Ministry Of Corporate Affairs

Second amendment to LLP Rules will ease procedural burden: Experts

At the time of incorporation, five can be appointed designated partners

Big M&As of digital businesses likely to come under CCI ambit soon

Several important deals in the digital space, like the Facebook-WhatsApp merger, have escaped CCI scrutiny due to current regulations

Record number of companies registered in FY22 despite Covid

Showing resilience India has registered 1.67 lakh companies in the financial year 2021-22 (April-March), according to a report by Ministry of Corporate Affairs (MCA)

Govt amends rules governing Nidhi companies; prior declaration 'mandatory'

The ministry said during 2014-2019, more than 10,000 companies got incorporated

Over 167k companies incorporated last year: Ministry of Corporate Affairs

The ministry said the increase is significant considering that number of companies incorporated during the financial year 2020-21 was the highest in any of the previous years

NCLT allows govt to take over management of Delhi Gymkhana Club

Earlier, the tribunal had allowed the ministry to nominate 15 persons as directors on the club's general committee as well as manage the affairs of the club.

Course correction

IL&FS resolution has lessons

NCLT has disposed of 62,000 cases out of about 83,000 filed: Official

The National Company Law Tribunal (NCLT) has disposed of nearly 62,000 cases out of nearly 83,000 cases filed before it, Rajesh Verma, Secretary, Ministry of Corporate Affairs said on Saturday.Addressing a national level Colloquium on the subject 'NCLT- The Road Ahead' organised by the NCLT, Verma said NCLT is an institution of pride and it has led to faster resolution of corporate disputes under the Company Act and the Insolvency & Bankruptcy Code (IBC).Verma emphasised that the IBC Code has seen a roller coaster ride with six amendments that have been made in the main legislation so far. He further stated that many provisions of IBC have come out unscathed when challenged (in the higher courts) and the Supreme Court of India had settled the jurisprudence on various aspects of this new law at an unprecedented pace and passion.In his address as the chief guest, Justice (retd) Ramalingam Sudhakar said that India is envisioning a multi-trillion dollar economy. Industry and ...

BharatPe ready for preliminary govt probe, to comply with law, say sources

BharatPe has already conducted a thorough internal governance review via Alvarez and Marsal, a leading management consultant and risk advisory firm

MCA looking at BharatPe Board's conduct in Ashneer Grover controversy

Grover last week resigned as company's managing director and director, says he will cooperate with ministry.

New CSR form to enhance corporate compliance, help govt in keeping a tab

The government had mandated that Corporate India publish a comprehensive report on their specific CSR initiatives.

MCA21 portal's third version to be rolled out in March

The corporate affairs ministry is preparing to launch the third version of the MCA21 portal in March, starting with the LLP module.

Reform in three Acts with long-overdue Bill to improve audit discipline

The government introduces a long-overdue Bill to improve the audit discipline

Ministry proposes fixed timeline for NCLT, extended look-back period in IBC

The government has sought public comments on the proposal by January 13

Companies spent Rs 1.09 trn towards CSR activities in 7 years: MCA

Under the Companies Act, 2013, certain class of profitable entities are required to spend at least 2 per cent of their three-year annual average net profit towards Corporate Social Responsibility

Corp Affairs Ministry giving more leeway for firms to hold AGMs virtually

The corporate affairs ministry on Tuesday provided more leeway for companies in terms of holding annual general meetings in virtual mode.

Living proof of face recognition

Millions of mobile users already deploy face recognition to unlock their phones. The use of face recognition for digital life certificates is a smart way to offer convenience to pensioners

No extension in AGM deadline beyond June 30, 2022 for companies: MCA

MCA has said that its circular should not be construed as conferring any extension of time for holding annual general meetings by the companies under the Companies Act, 2013.

Over 396,000 cos removed from official records for non-compliance in 5 yrs

More than 3.96 lakh companies were removed from official records in the last five financial years after following the due process under the companies law, according to official data. The corporate affairs ministry, which is implementing the Companies Act, 2013, struck off 12,892 companies from the official records in the last fiscal, while the number stood at 2,933 in 2019-20. Figures provided by Minister of State for Corporate Affairs Rao Inderjit Singh to the Rajya Sabha in a written reply on Tuesday showed that a total of 3,96,585 companies were removed from the Register of Companies in the last five financial years. In 2016-17, a total of 7,943 companies were removed from the register, while the count was at 2,34,371 in 2017-18 and 1,38,446 in 2018-19. To a query on whether many companies were struck off on account of lack of compliance, the minister replied in the affirmative. Pursuant to provisions of Section 248 (1) of the Companies Act, the name of a company can be removed

Corporate affairs ministry to test new MCA21 portal's Version 3 soon

The main purpose of the portal is to facilitate seamless integration and data exchange among regulators.