Page 6 - Ministry Of Corporate Affairs
DEA had red flagged possible 'risks' over IL&FS collapse in 2018
The Department of Economic Affairs had earlier raised red signals over the likely collapse of IL&FS in a confidential note on September 30, 2018 and expressed concerns over its impact on the Indian economy, according to a latest affidavit filed by the corporate affairs ministry. The Ministry of Corporate Affairs (MCA) in the affidavit said the DEA had opined that if IL&FS group collapses, the Indian economy may have to face repercussions as redemption pressure would continue, debt market sell-off expected, may create liquidity crunch and NBFC licenses could be cancelled. "DEA had raised red signals of the likely collapse of IL&FS and had expressed its deep concern of such a collapse on the Indian economy," said MCA in the affidavit filed before the National Company Law Appellate Tribunal (NCLAT). Immediately after that, the MCA had moved the National Company Law Tribunal to take over the management of IL&FS, which had a debt exposure of over Rs 91,000 crore. According .
 "DEA had red flagged possible 'risks' over IL&FS collapse in 2018")
MCA's proposal to curb non-audit services will affect small firms: Experts
Any move to cap the number of clients of large audit firms will hurt investment, say experts
 "MCA's proposal to curb non-audit services will affect small firms: Experts")
Registering a company online to be easier as govt mulls direct method
Companies may soon be able to directly fill information online
 "Registering a company online to be easier as govt mulls direct method")
Govt to pare time taken for starting biz; new e-form to offer 10 services
The corporate affairs ministry would introduce the form -- SPICe+ -- to offer 10 services
 "Govt to pare time taken for starting biz; new e-form to offer 10 services")
Insolvency process: MCA orders SFIO probe into Castex Technology affairs
Castex Tech started its resolution process in December 2017 with a debt of Rs 6,000 crore
 "Insolvency process: MCA orders SFIO probe into Castex Technology affairs")
MCA inspection may spoil the show for Zee; stock sheds 15% in two sessions
In a clarification to the exchanges, Zee acknowledged that it had received a letter from the MCA, seeking information and inspection
 "MCA inspection may spoil the show for Zee; stock sheds 15% in two sessions")
MCA notifies winding-up rules: Shutting business now easier for small firms
The Central government will provide required approvals to such companies for winding up instead of the tribunal
 "MCA notifies winding-up rules: Shutting business now easier for small firms")
Irdai decides to defer implementation of IndAS in insurance sector
The regulator had planned to implement IndAS 117, which is an equivalent of IFRS 17, and IndAS 109 from April 1 onwards, but the IASB decided to amend IFRS 17
 "Irdai decides to defer implementation of IndAS in insurance sector")
MCA unearths Rs 700 cr scam in Unitech, says funds diverted to 16 shell cos
Company believed to have siphoned off huge amounts of money to various shell companies
 "MCA unearths Rs 700 cr scam in Unitech, says funds diverted to 16 shell cos")
Govt lays out strategy to revive Unitech, says won't use public money
The MCA on Wednesday submitted a proposal in the Supreme Court to take over the management of Unitech.
 "Govt lays out strategy to revive Unitech, says won't use public money")
Govt proposes Unitech takeover, submits proposal in Supreme Court
The government will appoint 10 directors to Unitech's board, it is learnt. All positions will be filled by people from different spheres and with varying expertise
 "Govt proposes Unitech takeover, submits proposal in Supreme Court")
Takeover norms for unlisted firms getting finalised, to be unveiled soon
Unlisted companies have no formal takeover code and shares are transferred on the basis of contracts and agreements
 "Takeover norms for unlisted firms getting finalised, to be unveiled soon")
Phones, visitors not allowed: Inside story of central registration centre
The address of the office, set up by the ministry of corporate affairs three years ago, is not exactly a secret but officials do not want to publicise any specific details of the organisation
 "Phones, visitors not allowed: Inside story of central registration centre")
Tata-Mistry saga: In a new twist, RoC seeks modification of NCLAT order
The Registrar of Companies has sought deletion of the words 'illegal' and 'with the help of the RoC' used by the NCLAT in its last week order
 "Tata-Mistry saga: In a new twist, RoC seeks modification of NCLAT order")
In 2019, independent directors exit in droves as tighter scrutiny bites
Experts say people are getting more and more selective about joining boards of companies, while basing their decision on several qualitative factors
 "In 2019, independent directors exit in droves as tighter scrutiny bites")
Corp Affairs Min moves NCLAT, seeks modification in its order on Tata Sons
Passing an order on December 18, NCLAT had directed for the reinstatement of ousted Cyrus Mistry as Chairman of Tata Sons.
 "Corp Affairs Min moves NCLAT, seeks modification in its order on Tata Sons")
Registering a company? Starting a business gets just a little bit easier
Experts suggested the MCA give access to the data and documents filed by companies to banks
 "Registering a company? Starting a business gets just a little bit easier")
NCLAT stays NCLT directive making MCA party in all insolvency cases
The appellate tribunal's direction came over a petition filed by the government through the Ministry of Corporate Affairs (MCA) challenging the NCLT order
 "NCLAT stays NCLT directive making MCA party in all insolvency cases")
From shareholders to stakeholders
In part I of a series, the authors discuss evolution of the environmental consciousness of companies
 "From shareholders to stakeholders")
Govt moves NCLAT against NCLT order making MCA party in all IBC cases
The appellate tribunal is expected to hear the case on Friday
