Page 8 - Ministry Of Corporate Affairs

MCA plans to amend CA Act to remove conflict of interest in audits

The government, in creating disciplinary mechanisms, could consider bringing in disclosure norms for auditors with respect to non-audit services and fees charged by them

Sebi, Ministry of Corporate Affairs plan to turn up heat on rating firms

Credit rating agencies may be told to follow norms set for bourses; move will change ownership structure

MCA defends IBC amendments, sticks to strict deadlines in Supreme Court

The MCA has told the apex court that processes of corporate insolvency resolution are time-bound and if it does not adhere to the time-limit then the viability of the process is over

CG Power case: Look out circular issued against ex-chairman Gautam Thapar

The case could be referred to the Serious Fraud Investigation Office (SFIO) if the preliminary inspection report points to a fraud and gaping holes in the books of the firm

Overhaul of Sebi panels on the cards to accommodate govt nominees

At present, very few Sebi committees have finance ministry nominees

MCA orders probe against CG Power, inspection report to be ready soon

The office of the MCA's regional director, western region, is in charge of the probe

Criminal offences in Companies Act to be slashed, govt mulls 65 changes

The offences punishable with imprisonment, a fine, or both are compoundable, and offences punishable with imprisonment and a fine are non-compoundable

NCLAT raps MCA, IL&FS board over delay in presenting resolution plan

Appellate tribunal to next hear matter on September 5, asks MCA, IL&FS board to file progress report by September 3

Deloitte Haskins & Sells quits as auditor of cash-strapped DHFL

However, the other joint auditor, Mumbai-based Chaturvedi & Shah, continues to service the company

MCA may expand powers of regional directors for M&As of higher categories

Listed companies are, however, likely to be left out of the purview of regional directors along with unlisted public companies above a certain threshold

Modi govt considers tougher rules for audit firms amid crack down on lapses

To stamp out conflicts of interest, the corporate affairs ministry is also weighing either a complete ban on non-audit services

Choosing your company's name? MCA lists examples to avoid any duplication

The Ministry of Corporate Affairs made it clear that the use of different phonetic spellings, including the use of misspelled words of an expression, would be treated as same

MCA tightens noose on ponzi scheme operators, wants ban on cryptocurrencies

About 60% of the money in these schemes comes from the small investors who never come forward to claim the money. They usually put money in such schemes in the range of Rs 500 to Rs 1,000

MCA moves contempt pleas against Axis, StanChart chiefs and Ramesh Bawa

The matter could not be heard on Thursday because of paucity of time and has been listed for hearing on April 26

Significant beneficial ownership rules: The ambiguity continues

Based on the concept of mere 'participation', potentially, all individuals holding key positions, namely, executive directors, CEOs, CFOs and COOs may be considered SBOs

Over 100,000 firms deregistered under Section 248 this fiscal: Govt

Section 248 pertains to removal of name of a company that has not been carrying out business activities for a long time

40% firms failing to file returns under MCA lens, may get deregistered

The ministry has found that even after these companies were de-registered, their directors were not vacating offices - as they are supposed to Companies Act

Lower threshold for 'beneficial owners'; new rules take effect from June 30

An entity or an individual holding at least 10 per cent in a company will now be considered a significant beneficial owner

Govt to improve norms for auditors, corp professionals: P P Chaudhary

In recent months, scores of auditors have left audit work of companies, mostly listed ones, citing various reasons

MCA asks 200,000 companies to stop operations, get de-registered

The decision comes after these firms lagged behind in filing annual returns for several years