The corporate affairs ministry on Monday told the Rajya Sabha that companies can pay higher salaries to the top brasses after getting approval from the government under the existing Act.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
Probable reasons that led to failure of the sale process include 24 per cent government stake and corresponding rights, high debt, volatile crude oil prices, fluctuations in exchange rate, changes in macro environment, profitability track record of bidders and restriction on bidding by individuals.
The government also wants to ensure that content meant for radicalising youths, from outfits like Islamic State, doesn't find circulation in India.
Infosys, which is managing MCA21, has been facing flak from different quarters on the woes pertaining to the portal.
A customer dissatisfied with his dining experience can have service charge on his food bill waived.
As per information available with the Corporate Affairs Ministry, the new company was incorporated on November 5 with a total paid up capital of Rs 500,000 and has been registered in New Delhi.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
Large Indian firms may have to adopt international accounting norms, IFRS, from the next fiscal when the new direct tax regime comes into effect, bringing clarity on the tax structure for companies.
As states grapple with a shortage of coronavirus vaccines, the Centre on Thursday said that over two billion doses will be made available in the country in five months between August and December, enough to vaccinate the entire population.
Delhi chief minister Arvind Kejriwal reacted strongly to the development claiming the case was registered against Jain as he was working for the regularisation of city's unauthorised colonies.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Rajyavardhan Singh Rathore has shot off a letter to the Lok Sabha Speaker against Shashi Tharoor for speaking in public about his intention to summon Facebook officials without discussing the matter first in the parliamentary committee the Congress leader heads.
The Department of Telecom, Department of Industrial Policy and Promotion, Ministry of Home Affairs, Ministry of External Affairs and the Department of Economic Affairs had to give their comments on the proposal, sources said.
A draft proposal by the sub-committee of the insolvency law committee has recommended that the corporate debtor (CD) may initiate the prepack since it may prove difficult to implement if creditors are allowed to do so without the willingness of the promoter.
With a spate of clearances, including relief to companies facing delays in development of coal mines, the government is getting its act together.
This visit has ended on a vastly different note in comparison with Modi's previous visits. Call it a rebuke, call it a censure, call it a distancing from Modi, the sharp message would have gone home, observes Ambassador M K Bhadrakumar.
Following the disclosure of the Satyam scam, the corporate affairs ministry asked the SFIO to probe the books of accounts of 325 companies including those connected with Satyam and family members of B Ramalinga Raju. For instance, the official said in the accounts of a company named Swarnamukhi Green Field Pvt Ltd, the cost of land has been shown as Rs 15,00,000 but it was sold for Rs 3.5 crore (Rs 35 million).
The government on Wednesday said it will not relook at the investigations handled by arrested Company Law Board member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
The Bill proposes introduce the concept of class action suits for the first time in India, which would empower investors to sue a company for 'oppression and mismanagement' and claim damages.
According to SFIO, the modus operandi of the Reebok fraud involved filing fictitious invoices to show inflated sales, recording fictitious sales by raising prices of goods sold.
Priyanka Vadra has admitted to mistakes in submitting multiple applications for Director Identification Number while Karti Chidambaram has been asked by the Corporate Affairs Ministry to explain his position on a related issue.
A committee suggested that CSR expenditure be made tax deductible, in order to incentivise spending by companies. It also said that CSR should not be used as a means of resource-gap funding for government schemes.
It is difficult to recall an Indian minister in modern times pushing back at the US publicly, observes Ambassador M K Bhadrakumar.
The ED is also probing alleged violations of foreign exchange rules by the company since 2006.
Corporate ministry documents show that the Siva's firm kept taking loans from public sector banks like State Bank of India, Punjab National Bank which gradually turned to bad loans.
However, the Indian capital markets regulator rejected the claim saying it neither received any such request, nor provided any such information to the concerned department in Antigua.
Sources say bills were inflated by the company and not recorded correctly.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
States and Union Territories have been given the powers for delineation of Red, Green and Orange Zones as per COVID-19 situation, the MHA said. All shops, except those in containment zones and malls, will be allowed to open from Monday with staggered timings during lockdown 4.0, it said.
The ministry of corporate affairs has begun prosecuting directors of Kolkata-based Balrampur Chini Mills, India's second-largest sugar company, for not complying with accounting standards and Schedule V1 (Section 211) of the Companies Act. The prosecution has been initiated after inspection under the Companies Act.
'The day I took charge, the PM told me you do the following -- stop imports, talk to all stakeholders and involve them to make mining more industry-friendly without affecting the environment.'
Considering that Qatar is a trusted ally of Washington for decades, it is expected to be a steady influence on the Taliban leadership, observes Ambassador M K Bhadrakumar.
States that saw the highest number of new company registration in the last financial year.
Letter to corporate affairs ministry cites slowing economy, capital challenges.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
In a bid to make foreign companies engaged in online and direct-to-home business practices in India accountable, the Ministry of Corporate Affairs (MCA) will make enrolment of all such companies with the country's Registrar of Companies (RoC) mandatory.
Corporate affairs ministry sending notices seeking details of fund disbursal
The names of all the 3.30 crore applicants as per draft NRC and supplementary list of inclusions and exclusions (final NRC) have been published.
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