Page 7 - Ministry Of Corporate Affairs

Firms under IBC: Govt to allow resolution professionals to make filings

The RP is not empowered to carry on compliances such as signing and uploading the audited and unaudited financial results

The elephant in the board room

The separation of the roles of the chairman and MD/CEO was bound to be contentious from the time it was mooted. Surprisingly, it took two years for industry to formally raise this issue

'No irregularities': MCA relief to Indiabulls Housing Finance, for now

It is, however, still probing the company, one of the country's largest real estate lenders, and has sought two months' time for filing additional affidavit in this matter

No irregularity in Indiabulls Group loans to 5 firms: Corp min to Delhi HC

The petitioners had alleged in the PIL that the loans were given to shell companies

Govt moves NCLT to reopen financial statements of CG Power for FY15-19

The corporate affairs ministry on Monday moved NCLT seeking to reopen and restate the financial statements of CG Power & Industrial Solutions under Section 130 of the Companies Act for financial years 2015 to 2019. Alleging financial irregularities, the CG Power board had on August 30, 2019 in a mid-night drama removed the company promoter Gautam Thapar as the non-executive chairman, a position he had held since July 2006. The National Company Law Tribunal (NCLT) directed the ministry to issue notices to market regulator Sebi, the income tax department and Thapar to file reply within a week and also asked the ministry to file the rejoinder a week later. The tribunal has posted the matter for more hearing to December 16. The company said an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and

MCA wants accounts of CG Power and Industrial Solutions to be restated

It wants chartered accountants to re-open the books of account and recast the financial statements of the company and its subsidiary firms.

Rescue financiers call for ministry's protection in insolvency proceedings

The ministry of corporate affairs (MCA) has representations from fund managers and private lenders providing rescue financing to stressed projects

Easing of IBC deadline to serve interests of public, debtor: MCA secretary

The Supreme Court has relaxed the 330-day timeline for resolving stressed assets

How govt's new AI-based system can help cos save non-compliance costs, time

Currently, all forms and documents are electronically filed with the MCA

Want to be an independent director? Sit for exam and pass with at least 60%

The Indian Institute of Corporate Affairs under the MCA will hold the exam in December

MCA floats a new testing proposal to filter frivolous independent directors

How do laws regarding independent directors in India pan out vis-a-vis other nations?

Corporate debtors set to get IBC immunity against attachment of assets

The MCA has received several representations from companies including JSW and Tata Steel regarding issues that cropped up after the closure of the insolvency and bankruptcy process

Lenders wary of using IBC after ED attaches Bhushan Power assets under PMLA

Lenders say if money laundering provisions are applied to bankruptcy cose, close to 90% cases of NPA in the banking system will turn out to be frauds

Just contributing money is not what govt expects through CSR, says Srinivas

What we urge upon you (companies) is proactive participation and not passive participation, said Corporate Affairs Secretary Injeti Srinivas

Online test for independent directors may be counterproductive, say experts

According to the National Stock Exchange database, there are over 5,500 individuals who hold 7,066 posts of independent directors.

Sort out Bhushan Power and Steel asset issue: NCLAT to MCA and ED

Appellate tribunal says ED can claim dues from proceeds of crime under IBC as operational creditor

Online proficiency self-assessment test for independent directors from Dec

Recent corporate scams have turned the heat on company directors, who, the government feels, failed to detect any signs of trouble

Whistleblower alleges siphoning of funds from MIAL; GVK gets MCA notice

GVK also claimed that none of the group companies, barring MIAL, have received any notice from the ministry

The network effect

Review rules on audit firms providing non-audit services

PMC Bank crisis: Ministry of Corporate Affairs to inspect books of HDIL

The ministry will study the books of account, related-party transactions and filings of the company