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
With a revamped website, electronic consultation module and other features, the third version of the corporate affairs ministry‘s MCA21 portal was launched on Monday. MCA21 — which allows electronic filings of various documents under the companies law — is being redesigned. The first phase of the MCA21 V3.0 (third version) has now been launched, and … Read more
A mobile app for corporate filings, pre-filled forms and fewer compliances — after an exercise to cut down on the number of criminal offences under company laws, the Ministry of Corporate Affairs is proposing a complete revamp of the compliance system for corporates to ease doing business for them. A senior government official told ET … 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
Punjab National Bank (PNB) received $3.25 million (Rs 24.33 crore) in the first tranche of recoveries from the liquidation of wilful defaulter Nirav Modi’s assets in an ongoing case in the United States. Further recoveries from the total liquidated amount of $11.04 million (Rs 82.66 crore) realised by the US Chapter 11 trustee will depend … Read more