Ministry of Corporate Affairs The Competition Commission of India (CCI) released a Report titled ‘Market Study on E-commerce in India: Key Findings and Observations’ today, available at: https://www.cci.gov.in/sites/default/files/whats_newdocument/Market-study-on-e-Commerce-in-India.pdf. The Market Study on E-commerce in India (‘the study’) was initiated by the CCI in April 2019 with a view to better understand the functioning of e-commerce in…
Sanctioned for prosecution given to 366 cases in violation of CSR norms
Ministry of Corporate Affairs Whenever any violation of Corporate Social Responsibility (CSR) provisions is reported, action against such non-compliant Companies are initiated as per provisions of Companies Act, 2013 after due examination of records. So far, sanction for prosecution has been accorded in 366 cases. All CSR related offences are compoundable. So far 118 applications…
Regulation of E-Commerce Companies
Ministry of Commerce & Industry There is no distinction between the taxation regimes of Indian and foreign e-commerce companies as such, however the taxation regimes applicable to domestic companies and foreign companies differ. The income of domestic companies is taxed at the rate of 30% plus surcharge and cess however the Finance (No.2) Act, 2019…
MCA deactivates 19,40,313 Director Identification Numbers
Ministry of Corporate Affairs The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in…
18,782 cases filed under Insolvency & Bankruptcy Code
Ministry of Corporate Affairs As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 cases were ongoing under different stages of resolution process, 129 cases have resulted in resolution, 491 cases…
IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Ministry of Corporate Affairs The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 on 28th November 2019. Some of the amendments made by these Regulations are consequential to the Insolvency and Bankruptcy Code (Amendment) Act, 2019, which came into…
CCI approves acquisition by Amazon.com in Future Coupons
Ministry of Corporate Affairs The Competition Commission of India (CCI) approves the acquisition by Amazon.com NV Investment Holdings LLC (“Acquirer”) in Future Coupons (Private) Limited (“FCL/Target”), under Section 31(1) of the Competition Act, 2002, today. The proposed combination pertains to the acquisition by the Acquirer of approximately 49% of the voting and non-voting equity shares…
MCA initiatives to reduce cost of compliance by various small private limited companies
Ministry of Corporate Affairs The Ministry of Corporate Affairs (MCA) has been taking various initiatives on continuous basis to provide less stringent regulations, including measures with respect to filing requirements for small companies, One Person Companies (OPCs) and start-ups. This was stated by Shri Anurag Thakur, Union Minister of State for Finance & Corporate Affairs,…
Insolvency and Liquidation Proceedings of Financial Service Providers
Ministry of Corporate Affairs MCA notifies Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) The Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) today to…