economic Offenders Bill are scheduled to be introduced in the Lok Sabha on Monday.  AIR correspondent reports, last month, the Cabinet had given its approval to introduce the Chit Funds (Amendment) Bill in Parliament.  The amendment ha...

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Category : Corporate Law | Comments : 0 | Hits : 374

Bill to amend Payment of Gratuity Act provisions
Posted Date : 18-Dec-2017 , 09:48:01 pm | Posted By CASANSAAR

The government on Monday introduced a bill in the Lok Sabha that will allow it to notify the period of maternity leave and gratuity that can be availed by employees under a central law. The Payment of Gratuity (Amendment) Bill, 2017 was introduced by Labour Minister Santosh Kumar Gangwar in the H...

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Category : Corporate Law | Comments : 0 | Hits : 426

Online petition against FRDI Bill gets thousands of signups
Posted Date : 07-Dec-2017 , 07:20:16 pm | Posted By CASANSAAR

 An online petition against the bail-in provision in the FRDI bill has got thousands of signatures even as the finance ministry said that the proposal, under consideration of a joint parliamentary committee, is depositor friendly and provides more protection. An online petition on Change.org...

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Category : Corporate Law | Comments : 0 | Hits : 762

Ordinance to amend the Insolvency and Bankruptcy Code, 2016 promulgated
Posted Date : 23-Nov-2017 , 06:40:13 pm | Posted By CASANSAAR

  The Government of India promulgated today the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier the President of India had given his assent to the Ordinance to amend the Code. The Ordinance aims at putting in place safeguards to prevent unscrupulous, undesi...

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Category : Corporate Law | Comments : 0 | Hits : 580

Govt sets up 14-member panel to identify issues in Insolvency law
Posted Date : 22-Nov-2017 , 09:35:40 am | Posted By CASANSAAR

With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take sto...

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Category : Corporate Law | Comments : 0 | Hits : 623

Shell companies' directors siphoning off funds may face up to 10-year jail
Posted Date : 06-Sep-2017 , 11:46:47 am | Posted By CASANSAAR

The government today said directors or authorised signatories of deregistered companies who try to siphon off money from the firms' bank accounts can face up to 10 years imprisonment.  Besides, the directors of shell companies that have not filed their returns for three or more years wou...

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Category : Corporate Law | Comments : 0 | Hits : 1128

Govt blocks bank accounts of 200,000 dormant companies
Posted Date : 06-Sep-2017 , 10:16:07 pm | Posted By CASANSAAR

The finance ministry on Tuesday restricted directors of around 200,000 dormant companies struck off official records from accessing their firms’ bank accounts. The move is a precautionary measure aimed at preventing misuse of the bank accounts, said a finance ministry official who spoke on ...

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Category : Corporate Law | Comments : 0 | Hits : 395

Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017
Posted Date : 14-Jun-2017 , 09:06:58 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation...

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Category : Corporate Law | Comments : 0 | Hits : 278

Supreme Court refuses to intervene in Whistleblower law
Posted Date : 13-Jan-2017 , 08:12:30 am | Posted By CASANSAAR

The Supreme Court today refused to intervene in the legislative process on the amendments to the law on Whistleblower's Protection Act 2011. The apex court said Parliament is seized of the matter and by asking the legislature about the proposed amendments, it cannot breach the limit.  Re...

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Category : Corporate Law | Comments : 0 | Hits : 691

Bankruptcy and Insolvency Code will drive creation of a new debt market
Posted Date : 12-Jan-2017 , 10:23:07 pm | Posted By CASANSAAR

The Bankruptcy and Insolvency Code will drive growth of debt market in India, which hardly exists in corporate and business financing, Dr. MS Sahoo, Chairman, Bankruptcy Board of India told Fe. While the country has a matured and bullish equity market, the debt market in India was yet to develop. Th...

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Category : Corporate Law | Comments : 0 | Hits : 304

Cabinet approves grant of Permanent Residency Status for Foreign Investors
Posted Date : 31-Aug-2016 , 02:16:43 pm | Posted By CASANSAAR

The Union Cabinet has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions in the FDI Policy notified by the Government from time to time. The scheme is expected to encourage foreign investment in India and facilitate Make in India...

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Category : Corporate Law | Comments : 0 | Hits : 458

‘START-UP INDIA’ - Coverage and Eligibility
Posted Date : 22-Jul-2016 , 07:30:20 am | Posted By CASANSAAR

Press Information Bureau Government of India Ministry of Commerce & Industry 20-July-2016 14:28 IST ‘START-UP INDIA’-Coverage and Eligibility             Till date 728 applications have been received in the Startup India portal. Out of them,...

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Category : Corporate Law | Comments : 0 | Hits : 738

About 100 companies get government notice on CSR spend
Posted Date : 16-Jul-2016 , 09:28:51 am | Posted By CASANSAAR

The Registrar of Companies (RoC) has served warning to about 100 companies over non-disclosure or improper disclosure of their corporate social responsibility (CSR) spending, sending a strong signal that the government is very serious about compliance.  Regional registrars of companies (RoCs...

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Category : Corporate Law | Comments : 0 | Hits : 656

New stringent corporate laws make CFOs, auditors quit companies
Posted Date : 05-Nov-2015 , 08:33:16 am | Posted By CASANSAAR

The chief financial officer of a BSE-listed infrastructure company recently quit his job within months of joining, fearing he could be prosecuted because his employer — part of a group that has half a dozen other listed firms —was fabricating its accounts.  "They literally m...

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Category : Corporate Law | Comments : 0 | Hits : 1217

Najib Shah to take charge as CBEC Chairman
Posted Date : 29-Oct-2015 , 08:03:20 am | Posted By CASANSAAR

The Government on Wednesday appointed senior Indian Revenue Service officer Najib Shah as Chairman, Central Board of Excise and Customs.   “The Appointments Committee of Cabinet has approved the appointment of Najib Shah, Member CBEC as Chairman CBEC vice Kaushal Srivastava,” sa...

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Category : Corporate Law | Comments : 0 | Hits : 494

E-biz launches composite application form for PAN, TAN, DIN and incorporation of company
Posted Date : 16-Oct-2015 , 07:27:20 am | Posted By CASANSAAR

This joined up service enables the applicant to fill a common form for 'MCA-Name, DIN and COI', 'CBDT-PAN, TAN', 'MoLE- ESIC and EPFO' services and the same is then routed sequentially to the respective department for processing. While applying for these services, eBiz refere...

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Category : Corporate Law | Comments : 0 | Hits : 1201

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