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The Ministry of Company Affairs (MCA) has sent notices to all IPL franchisees, both old and new, asking them to furnish detailed company-related information. “We have sent notices to all the IPL franchisees to gather all corporate details and we are waiting for them to reply,” MCA secretary R Bandyopadhyay said here today on the sidelines of an interactive session with members of Bengal National Chamber of Commerce and Industry.
The ministry of corporate affairs has upped its ante to weed out defunct companies. Firms that are no longer in operation but are still on the rolls of the registrar of companies (RoC) are identified as defunct. The plan is to come out with an amnesty scheme under which firms that have failed to file their annual returns and balance sheets with the RoC for the last two years will be allowed to do so and carry on with their business.
The ministry of corporate affairs, or MCA, is drawing up an amnesty scheme for companies that haven’t been able to file their annual returns and balance sheets in the 2008-09 fiscal and before that with the Registrar of Companies (RoC) and liable to penalties for missing the deadline.
Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has handled 61 cases for investigation during 2004-05 to 2008-09. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that SFIO has filed prosecutions in the matter of 32 companies against 632 accused (which includes individuals as well as companies) during the last five financial years. He said that as the SFIO is an investigating agency and not a revenue earning organization, hence the benefits on account of an investigating agency cannot be quantified in terms of revenue.
I was of the opinion that the technological advancements and the schemes like MCA providing for on-line corporate filing, will be of help to the corporates. I was also of the opinion that the MCA scheme will also boost the pace in which the companies are being incorporated in India. There is a positive side of MCA scheme providing for speedy and risk-less corporate filing, however, I want to now focus on the negative issues of MCA scheme and as to how the scheme is being misused.
Secretary, Ministry of Corporate Affairs, asks ICAI to make affordable the training being imparted to professionals for converging Indian Accounting Standards with IFRS
All India Conference of Regional Directors of Ministry of Corporate Affairs, Registrars of Companies and Official Liquidators Begin. Shri Salman Khurshid, Minister for Corporate Affairs, has said that the focus of his Ministry as well as the field offices should be on enlightened regulation and the field officers assume the responsibility of a dual role of being a regulator as well as an educator. Addressing the two-day All India Conference of Regional Directors,
The Corporate Affairs Ministry today said it was collecting information on all franchisees of IPL teams and described this as a part of normal practice for any company and was not a probe. “My ministry is merely collecting information that we should have in the normal course of those companies that are franchisee companies,” Corporate Affairs Minister Salman Khurshid told reporters here.
The government today said it has asked the Registrar of Companies (RoC) to look into accounts of some companies on the basis of alerts put out by an early warning system, which has been installed to check corporate frauds.
The Institute of Chartered Accountants of India (ICAI) has submitted the first part of its Report, after consideration by its Council, wherein the former has recommended to the Government for amendments in the Chartered Accountants Act, 1949, Rules and Regulations framed thereunder so that action can be taken against firms of chartered accountants themselves, in addition to individual chartered accountants, for misconduct.
