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.
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).
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
The Cabinet approved amendments to the companies law which doesn't require mandatory declaration.
Qatar has released eight jailed former Indian Navy personnel and seven of them returned home early Monday, 46 days after their death sentences handed last October were commuted to jail terms of varying duration.
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 Centre will invest around Rs 200 crore over five years for the exploration and development of these mines.
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.
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.
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.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
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.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
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.
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.
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 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.
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.
While most of Sebi's new norms are aligned to changes in Companies Act, they are more stringent in certain areas.
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 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.
MEA spokesperson Arindam Bagchi also said consular assistance is being provided to some linked to the company who are facing legal action there.
Regulators find it difficult to track down illicit transactions with no limit on the number of subsidiaries.
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 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 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.
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.
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.
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
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 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.
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.
Cumulatively these 78 vanishing companies have raised a little over Rs 310 crore (Rs 3.1 billion).
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