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.
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 In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018.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 Quad summit to be hosted by India in 2024 is likely to enhance New Delhi's strategic intent.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
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.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
The ministry of company affairs is of the view that the maximum number of directors, which the companies would have on their boards, be left to the firms themselves and the government would have no say on this.
A special task force has been set up under to carry out all investigations into such companies.
"The new Companies Act is already placed on the table of the House. A committee has been constituted of renowned Parliamentarians and they are working on it. We are very hopeful that within 3-4 months we will have a new Companies Act," ministry of corporate affairs' secretary, R Bandyopadhyay, said at a function in Mumbai.
'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 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.
The proposals are expected to be part of the new Companies Bill, 2011.
The move, which comes at a time when the stock market regulator, the Securities and Exchange Board of India, has overhauled takeover rules for listed companies, will allow acquisitions to be carried out in a smooth manner.
The government has allowed companies to send notices and documents to their shareholders and members electronically in order to facilitate paperless communication.
He also said it was wrong on her part to go to Pakistan without informing anyone. The woman, Anju (34), was born in Kailor village in Uttar Pradesh and lived in Alwar district of Rajasthan. She and Pakistani national Nasrulla (29) became friends on Facebook in 2019.
While most of Sebi's new norms are aligned to changes in Companies Act, they are more stringent in certain areas.
Regulators find it difficult to track down illicit transactions with no limit on the number of subsidiaries.
On examination of documents, registrar of companies concludes that Swan Telecom was an associate company of Reliance Telecom Limited/Reliance Communication Limited and an ADA Group company.
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
The government also plans to build MPs' chambers that will come up on the land where the Transport Bhawan and Shram Shakti Bhawan are located.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
The Corporate Affairs Ministry's latest move comes in the backdrop of instances of private entities using the word 'National' in their names, including the case of National Spot Exchange Ltd, which is embroiled in a major payment crisis.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
The investor education and protection fund authority (IEPFA) has reached out to top hundred companies to reduce the documentation required for individuals trying to claim their shares, according to a senior government official. Recently, the Supreme Court-appointed expert panel on the Adani-Hindenburg case had raised issues such as capacity constraints faced by IEPFA in clearing these claims which are over Rs 5,000 crore. "Our immediate priority is to ensure that claims of those investors whose application was approved a year ago but the transfer has not gone through yet are settled first.
The oil ministry is in fact of the view that the government should bear the entire burden of the revenue losses incurred by the oil marketing companies, after the increase in prices is effected.
Cumulatively these 78 vanishing companies have raised a little over Rs 310 crore (Rs 3.1 billion).
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
The digital platforms are responsible and accountable for ensuring the safety of 'digital nagriks', the minister said, adding that the government will respond to every instance of alleged misuse or alleged breach of users' privacy.
On examination of documents, registrar of companies concludes that Swan Telecom was an associate company of Reliance Telecom Limited/Reliance Communication Limited and an ADA Group company.
The impact of this move will be visible in the next three years. This is because manual filing will still continue for a smooth transition to the online filing system. During this period, 53 special kiosks will be set up to facilitate e-filing.
The financials of six privately held companies associated with Siddhartha show an increase in debt and falling ability to meet short-term obligations.
The Serious Fraud Investigation Office (SFIO) has arrested a person who the Ministry of Corporate Affairs (MCA) said has emerged as the mastermind of the racket of incorporating a large number of shell companies with Chinese links in India.
The government on Friday sought investors' help to strengthen its case against 114 companies, that have vanished after raising around Rs 800 crore (Rs 8 billion) through public issues in the capital market boom of 1993-94 and 1994-95.
Prime Minister Narendra Modi on Thursday thanked Qatari Emir Sheikh Tamim bin Hamad Al-Thani for the release of eight Indian nationals, who were sentenced to death after being arrested in Doha in August 2022.
Probe has been completed against 83.
'They have got the advisory council, a CEO has been appointed finally, and they have made some headway on the term loan B.'
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