In exercise of the powers conferred by sub-sections (1), (2) and (4) of section 248 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 , namely:-
1. Short title and commencement.- (1) These rules may be called the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, –
I. in rule 4, after sub-rule (3), the following sub-rule shall be inserted, namely:─
“(4) (a) Where the Registrar, on examining the application made in Form STK-2, finds that it is necessary to call for further information or finds such application or any document annexed therewith is defective or incomplete in any respect, he shall inform to the applicant to remove the defects and re-submit the complete Form within fifteen days from the date of such information, failing which the Registrar shall treat the Form as invalid in the electronic record, and shall inform the applicant, accordingly.
(b) After the re-submission of the Form or document, if the Registrar finds that the Form or document is defective or incomplete in any respect, he shall give further time of fifteen days to remove such defects or complete the Form, failing which the Registrar shall treat the Form as invalid in the electronic record and shall inform the applicant, accordingly.
(c) Any re-submission of the application in Form STK-2 made prior to the commencement of the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 shall not be counted for the purposes of reckoning the maximum number of re-submissions of such Form.”.
II. for Form No. STK 1, Form No. STK – 5 and Form No. STK-5A, the following Forms shall respectively, be substituted, namely:-
Launch of National CSR Exchange Portal- a digital initiative on CSR which will enable stakeholders to list, search, interact, engage and manage their CSR projects on a voluntary basis. The portal is a testimony to the idea of “Technology empowers the less empowered”.
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to launch the Iconic Day celebrations of Ministry of Corporate Affairs at Vigyan Bhawan on 7th June 2022
Launching of National CSR Exchange Portal
MCA released commemorative Postal Stamp on Investor Awareness
A short film on the evolution of Corporate Governance in India is released
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will flag off the Iconic Day celebrations of Ministry of Corporate Affairs (MCA) during Iconic Week of Azadi ka Amrit Mahotsav (AKAM) as a part of the mega celebration of Ministry of Finance and Ministry of Corporate Affairs in New Delhi, tomorrow. The Iconic Day will be celebrated at the Plenary Hall, Vigyan Bhawan.
Union Minister for Finance and Corporate Affairs will grace the occasion the as the Chief Guest and Rao Inderjit Singh, Minister of State for Ministry of Corporate Affairs & MoS (I/C) Ministry of Statistics and Programme Implementation, Ministry of Planning would be the Guest of Honour.
The event will be an amalgam of various industry experts, consumer & investor voices, regulatory experts, professionals, corporate citizens, investors and other stakeholders. During the inaugural session the chief guest will unveil eight major releases, viz:
Releases, Launch & Prize Distribution
Release of Short Film “Journey of Corporate Governance in India: A Panorama”- will majorly include evolution of Corporate Governance in India
Release of Film on Investors Oath –the film on oath will be released and oath will administered in 75 unique locations throughout India, wherein present and prospective investors from all over the country will come together in physical and virtual mode to take oath with under the aegis of IEPFA to become informed and empowered investor.
Release of Commemorative Postal Stamp on Investor Awareness – A unique postal stamp carrying the message of inclusive financial literacy & investor awareness with the mandate of Investor Education & Protection Fund Authority.
Launch of Special Window Facility (for senior citizens of 75 years age and above)- the film shows the unique initiative of IEPFA for Senior Citizens of 75 years age and above.
Launch of National CSR Exchange Portal- a digital initiative on CSR which will enable stakeholders to list, search, interact, engage and manage their CSR projects on a voluntary basis. The portal is a testimony to the idea of “Technology empowers the less empowered”.
Release of Publication on IBC –Insolvency Now & Beyond-for the benefit of stakeholders of IBC ecosystem in India. The publication is a compilation covering UK experiences and best practices on the emerging areas/ issues under the Insolvency ecosystem in India.
Presentation of awards to winners of National Online Quiz on IBC, 2016-IBBI- in collaboration with MyGov.in and BSE Investors’ Protection Fund, IBBI has conducted the ‘3rd National Online Quiz on Insolvency and Bankruptcy Code, 2016’, to promote awareness and understanding of the Code among various stakeholders across the country. The Quiz received participation of more than 71,000 participants.
Release of E-Book A Compendium on CSR Compendium – For the benefit of stakeholders and ease of accessing the information, the Ministry of Corporate Affairs compiled all the existing knowledge resources on CSR into a single source, and proposed to release as an e-book “Compendium on CSR”.
Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA), along with head of other subordinate and regulatory organisations under the MCA will also be present during the occasion. Various other technical sessions were organized by IEPF Authority, Competition Commission of India, Insolvency and Bankruptcy Board of India, Indian Institute of Corporate Affairs, Professional Institutes viz. ICAI, ICSI, ICoAI.
Different activities conducted by organisations under the Ministry throughout the period of Amrit Mahotsav will also be exhibited during the events.
The event shall include various technical session being organised by IEPF Authority, Competition Commission of India, Insolvency and Bankruptcy Board of India, Indian Institute of Corporate Affairs, Professional Institutes viz. ICAI, ICSI, ICoAI.
The event shall see participation of various industry experts, consumer & investor voices, regulatory experts, professionals, corporate citizens, investors and other stakeholders and would also be webcasted live through social media and Other Channels.
Being the facilitator for Corporate Governance in India, the Ministry of Corporate Affairs has over the past years organized more than 360 programmes on the different themes under this Mahotsav including Ideas @75, Resolve @75, Actions @ 75, Achievements @ 75 and commemorating the freedom struggle. These programmes have been organized involving all key stakeholders at various parts of the country in spirit of Jan Bhagidari.
Insolvency and Bankruptcy Board of India (IBBI) is organising a one-day iconic event on 10th June 2022 at the Habitat Centre, New Delhi, to mark the glorious conclusion of the on-going celebrations across 75 locations across the country, to trace the journey of reforms in the three stages of a business.
Markets need freedom, broadly, at three stages of a business – to start a business (free entry), to continue the business (free competition) and to discontinue the business (free exit). The Insolvency and Bankruptcy Code, 2016 offers a market directed, time bound mechanism for resolution of insolvency, wherever possible, or exit, wherever required, and thereby ensures the ultimate freedom, the freedom to exit, facilitating ease of doing business.
Hon’ble Justice Ashok Bhushan Chairperson, National Company Law Appellate Tribunal will grace the occasion as Chief Guest. Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs; Shri Ashok Kumar Gupta, Chairperson, Competition Commission of India; and Shri Praveen Kumar, DG & CEO, Indian Institute of Corporate Affairs will be the Guests of Honourat the event. The Conference shall be followed by a half day Insolvency Professional Conclave.
Further Shri Dharmender Singh Hon’ble Member (Judicial), National Company Law Tribunal; Shri Avinash K. Srivastava Hon’ble Member (Technical), National Company Law Tribunal; Shri Anant Barua Whole Time Member, Securities and Exchange Board of India Shri Satish Kumar Gupta Insolvency Professional; Shri Debajyoti Ray Chaudhuri MD & CEO, National E-Governance Services Ltd.; Shri Kapil Mantri Head M&A, Jindal Steel and Power Ltd.; Shri Amarjit Singh Chandhiok Senior Advocate; President, INSOL India ; Shri Shardul Shroff Executive Chairman, Shardul Amarchand Mangaldas & Co. and CS Alka Kapoor, COO ICSI IIP will also address the participants at the event.
A publication titled, “Anusandhaan: Exploring New Perspectives on Insolvency” containing 26 research papers that emerged out of an international research conference organized by IBBI and IIM Ahmedabad recently is also scheduled to be released during the inaugural session of the Conference.
Large number of stakeholders of the IBC ecosystem, from across the country, including insolvency professionals, registered valuers, economists, financial creditors, service providers, researchers, students, professionals, regulators, academia and government officers are expected to join the Conference both in physical well as online mode.
Azadi Ka Amrit Mahotsav (AKAM) is an initiative of the Government of India to celebrate and commemorate 75 years of progressive India and the glorious history of its people, culture and achievements. Since the beginning of AKAM celebrations which was started on 12th March, 2021 by the Prime Minister, Shri Narendra Modi. IBBI has organized several activities and events as part of the Mahotsav
DIPAM to organise Conference on “Creating wealth through markets” as part of Azadi Ka Amrit Mahotsav Celebrations of Ministry of Finance tomorrow
Finance Minister Smt. Nirmala Sitharaman to join the Conference from Bengaluru
Conference is being organised on a mega scale in 75 cities, covering all States and UTs
In celebrations of “Azadi Ka Amrit Mahotsav (AKAM)”, Department of Investment & Public Asset Management (DIPAM) is organinsing a Conference on the theme “Creating Wealth through Market” as an iconic event in 75 cities across the country on tomorrow starting at 04:00 PM. This initiative aims to educate, encourage and empower people in 75 cities across India about investments and creating wealth as well as on the steps taken by the Government for ensuring financial growth of the citizens.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will join the conference from Indian Institute of Science (IISc), Bengaluru.
