Sunday, August 7

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Uncategorized

IDBI – Insolvency Application Against Reliance Naval & Engineering Limited

Industrial Development Bank of India(IDBI) has filed an insolvency application to National Company Law Tribunal(NCLT) against Reliance Naval & Engineering Limited, an Indian Shipbuilding and Heavy industry company headquartered in Mumbai and owned by Anil Ambani. Summary Insolvency application filed in Anil Ambani’s Reliance Naval & Engineering Limited for seeking debt resolution under the Insolvency and Bankruptcy Code (IBC) IDBI has filed the petition to NCLT over a defaulted loan of Rs 1,250 Crore by Reliance Naval & Engineering Ltd. Reliance Naval & Engineering Limited proposed a one-time settlement to its lenders on Set 6 but the lenders have given 10 days to revise its settlement proposal The Application will be withdrawn from NCLT, if 90 percent of len...
Research

Directors Having Multiple DINs

Ministry of Corporate Affairs (MCA) had made it mandatory for all directors who are in possession of Multiple DIN to surrender the additional DINs and retain only the oldest DIN in pursuant to Section 153 read with rule 11 of The Companies (Appointment and qualification of Directors) Rule, 2014. Directors have to use Form DIR-5 to submit the duplicate or inactive or additional DIN. Summary MCA has notified that any director in possession of Multiple DINs, can only retain the oldest DIN and surrender the other DINs Directors shall use Form DIR-5 to surrender the DINs There are 628 directors who have multiple DINs and they are associated with 1260 unique DIN numbers 2,723 Unique companies are associated with these 628 directors Directors holding more than 1 DIN are violat...
Company Status – All You Must Know
Academia

Company Status – All You Must Know

Company Status is one of the most important pieces of information to verify before dealing with any company. Company Status indicates the present operating condition of a company. You can verify the status of any company as on date at MCA or any other reliable websites Summary Company status is a very important information which indicates the operational status of a companyEvery Indian Company registered with Registrar of Companies(ROC), Government of India has one of the 14 Statuses associated with itThere are approximately 17 lakh companies registered in India. Out of that approx 11.25 lakh, companies are active and 5.5 lakh companies are struck offYou must deal only with companies with Active status and avoid dealing companies with the other statusesYou can check the present oper...
Academia

What You Must Check Before Dealing with Any Company in India?

You can verify the following key information of any company for FREE of cost before you take a business decision to deal with the company either as a vendor or customer or join the company as an employee or form any other business relationship. You can access this information about any company registered in India at no cost from the MCA website and other online platforms. Summary Ministry of Corporate Affairs(MCA) provides FREE access to the company master information of all companies incorporated in IndiaYou can verify the incorporation status of any company and other key insights from MCA website and other online platformsCompany CIN, Status, Registered Office Address, AGM & Balance Sheet, Paid-up Capital and Directors information can be verified for at no costCIN of a company...
Uncategorized

Visakhapatnam a Booming IT City with 17 New Companies

[Word Count: 295 Estimate Read Time: 1 Min 28 Sec] Summary 17 new IT/ITES companies inaugurated by Andhra Pradesh Minister N Lokesh NaiduExpected to generate an employment of 10,170 and an investment of INR 558.70 croresThe government is establishing a 1400 acre IT mega park where 5 lakh IT professionals can live and workThe Andhra Pradesh Government is committed to developing an IT/ITES ecosystem The Andhra Pradesh government in an initiative to uplift the IT sector in Visakhapatnam inaugurated 17 new IT and ITes companies at a go. These companies are expected to generate an employment of 10,170  and an investment of INR 558.70 crores. The government has opened its door and encourages diverse investment opportunities to companies ranging from startups to multination...
Uncategorized

Amrapali Group Properties Attached by SC

 [Word Count: 316 Estimate Read Time: 1 Min 34 Sec] Summary Supreme Court Charges Amrapali Group as ‘Defrauding Investors’ Court orders attachment of all bank accounts and movable properties of all the 40 companies belonging to the Amrapali GroupSupreme court has directed Amrapali Group to provide names of all the Chartered Accountant who handle the account of the 40 companiesSupreme Court expressed its anger that Amrapali Group is trying to fool and misguide the entire system and also not following orders given by SC Amrapali Group has been pulled up by Supreme court as a fraud company and playing filthy games with the court. It has not given possession to 42,000 troubled home buyers who have already paid 90% of the value of their property. Amrapali Group was asked by t...
Uncategorized

Filing DIR 3 KYC Mandated by MCA

[Word Count: 227 Estimate Read Time: 1 Min 8 Sec] The Ministry of Corporate Affairs would be conducting KYC of all Directors of all companies annually through a new form viz. DIR-3 KYC. According to MCA, every Director who has been allotted DIN on or before 31st March 2018 and whose DIN is in ‘Approved’ status should mandatorily file for DIR-3 KYC on or before 31st August 2018. The Directors need to mandatorily indicate their Unique Mobile Number and Personal Email ID that will be verified by OTP. The Form must be filled by every Director using his own Digital Signature Certificate (DSC) and duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC will be mandatory for Disqualified Directors too. D3KYC Service is a one-stop solution for DIR 3 KYC filing service. It i...
Watch-out

List of 114 Companies Found Registered at a Single Location in Hyderabad

[Word Count: 321 Estimate Read Time: 1 Min 36 Sec] Summary Ministry of Corporate Affairs(MCA) has started a campaign to check locations from where more than 25 companies are registered Yesterday MCA had found a massive forgery where 114 companies are registered at a single location in Hyderabad As per MCA, SRSR Advisory Services Private Limited is the accounting firm for all these companies Around 382 unique companies and 45 unique directors are potentially related to SRSR Advisory Services Single email ID was used to create 123 other unique companies with 43 unique DINs 114 Companies Found The Ministry of Corporate Affairs(MCA) had started a campaign to check locations from where more than 25 companies are registered and through the campaign, were stunned to find 114 comp...
Academia, Corporate

What You Must Know About a Company CIN?

[Word Count: 1089, Estimate Read Time: ~5 Min] Summary: CIN, a unique identification number, issued to Indian Companies by the ROC (Registrar of Companies) functioning in various states under the Ministry of Corporate Affairs (MCA), Govt. of India Publishing CIN in all official publications is mandatory according to the Companies Act 2013CIN number is structured in 21 digit alphanumeric form and is categorized into 6 major parts that reveals the listing status, economic activity, incorporation state, year of theestablishment, the type of a company and the registration numberIn a few cases, the CIN of the company may changeThe unique identification numbers issued to Foreign Companies are known as FCRN, LLPs are known as LLPIN, and Foreign LLPs are known as FLLPINYou can find or verif...
Corporate, Regulatory, Watch-out

List of 222 Companies Delisted by BSE on 04 July 18

[Word Count: 432 Estimate Read Time: 2 Min] Summary: Notifications issued on 02 Jul 2018 informing delisting 222 companies Notification no 20180702-28, refers to total of 216 companies 210 companies that have remained suspended for more than 6 months 6 companies that have been compulsorily delisted by NSE The promoters and whole-time directors of compulsorily delisted companies shall not be eligible to become directors of any listed company Notification no 20180702-29, refers to the list of 6 companies that have remained suspended for more than 6 months and whose status on the MCA website is reflected as “under liquidation / liquidated” Notifications, number of companies delisted and consequences and other key insights: Today, 4 Jul 2018, BSE (Bombay Stock Exchange) has de...