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Posted Date : 12-Mar-2020 , 03:14:45 pm | Posted By CASANSAAR
Parliament on Thursday passed amendments to the insolvency law that will help ring-fence successful bidders of insolvent companies from risk of criminal proceedings for offences committed by previous promoters. The Insolvency and Bankruptcy Code (Amendment) Bill, 2020 was passed by voice vote in Raj...
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Posted Date : 04-Mar-2020 , 04:32:59 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the el...
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Posted Date : 27-Feb-2020 , 02:07:09 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Profe...
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Posted Date : 04-Feb-2020 , 09:46:52 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has ordered an inspection of the financials of Zee Entertainment Enterprises Limited (ZEEL) following allegations of corporate governance lapses and after some of its independent directors quit recently, a source told Moneycontrol. The inspection has been ordered...
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Posted Date : 04-Feb-2020 , 09:43:51 pm | Posted By CASANSAAR
Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into civil wrongs. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajy...
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Posted Date : 08-Jan-2020 , 05:35:00 pm | Posted By CASANSAAR
The Competition Commission of India (CCI) released a Report titled ‘Market Study on E-commerce in India: Key Findings and Observations’ today, available at: https://www.cci.gov.in/sites/default/files/whats_newdocument/Market-study-on-e-Commerce-in-India.pdf. The Market Study on E-com...
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Posted Date : 08-Jan-2020 , 09:41:08 am | Posted By CASANSAAR
Group of homebuyers have filed multiple writ petition with the Supreme Court challenging the recent amendment brought in by the government in the Indian Bankruptcy Code (IBC) which has put a minimum threshold on the number of home buyers that can approach the National Company Law Tribunal (NCLT) in ...
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Posted Date : 06-Jan-2020 , 09:38:07 am | Posted By CASANSAAR
The Government is considering a new law for setting up social impact companies, where profits can be distributed among the shareholders. An official said having such companies would help in attracting private capital towards developmental activities in the country. The corporate affairs minist...
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Posted Date : 31-Dec-2019 , 08:57:50 am | Posted By CASANSAAR
Lenders, bondholders, employees and other creditors to Dewan Housing Finance Corp. Ltd (DHFL) have claimed dues of Rs.87,905.6 crore under the insolvency resolution process, showed data on the debt-laden shadow lender’s website. This does not include holders of fixed deposits (FD), to whom ...
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Posted Date : 18-Dec-2019 , 03:55:37 pm | Posted By CASANSAAR
In what is being seen as a big win for Cyrus Mistry, the National Company Law Appellate Tribunal on Wednesday ordered restoration of him as the Executive Chairman of Tata Sons. The tribunal held the appointment of N Chandra as Executive Chairman illegal. However, the tribunal said the restorat...
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Posted Date : 16-Dec-2019 , 09:44:50 am | Posted By CASANSAAR
More than 9,600 cases involving a total amount of nearly Rs 3.75 trillion have been disposed of at the pre-admission stage of the insolvency law process, according to the government. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for resolution of stressed asset...
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Posted Date : 04-Dec-2019 , 10:16:37 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to the non-filing of Know Your Client (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, i...
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Posted Date : 03-Dec-2019 , 04:51:47 pm | Posted By CASANSAAR
The Company Law Committee, constituted by the Ministry of Corporate Affairs (MCA) vide order dated 18.09.2019, has submitted the first phase report to the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 18th November 2019, proposing amendments in the Companies Act, 2013 for...
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Posted Date : 03-Dec-2019 , 10:18:31 am | Posted By CASANSAAR
Registrars of Companies (RoCs) struck off 338,963 companies from official records in the last two financial years for failure to submit annual returns, minister of state for corporate affairs Anurag Singh Thakur told the Lok Sabha on Monday. The minister said that the ministry through its R...
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Posted Date : 19-Nov-2019 , 10:23:01 am | Posted By CASANSAAR
The Company Law Committee was constituted by the Ministry of Corporate Affairs in September, 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates i...
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Posted Date : 25-Oct-2019 , 01:03:42 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on Friday asked the divergent Enforcement Directorate and the Ministry of Corporate Affairs to discuss and reach a consensus on the attachment of assets of Bhushan Power and Steel (BSPL).The ministry and directorate have locked horns over the issue...
