Companies Act News

This notification shall be deemed to have come into force on 28, March, 2020.

The panel would suggest measures for removing any bottlenecks in the overall functioning of the statutory bodies like SFIO, IEPFA, NFRA.

Finance and Corporate Affairs Minister Nirmala Sitharaman said the draft law will also ensure more accountability and better enforcement to strengthen the corporate governance norms.

Many of these NBFCs were found converting banned currency notes after demonetisation by receiving cash as deposits and issuing back-dated FDs and cheques.

After the recent crackdown, the total number of directors disqualified by MCA has reached three lakhs.

In August alone, 9,413 companies were registered while the maximum number of registrations during the eight-month period happened in March when the number stood at 11,293.

More than 1.06 lakh directors will be disqualified for their association with shell companies, according to the government, as it steps up the fight against black money.  

Applications and documents filed by disqualified directors of companies to the Ministry of Corporate Affairs will be "summarily rejected", according to a communication.

While several small brokers are already in the list of 'suspected shell firms', their links to bigger brokerage groups are being probed by 

The response was to a query on whether there is an increase in the closure of bogus private limited companies especially those which had barely done business in the previous years but only taking loans and giving advances and creating money entries.

The ministry is implementing the Companies Act and firms are required to be registered under this law.

He was responding to a query on the number of firms operating in the country without getting themselves registered with the Registrar of Companies (RoC).

The government has issued show cause notices to nearly 3 lakh firms that have not been carrying out business for long and are likely to face strict action starting this month.

Aiming to improve standards of corporate governance of listed companies, markets regulator Sebi on Friday set up a committee under the chairmanship of Uday Kotak, chief of Kotak Mahindra Bank.

Nearly 13,000 companies have come under the government scanner for not carrying out business activities for a prolonged time amid stepped up efforts to clamp down on illicit fund flows through shell firms.

The government has asked companies to disclose details about transactions involving scrapped notes post demonetisation till December 30.

Two Cyrus Mistry family companies today urged the National Company Law Tribunal (NCLT) to use its discretion in waiving the eligibility criteria of 10 per cent shareholding required under the Companies Act for moving the Tribunal to challenge Mistry's ouster from Tata Sons.

Overall CSR spends by corporates saw a significant 22 percent rise in 2015-16, with bulk of the money going into education, skills development, healthcare and sanitation initiatives, a research report said.

Tata Sons Tuesday said it will contest allegations made by its ousted Chairman Cyrus Mistry against the holding company in petition filed by his investment companies at National Company Law Tribunal.

India's global ranking in terms of protection of minority investors has slipped three notches to 13th, but remains much higher than the country's overall 130th rank for ease of doing business.