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8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector (MCA Press Release dated 02 Aug 2021)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(CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, process is ongoing. ThisContinue reading “8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector (MCA Press Release dated 02 Aug 2021)”

Government identified 2,38,223 companies as shell companies between 2018-2021

Ministry of Corporate Affairs Press Release dated 27 July 2021 There is no definition of the term “Shell Company” in the Companies Act and 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, benamiContinue reading “Government identified 2,38,223 companies as shell companies between 2018-2021”

320 foreign companies registered in India between 2018 and 2021

Ministry of Corporate Affairs Press Release dated 27 July 2021 A total of 320 foreign companies registered in the country during the last three years. 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 more details, theContinue reading “320 foreign companies registered in India between 2018 and 2021”

MCA new rule for change of name u/s 16(3) of the Companies Act, 2013 II MCA Notification dated 22 July 2021

Dear Sir, Please find below YouTube video link on MCA new rule for change of name u/s 16(3) of the Companies Act, 2013 II MCA Notification dated 22 July 2021 Regards,Bipul Kumar

Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021. The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings: A corporate debtor (CD) may have changed its name or registered office addressContinue reading “Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016”