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

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 : 188

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 : 230

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 : 440

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 : 114

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 : 192

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 : 252

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 : 78

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 : 632

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 : 2375

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 : 625

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 : 221

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 : 392

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 : 158

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 : 313

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 : 289

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 : 114

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 : 382

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 : 208

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 : 351

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 : 271

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 : 254

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 : 2219

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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Category : Corporate Law | Comments : 0 | Hits : 264

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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Category : Corporate Law | Comments : 0 | Hits : 328

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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Category : Corporate Law | Comments : 0 | Hits : 271

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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Category : Corporate Law | Comments : 0 | Hits : 230

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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Category : Corporate Law | Comments : 0 | Hits : 208

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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Category : Corporate Law | Comments : 0 | Hits : 208

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 ▶ SUBSCRIBED CA Sansaar YouTube Channel ...

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

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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Category : Corporate Law | Comments : 0 | Hits : 266

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