Also Read - Ashneer Grover moves NCLT, alleges oppression, mismanagement at BharatPe

Ashneer Grover, former managing director of BharatPe, has moved the National Company Law Tribunal (NCLT), Delhi, alleging opression and mismanagement at the company. The case came up for hearing on December 6, wherein his lawyer sought additional time to address the tribunal on maintainability. The case will be heard next on January 11. According to the plea, reviewed by Moneycontrol, Grover has filed the plea against BharatPe holding company Resilient Innovations and 11 of its directors i...

Also Read - Over 96,000 companies voluntarily wound up operations in last five years

Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs. Businesses opt for winding up for various reasons, including financial unviability. From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act, according to a report in the Mint. According to the data from the ministry, under the Insolvency and Bankruptcy Code (IBC), final resolution orders have be...

Also Read - Byju's faces more trouble as its Auditor & 3 Directors quit

Three board members of Ed tech company Byju’s resigned on Thursday, June 22. According to reports, Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have stepped down from their responsibilities from the board. The company spokespersons have denied reports dismissing them as speculative.  Meanwhile, The Ken has reported that Byju’s auditor’s Deloitte Haskins & Sells had also stepped down with immedi...

Also Read - ED attaches Rs 757 crore assets of Amway, questions business model

The Enforcement Directorate has accused Amway India Enterprises of running a multi-level marketing scam, while attaching its assets worth Rs 757 crore on Monday, including its factory in Tamil Nadu’s Dindigul district and bank balances of Rs 346 crore. The agency said its money trail against Amway revealed that the company had collected Rs 27,562 crore from its business operations from 2002-03 to 2021-22. Out of this, Amway paid a commission of Rs 7,588 crore to its distributors and m...

Also Read - IBBI issues fresh norms to speed up voluntarily liquidation

The Insolvency and Bankruptcy Board of India (IBBI) has issued a fresh set of rules to fast track voluntary liquidation by companies under the Insolvency and Bankruptcy Code (IBC). The amendments to the IBBI (voluntary liquidation process) regulations notified on Tuesday sharply cuts short the time allowed to complete various procedures, showed an official order. As per the new regulations, the timeline for preparation of list of stakeholders by liquidators has been shortened to 15 day...

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