Govt plans to lower fines on companies to boost compliance
A company law panel is expected to recommend lower penalties—half of that levied on larger companies-—for startups, smaller entities, single-person companies and farmer producer organisations. The move will come as a big relief not just for India Inc but for other entities, which together make up for a majority of the companies registered in the country.
Government to open up national procurement portal to private companies for bulk buying
The portal has already integrated the GeM Pool Account...
Qualify with 60% marks for becoming independent director
The MCA will conduct an exam to create a pool for the selection of independent direc...
Startups to get 10-year waiver from regulatory filings
A government official said a notification would be issued soon to put into effect the proposed changes, although relaxation of norms on financial filings for startups would require an amendment to the Companies Act.
RBI doesn’t relent, chiefs of private banks need to retire at 70
RBI is of the view that 70 years is a reasonable age for a private bank chiefs to retire.
Government to decriminalise 2/3rds of offences under Companies Act
Through the process of compounding, a company or its executives can avoid prosecution by paying penalty.
President Kovind suggests more social welfare spending by companies for orphans, disabled people
Under the Act, certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR activities in a particular financial year.
Airtel, Voda, Idea made no provisions for AGR disputed amount
The telcos were expected to declare the disputed amounts as 'provisions' since they were well aware of such amounts all through the proceedings before TDSAT and till the matter was disposed of by the Supreme Court.
Sunil Bharti Mittal knocks on government doors to tackle statutory dues not fully provisioned for
Delivering its verdict, the Supreme Court had on October 24 upheld government contention that non-core revenue in telecoms groups should be included in adjusted gross revenue -- the figure on which statutory levies are charged.
Getting back lost shares, dividends now made easier
So far, around Rs 200 crore has been restored to the rightful claimants to whom the funds belong.
Gujarat NRE Coke former promoter to be ineligible to negotiate with creditors: NCLAT
Jindal Steel and Power, which is an unsecured creditor of Gujarat NRE Coke, had challenged an NCLT order that allowed the promoters to settle debts with its creditors.
Centre not keen on staff representatives on bank boards: AIBEA
The All India Bank Employees' Association (AIBEA) has written to Finance Minister Nirmala Sitharaman stating that the Central government does not want its representatives on the boards of public sector banks.
SFIO asks India’s top law firms to disclose all information related to IL&FS
SFIO demands info for the past 10 years from top law firms who have reached out to IL&FS for its consent.
Private companies with debts may soon have to undergo mandatory secretarial audit
Secretarial audit is right now restricted to listed firms which have outstanding debt beyond a threshold.
MAT treatment splits India Inc after tax cuts
While some cos want to claim credits after moving to lower tax bracket, others want time to write them off.
Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service