With the Insolvency and Bankruptcy Code, which was the instrument lenders had to make their borrowers fall in line, suspended for a year, many say this makes uncertain the future of a landmark law
The Ministry of Corporate Affairs (MCA) had clarified earlier this month that it would be allowing the meetings to be conducted online because of Covid-19
Ex-gratia payments to workers will be treated as CSR, provided these are over and above wages
Taking care of people and communities in times of crisis can offer a brand or company many long-term benefits
An extraordinary situation requires an extraordinary response from the framework of the law
Key concepts that impact audit quality, the central theme of the MCA paper
Relaxation allows directors to attend via audio-visual means even for approval of financial statements and the board's report
The video conferencing will be done at the office of the regional director, registrar of companies, Ministry of Corporate Affairs
Since inception, close to 62,000 cases came to the NCLT. These include the ones which transferred from board of industrial and financial reconstruction and high courts
The ICAI is the apex body of chartered accountants. Overseas audit entities operate in the country through network firms model
The fear of enforcement action often undermines the objective of achieving quality in corporate governance
Notified by the MCA in 2018, the SBO rules went through major revisions in 2019. The deadline for making the filing has been extended four times since, with the latest being March 31.
The National Company Law Tribunal (NCLT) on Thursday allowed a government petition seeking to reopen CG Power and Industrial Solutions accounts from 2014-15 to 2018-19. The corporate affairs ministry had filed an application in the NCLT seeking the appointment of an independent auditor to reopen the accounts of CG Power & Industrial Solution from 2014-15 to 2018-19. The ministry in its prayer had said the reopening of the books of accounts is needed to bring out the truth in the larger public interest. The Mumbai-bench -- comprising members Bhaskara Pantula Mohan and Rajesh Sharma -- in its order also directed the government not to rely on the report by Vaish Associates, and asked them to conduct a separate investigation. The tribunal also denied CG Power & Industrial Solution founder Gautam Thapar's plea to grant stay on the order. Earlier in January, the NCLT had quashed the audit report submitted by Vaish Associates, terming it bogus. Thapar was sacked based on this report,
New audit rules more onerous, but useful
The regulator has proposed widening the definition of related party and RPTs, changing the threshold for determining RPTs, and tighter disclosures and approvals.
The Competition Act requires any proposed combination meeting the specified threshold of asset or turnover to be approved by CCI.
Companies (Auditor's Report ) Order to enhance disclosures on part of auditors
Currently, Indian companies tap foreign capital mostly through American depository receipts or global depository receipts
The ministry also sought to give monetary and penal powers to the director general for investigation under the Competition Commission of India (CCI)
The MCA's proposals will address the conflict of interest issue