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Important Notice | India Insta Loan | Beware of Fraudsters

25Aug

By InstaFinancials1 Comment

Corporate, News

Important Notice | India Insta Loan | Beware of Fraudsters

Dear Readers, It has come to our notice that a fraudster in the name of India Insta Loan is using our website address (instafinancials.com) in his leaflet and misleading customers. The fraudster is operating in the name of India Insta Loan. They are collecting money from customers on the pretext of issuing loans. After the receipt of the advance amount they are not responding and not providing any loan. We request you all to note that have no relationship with India Insta Loan and we are not responsible for the actions of India Insta Loan . We are initiate suitable legal against this entity. Leaflet Distributed by India Insta Loan Please find the letter the fraudster is sending to innocent victims: Beware and do not send money to anyone without prior and proper verification. ...

GST Invoice Frauds: Over 1.63 lakh GST registrations cancelled

14Dec

By No Comments

News

GST Invoice Frauds: Over 1.63 lakh GST registrations cancelled

The Ministry of Finance have cancelled over 1.63 lakh registrations during the month of October and November for not filing GST returns for the last six months. The assessees were allegedly running fake firms. Nationwide Drive The Directorate General of GST Intelligence (DGGI) and CGST Commissionerate’s have conducted a nationwide drive in the month of November against GST fake invoice frauds, & have arrested 132 persons including four chartered accountants and a woman for availing themselves of or passing on ineligible ITC fraudulently and have booked 1,430 cases against more than 4,586 fake GSTIN entities identified across the country. Sources from Tax Department said one chartered accountant Akshay Jain, was arrested from Visakhapatnam for issuing fake ITC to the tune of ₹...

ECash App & ERuning Finance Technology India Private Limited | CAUTION

19Aug

By InstaFinancialsNo Comments

News, Research

ECash App & ERuning Finance Technology India Private Limited | CAUTION

Based on the feedback received from some of our users, we wish to bring to your notice ECash app it taking money in the pretext of issuing personal loan without any documentation but not sanctioning or providing any loan after the payment is made. On our verification, we found that the company names they have mentioned in the privacy statement of the app is ERunning Finance Technology India Private Limited and the same is not found on MCA website as its not a registered company as per MCA records. Once the payment is made successful, it is noted that the amount is paid to RUNNINGBYTE FINANCE INDIA PRIVATE LIMITED. The same is incorporated as a company on 10 Jan 2020 and Rajneesh Chaurasia, Yuan LU and Zhichao LI are the directors of this company. We request you to exercise cauti...

12Mar

By No Comments

News

MCA Notifies New SPICe+ Web Form

Corporate Affairs Secretary Injeti Srinivas recently launched SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus). It is the new web form for incorporating a business in India with ease. SPICe+ would offer services by the Ministry of Corporate Affairs, Ministry of Labour and Department of Revenue in the Finance Ministry, and Maharashtra Government. As a part of Indian Government initiatives toward Ease of Doing Business (EODB), SPICe+ is a replacement of the existing SPICe form. India was ranked 63rd on the World Bank’s Ease of Doing Business (EoDB) 2020 report. This step could be seen as the government's effort to improve India’s ranking and reach the top 50 of the EoDB survey. Using the new web form, SPICe+, the users will get the integration of 10 service...

Cabinet to consider amendment in the Companies Act, 44 out of 66 offences to be decriminalised

31Jan

By No Comments

MCA, News

Cabinet to consider amendment in the Companies Act, 44 out of 66 offences to be decriminalised

In what may be termed as a move towards alleviating the complexities in running businesses, the cabinet will apparently consider an amendment in the Companies Act. As per reports, the proposed changes have been pulled from the CLC (Company Law Committee) report headed by Injeti Srinivas, secretary of corporate affairs. According to reliable sources, the amendment in the Act will reportedly decriminalise approximately 44 out of 66 offences. The list of infringements includes CSR (corporate social responsibility) violations and non-filing of returns. The proposed changes in the Act are also said to consider easing norms related to remuneration for loss-making companies to enable higher salary structure for key managerial personnel, including non-executive directors in these fir...

