Ministry of Corporate Affairs In the insolvency of real estate companies, 212 applications pertaining to real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest,…
Insolvency and Bankruptcy Board of India 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) (Second Amendment) Regulations, 2016 on 14th July, 2021. The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings: A corporate debtor (CD) may have changed its name…
36,191 new companies incorporated from April to June 2021; an increase of 17,223 new Companies
Ministry of Corporate Affairs The number of new companies incorporated in the Country under the provisions of the Companies Act, 2013 from April 2021 to June, 2021 is 36,191 as compared to 18,968 number of new companies in the corresponding period of last year which is an increase of 17,223 number of new Companies. This…
Rs 21,231 crore spent by 21,349 companies on CSR funds in 2019-20
Ministry of Corporate Affairs Corporate houses spend a huge sum on Corporate Social Responsibility (CSR) for the welfare of workers and local people in the country. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Lok Sabha today.…
CCI approves acquisition of additional equity shareholding by Heineken International B.V. of United Breweries Limited
Ministry of Corporate Affairs The Competition Commission of India (CCI) approves acquisition of additional equity shareholding by Heineken International B.V. (“HIBV”) of United Breweries Limited (“UBL”)under Section 31(1) of the Competition Act, 2002, yesterday. The proposed transaction relates to HIBV’s potential acquisition of additional equity stake up to a maximum of approximately 16.40 percent shareholding…
CCI approves acquisition by BCP Topco IX Pte. Ltd. (BCP Topco), Waverly Pte Ltd. (GIC Investor) and Platinum Owl C 2018 RSC Limited (ADIA Investor) of Mphasis Limited
Ministry of Corporate Affairs The Competition Commission of India (CCI) approves acquisition by BCP Topco IX Pte. Ltd.(BCP Topco), Waverly Pte Ltd. (GIC Investor) and Platinum Owl C 2018 RSC Limited(ADIA Investor)(‘Acquirers’) of Mphasis Limited (‘Target’) under Section 31(1) of the Competition Act, 2002, today. The proposed transaction pertains to the acquisition of up to…
CCI approves exchange of equity shareholding by existing shareholders of ReNew Power with shares of ReNew Global, along with a reverse triangular merger of subsidiary of ReNew Global with RMG II
Ministry of Corporate Affairs The Competition Commission of India (CCI) approves exchange of equity shareholding by existing shareholders of ReNew Power with shares of ReNew Global, along with a reverse triangular merger of subsidiary of ReNew Global with RMG II. The proposed combination envisages exchange of equity shareholding by existing shareholders of ReNew Power Private…
CCI approves acquisition of 51% of the equity share capital in each of the three Electricity Supply Companies of Odisha. viz Western Electricity Supply Company of Odisha, Southern Electricity Supply Company of Odisha Limited and Central Electricity Supply Company of Odisha Limited by Tata Power Company Limited
Ministry of Corporate Affairs The Competition Commission of India (CCI) approves acquisition of 51% of the equity share capital in each of the three Electricity Supply Companies of Odisha. viz Western Electricity Supply Company of Odisha (“WESCO Utility”), Southern Electricity Supply Company of Odisha Limited (“SOUTHCO Utility”) and Central Electricity Supply Company of Odisha Limited…
National Financial Reporting Authority seeks comments/suggestions from public and stakeholders on consultation paper on NFRA’s engagement with its stakeholders
Ministry of Corporate Affairs National Financial Reporting Authority (NFRA) has set up a Technical Advisory Committee (TAC) to, inter alia, provide NFRA with inputs from the perspective of various key stakeholders. The TAC has undertaken a consultative exercise to review NFRA’s engagement with its stakeholders, and has, in its report of March, 2021, recommended ways…
MoU between Competition Commission of India (CCI) and Administrative Council for Economic Defense of Brazil (CADE)
Ministry of Corporate Affairs The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi today has approved the Memorandum of Understanding (MOU) between Competition Commission of India (CCI) and Administrative Council for Economic Defense of Brazil (CADE). Section 18 of the Competition Act, 2002 permits CCI to enter into any Memorandum or arrangement with…