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MCA Circular regarding Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016). Watch This Video,,,, https://youtu.be/MRzpTTrDzQ4 ...

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Category : MCA | Comments : 0 | Hits : 314

Drawing lessons from the alleged role of auditors and their failure to flag irregularities at companies such as Infrastructure Leasing & Financial Services (IL&FS), the Ministry of Corporate Affairs (MCA) has floated a consultation paper seeking industry comments on various aspects of auditi...

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Category : MCA | Comments : 1 | Hits : 525

The government has sought opinion on restricting the number of audits by an audit firm and its partners following concerns in a number of cases. Some of the proposals could have a major impact on the Big Four. The Ministry of Corporate Affairs (MCA) has put out a paper seeking suggestions on issu...

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Category : MCA | Comments : 0 | Hits : 771

The Ministry of Corporate Affairs (MCA) on Tuesday notified rules for winding up of companies, making it easier for smaller firms to wind up businesses without taking approval.  The rules have provided summary procedures for liquidation of companies with asset size of Rs 1 crore and which ha...

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Category : MCA | Comments : 0 | Hits : 1119

The Ministry of Corporate Affairs (MCA) is planning an amendment to the Companies Act that will mandate large unlisted companies to file as frequently as listed ones, The Times of India reported. The companies are, at present, required to file annual reports.Moneycontrol could not independently v...

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Category : MCA | Comments : 0 | Hits : 320

The government has moved the National Company Law Appellate Tribunal (NCLAT) against an order passed by NCLT to make the Ministry of Corporate Affairs a party in all applications filed under the Insolvency and Bankruptcy Code as well as the Companies Act. In a petition moved through the Ministry ...

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Category : MCA | Comments : 0 | Hits : 228

As of 30th June 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 cases were ongoing under different stages of the resolution process, 129 cases have resulted in resolu...

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The Ministry of Corporates Affairs (MCA) here on Monday launched the databank of independent directors with an aim to strengthen the institution of independent directors under the Companies Act. The databank, launched by Injeti Srinivas, MCA Secretary, can be accessed at "www.mca.gov.in"...

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Category : MCA | Comments : 0 | Hits : 821

The Ministry of Corporate Affairs (MCA) has been taking various initiatives on continuous basis to provide less stringent regulations, including measures with respect to filing requirements for small companies, One Person Companies (OPCs) and start-ups. This was stated by Shri Anurag Thakur, Union M...

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Category : MCA | Comments : 0 | Hits : 918

The Reserve Bank can now direct resolution of non-banking financial companies NBFCsfor with assets worth at least Rs 500 crore under the insolvency law to help in addressing defaulting cases in the Non-Banking Financial Companies sector, according to a ministry of corporate affairs (MCA) notificatio...

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Category : MCA | Comments : 0 | Hits : 170

Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) today to provide a generic framework for insolvency and liquidation proceedings of syst...

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Category : MCA | Comments : 0 | Hits : 494

In mounting trouble for the debt ridden Dewan Housing Finance Ltd (DHFL) the Ministry of Corporate Affairs (MCA) has recommended fraud probe against the Non Banking Finance Company (NBFC), said a government official. This comes after a report by Registrar of Companies (ROC), Mumbai's initial ...

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Category : MCA | Comments : 0 | Hits : 409

The corporate affairs ministry has asked disqualified directors to file their pending statutory returns and ensure compliance or else face regulatory action. As part of larger crackdown on companies suspected to be shell entities, the ministry had disqualified many individuals from holding directors...

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Ministry of Corporate Affairs (MCA) has recently reviewed a list of individuals and corporates under the scanner over potential cases of financial irregularities. The ministry has referred over 80 names under various categories of look out circulars (LOC) after the review, government sources said. ...

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Category : MCA | Comments : 0 | Hits : 405

All independent directors will soon have to take an “online proficiency self-assessment test” before they are appointed to company boards, according to an amendment to the Companies Act notified by the Ministry of Corporate Affairs (MCA) on Tuesday. This rule will come into effect from D...

