The government has set up a special team to address stakeholders’ grievances related to MCA21 portal, the key platform for submitting various filings under the companies and limited liability partnership laws. There have been some issues faced by the stakeholders in using the portal. With respect to the portal, the corporate affairs ministry on Wednesday … Read more
Foreign portfolio investors (FPIs) looking to avoid making greater disclosures are likely to be given a shorter deadline to pare their investments than what was originally planned by the capital market regulator. The custodians of these foreign funds have told the Securities and Exchange Board of India (Sebi) that existing FPIs can cut their investments … Read more
Total 877 foreign companies have ceased their ‘place of business’ in India between 2014 to November 2021. The Ministry of Corporate Affairs in a written reply in Rajya Sabha on Tuesday said that Ford and Harley Davidson have not closed their place of business in India. “Information about ‘ceasing of operations’ is not maintained by … Read more
The ministry of corporate affairs (MCA) on Tuesday notified the procedure for physical submission of compliance forms. The development comes after several companies faced impediments due to glitches in the new online filing portal. In a general circular, the ministry said companies can submit several forms, including PAS-3, GNL-2 and MGT-14, in physical mode. These … Read more
NEW DELHI: ‘ up to Rs 9,200 crore buyback plan is scheduled to commence from June 25, wherein the IT major has proposed to buy back shares at a maximum price of Rs 1,750 apiece. The Board approval for the buyback was granted on April 14, 2021, and the shareholders’ nod was received on June … Read more
Mumbai: Non-bank finance companies, both local and global, can now start operations in Gujarat’s GIFT City. They will be allowed to offer the whole range of services — loans, exotic derivative trades, investment banking, and third-party product sales. The move by the International Financial Services Centre (IFSC), the regulator of the special economic zone, should … Read more
Independent directors have come under a great deal of attention in the past few years. In India, the trend started with the Satyam fraud, where independent directors were seen to have failed spectacularly to do what they were supposed to do. The Satyam case study was India’s contribution to the rich literature on corporate failures … Read more
The ministry of corporate affairs’ (MCA) latest mandated disclosure of cryptocurrency transactions by companies is aimed to protect investors from fraudulent high-return schemes floated by firms involved in cryptocurrency trading, according to a government source. The move would bring in greater transparency in the activities of companies engaging in trading of cryptocurrencies, which are not … Read more
Non-executive directors can be paid remuneration in cases where firms have made a loss or if the profit is inadequate, according to a notification from the ministry of corporate affairs (MCA) giving effect to certain provisions of the amended Companies Act, on Thursday. Amending schedule V of the Act, the MCA also prescribed limits on … Read more
Lok Sabha passed the companies law amendment bill on Saturday, which proposed 72 changes to the Companies Act, 2013 to decriminalise and reduce or remove penalties of various offences, aimed at improving the ease of doing business. “There are 48 sections we have amended to decriminalise them and 17 sections have been amended to improve … Read more