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

Mandatory Accounting Software with Recording Audit Trail for Companies - MCA
Posted Date : 26-Mar-2021 , 02:52:25 pm | Posted By CASANSAAR

MCA had issued Companies (Audit and Auditors) Amendment Rules, 2021. From Financial year commencing on or after the 1st day of  April,  2021,  every company  which  uses  accounting  software  for  maintaining  its  books  of  ...

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Category : Corporate Law | Comments : 0 | Hits : 2167

1.38 lakh new companies registered in India in pandemic year - Govt
Posted Date : 23-Mar-2021 , 07:43:58 am | Posted By CASANSAAR

The Minister of State (MoS) for Finance & Corporate Affairs Anurag Singh Thakur said that 1,38,051 new companies registered in the current Financial Year from April 2020 to February 2021 while 10,113 of Companies have been struck off by invoking the provisions of section 248 of th...

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Category : Corporate Law | Comments : 0 | Hits : 298

MCA21 Version 3.0 to be launched in Fiscal 2021-22
Posted Date : 06-Feb-2021 , 08:25:30 am | Posted By CASANSAAR

During the fiscal 2021-22, the Ministry of Corporate Affairs (MCA) will launch data analytics driven MCA21 Version 3.0. This Version will have additional modules for e-Adjudication, e-Consultation and Compliance Management. MCA21 system is the first Mission Mode e-Governance project of Government of...

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Category : Corporate Law | Comments : 0 | Hits : 302

MCA initiates process of De-criminalisation of compoundable offences under Limited Liability Act, 2008
Posted Date : 04-Feb-2021 , 08:12:30 am | Posted By CASANSAAR

With the object of unleashing the entrepreneurial spirits of our youth and to remove the fear of criminal prosecutions for non- substantive minor and procedural omissions and commissions in the normal course of their business transactions, the Government of India in the Ministry of Corporate Affairs...

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Category : Corporate Law | Comments : 0 | Hits : 312

MCA revises threshold for paid up capital and turnover for Small Companies
Posted Date : 04-Feb-2021 , 08:11:20 am | Posted By CASANSAAR

In line with the vision of the Government of India, the definition under the Companies Act, 2013 for Small Companies has now been revised by increasing their thresholds for Paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” & Turnover from &ldqu...

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Category : Corporate Law | Comments : 0 | Hits : 517

Trusts and societies have till April 1 to register with MCA under CSR rules
Posted Date : 23-Jan-2021 , 10:59:34 am | Posted By CASANSAAR

The corporate social responsibility rules that came into effect from Friday have given time till April 1, 2021 to implementing agencies such as trusts and societies to register with the ministry of corporate affairs while also setting a three year time-limit for any CSR project, among a series of ot...

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Category : Corporate Law | Comments : 0 | Hits : 571

Government set to amend LLP Act; seeks comments on panel's report
Posted Date : 20-Jan-2021 , 08:11:57 pm | Posted By CASANSAAR

Decriminalising various offences, introducing a new concept of small LLPs and permitting LLPs to issue non-convertible debentures are among the changes being proposed under the Limited Liability Partnership (LLP) Act. As part of efforts to further improve the ease of doing business, the corporate...

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Category : Corporate Law | Comments : 0 | Hits : 684

Rajya Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Posted Date : 20-Sep-2020 , 10:51:40 am | Posted By CASANSAAR

Rajya Sabha on Saturday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, which seeks to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020. This ordinance, which was promulgated on June 5, had prohibited the initiation of insolvency proceedings for defa...

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Category : Corporate Law | Comments : 0 | Hits : 261

Ministry of Corporate Affairs widens ambit of CSR activities
Posted Date : 26-Jun-2020 , 09:01:57 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has included contributions towards the Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans and their dependents including widows, within the definition of corporate social responsibility (CSR). The notification, on Wednesday,...

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Category : Corporate Law | Comments : 0 | Hits : 240

Govt plans to decriminalise compoundable offences under LLP Act
Posted Date : 20-Jun-2020 , 10:10:36 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has proposed to decriminalise certain compoundable offences under the Limited Liability Partnership (LLP) Act, involving minor, procedural or technical violations “In order to provide greater ease of doing business in India to law abiding LLPs” it ...