Union Minister of State for Finance Dr Bhagwat Kisanrao Karad will participate in the Conference from Vigyan Bhawan, New Delhi.
The inaugural address will be followed by a session at the local venue in 75 cities with eminent speakers comprising of Financial Experts / Professionals / Bankers / Influencers etc. The event will feature discussions on broad topics such as:
Growth of Indian Capital Markets in the past 75 years.
Women as rising Independent Investors.
Role of Government and other Market Players in improving Market Confidence.
Financial Literacy- a road to financial wellbeing.
Future of Indian capital markets i.e. Amrit Kaal
“Azadi Ka Amrit Mahotsav” is being celebrated in the country in commemoration of 75 years of independence of India, and the glorious history of its people, culture and achievements. It’s a celebration of our collective achievements as a 75-year-old independent country with a legacy of 5000+ years of ancient history. The celebration rests on five pillars outlined by the Prime Minister i.e. Freedom Struggle, Ideas at 75, Achievements at 75, Actions at 75 and Resolves at 75 as guiding force for moving forward, keeping dreams and duties as inspiration. The Mahotsav will be celebrated as Jan-Utsav in the spirit of Jan-Bhagidari.
True to the pan-India essence of Azadi ka Amrit Mahotsav, DIPAM will conduct the programme in all major Indian languages in 75 cities for better and easier acceptability among the people. Reflecting its extensive reach, the Programme covers all geographical areas of the country from Ladakh to Lakshdweep and Andaman & Nicobar Islands, and no area of the country is left out of its ambit.
The Competition Commission of India (CCI) issued a final order today against seven (07) companies/ firms which were found to have contravened the provisions of Sections 3(3)(a), 3(3)(b), 3(3)(c) and 3(3)(d) read with Section 3(1) of the Competition Act, 2002 (Act), which proscribe anti-competitive agreements.
The case was initiated on the basis of a lesser penalty application filed by one of the cartelising entities. Under Section 46 of the Act, a cartel member may approach the Commission by way of filing an application seeking lesser penalty, in return for providing full, true and vital disclosures in respect of the alleged cartel to the Commission.
CCI found these seven (07) companies/ firms to have indulged in cartelisation in the supply of Protective Tubes to the Indian Railways by means of directly or indirectly determining prices, allocating tenders, controlling supply and market, co-ordinating bid prices and manipulating the bidding process. The evidence in the matter included regular e-mail communications between the parties and filing of bids from same IP addresses by certain parties etc.
Further, ten (10) individuals of these seven (07) entities were also held by the CCI to be liable for the anti-competitive conduct of their respective companies/ firms, in terms of the provisions of Section 48 of the Act.
CCI imposed penalties @5% of the average turnover/ income upon the companies/ firms and their certain individuals found guilty of violating the provisions of the Act. However, benefit of reduction in penalty under the provisions of Section 46 of the Act of 100% was given to the lesser penalty applicant. Post reduction, CCI directed the parties to pay penalties totaling to approx. INR 30 lacs, besides issuing a cease-and-desist order.
The order was passed in Suo Motu Case No. 06 of 2020 and a copy of the order is available at CCI website at http://www.cci.gov.in.
1. Who needs to link Aadhaar and PAN? Section 139AA of the Income Tax Act provides that every person who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner. In other words, such persons have to mandatorily link their Aadhaar and PAN before the prescribed date (Presently, 31.03.2022 without fee payment and 31.03.2023 with prescribed fee payment For more details refer to CBDT circular No.7/2022 dated 30.03.2022.
2. For whom is Aadhaar-PAN linking not compulsory? Aadhaar-PAN linking presently does not apply to any individual who is:
residing in the States of Assam, Jammu and Kashmir, and Meghalaya;
a non-resident as per the Income Tax Act, 1961;
of the age of eighty years or more at any time during the previous year;
not a citizen of India.
“The exemptions provided are subject to modifications depending on subsequent government notifications on this subject “ “For more details refer to Department of Revenue Notification no 37/2017 dated 11th May 2017″.
3. How to link Aadhaar and PAN? Both registered and unregistered users can link their Aadhaar and PAN on the e-Filing portal, even without logging in. You can use the quick link Link Aadhaar on the e-Filing homepage to link Aadhaar and PAN.
