Centre appoints two part-time members at NFRA
The Corporate Affairs Ministry (MCA) has appointed Sanjay Kallapur and Professor R Narayanaswamy as part-time members of the audit regulator National Financial Reporting Authority (NFRA). Both have been appointed for a period of three years, according to an MCA order. Kallapur is currently a Professor of Accounting at the Indian School of Business at Hyderabad….
MCA extends virtual AGM and EGM facility until September 2024
In a major relief for India Inc, the Ministry of Corporate Affairs (MCA) has now allowed companies —whose annual general meetings (AGMs) are due in the year 2023 and 2024 —to hold them through video conference (VC) mode till September 30, 2024. In a separate move, the MCA has also allowed companies to hold their…
Groww posts profit of ₹449 cr in FY23, revenue at ₹1,277 cr
Groww’s market share stood at 20.35 per cent, closely followed by Zerodha at 19.9 per cent 25 October, 2023. Financial services platform Groww turned profitable in the financial year ended 2023 and has reported a net profit of ₹448.7 crore in FY23 against a net loss of ₹239 crore in the previous fiscal according to…
CCI prefers non-participation as competition agencies get ranked globally
CCI opts out of Rating Enforcement Survey; Remained “unranked” alongwith Competition Agencies of Canada, China, US DoJ & FTC The Competition Commission of India (CCI), has been ranked 2.8 (out of 5) on Market Perception Rating in the results of 23rd edition of Rating Enforcement of Global Competition Review (GCR), a global publisher of news,…
Govt strengthens norms for insolvent airlines’ aircraft, equipment recovery
Legal bigwigs are touting the move to help India regain its position with the AWG The Ministry of Corporate Affairs has issued a notification stating that certain provisions of the Insolvency and Bankruptcy Code (IBC) will no longer apply to aircraft, their engines, airframes, and helicopters. This development is expected to have a significant impact…
Corporate Affairs Ministry to revamp company law rules
MCA to shape its rules in harmony with FM’s Budget vision The Corporate Affairs Ministry (MCA) plans to revamp its company law rules, and seek public input in alignment with the Finance Minister’s Budget announcement this year. The initiative aims to improve regulation in the areas overseen by MCA and simplify compliance. The MCA intends…
Ease of Living. MCA rolls out amnesty programme for LLPs
The Corporate Affairs Ministry (MCA) is offering an amnesty programme for non-compliant Limited Liability Partnerships (LLPs) to update critical statutory forms without extra fees for late submissions. This opportunity is valid until November 2023 for events from January 1, 2021. Revised Form-3 and Form-4 can be filed from September 1 to November 30, MCA has…
CCI invites applications for post of Director General (Investigation)
The Competition Commission of India (CCI) has invited applications from Central and State government officers for the post of Director General (Investigation) on deputation. This comes on the heels of the Centre implementing a key provision of the Competition (amendment) Act 2023 to empower the CCI to make the appointment, instead of the government as…
MCA exempts regional rural banks from CCI’s merger control regime
In what is seen as a prelude to the next round of consolidation among regional rural banks (RRBs), the Centre has exempted such banks from the purview of CCI’s merger control regime. The exemption dispensation from prior scrutiny and approval of Competition Commission of India (CCI) would be available for five years, the Corporate Affairs…
Ministry of Corporate Affairs orders serious fraud probe on Vivo India; regional director to inspect MG Motor India
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