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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Corporate Law

Supreme Court to decide whether PMLA overrides IBC or not?
Posted Date : 17-Nov-2022 , 07:10:59 am | Posted By CASANSAAR

The Supreme Court is expected to soon decide on whether the Prevention of Money Laundering Act (PMLA) overrides the Insolvency and Bankruptcy Code (IBC). The apex court will also provide its views on whether moratorium also applies to action initiated by the Enforcement Directorate (ED).   Ta...

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Category : Corporate Law | Comments : 0 | Hits : 391

Govt appoints 15 judicial, technical members at NCLT
Posted Date : 09-Nov-2022 , 08:10:32 am | Posted By CASANSAAR

The government has appointed a total of 15 judicial and technical members at the National Company Law Tribunal (NCLT), which is grappling with a shortage of judges.   The NCLT adjudicates matters related to the Insolvency and Bankruptcy Code (IBC) and companies law.   As many as 9 judi...

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Category : Corporate Law | Comments : 0 | Hits : 263

Govt. plans to deregister over 40,000 dormant companies
Posted Date : 04-Nov-2022 , 08:58:32 am | Posted By CASANSAAR

The corporate affairs ministry (MCA) plans to deregister over 40,000 dormant companies which did not start business activities even after six months since incorporation, the Economic Times reported on November 3, citing people aware of the matter.   The government’s motive behind the mo...

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Category : Corporate Law | Comments : 2 | Hits : 2073

CESTAT asks CBIC to frame norms for tax recovery in insolvency cases
Posted Date : 28-Oct-2022 , 11:07:52 am | Posted By CASANSAAR

The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has asked the Central Board of Indirect Taxes and Customs to issue proper guidelines to its officials on cases where Insolvency and Bankruptcy Code (IBC) proceedings are in progress. The CESTA...

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Category : Corporate Law | Comments : 0 | Hits : 379

BCCI is a SHOP, Provisions of ESI Act applicable - SC
Posted Date : 01-Sep-2022 , 04:36:59 am | Posted By CASANSAAR

The activities of the Board of Control for Cricket in India (BCCI) are commercial in nature and can be termed as a "shop" for the purposes of attracting the provisions of the Employees State Insurance Act, the Supreme Court has said. The top court said ESI Act is welfare legislation enacted by the ...

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Category : Corporate Law | Comments : 0 | Hits : 776

IBBI disposes off 6,172 complaints and grievances out of 6,231 against service providers under IBC
Posted Date : 09-Aug-2022 , 09:01:33 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 enable stakeholders to file a grievance or a complaint against service providers under the IBC. This was stated by the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in ...

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Category : Corporate Law | Comments : 0 | Hits : 391

ED attaches Rs 757 crore assets of Amway, questions business model
Posted Date : 19-Apr-2022 , 09:01:32 am | Posted By CASANSAAR

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 agai...

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Category : Corporate Law | Comments : 0 | Hits : 515

IBBI issues fresh norms to speed up voluntarily liquidation
Posted Date : 07-Apr-2022 , 08:42:20 am | Posted By CASANSAAR

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 ...

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Category : Corporate Law | Comments : 0 | Hits : 681

Former Sports Secretary Ravi Mittal appointed as IBBI Chairperson
Posted Date : 04-Feb-2022 , 09:17:27 am | Posted By CASANSAAR

The government has appointed former civil servant Ravi Mittal as the chairperson of the Insolvency and Bankruptcy Board of India (IBBI), according to sources. The appointment comes little over four months after the post fell vacant following the retirement of M S Sahoo who completed his five-year te...

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Category : Corporate Law | Comments : 0 | Hits : 523

Companies spent Rs 1.09 lakh Cr towards CSR activities in 7 years
Posted Date : 22-Dec-2021 , 08:47:51 am | Posted By CASANSAAR

Companies shelled out Rs 1.09 lakh crore towards various CSR activities, including those related to health, education and poverty eradication, under the companies law in the last seven financial years, according to the corporate affairs ministry. Under the Companies Act, 2013, certain class of ...