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Category : Corporate Law | Comments : 0 | Hits : 273

IBBI excludes lockdown from resolution time frame
Posted Date : 26-Apr-2020 , 10:34:33 am | Posted By CASANSAAR

The insolvency regulator has issued notifications to exclude the lockdown period following the Covid-19 outbreak from the time frames governing corporate insolvency resolution or liquidation processes. Introducing a special provision in the IBBI (Insolvency Resolution Process for Corporate Person...

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Category : Corporate Law | Comments : 0 | Hits : 480

Companies Fresh Start Scheme | LLP Settlement Scheme | CFSS 2020
Posted Date : 25-Apr-2020 , 10:17:55 am | Posted By CASANSAAR

Companies Fresh Start Scheme 2020 and LLP Settlement Scheme 2020 discussed by Adv.(CA) Arun Saxena,.,., https://youtu.be/oRJpkPCaXYg ...

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Category : Corporate Law | Comments : 0 | Hits : 149

MCA allows companies to hold first AGM before September 30
Posted Date : 23-Apr-2020 , 10:15:49 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) allowed companies whose financial year ended in December, to hold their first Annual General Meeting (AGMs) within the first nine months of their current fiscal or September 30, without it being viewed as a violation under the Companies Act. The relaxation ...

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Category : Corporate Law | Comments : 0 | Hits : 227

Donations to CM relief fund cannot be counted as CSR - MCA
Posted Date : 12-Apr-2020 , 09:33:58 am | Posted By CASANSAAR

MCA has clarified that companies cannot make financial contributions to any ‘Chief Minister’s Relief Fund’ or ‘State Relief Fund for COVID-19′ and claim that as ‘corporate social responsibility’ (CSR) spending as per existing law. This clarification comes...

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Category : Corporate Law | Comments : 0 | Hits : 279

IBBI amends CIRP Regulations to provide relief in CIRP
Posted Date : 31-Mar-2020 , 09:29:12 am | Posted By CASANSAAR

  To address this difficulty faced by the lockdown due to COVID-19, the Insolvency and Bankruptcy Board of India (IBBI) amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes...

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Category : Corporate Law | Comments : 0 | Hits : 111

Contributions to PM CARES fund will help Companies to meet CSR obligations
Posted Date : 30-Mar-2020 , 09:20:52 am | Posted By CASANSAAR

Corporates have spent Rs 52,000 crore towards social welfare activities in the last five financial years and now making contributions to the Prime Minister's relief fund will further help them meet their obligations under the companies law, according to a senior government official. As the co...

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Category : Corporate Law | Comments : 0 | Hits : 667

Companies, LLPs to be told to submit Covid-19 readiness form
Posted Date : 21-Mar-2020 , 10:03:34 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) plans to soon come up with a simple web-based form for companies and limited liability partnerships (LLPs) to confirm their readiness to deal with the Covid-19 threat. The web form — to be named CAR (Company Affirmation of Readiness towards Covid-19) ...

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Category : Corporate Law | Comments : 0 | Hits : 2414

NCLT not to accept any fresh filings till March 27
Posted Date : 20-Mar-2020 , 08:07:48 am | Posted By CASANSAAR

All benches of the National Company Law Tribunal (NCLT) will not accept fresh filings till March 27, said a notification on Thursday. "It is observed that all NCLT benches have become crowded filing counters, which may lead to community transmission of COVID-19 therefore, it is decided to cl...

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Category : Corporate Law | Comments : 0 | Hits : 660

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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Category : Corporate Law | Comments : 0 | Hits : 251

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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Category : Corporate Law | Comments : 0 | Hits : 425

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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Category : Corporate Law | Comments : 0 | Hits : 194

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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Category : Corporate Law | Comments : 0 | Hits : 349

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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Category : Corporate Law | Comments : 0 | Hits : 319

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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Category : Corporate Law | Comments : 0 | Hits : 145

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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Category : Corporate Law | Comments : 0 | Hits : 408

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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Category : Corporate Law | Comments : 0 | Hits : 238

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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Category : Corporate Law | Comments : 0 | Hits : 382

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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Category : Corporate Law | Comments : 0 | Hits : 292

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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Category : Corporate Law | Comments : 0 | Hits : 269

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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Category : Corporate Law | Comments : 0 | Hits : 2249

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