21 new NCLT members get to work after SC rap over delays
Posted Date : 02-Mar-2025 , 10:05:34 pm | Posted By CASANSAAR
The Union government has assigned benches to 21 of the 24-newly appointed judicial and technical members of the National Company Law Tribunal (NCLT), weeks after calls to fast-track the assignment-process were made by the NCLT Bar Association. The Supreme Court too had in a November 2024 ruling expr...
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Corporate Law |
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Advocates can't be held liable for deficiency in service - Supreme Court
Posted Date : 16-May-2024 , 11:54:08 am | Posted By CASANSAAR
The Supreme Court ruled that the complaint alleging "deficiency in service" against advocates would not be maintainable under the Consumer Protection Act (CP Act) as it noted that the legal profession is unique in nature and cannot be compared with any other occupation.
A bench of Justi...
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Corporate Law |
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Ashneer Grover moves NCLT, alleges oppression, mismanagement at BharatPe
Posted Date : 12-Dec-2023 , 08:43:07 pm | Posted By CASANSAAR
Ashneer Grover, former managing director of BharatPe, has moved the National Company Law Tribunal (NCLT), Delhi, alleging opression and mismanagement at the company.
The case came up for hearing on December 6, wherein his lawyer sought additional time to address the tribunal on maintainability. T...
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Corporate Law |
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Over 96,000 companies voluntarily wound up operations in last five years
Posted Date : 01-Aug-2023 , 06:56:00 am | Posted By CASANSAAR
Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs.
Businesses opt for winding up for various reasons, including financial unviability.
From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily,...
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Corporate Law |
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Byju's faces more trouble as its Auditor & 3 Directors quit
Posted Date : 23-Jun-2023 , 09:31:10 am | Posted By CASANSAAR
Three board members of Ed tech company Byju’s resigned on Thursday, June 22. According to reports, Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have stepped down from their responsibilities from the board. The company spo...
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Corporate Law |
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ED attaches Rs 757 crore assets of Amway, questions business model
Posted Date : 19-Apr-2022 , 09:01:32 am | Posted By CASANSAAR
The Enforcement Directorate has accused Amway India Enterprises of running a multi-level marketing scam, while attaching its assets worth Rs 757 crore on Monday, including its factory in Tamil Nadu’s Dindigul district and bank balances of Rs 346 crore.
The agency said its money trail agai...
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Corporate Law |
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IBBI issues fresh norms to speed up voluntarily liquidation
Posted Date : 07-Apr-2022 , 08:42:20 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has issued a fresh set of rules to fast track voluntary liquidation by companies under the Insolvency and Bankruptcy Code (IBC).
The amendments to the IBBI (voluntary liquidation process) regulations notified on Tuesday sharply cuts short the ...
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Corporate Law |
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Former Sports Secretary Ravi Mittal appointed as IBBI Chairperson
Posted Date : 04-Feb-2022 , 09:17:27 am | Posted By CASANSAAR
The government has appointed former civil servant Ravi Mittal as the chairperson of the Insolvency and Bankruptcy Board of India (IBBI), according to sources. The appointment comes little over four months after the post fell vacant following the retirement of M S Sahoo who completed his five-year te...
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Corporate Law |
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Companies spent Rs 1.09 lakh Cr towards CSR activities in 7 years
Posted Date : 22-Dec-2021 , 08:47:51 am | Posted By CASANSAAR
Companies shelled out Rs 1.09 lakh crore towards various CSR activities, including those related to health, education and poverty eradication, under the companies law in the last seven financial years, according to the corporate affairs ministry.
Under the Companies Act, 2013, certain class of ...
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Corporate Law |
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Govt initiates process for filling posts of independent directors in PSBs, FIs
Posted Date : 11-Oct-2021 , 09:16:10 am | Posted By CASANSAAR
The government has initiated the process of filling about 100 vacancies of independent directors in public sector banks and financial institutions to meet regulatory norms of corporate governance.
There have been vacancies at the independent director level across the public sector space leading...
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Corporate Law |
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Govt clears amendments to LLP Act; to decriminalise 12 offences
Posted Date : 29-Jul-2021 , 09:14:53 am | Posted By CASANSAAR
Continuing efforts to foster ease of doing business as well as encourage startups ecosystem, the government on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law.
Besides, a new definition for small LLPs will be intr...
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Corporate Law |
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Govt identified more than 2.38 lakh companies as shell companies - MoS Corporate Affairs
Posted Date : 28-Jul-2021 , 09:32:10 am | Posted By CASANSAAR
Government has identified more than 2.38 lakh companies as shell companies in the last three years.
This information was given by the Minister of State for Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Rajya Sabha today.
He said the Government has und...
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Corporate Law |
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Rs 21,231 Cr spent by 21,349 companies on CSR funds in 2019-20
Posted Date : 20-Jul-2021 , 08:33:05 am | Posted By CASANSAAR
Corporate houses spend a huge sum on Corporate Social Responsibility (CSR) for the welfare of workers and local people in the country. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Lok Sabha today.
Giving...
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Corporate Law |
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Govt creates Ministry of Co-operation for strengthening of cooperatives
Posted Date : 07-Jul-2021 , 09:29:34 am | Posted By CASANSAAR
The Union Government has created a separate Ministry of Co-operation for realizing the vision of 'Sahkar se Samriddhi'. This Ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country. It will help deepen co-operative...
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Corporate Law |
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0 | Hits : 1062
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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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Corporate Law |
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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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Corporate Law |
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0 | Hits : 944
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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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Corporate Law |
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0 | Hits : 995
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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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Corporate Law |
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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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Corporate Law |
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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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Corporate Law |
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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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Corporate Law |
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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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Corporate Law |
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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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Corporate Law |
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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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Corporate Law |
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0 | Hits : 876
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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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Corporate Law |
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0 | Hits : 1032
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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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Corporate Law |
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0 | Hits : 672
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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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Corporate Law |
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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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Corporate Law |
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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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Corporate Law |
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0 | Hits : 707
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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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