Wednesday, February 1

Corporate

26 Lakh Labour Identification Numbers Issued
Corporate

26 Lakh Labour Identification Numbers Issued

Ministry of Labour & Employment has issued 26 Lakh Labour Identification Numbers (LIN) It will be a One-Stop-Shop for Labour Law Compliance and issued to all employers Shram Suvidha Portal facilitates businessmen to get all kinds of registrations and submit returns that are required under Labour laws at a single online window To access the unified services of Shram Suvidha portal the URL is Shram Suvidha Portal To Know Your LIN you need to visit Know Your LIN Shram Suvidha Portal was launched by Honourable Prime Minister, Shri Narendra Modi on October 16, 2014 Labour Identification Number (LIN), a number provided by Shram Suvidha Portal has been issued by Ministry of Labour & Employment and launched by Honourable Prime Minister, Shri Narendra Modi on October 16, 2014. It is...
Update from IBBI – 26 & 28 Nov 2018
Corporate

Update from IBBI – 26 & 28 Nov 2018

Update on Public Announcements and Invitation of Resolution Plans from Insolvency and Bankruptcy Board of India mentioned below for your reference. Update from IBBI – 26 Nov 2018 What's New 26-11-2018 - IBBI invites Suggestions and Comments on Draft Specimen: Information Memorandum, Evaluation Matrix, Request for Resolution Plans, and Resolution Plan. Update from IBBI – 28 Nov 2018 Public Announcements 24-10-2018 Public Announcement of Voluntary Liquidation Process-Fiduciary Billing Solutions Pvt. Ltd. 17-11-2018 Public Announcement of Corporate Insolvency Resolution Process-Cinda Engineering & Construction Pvt. Ltd. 17-11-2018 Public Announcement of Corporate Insolvency Resolution Process-AVK Automall Pvt. Ltd. 14-11-2018 Public Announcement of Corporate Inso...
Corporate

RBI circular to send 100 more firms to NCLT

Highlights The Supreme Court (SC) will hear a case filed by the Association of Power Producers against the Reserve Bank’s February 12 circular on November 13 Life Insurance Company (LIC), Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) and public sector banks are not giving consent for any debt restructuring programmes which may lead to about 80-100 companies being referred to the National Company Law Tribunal(NCLT) Power companies have welcomed the Supreme Court's stay on Reserve Bank of India(RBI) circular and said the verdict will prevent 13Gw of stressed power plants from insolvency The Supreme Court order came after 34 power producers moved the court requesting it to cancel the RBI's dictate which has put a question mark over the future of these co...
Corporate, Generic

Mukesh Ambani Took Stake In These Seven Companies

Highlights: ​66% stake in DEN for Rs 2,290 crore: For Jio GigaFiber 51.3% stake in Hathway for Rs 2,940 crore: For Jio GigaFiber 25% stake in Balaji Telefilms for Rs 413 crore: For content creation and JioCinema, JioTV ​Radisys for Rs 510 crore: For IoT and 5G services Acquired 73% stake in Embibe: For online education ​Acquired Saavn for Rs 670 crore: For online music streaming 16% stake in KaiOS for Rs 46 crore: For JioPhone For the last two years, Reliance JIO has left everyone stunned with its tremendous growth in the data and telecom market. But was that an end for the founder of Jio Mukesh Ambani? While the Mukesh Ambani - led billion-dollar company creating a space in the telecom market with its defiant pricing and exciting offers, on the other side Reliance Industri...
Corporate, Financial Institutions

Names of 55K Directors Linked to Delisted ‘Shell Companies’

The Ministry of Corporate Affairs has made the names of directors linked with shell companies public. The registration of these shell companies was earlier canceled by MCA. Highlights: Name of 55,000 directors made public by MCA, they are linked to the shell companies The directors are associated with companies that have not filed their financial statements for three consecutive years Directors will not be eligible under Section 164(2) to be re-appointed as a director of that company or appointed in any other company for five years from the date of default MCA has also identified professionals, chartered accountants, company secretaries and cost accountants associated with the shell companies The Ministry of Corporate Affairs had already delisted around 2,09,032 companies and no...
Corporate

145 Companies under ‘Additional Surveillance Measure’ – BSE

The Bombay Stock Exchange has put 145 firms including 8 firms facing insolvency under the Additional Surveillance Measure framework. Highlights: BSE under its Additional Surveillance Measure has put 145 firms including eight firms facing insolvency. The surveillance actions applicable to the shortlisted securities include placing them in the price band of 5% and levying margins at the rate of 100%. Bombay Stock Exchange under its Additional Surveillance Measure has put 145 firms including eight firms facing insolvency. The parameters for shortlisting securities under the framework are high-low variation, client concentration, number of price band hits, close to close price variation and price-earning ratio. The data shows that the exchange has put  Amtek Auto, Adani Transmi...
Academia, Corporate, Regulatory

Consequences of Not Complying with DIR-3 KYC Mandate

Ministry of Corporate Affairs had mandated Directors of all companies (Private Limited, Public Limited, OPC), and designated Partners in Limited Liability Partnerships (LLP), including both active and disqualified directors, to submit their KYC details by furnishing the DIR 3 KYC e-Form. This initiative taken by the Ministry of Corporate Affairs will have a great impact and help to curb fake and shell companies. These are the companies suspected to have conduits for illicit money laundering. MCA had told that there are about 50 Lakh DINs issued till date and out of which there are around 33 Lakh Active Directors in India who are mandated to comply with this KYC mandate. If any director fails to submit their DIR 3 KYC form on or before the due date the DIN number of such director will be ...
Corporate, Regulatory, Watch-out

Last Date of Filing DIR 3 KYC without fee expired on 15th Sep 2018

Ministry Of Corporate Affairs notified that there is no further extension in the last date of filing of DIR 3 KYC. Accordingly, every director who did not file DIR 3 KYC within the due date of 15 Sep 2018, their DINs will be deactivated with reason ‘Non-filing of DIR 3 KYC’. All filing after the due date will attract a Fee of Rs 5,000. Summary No extension in the last date of filing of DIR 3 KYC Form DINs will be deactivated for directors who did not file DIR 3 KYC DIR-3 KYC filing will not be available on 16th and 17th Sep 2018 Directors filing their DIR 3 KYC form after the due date of 15 Sep 2018 need to pay Rs. 5,000 as a penalty to MCA for late filing of DIR 3 KYC The last date of filing DIR 3 KYC without government fees has expired on 15th Sep 2018. After this date, direct...
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

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...