With investors asking for a change in the board structure at Byju's, the edtech giant's founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control. The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
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 Qatari court has accepted the appeal document on the sentencing of eight former Indian naval personnel to death, sources familiar with the matter said.
The Supreme Court has sought responses of the Centre, CBI, the Enforcement Directorate and others including 13 states on a plea alleging fraudulent activities by motivational speaker Vivek Bindra and his firm Bada Business Pvt Ltd. Accusing the social media influencer and his firm of tricking people into giving them their money through a ponzi scheme that promised big returns, the petition sought a direction to the Centre to constitute a special investigation team (SIT) of the CBI to probe the case. A bench comprising MM Sundresh and SVN Bhatti took note of the submissions of senior advocate Vikas Singh, appearing for Shubham Chaudhary and 19 other petitioners, that Bindra and his firm have duped several people of their money.
'If you look at assets truly working for us, you should look at Aakash and Great Learning.'
A forensic probe has been ordered into alleged irregularities by the department of financial services.
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.
Benches of the National Company Law Tribunal (NCLT) should not get into questioning a company's default once it is established by the creditors, particularly financial creditors, for admission to the corporate insolvency process. This is one of the key themes of the draft guidelines for the NCLT, which are being finalised by the Ministry of Corporate Affairs (MCA), a senior official said. According to the official, while the company law matters could involve the "principle of natural justice" and justify extended proceedings to hear all parties concerned, the same does not apply to the Insolvency and Bankruptcy Code (IBC) proceedings.
"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.
A special task force has been set up under to carry out all investigations into such companies.
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.
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 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.
While most of Sebi's new norms are aligned to changes in Companies Act, they are more stringent in certain areas.
External Affairs Minister S Jaishankar on Wednesday took a critical view of some of the key decisions made by the Jawaharlal Nehru government, and said one needs to get out of this "cult worship" that the period from 1946 onwards was "great years" and the country did "splendidly".
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.
Regulators find it difficult to track down illicit transactions with no limit on the number of subsidiaries.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
'However, to establish a quid pro quo, one can potentially see several things, like whether they got any benefits from the party that they gave money to. That is something that people (of India) will gauge. But to finally establish that there was money paid as consideration, it would require an investigation, a proper investigation, to be able to come up with such conclusions.'
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.
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
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.
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).
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 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.
The minister asked the corporate sector to follow fair corporate disclosure norms.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
Probe has been completed against 83.
The financials of six privately held companies associated with Siddhartha show an increase in debt and falling ability to meet short-term obligations.
MEA spokesperson Arindam Bagchi also said consular assistance is being provided to some linked to the company who are facing legal action there.
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.
Close to 9 lakh registered companies are not filing annual returns with the ministry of corporate affairs and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday.
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.