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Category : Corporate Law | Comments : 0 | Hits : 784

Govt initiates process for filling posts of independent directors in PSBs, FIs
Posted Date : 11-Oct-2021 , 09:16:10 am | Posted By CASANSAAR

The government has initiated the process of filling about 100 vacancies of independent directors in public sector banks and financial institutions to meet regulatory norms of corporate governance. There have been vacancies at the independent director level across the public sector space leading...

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Category : Corporate Law | Comments : 0 | Hits : 697

Govt clears amendments to LLP Act; to decriminalise 12 offences
Posted Date : 29-Jul-2021 , 09:14:53 am | Posted By CASANSAAR

Continuing efforts to foster ease of doing business as well as encourage startups ecosystem, the government on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law. Besides, a new definition for small LLPs will be intr...

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Category : Corporate Law | Comments : 0 | Hits : 839

Govt identified more than 2.38 lakh companies as shell companies - MoS Corporate Affairs
Posted Date : 28-Jul-2021 , 09:32:10 am | Posted By CASANSAAR

Government has identified more than 2.38 lakh companies as shell companies in the last three years.   This information was given by the Minister of State for Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Rajya Sabha today.   He said the Government has und...

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Category : Corporate Law | Comments : 0 | Hits : 379

Rs 21,231 Cr spent by 21,349 companies on CSR funds in 2019-20
Posted Date : 20-Jul-2021 , 08:33:05 am | Posted By CASANSAAR

Corporate houses spend a huge sum on Corporate Social Responsibility (CSR) for the welfare of workers and local people in the country. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Lok Sabha today. Giving...

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Category : Corporate Law | Comments : 0 | Hits : 399

Govt creates Ministry of Co-operation for strengthening of cooperatives
Posted Date : 07-Jul-2021 , 09:29:34 am | Posted By CASANSAAR

The Union Government has created a separate Ministry of Co-operation for realizing the vision of 'Sahkar se Samriddhi'. This Ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country. It will help deepen co-operative...

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Category : Corporate Law | Comments : 0 | Hits : 387

Mandatory Accounting Software with Recording Audit Trail for Companies - MCA
Posted Date : 26-Mar-2021 , 02:52:25 pm | Posted By CASANSAAR

MCA had issued Companies (Audit and Auditors) Amendment Rules, 2021. From Financial year commencing on or after the 1st day of  April,  2021,  every company  which  uses  accounting  software  for  maintaining  its  books  of  ...

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Category : Corporate Law | Comments : 0 | Hits : 2252

1.38 lakh new companies registered in India in pandemic year - Govt
Posted Date : 23-Mar-2021 , 07:43:58 am | Posted By CASANSAAR

The Minister of State (MoS) for Finance & Corporate Affairs Anurag Singh Thakur said that 1,38,051 new companies registered in the current Financial Year from April 2020 to February 2021 while 10,113 of Companies have been struck off by invoking the provisions of section 248 of th...

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Category : Corporate Law | Comments : 0 | Hits : 356

MCA21 Version 3.0 to be launched in Fiscal 2021-22
Posted Date : 06-Feb-2021 , 08:25:30 am | Posted By CASANSAAR

During the fiscal 2021-22, the Ministry of Corporate Affairs (MCA) will launch data analytics driven MCA21 Version 3.0. This Version will have additional modules for e-Adjudication, e-Consultation and Compliance Management. MCA21 system is the first Mission Mode e-Governance project of Government of...

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Category : Corporate Law | Comments : 0 | Hits : 366

MCA initiates process of De-criminalisation of compoundable offences under Limited Liability Act, 2008
Posted Date : 04-Feb-2021 , 08:12:30 am | Posted By CASANSAAR

With the object of unleashing the entrepreneurial spirits of our youth and to remove the fear of criminal prosecutions for non- substantive minor and procedural omissions and commissions in the normal course of their business transactions, the Government of India in the Ministry of Corporate Affairs...

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Category : Corporate Law | Comments : 0 | Hits : 354

MCA revises threshold for paid up capital and turnover for Small Companies
Posted Date : 04-Feb-2021 , 08:11:20 am | Posted By CASANSAAR

In line with the vision of the Government of India, the definition under the Companies Act, 2013 for Small Companies has now been revised by increasing their thresholds for Paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” & Turnover from &ldqu...

