MINISTRY OF CORPORATE AFFAIRS
MCA opposes GVK firm Novopan’s exit plan for minority shareholders
Novopan got itself delisted from the stock exchanges in November 2014, after buying back its shares from public shareholders.
CG Power shares slip 5% as SFIO begins probe
On the NSE, the shares fell 4.7 per cent to Rs 11.15.
SFIO begins probe against CG Power and Industrial Solutions, 15 group firms
The company had in August said that an investigation instituted b...
MCA wants accounts of fraud-hit CG Power to be restated
Sources said MCA has filed a petition before the Mumbai-bench of the National Company Law Tribunal (NCLT) seeking permission to re-open the books of account and recast the financial statements of CG Power and its subsidiary companies for the past five financial years beginning 2014-15.
CG Power draws up plan to work on operations recovery
A recent investigation by the company revealed that nine wrongful transactions, allegedly undertaken by the promoter group led by Gautam Thapar, had caused it a loss of around Rs 3,000 crore. The company is doing a deeper investigation under what it calls ‘Phase 2’, even as the Ministry of Corporate Affairs has referred the case to the SFIO.
Sachin Bansal invests Rs 888 cr more in his venture Navi Tech
Navi Technologies has made a profit after tax of Rs 1.9 crore on revenue of Rs 16 crore for the financial year ending March 31, the filings show. Bansal, who has been actively investing in startups for a few years, has focused on financing through debt in the past year.
Amazon’s 3 Indian units get Rs 4,472 crore ammo from parent
The investment comes after Amazon reported an 8% drop in revenue from its main Indian marketplace unit in FY19, which was likely due to the effect of the government’s revised foreign investment guidelines which came into effect in February.
MCA seeks details from Infosys on whistleblower complaint
The SEC has initiated a probe against the company following the complaint that has alleged 'unethical practices' by the top management of Infosys, listed in India and the US.
BSR case: Ministry of Corporate Affairs weighs options to challenge HC order
The development comes a day after the Bombay High Court temporarily stayed the proceedings against KPMG-affiliated audit firm BSR & Associates LLP.
Questions raised over qualifying exam for independent directors
Bemused by Centre's latest decision to hold a qualifying exam for independent members of company boards, there is a brewing scepticism in the corporate sector. Until now, companies didn't choose independent directors from a database maintained by MCA.
MCA amends rules to allow Companies to comply with KYC norms
The Ministry of Corporate Affairs (MCA) has amended what is called the Rule 25A, to allow companies to make a filing about their directors and become compliant. The decision came in as a relief for companies that were marked ACTIVE non-compliant.
India may switch to chain base mechanism for GDP estimates
The govt is considering moving to the chain base method of calculating the gross domestic product.
MCA looking to set minimum threshold for homebuyers initiating insolvency
Government is looking into setting a minimum threshold for homebuyers to be able to drag builders to NCLT.
Government to submit Indiabulls probe-report this month
Ministry of Corporate Affairs has been investigating three Indiabulls Group companies since about a year.
NCLT allows the Ministry of Corporate Affairs plea to implead 22 more parties
The latest move to implead 22 parties includes leading auditors - Deloitte and BSR & Associates, an affiliate of KPMG.
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