ministry of corporate affairs

The core Group on IFRS constituted by the Ministry of Corporate Affairs, Government of India and the International Financial Reporting Standards Council of Japan here today jointly agreed to initiate the process of mutual dialogue and collaborate on a common platform on various economic and corporate regulation related issues including convergence of Accounting Standards with IFRS. Full Article

With the Indian Premier League (IPL) saga getting murkier, the Ministry of Corporate Affairs on Tuesday asked the Registrar of Companies (RoC) to collect all details relating to the IPL franchises and the bidding process. In its order, the Ministry asked the RoC to get information on the memorandum of association and on franchise agreement. The RoC has been asked to submit its report within a week. Full Article

Market regulator Securities and Exchange Board of India (Sebi) could soon get more teeth to monitor the end-use of money raised through initial public offerings by companies. The ministry of corporate affairs (MCA), which currently performs this role through the registrar of companies, wants Sebi to be roped in for this task, since companies divert funds through complex mechanisms that require expert hands to track. Full Article

The government has found financial irregularities in 160 companies — a whopping 30 of them owned by it — thanks to the early warning system (EWS) put in place last year. After the nearly Rs 10,000-crore Satyam fraud last year, the Ministry of Corporate Affairs (MCA) in September had developed an EWS to detect corporate frauds. The software-based fraud detecting system scans companies based on 10 financial parameters set by the ministry. Full Article

The Union government on Monday indicated it was hopeful of a favourable reply from the US Securities and Exchange Commission to a request for being lenient on scam-hit Satyam Computers, thereby allowing it to remain on the rehabilitation track. Full Article

The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries, CNBC-TV18 reports quoting government sources. Full Article