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Category : Corporate Law | Comments : 0 | Hits : 568

Trusts and societies have till April 1 to register with MCA under CSR rules
Posted Date : 23-Jan-2021 , 10:59:34 am | Posted By CASANSAAR

The corporate social responsibility rules that came into effect from Friday have given time till April 1, 2021 to implementing agencies such as trusts and societies to register with the ministry of corporate affairs while also setting a three year time-limit for any CSR project, among a series of ot...

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Category : Corporate Law | Comments : 0 | Hits : 616

Government set to amend LLP Act; seeks comments on panel's report
Posted Date : 20-Jan-2021 , 08:11:57 pm | Posted By CASANSAAR

Decriminalising various offences, introducing a new concept of small LLPs and permitting LLPs to issue non-convertible debentures are among the changes being proposed under the Limited Liability Partnership (LLP) Act. As part of efforts to further improve the ease of doing business, the corporate...

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Category : Corporate Law | Comments : 0 | Hits : 729

Rajya Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Posted Date : 20-Sep-2020 , 10:51:40 am | Posted By CASANSAAR

Rajya Sabha on Saturday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, which seeks to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020. This ordinance, which was promulgated on June 5, had prohibited the initiation of insolvency proceedings for defa...

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Category : Corporate Law | Comments : 0 | Hits : 308

Ministry of Corporate Affairs widens ambit of CSR activities
Posted Date : 26-Jun-2020 , 09:01:57 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has included contributions towards the Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans and their dependents including widows, within the definition of corporate social responsibility (CSR). The notification, on Wednesday,...

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Category : Corporate Law | Comments : 0 | Hits : 285

Govt plans to decriminalise compoundable offences under LLP Act
Posted Date : 20-Jun-2020 , 10:10:36 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has proposed to decriminalise certain compoundable offences under the Limited Liability Partnership (LLP) Act, involving minor, procedural or technical violations “In order to provide greater ease of doing business in India to law abiding LLPs” it ...

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Category : Corporate Law | Comments : 0 | Hits : 328

IBBI excludes lockdown from resolution time frame
Posted Date : 26-Apr-2020 , 10:34:33 am | Posted By CASANSAAR

The insolvency regulator has issued notifications to exclude the lockdown period following the Covid-19 outbreak from the time frames governing corporate insolvency resolution or liquidation processes. Introducing a special provision in the IBBI (Insolvency Resolution Process for Corporate Person...

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Category : Corporate Law | Comments : 0 | Hits : 519

Companies Fresh Start Scheme | LLP Settlement Scheme | CFSS 2020
Posted Date : 25-Apr-2020 , 10:17:55 am | Posted By CASANSAAR

Companies Fresh Start Scheme 2020 and LLP Settlement Scheme 2020 discussed by Adv.(CA) Arun Saxena,.,., https://youtu.be/oRJpkPCaXYg ...

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Category : Corporate Law | Comments : 0 | Hits : 185

MCA allows companies to hold first AGM before September 30
Posted Date : 23-Apr-2020 , 10:15:49 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) allowed companies whose financial year ended in December, to hold their first Annual General Meeting (AGMs) within the first nine months of their current fiscal or September 30, without it being viewed as a violation under the Companies Act. The relaxation ...

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Category : Corporate Law | Comments : 0 | Hits : 269

Donations to CM relief fund cannot be counted as CSR - MCA
Posted Date : 12-Apr-2020 , 09:33:58 am | Posted By CASANSAAR

MCA has clarified that companies cannot make financial contributions to any ‘Chief Minister’s Relief Fund’ or ‘State Relief Fund for COVID-19′ and claim that as ‘corporate social responsibility’ (CSR) spending as per existing law. This clarification comes...

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Category : Corporate Law | Comments : 0 | Hits : 313

IBBI amends CIRP Regulations to provide relief in CIRP
Posted Date : 31-Mar-2020 , 09:29:12 am | Posted By CASANSAAR

  To address this difficulty faced by the lockdown due to COVID-19, the Insolvency and Bankruptcy Board of India (IBBI) amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes...

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Category : Corporate Law | Comments : 0 | Hits : 154

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