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Category : MCA | Comments : 0 | Hits : 691

The National Company Law Tribunal (NCLT) has allowed the ministry of corporate affairs (MCA) to appoint Mukund M Chitale & Co the statutory auditor for IL&FS Financial Services (IFIN). IFIN, in its board meeting, had appointed Mukund M Chitale & Co the statutory auditor for the compan...

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Category : MCA | Comments : 0 | Hits : 405

In a relief to companies that had been rendered inactive after they failed to comply with the know-your-customer rules, the government has given them an option to change their status and become active. The Ministry of Corporate Affairs (MCA) has amended rules to allow such companies to make a fil...

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Please note that the DINs which have not complied with the requirement of filing DIR-3 KYC have since been marked as ‘Deactivated due to non-filing of DIR-3 KYC’. Such DINs are not allowed to be used for filing any eforms on MCA21 portal. In case the present status of your DIN is &lsq...

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The Ministry of Corporate Affairs is planning to amend the Chartered Accountants Act to build disciplinary mechanisms for removing possible conflicts of interest between audit firms and companies they audit.  The government is also looking at ways to address the gaps in the law with respect ...

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Category : MCA | Comments : 0 | Hits : 2328

The Corporate Affairs Ministry (MCA) has set up a eight member 'Committee of Experts' to examine the need for an institutional framework for regulation and development of valuation professionals. The Panel would be headed by IBBI Chairman M S Sahoo. It would also cover the regulatory arch...

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Category : MCA | Comments : 0 | Hits : 1642

In a sweeping recommendation, a high-level committee led by Corporate Affairs Secretary Injeti Srinivas has proposed to make corporate social responsibility (CSR) expenditure tax-deductible and allow companies to carry forward the unspent balance for a period of 3-5 years.  This if accepted ...

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Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. As per the said notification: i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the fi...

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Ministry of Corporate Affairs (MCA) has asked National Financial Reporting Authority (NFRA) to review Auditing and Assurance Standards for auditors, people familiar with the development said. The ministry is mulling various options to strengthen the current audit framework in the wake of the rece...

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Category : MCA | Comments : 0 | Hits : 324

In an attempt to keep a check on shell companies, the Ministry of Corporate Affairs may amend the LLP Act to tighten regulation for companies which seek to change their status to limited liability partnership (LLP), reported Business Standard, citing people in the know. The number of companies co...

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Amid instances of frauds at companies, chartered accountants are facing the “most heat today” as strong auditing and accounting standards are in place, said a senior government official. The remarks of Corporate Affairs Secretary Injeti Srinivas also come at a time when the role of au...

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Category : MCA | Comments : 0 | Hits : 703

Bolstering efforts to curb white collar frauds, the corporate affairs ministry and markets watchdog SEBI will start automatic sharing of data between them. The move also comes against the backdrop of concerns over corporate governance practices amid instances of misdoings and financial irregulari...

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The ministry of corporate affairs (MCA) has launched a prosecution against Deloitte Haskins and Sells as well as BSR and Associates LLP and their former auditors for their role in “perpetuating the fraud” at IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS...

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Category : MCA | Comments : 0 | Hits : 870

The Ministry of Corporate Affairs has authorised its regional unit to initiate proceedings against nine auditors and audit partners including BSR Co. and Deloitte Haskins & Sells (DHS) and bar them after they were charged with colluding with the management of IL&FS Financial Services and fra...

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Category : MCA | Comments : 0 | Hits : 2224

The Ministry of Corporate Affairs (MCA) has sent out a look-out circular with the names of over 20 people suspected of economic offence, sources said on Monday. Sources said the circular includes the name of Naresh Goyal, the Chairman of the now-grounded Jet Airways. Look out circulars are issued...

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Category : MCA | Comments : 0 | Hits : 708

Widening its probe against economic offenders, the Ministry of Corporate Affairs has prepared a list of 20 individuals and requested the Intelligence Bureau (IB) to not allow them to flee the country. The move comes in the wake of several such instances where offenders had fled the country soon a...

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Category : MCA | Comments : 0 | Hits : 319