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The National Spot Exchange Ltd, promoted by Jignesh Shah-led Financial Technologies, is facing a Rs 5,600-crore (Rs 56-billion) settlement crisis.
Sebi has now proposed that the Companies Act should also clearly mention that a person should vacate the office of a director if it orders his or her disqualification.
Kalanithi Maran-run Sun TV's DTH application appears to have run into rough weather with the Company Affairs Ministry finding the proposal not in conformity with the stipulated guidelines.
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
The Finance Ministry is evaluating options of conducting a special audit of scam-tainted IT firm Satyam Computer's accounts to ascertain the company's tax liability.
The Indian crew onboard a crippled container vessel that collided against a key bridge in Baltimore last week is healthy , according to a nonprofit organisation that has been in touch with the personnel.
The Centre will invest around Rs 200 crore over five years for the exploration and development of these mines.
The quarterly reports filed by listed companies with the Securities and Exchange Board of India can be obtained and scrutinised by the ministry to find out discrepancies and take appropriate actions, sources said. Since the disclosure of the Satyam scam, the ministry of corporate affairs has been trying to develop an early warning system so that it can take advance action to prevent large-scale corporate frauds.
The CBI, in its FIR, alleged that Mayaram, the UK-based company De La Rue International Ltd and unidentified officials of the finance ministry and RBI hatched a criminal conspiracy to extend undue favour to the firm.
The Indian ambassador to Qatar met eight former Indian Navy personnel on death row four days back and two hearings took place on an appeal filed against the capital punishment handed down to them by a Qatari court.
The PE biggie has committed to pumping money into Jio Platforms, Byju's and Reliance Retail so far this year - all marquee names in their respective sectors.
The Ministry of Corporate Affairs ordered the inspection of the books of accounts of NSEL and Financial Technologies India Ltd to ascertain if any rules under the Companies Act were violated, a senior official said.
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
SFIO, the investigation arm of the Corporate Affairs Ministry, has been ordered to probe alleged fraud in 83 companies in the last four years, Parliament was informed on Thursday.
The summons were sent to Singham recently on his personal email ID and also through the Chinese diplomatic channels after the ED routed them through the ministry of external affairs, the officials said.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
After Ministry of Corporate Affairs, the Income Tax department too has launched a probe to trace the source of funding of various firms that invested in Bharatiya Janata Party president Nitin Gadkari's company Purti Power and Sugar Limited.
Maharashtra and Delhi lead the pack of states in terms of absolute number, with 142,425 and 125,937 closed companies, respectively.
India may get its first unicorn this year as Zepto, which promises 10-minute deliveries, is in talks to get fresh funding that would take the start-up's valuation past $1 billion. The quick-delivery firm is looking to raise $150 million in a series E round, which will take its valuation to $1.3 billion. The round will be led by StepStone Group, a limited partner (LP) of Zepto's existing investor, Nexus Venture Partners, said media reports.
The finance ministry is of the view that all interests -- direct and indirect -- should be taken into account and that there should not be any threshold for calculating total effective foreign shareholding in a company.
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
DFS writes to departments that haven't responded to RBI's request for information.
India and Saudi Arabia on Monday decided to expedite implementation of the $50 billion West Coast refinery project, and identified energy, defence, semiconductor and space as areas for intensified cooperation during talks between Prime Minister Narendra Modi and Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud.
All registered companies, both listed and unlisted, which raise public funds through sale of shares will be answerable to the Securities and Exchange Board of India (Sebi).
MEA spokesperson Arindam Bagchi also said consular assistance is being provided to some linked to the company who are facing legal action there.
India on Thursday said it promotes engagement with Taiwan in several areas including trade and investment and Taipei's decision to open an economic and cultural centre in Mumbai should be seen in that context.
IPO-bound hospitality major OYO has written to the Ministry of Tourism (MoT) requesting it to intervene and investigate the running of the Federation of Hotel and Restaurant Associations of India (FHRAI) and order eviction of erring executive committee members. The hotel aggregator urged the MoT to take necessary action against FHRAI's "illegally run" Executive Committee and its members who are working for self-interest instead of that of small hotel owners. The representation by OYO alleged that FHRAI's actions are detrimental to small hotel owners.
The Quad summit to be hosted by India in 2024 is likely to enhance New Delhi's strategic intent.
The Cabinet approved amendments to the companies law which doesn't require mandatory declaration.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
The government has reshuffled the board of IL&FS Ltd, which is undergoing debt resolution process, with existing board member C S Rajan being redesignated as the non-executive chairman. Nand Kishore, who was serving as an executive director, has been made the managing director, according to the company. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
The grievance redressal mechanism of many big e-commerce players is not up to the mark as the number of complaints received by the National Consumer Helpline has risen sharply over the last four years, Consumer Affairs Secretary Rohit Kumar Singh said on Thursday. Addressing an event organised by the Public Affairs Forum of India (PAFI), Singh said the number of complaints registered on the National Consumer Helpline (NCH) has gone up to 90,000 in November compared to 40,000 in the same month last year. "Four years back, the number of complaints pertaining to e-commerce transactions was 8 per cent of the total complaints.
the Company Affairs Ministry has come out in support of Essar by asking FIPB to change guidelines that allow greater say to the Indian partner in the consultative process.
The MCA has written letters to various ministries following a request by the Satyam board that public sector undertakings should not insist on the financial statements and other information like details of turnover from the company while seeking bids.
The ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells -- on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL&FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
More than 19 per cent of 13.70 lakh registered companies in the country closed operations till the end of last year, with largest shutdowns happening in Maharashtra, West Bengal and Delhi.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
Prioritising investor protection in the backdrop of corporate frauds and failures worldwide, Company Affairs Ministry said it will expedite the process of putting in place Competition Commission, NCLT and a comprehensive Companies Act.
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