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Company Law : MCA imposes ₹50,000 penalty on Xinpoming Technology for non-filing of DIR-3 KYC under Rule 12A. Appeal can be filed within 60 da...
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Company Law : Tristar Transport India Pvt. Ltd. fined for delays in filing BEN-1 and BEN-2 under Section 90 of the Companies Act, 2013. Director...
Company Law : Tristar Transport (India) Pvt. Ltd. faces penalties for delayed compliance with Section 90 of the Companies Act, 2013, as per ROC ...
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Criteria for identification of a vanishing company:A company would be deemed to be a vanishing company, if it is found to have: a) Failed to file returns with Registrar of Companies (ROC) for a period of two years;
In recent times, Ministry of Corporate Affairs has taken a number of initiatives by introducing e-stamping with MCA-21 to further facilitate the e-registration of companies. It has also made the Competition Commission of India (CCI) and Competition Appellate Tribunal (CAT) functional. Limited Liability Partnership Act has been enacted and relevant rules issued.
The President of India to Give Away the ‘National Corporate Awards’ on the Concluding Day. The Indian corporate sector, which has been growing at a rapid pace in the current decade, has been making significant contribution to the economic development of the country. At the same time, India Inc. is also developing sensitivity to community and social concerns which are a part of the broader national agenda of inclusive and sustainable growth. The Ministry of Corporate Affairs has been constantly trying to reposition itself as not only the regulator but also the developer and facilitator of the Indian Corporate Sector.
The Corporate Affairs Ministry wants to introduce a new concept called the ‘knowledge test’ to find out if directors had previous knowledge of a company’s wrongful acts. As a first step, it would be ensured that the board processes are totally transparent. If it is found that the board papers had a mention of any wrongful act, and a director to whom the papers were circulated did not get his objections recorded in the minutes of the meeting, then he would be deemed to have colluded to commit that wrongful act.
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.
The Satyam affair has shaken the country’s audit profession and regulatory authorities to its roots. Investors have suffered in a big way and Indian business has lost some of its sheen. Has there been a systemic failure or is Satyam just a big exception? Has the macro-structure of the audit procedure not evolved in a […]
THE Ministry of Corporate Affairs has ordered an inspection of the accounts of Satyam Computer Services Ltd. under Section 209A of the Companies Act that brings in its ambit the subsidiaries too. The Ministry has also ordered serious frauds investigation under Section 235 of the Act.
The ministry of Corporate Affairs is looking into the statement sent by Ramlinga Raju to stock exchanges admitting fraud in Satyam’s accounts. “If the message was true and a fraud has happened in Satyam it is very shameful. It should not have happened,” Corporate Affairs inister Premchand Gupta told reporters on Wednesday . The corporate […]
MCA penalizes Excel Vehicles Pvt. Ltd. Rs. 2 crores for Section 42(6) breach. Detailed analysis of the violation, penalties, and compliance directives.
