Ministry of Corporate Affairs The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Mutual Recognition Agreement (MRA)between the Institute of Chartered Accounts of India (ICAI) and the CPA ("Certified Practising Accountant") Australia. Details of Agreement; Under the Mutual Recognition Agreement between the Institute of Chartered Accounts of India (ICAI) and the CPA…
Cabinet approves Memorandum of Understanding between the Institute of Chartered Accountants of India and Chartered Accountants Australia and New Zealand
Ministry of Corporate Affairs The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ). Impact: The MRA intends to develop mutually beneficial relationship in the best interest of members, students…
CCI approves acquisition of shareholding in Magma Fincorp Limited by Rising Sun Holdings Private Limited and Mr Sanjay Chamria and Mr Mayank Poddar
Ministry of Corporate Affairs The Competition Commission of India (CCI) approves acquisition of shareholding in Magma Fincorp Limited by Rising Sun Holdings Private Limited and Mr Sanjay Chamria and Mr Mayank Poddar. The proposed combination envisages acquisition of stake in Magma Fincorp Limited (Magma Fincorp) by Rising Sun Holdings Private Limited (Rising Sun) and Mr…
Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021.
Ministry of Corporate Affairs The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on 4th April, 2021 provides for pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises. The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP…
CCI approves proposed combination relating to acquisition of Principal Asset Management Private Limited, Principal Trustee Company Private Limited and Principal Retirement Advisors Private Limited by Sundaram Asset Management Company Limited
Ministry of Corporate Affairs The Competition Commission of India (CCI) approves the proposed combination relating to acquisition of Principal Asset Management Private Limited, Principal Trustee Company Private Limited and Principal Retirement Advisors Private Limited by Sundaram Asset Management Company Limited. The proposed combination relates to the acquisition of 100% of the issued and paid- up…
Finance Minister Smt. Nirmala Sitharaman launches Central Scrutiny Centre and IEPFA’s Mobile App to leverage digital solutions to achieve Prime Minister’s vision of ‘Digitally empowered India’
Ministry of Corporate Affairs Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today virtually launched Central Scrutiny Centre (CSC) and Investor Education and Protection Fund Authority’s (IEPFA) Mobile App — two tech-enabled initiatives by Ministry of Corporate Affairs. These initiatives leverage to strengthen the Prime Minister’s vision of ‘Digitally empowered India’. Shri Rajesh Verma, Secretary, MCA,…
Extending deadline of Companies Fresh Start Scheme and LLP Settlement Scheme
Ministry of Corporate Affairs The Ministry of Corporate Affairs (MCA) through the General Circular no. 12/2020 dated 30.3.2020, launched the "Companies Fresh Start Scheme, 2020 which inter- alia provided opportunity to companies to make good any filing related defaults, regardless of duration of defaults, and make a fresh start as a fully compliant company. This…
1,38,051 new companies registered from April 2020 to February 2021
Ministry of Corporate Affairs The Minister of State for Finance & Corporate Affairs Shri Anurag Singh Thakur said that 1,38,051 new companies registered in the current Financial Year from April 2020 to February 2021 while 10,113 of Companies have been struck off by invoking the Provisions of section 248 of the Companies Act, 2013 from April…
Sanction for prosecution accorded in 366 cases in violation of CSR provisions
Ministry of Corporate Affairs Whenever any violation of CSR provisions is reported, action against such non-compliant Companies are initiated as per provisions of the Act after due examination of records and following due process of law. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a…
Bankrupt Companies after lockdown was imposed due to COVID-19 pandemic
Ministry of Corporate Affairs As per information from Insolvency and Bankruptcy Board of India (IBBI), details for the period from 01.04.2020 to 31.12.2020 of the number of companies declared bankrupt in the country after the lockdown was imposed due to COVID-19 pandemic is as under: 283 firms were admitted into corporate insolvency resolution process (CIRP).…