FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)

What isNational Asset Reconstruction Company Limited (NARCL)? Who has set it up? NARCL has been incorporated under the Companies Act and has applied to Reserve Bank of India for license as an Asset Reconstruction Company (ARC). NARCL has been set up by banks to aggregate and consolidate stressed assets for their subsequent resolution. PSBs willContinue reading “FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)”

Government cautions stakeholders as 348 companies fail to meet requisite criteria for declaration as Nidhi company under Companies Act 2013 and Nidhi Rules 2014

Ministry of Corporate Affairs Press Release dated 24th Aug 2021 Under section 406 of the Companies Act, 2013 (CA, 2013) and Nidhi Rules, 2014 (as amended), companies incorporated as Nidhi Companies need to apply to the Central Government in form NDH-4 for declaration as a Nidhi Company. It has been observed that companies have beenContinue reading “Government cautions stakeholders as 348 companies fail to meet requisite criteria for declaration as Nidhi company under Companies Act 2013 and Nidhi Rules 2014”

200 Van Dhan Producer companies planned to be set up during 2020-21 to 2025-26 with priority in Aspirational Districts.

200 Van Dhan Producer companies planned to be set up during 2020-21 to 2025-26 with priority in Aspirational Districts. Jawadhu Hills Tribal Farmer Producer Company is an exemplary success story of Van Dhan Producer companyPosted Date:- Aug 13, 2021 Key Highlights: 200 Van Dhan Producer Companies   planned to be set up in 27 States duringContinue reading “200 Van Dhan Producer companies planned to be set up during 2020-21 to 2025-26 with priority in Aspirational Districts.”

Legal framework & Legislative development of Crypto currency trading in India

Dear Sir, Please find below YouTube video link on : Legal framework & Legislative development of Crypto currency trading in India Company disclosure in Financial Statement for virtual currency/crypto currency transactions (MCA notification dated 24.03.2021 & MCA Press release dated 10 Aug 2021) Regards,Bipul Kumar

4,540 companies admitted into CIRP; 394 companies stand resolved with 36% realisation of claims by financial creditors under IBC (MCA Press Release dated 10th Aug 2021)

As on 30th June 2021, 4,540 companies were admitted into Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC). This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Giving details on the resolution status, the MinisterContinue reading “4,540 companies admitted into CIRP; 394 companies stand resolved with 36% realisation of claims by financial creditors under IBC (MCA Press Release dated 10th Aug 2021)”

MCA amends Schedule III of Companies Act on disclosure norms in financial statements (MCA Press Release dated 10 Aug 2021)

In order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements. This was stated by Union Minister of StateContinue reading “MCA amends Schedule III of Companies Act on disclosure norms in financial statements (MCA Press Release dated 10 Aug 2021)”

MCA exempts foreign & companies incorporated outside India from provisions of sections 387 to 392

MCA updates -07 Aug 2021 ==================== MCA exempts foreign & companies incorporated outside India from provisions of sections 387 to 392 (offering for subscription in the securities, requirements related to the prospectus and all matters incidental thereto) MCA notifies Companies (Registration of Foreign Companies) Amendment Rules, 2021 vide Notification No. G.S.R. 538(E) dated 5th August,Continue reading “MCA exempts foreign & companies incorporated outside India from provisions of sections 387 to 392”

12,889 shell companies struck off in FY 2020-21

There is no definition of the term “Shell Company” in the Companies Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc. This was stated by Union Minister of State forContinue reading “12,889 shell companies struck off in FY 2020-21”

8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector (MCA Press Release dated 02 Aug 2021)

In the insolvency of real estate companies, 212 applications pertaining to real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, process is ongoing. ThisContinue reading “8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector (MCA Press Release dated 02 Aug 2021)”