At least 43 firms newly incorporated in the year 2018 or later have bought electoral bonds worth over Rs 384.5 crore. Of them, four companies, all established in 2023 in Hyderabad, bought bonds worth crores of rupees, just a few months after getting established. As many as nine firms in 2020 and eleven companies in … Read more
A key Ministry of Corporate Affairs (MCA) panel is considering devising a regulatory framework for large unlisted companies, including unicorns, to ensure better adoption and tighter scrutiny of corporate governance standards by them, a person aware of the details said. Under the proposed framework, such entities could be mandated to submit quarterly filings of financial … Read more
RBI Governor Shaktikanta Das-headed Sub-Committee of the Financial Stability and Development Council (FSDC-SC) on Monday resolved to remain vigilant against any build-up in vulnerabilities in the financial system as well as in the broader economy amid uncertain global environment. With a view to strengthening and institutionalising the mechanism for maintaining financial stability, enhancing inter-regulatory coordination … 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
The government plans to make it mandatory for companies to conduct social auditing of their corporate social responsibility (CSR) spending as part of an initiative to further tighten the CSR norms in the country. Officials in the Ministry of Corporate Affairs (MCA) said the social audit will begin with public sector undertakings (PSUs) and then … Read more
India is considering several operational changes in the Insolvency and Bankruptcy Code (IBC), harnessing digital technology to help remove seemingly insurmountable obstacles of distance or time – and speed up the resolution of bad loans. The Indian Institute of Insolvency Professional of ICAI (IIIPI), which constituted a study group, has recommended greater adoption of digital … 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