MCA

The Limited Liability Partnership Act, 2008 is one of the path breaking initiative of the Ministry of Corporate Affairs. The Limited Liability Partnership Act, 2008 (LLP Act) received the assent of the President on the 7th January, 2009 and most of the sections of the Act have been notified on 31st March 2009. The Ministry [...] Full Article

The ministry of corporate affairs has said that out of the eight lakh companies in India, a large chunk of them would be interested in getting converted into limited liability partnership (LLP) once a suitable tax structure for LLP is brought in. “We are getting enquiries from thousands of companies every week who are interested [...] Full Article

The corporate affairs ministry is planning to have a single registrar of companies (RoC) in Delhi for the registration purpose of all companies in India. According to a senior corporate affairs ministry official, “There is no geographical constraint for the registration purpose of a company anywhere in India as there is no direct interface with [...] Full Article

The Ministry of Corporate Affairs (MCA) has started registering firms under the newly-enacted Limited Liability Partnership (LLP) Act. However, a flow of applications is unlikely till tax laws are changed, say experts. At present, the Income Tax Act does not recognise LLP firms. Proposals to amend the laws have been made by both the ministry [...] Full Article

The Institute of Chartered Accountants of India (ICAI) has approached the ministry of corporate affairs (MCA) to discuss the functioning of all those foreign firms who are offering auditing services in India through their tie ups with the local firms. According to ICAI, the manner in which the foreign firms handle their auditing services in [...] Full Article

In order to give due recognition to the Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India, the Ministry of Corporate Affairs (MCA) is in the process of reviewing the existing cost accounting rules and the cost accounting standards of ICWAI. [...] Full Article

Auditors may get powers to refuse signing a company’s accounts if these are not found to be in order. A special group constituted by the Institute of Chartered Accountants of India (ICAI), the statutory body regulating the profession in India, is veering round to the view that the institute should push for statutory backing to [...] Full Article

Prosecutions have been filed in 110 cases for violations of various provisions of the Companies Act, 1956," the minister said in a written reply to a question on the issue of vanishing companies. A Coordination and Monitoring Committee (CMC), co-chaired by MCA Secretary and Securities and Exchange Board of India Chairman, is looking into the issue of vanishing companies, their promoters and monitoring the progress of action taken against them. Full Article