4. How to make prescribed fee payment for PAN-Aadhaar Linkage?
The fee payment for PAN-Aadhaar Linkage need to be made through e-Pay Tax functionality available on NSDL (now Protean) Portal. The prescribed fee must be paid under Major Head 0021 and Minor Head 500 and AY should be 2023-24 using Challan ITNS 280.
5. Payment for the PAN-Aadhaar Linking has already been made but e-Filing Portal is not allowing to proceed further. What to do in this scenario? The payment made at NSDL (now Protean) takes few days to reflect at the e-Filing portal, so taxpayer is advised to attempt raising PAN-Aadhaar linking request after 4-5 days of making payment.
6. If taxpayer made the payment under Minor head 500 mistakenly, how to get the refund for the same? As per the existing legal framework, there is no provision for refund for such payments made under the minor head 500.
7. What will happen if I don’t link Aadhaar and PAN? Kindly, refer to the Circular No. 7/2022 dated 30/3/2022.
8. I cannot link my Aadhaar with PAN because there is a mismatch in my name / phone number / date of birth in Aadhaar and PAN. What should I do? Correct your details in either PAN or Aadhaar database such that both have matching details. You can correct your PAN details on:
CBIC has waived the interest rate on account of the non-filing of GSTR-8 by certain ecommerce operators under section 52 of the Central Goods and Services Tax Act, 2017(the Act). Electronic Commerce Operators having the prescribed Goods and Services Tax Identification Numbers who could not file the statement under sub-section (4) of section 52 of the said Act, for the month of December 2020, by the due date, due to technical glitch on the portal but had deposited the tax collected under sub-section (1) of section 52 for the said month in the electronic cash ledger, interest will not be charged from the date of depositing the tax collected under subsection (1) of section 52 of the said Act in the electronic cash ledger till the date of filing of the statement under subsection (4) of section 52.
CBIC to launch “E-Lecture Series by Eminent Personalities on topics of national interest and indirect taxation” tomorrow
RBI Governor Shri Shaktikanta Das to give Opening Lecture on “Indian Businesses (Past, Present and Future)”
As part of celebrations of “ICONIC Week”, Central Board of Indirect Taxes & Customs (CBIC) is launching “E-Lecture Series by Eminent Personalities” tomorrow. The Ministry of Finance is celebrating the “ICONIC Week” from June 6th to 12th as part of the ‘Azadi Ka Amrit Mahotsav’ (AKAM) celebrations to mark the 75th year of India’s Independence. These celebrations were kick started by the Prime Minister, Shri Narendra Modi in New Delhi on 06th June, 2022.
Shri Shaktikanta Das, Governor, RBI, will be delivering the Opening Lecture on “Indian Businesses (Past, Present and Future)” at Yashwantrao Chavan Centre, Nariman Point, Mumbai on 9th June, 2022. The lecture will be attended by Shri Tarun Bajaj, Secretary, Revenue, Ministry of Finance, Government of India; Shri Vivek Johri, Chairman, CBIC, besides other members of CBIC.
The event is being hosted by the CBIC Chairman and organised by Mumbai Customs Zone-I. The event is also being attended by leading personalities of trade, industry and senior officials of Centre and State Govt. The event will be live steamed via the Internet on the CBIC YouTube Channel and the CBIC Facebook Page.
Various steps taken by Government since 2014 helped keep economy and people afloat in difficult times: Smt. Nirmala Sitharaman
Government’s targeted approach during Pandemic helped to deliver assistance to citizens: FM
FM inaugurates Department of Economic Affairs Iconic Day celebrations today; launches ‘NETRA Portal and Mobile Application:
Finance Minister launches DEA’s three short films on Externally Aided Projects, financial literacy and lines of credit to other countries by the Government
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the Iconic Day celebrations of the Department of Economic Affairs with Securities and Exchange Board of India (SEBI) under the Azadi Ka Amrit Mahotsav (AKAM) here today. Along with the Union Finance Minister, Shri Ajay Seth, Secretary, D/o Economic Affairs; Dr. Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance and Shri S.K. Mohanty, Whole Time Member, SEBI also participated. The occasion also saw participation from key dignitariesand prominent leaders from the world of finance.
In her address, the Finance Minister said that India’s fundamentals are once again sound because of the many steps taken by the Government since 2014. Major steps taken by the Government, before the COVID-9 pandemic hit us, which include reducing the corporate tax, ensuring that the economy is greatly digitised, bringing in the GST and IBC – all of this heavylifting prepared us for the unprecedented situation of the Pandemic, she said.