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Posted Date : 19-Oct-2019 , 09:50:57 am | Posted By CASANSAAR
Changyong Rhee, Director, Asia and Pacific Department, IMF, said that following a marked slowdown in the last two quarters in India, the economy is expected to grow at 6.1% this fiscal. The International Monetary Fund (IMF) on Friday supported India’s recent decision to reduce corporate inc...
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Posted Date : 01-Oct-2019 , 08:52:11 am | Posted By CASANSAAR
Please note that the last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th October 2019. Stakeholders may kindly note and plan accordingly. - MCA...
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Posted Date : 29-Aug-2019 , 10:09:55 am | Posted By CASANSAAR
Video on Formation and Taxation of NPOs and Private Trusts - Questions and Answers by CA Anil Agarwal, CA Mani Jain, CA Mansi Vohra. https://youtu.be/iXzkQ-Zy2rA Don't forget to â–¶ SUBSCRIBED CA Sansaar YouTube Channel ...
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Posted Date : 21-Aug-2019 , 10:08:40 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has refused to give interim relief to IL&FS auditors Deloitte and BSR Associates regarding the move to ban them. On August 9, the NCLT rejected the plea made by Deloitte and BSR Associates, who had challenged the tribunal’s jurisdictio...
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Posted Date : 27-Jul-2019 , 07:34:08 am | Posted By CASANSAAR
The Lok Sabha has passed The Companies (Amendment) Bill, 2019. The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility compliance, transfer certain responsibilities to National Company Law Tribunal and recatgorise certain offences as civil offences.&...
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Posted Date : 21-May-2019 , 10:14:06 am | Posted By CASANSAAR
India is set to strengthen audit reporting standards with the role of auditors coming under cloud after a number of corporate frauds. The ministry of corporate affairs plans to propose changes to the Companies (Auditor’s Report) Order or CARO as soon as the next government assumes off...
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Posted Date : 20-May-2019 , 10:15:28 am | Posted By CASANSAAR
The government plans to introduce artificial intelligence system in the MCA 21 portal as it seeks to make the compliance process easier as well as ensure routine enforcement activities are done round-the-clock on autopilot basis. MCA 21 is the electronic backbone for the dissemination of informat...
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Posted Date : 11-May-2019 , 09:03:33 am | Posted By CASANSAAR
Jet Airways (India) Ltd. on Friday said that the Ministry of Corporate Affairs (MCA) had during September last year conducted an inspection and sought documents from the airline’s management before approaching the company again last month for seeking further documents and details. This happ...
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Posted Date : 16-Apr-2019 , 11:12:35 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has issued some clarification with regards to filling of e-form DIR-3 KYC. In a notification, MCA said “DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in th...
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Posted Date : 20-Dec-2018 , 10:19:24 pm | Posted By CASANSAAR
The government has sanctioned prosecution proceedings against 284 companies and sent 5,382 notices to companies that have not fulfilled the mandatory corporate social responsibility (CSR) expenditure norms, minister of state for corporate affairs P P Chaudhary has said. Companies with a net...
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Posted Date : 20-Dec-2018 , 10:15:12 pm | Posted By CASANSAAR
The government moved the Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday seeking to appoint Vijay Kumar and N. Srinivasan to the board of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS). However, the tribunal directed the government— represented b...
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Posted Date : 22-Oct-2018 , 09:04:53 am | Posted By CASANSAAR
From February next year, only entities registered as valuers with the IBBI can carry out valuation of assets under the insolvency law, according to a circular. The registration of valuers is done by the Insolvency and Bankruptcy Board of India (IBBI). Valuation of assets is a key factor for...
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Posted Date : 09-Oct-2018 , 10:18:16 pm | Posted By CASANSAAR
The Supreme Court today sent three directors of the Amrapali group to police custody, directing them to hand over all the documents of the 46 group companies to forensic auditors. A bench of Justices Arun Mishra and U U Lalit took exception to the Amprapali group not handing over all the do...
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Posted Date : 03-Oct-2018 , 09:17:52 am | Posted By CASANSAAR
The government on Monday said an Serious Fraud Investigation Office (SFIO) investigation has been ordered into the affairs of IL&FS and its subsidiaries. The debt-laden infrastructure financing giant was paying dividends and huge managerial pay-outs regardless of looming liquidity crisis. In ...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
