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.
Companies will have to follow all requirements laid out under rules for holding board meetings via video conferencing such as recording of these proceedings, ensuring availability of proper equipment among others.
The eight jailed former Indian Navy personnel in Qatar have been given 60 days' time to appeal against the varying prison terms handed by a Qatari court last week that came following commutation of their death sentences, the Ministry of External Affairs said on Thursday.
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.
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.
A key feature of the new version is to identify the people transacting on its portal by linking each user ID with the person's permanent account number (PAN), followed by a two-factor authentication through mobiles and email IDs. Those who cannot complete the KYC requirements cannot use the portal.
External affairs ministry spokesperson Arindam Bagchi said India is engaged with the Qatari authorities on the matter and that the government will continue to extend all legal and consular assistance to the Indian nationals.
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.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Minister of State for External Affairs Rajkumar Ranjan Singh, who welcomed the Indian citizens at the Delhi airport, said that this is the second phase and they are trying to facilitate those who are willing to come back to India.
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 Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
Apple Inc is expected to produce iPhones worth $12 billion (freight on board value) in India during 2023-24, according to discussions between the company's vendors and the government. This would account for around 12 per cent of Apple's global iPhone production-higher than the earlier plan of shifting around 9 per cent of the total to India by FY24, which is the third year of the PLI (production-linked incentive) scheme.
Former Maharashtra minister and Shiv Sena-Uddhav Balasaheb Thackeray leader Aaditya Thackeray on Monday claimed nearly '50 people', including 'some middlemen' and personal assistants, will be part of the delegation that will travel with Chief Minister Eknath Shinde for the World Economic Forum (WEF) gathering in Davos, Switzerland.
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.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
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 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.
DFS writes to departments that haven't responded to RBI's request for information.
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).
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
Maharashtra and Delhi lead the pack of states in terms of absolute number, with 142,425 and 125,937 closed companies, respectively.
The Delhi high court on Friday directed the civil aviation regulator to deregister planes leased to Go First within five working days, giving respite to the lessors. This means that the airline will have to give back all 54 aircraft to the lessors if its resolution professional (RP) does not challenge the order or ask for a stay. Justice Tara Vitasta Ganju also refused the request of the RP, represented by advocate Diwakar Maheshwari, to keep the operation of the order in abeyance for a week to enable them to file an appeal before the division Bench of the court.
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
'In real estate project insolvency, no one size can fit all.'
The Cabinet approved amendments to the companies law which doesn't require mandatory declaration.
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
Discontent has been brewing among a section of the cabin crew at the low-cost carrier for some time now, especially after the start of the process of merger of AIX Connect, formerly AirAsia India, with itself.
China on Monday dismissed the existence of a 'median line' in the volatile Taiwan Strait after Taiwan's defence ministry said it detected a record 103 Chinese warplanes flying around the self-ruled island in a 24-hour period.
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
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 message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
An appeal has already been filed against the death sentence and a higher court in Qatar has already admitted the plea.
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.
Wielding a broom, the prime minister took part in the drive along with fitness influencer Ankit Baiyanpuriya.