Smt. Sitharaman emphasised that when Government looks at targeted approach of providing assistance and takes the input from the ground and does so quickly, in time and in an open fashion, the impact is for all to see. In this context she cited a study on Pradhan Mantri Garib Kalyan Yojana (PMGKY) which brought out that the probability of people cutting down consumption utilities has come down by 75% across the country. The study has also shown that the PMGKY reduced the probability of borrowing money by 67% of all respondents.
Citing another study on the Emergency Credit Liquidity Guarantee Scheme (ECLGS), the Finance Minister stated that as of March 2022 loans sanctioned under this scheme have crossed Rs 3.19 lakh crore and the scope of ECLGS has now been extended till 2023. The study says that this handholding has kept many people afloat during the Pandemic.
The third study highlighted by the Finance Minister was on the Ayushman Bharat scheme wherein the implementation of this scheme has been associated with a 21% decline in out of pocket health expenditure and 8% reduction in the tendency to borrow for emergency health purposes.
The Finance Minister underlined that the Department of Economic Affairs has channelised external aid towards every region of the country, with the support of multiple multilateral institutions. India very smartly raised funds and distributed them not only for infrastructure building but also for livelihood prospects in each region. Smt. Sitharaman also appreciated the DEA’s efforts through the IDEAS project that spans across so many countries and making a difference to livelihood environment, especially for most of Africa and also for the Island countries.
In his address during the AKAM celebrations, Chief Economic Advisor Dr Anantha V. Nageswaran said that the structural reforms of this Government, such as the Goods and Services Tax (GST) and the Insolvency & Bankruptcy Code (IBC) will manifest their advantages and potential in the coming decade, once the current clouds of global political developments and macro monetary policy challenges dissipate. The CEA underlined that for these reasons India is forecasted by the International Monetary Fund (IMF) to cross $5 trillion by 2026-27 and if GDP of the country doubles every 7 years, we will be $20 trillion GDP by 2040 with the per capita income close to $15,000.
Dr Nageswaran stated that India is better-positioned than many other countries in facing the current challenges. He indicated that we face challenges of managing a sustainably high growth rate, moderate inflation, keeping the fiscal under balance and also ensuring that the external value of the rupee remains stable. The CEA stated that the Government is prepared to meet the challenges of balancing these core important considerations.
Smt. Sitharaman launched ‘NETRA (New e-Tracking and Remote Administration)’ Portal and Mobile Application for Indian Development and Economic Assistance Scheme (IDEAS).
NSDL’s outreach initiative ‘Market Ka Eklavya – Express’, a programme specially designed to introduce students to the basics of investing and financial markets was screened during the event.
Market Ka Eklavya – Express’:
‘Market Ka Eklavya – Express’ lays the foundation of the twin pillars of Financial Independence, namely, Financial Awareness and Financial Discipline in a simple language using relatable examples from everyday life to explain complex concepts. As a part of the AKAM celebrations, NSDL has recently launched the programme in 8 languages to reach 75 cities to commemorate 75 years of independence.
The Finance Minister also released a short film ‘Sahyog se Samriddhi’ on Externally Aided Projects during the Iconic Week celebrations of Azadi Ka Amrit Mahotsav. The film showcased the role of Externally Aided Projects in India’s development trajectory since 1947, with a special emphasis on India’s engagement with multilateral and bilateral agencies in last 8 years.
‘Sahyog se Samriddhi’:
Smt. Sitharaman also inaugurated a film on the lines of credit called “IDEAS – India Partnering in Global Growth”. This film showcased India’s recognition as a trusted development partner for the developing economies. The Indian Development and Economic Assistance Scheme (IDEAS) has played a key role in the socio-economic development in the partner countries. The film features key marquee projects financed by Exim Bank of India under the GoI Lines of Credit in Africa, Asia, Latin America, Oceania, and the CIS region.
“IDEAS – India Partnering in Global Growth”:
During the morning session, engaging discussions on ‘Emergence of women investors in securities market’ and ‘Growth of Indian retail investors’ during the symposium on ‘Jaagruk Niveshak: Samridha Bharat ki Neev’ organised by SEBI in collaboration with Department of Economic Affairs took place. The idea of an enlightened investor empowered to make informed financial choices was central to the discussions. The symposium also explore the exciting possibilities presented by the encouraging trend of increasing participation of women in financial markets.
Watch live streaming:
Ministry of Finance Press Release Id :-1832085, 08th March 2022
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