MCA notifies Companies (Winding Up) Rules, 2020

30Jan

By No Comments

MCA, News

MCA notifies Companies (Winding Up) Rules, 2020

In a bid to ease the process of business liquidation, the Ministry of Corporate Affairs (MCA) announced its latest set of rules in a notification dated 24th January 2020. These rules shall come into force on 1st April 2020. The new procedures are reported to allow the small firms in winding up their businesses without taking approval. As per reports, the new MCA guidelines cover the liquidation policy of companies with the following criteria: Paid up capital not exceeding INR 1 Crore; Non acceptance of deposits over INR 25 Lakh; Turnover upto INR 50 Crore; Loan under INR 25 Lakh. According to the new procedures, instead of the tribunal, the central government will provide the approvals to the companies falling under the above criteria for liquidation of their businesses. ...

Government Likely to Ask Unlisted Companies to Submit Quarterly and Half-Yearly Financial Statements

9Jan

By No Comments

MCA, News

Government Likely to Ask Unlisted Companies to Submit Quarterly and Half-Yearly Financial Statements

The Ministry of Corporate Affairs (MCA) is planning to add provisions to the Companies Act that would require unlisted companies to provide their financial statements on a quarterly or half-yearly basis. The objective is to have updated financial details about systemically important companies that are not listed, as per sources. Over 11 lakh unlisted companies are operating in India and this regulatory measure is expected to enhance governance in such companies. Unlisted companies are not presently required to submit their financial statements every three or six months. It is only mandatory for listed companies to update their quarterly financial statements under SEBI (Central Listing Authority) regulations. According to sources, there would be thresholds for determining whic...

Madras HC Upholds Constitutional Validity of Proviso to Section 167 (1) (a) of the Companies Act

8Jan

By No Comments

News

Madras HC Upholds Constitutional Validity of Proviso to Section 167 (1) (a) of the Companies Act

The Madras High Court has upheld the constitutionality of section 167 (1) (a) of the Companies Act that mandates defaulting companies’ directors to vacate their office in other companies where they hold directorships except the company which had defaulted. The first bench of chief justices AP Sahi and Subramonium Prasad upheld that the proviso to section 167(1)(a) was neither arbitrary nor does it violate any of the fundamental rights provided under the Constitution of India. The high court order came in response to a petition filed by a company secretary challenging the proviso. According to the petitioner, the proviso to section 167 (1) (a) violated Article 14 that guarantees the fundamental right of equality. It was also contended that the proviso is detrimental to non-defaul...

FAQs Related to MCA Mandate to Private Companies to have a Whole-Time CS

8Jan

By instaaccountsNo Comments

MCA, News

FAQs Related to MCA Mandate to Private Companies to have a Whole-Time CS

What is the name of this notification? These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 When is this notification issued? This Notification is issued on 3 January 2020 What is the key message or essence of this notification? This amendment is about the following 2 key points: Appointment of a whole-time Company Secretary: MCA Mandates Appointment of Whole-time Company Secretary to All Private Companies that have 10 Crore & More or Companies having Mandatory to submit Secretarial Audit Report: Both Private & PubliC Limited Companies with Outstanding Loan or Borrowings from banks or Public Financial Institutions exceeds Rs 100 crore have to submit the Secretarial Audit Report When is this amendm...

Top 50 Indian Firms Deleverage Balance Sheets, Reduce Debts by Approx. Rs 60K Crores

7Jan

By No Comments

News

Top 50 Indian Firms Deleverage Balance Sheets, Reduce Debts by Approx. Rs 60K Crores

In a bid to deleverage their balance sheets, top 50 Indian companies have reduced their debt by Rs 59,600 crores in the first half of this fiscal year. These companies had reduced their debts by about Rs 43000 crores in FY 2018-19, as per the sources. According to sources, the move holds significant relevance to the credit growth of banks as the companies borrowing loans from local lenders has reduced. Indian companies are seeking other funding methods that provide loans at much lower rate when compared to banks. Instruments like External commercial borrowing (ECB) is a viable alternative outside the banks. Besides, the domestic companies have worked to reduce their debts in response to the present legal framework. According to the recent Reserve Bank of India (RBI) data, the ...