Tuesday, May 17

MCA

Updates and Notifications from Ministry of Corporate Affairs, Ministry of Finance, Govt. of India

More than 4,000 Cases Admitted for Corporate Insolvency Resolution Process Since FY 2016
MCA, Regulatory

More than 4,000 Cases Admitted for Corporate Insolvency Resolution Process Since FY 2016

As per the information provided by Insolvency and Bankruptcy Board of India [IBBI, the Regulator under Insolvency and Bankruptcy Code, 2016 (IBC)], the following is the year wise details of number of cases admitted for corporate insolvency resolution process under the Code: YearNo. of corporate insolvency resolution process admitted2016-17372017-187062018-1911572019-2019862020-21538 This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Giving more details, the Minister gave Year-wise details of the number of cases resolved along with total amount of admitted  claims and realisable value for creditors in such cases as following: YearNo. of cases resolvedTotal admitted claims(Rs. in cr...
SFIO Assigned 14 Cases Involving 95 Companies in FY 2021-22
MCA, Regulatory

SFIO Assigned 14 Cases Involving 95 Companies in FY 2021-22

Serious Fraud Investigation Office (SFIO) formed through a Government Resolution is an Investigating Agency under Ministry of Corporate Affairs (MCA), which was given statutory recognition under the Companies Act, 2013 (the Act). This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. The Minister stated that the Central Government orders and assigns to SFIO, investigation cases involving many companies where alleged fraudulent activities by corporates are reported which includes cases of misappropriation of funds by the promoters / top management and cheating the lenders. Giving details of cases ordered and assigned to SFIO, the Minister stated: Financial YearNo of Cases Ordered and Assigned ...
IBBI Admits 1,060 Cases into Corporate Insolvency Resolution Process in Around 2 Years
MCA, Regulatory

IBBI Admits 1,060 Cases into Corporate Insolvency Resolution Process in Around 2 Years

As per the information provided by Insolvency and Bankruptcy Board of India, in the years 2020-21 and 2021-22 (upto 31st December, 2021), 538 and 522 cases, respectively, have been admitted into the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Giving more details, the Minister gave details of action taken in the said cases as follows:- YearCases AdmittedOutcome of cases as on 31st December 2021Appeal/ Review/SettledWithdraw n u/s 12AResolutionLiquidatio nOngoing2020-2153849939633242021-22522134704458 Further details are available in public domain on www.ibbi.gov.in, whi...
CCI Disposes off 1046 Cases out of 1180 Cases Received under Sections 3 & 4 as on 28.02.2022
MCA, Regulatory

CCI Disposes off 1046 Cases out of 1180 Cases Received under Sections 3 & 4 as on 28.02.2022

The Competition Commission of India (CCI) has received cases against companies (including e-commerce companies) for alleged abuse of dominant position and anti-competitive practices. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Lok Sabha today. Giving more details, the Minster stated that cases received against companies (including e-commerce companies) during the last three years including the present year are as under:- Particulars2018-192019-202020-212021-22*Cases pending at beginning ofthe year210188155140Cases received during year68605557Total278248210197Cases decided during the year90937067 * Data as on 28.02.2022 As on 28.02.2022, the Minister stated, the CCI has received a total of 1180 cas...
More than 3.82 Lakh Companies Struck off Till Financial Year 2020-21 in Special Drives Taken by Registrar of Companies
MCA, Regulatory

More than 3.82 Lakh Companies Struck off Till Financial Year 2020-21 in Special Drives Taken by Registrar of Companies

Under the Special Drives taken by Registrar of Companies, 3,82,875 number of companies ware struck off u/s 248 (1) of the Companies Act till the financial year 2020-21. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Explaining further, the Minister stated that there is no definition of the term “Shell Company” in the Companies Act, 2013 (the Act). It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc. The Special Task Force set up by the Government to look into the issue of “Shell Companies” has, inter-alia, recommended th...
SFIO Arrests Satish Kumar Pawa, Saurav Aggarwal, Suhas S. Paranjpe in Connection with Investigation into Affairs of Jagat Agro Commodities Private Limited.
MCA, Regulatory

SFIO Arrests Satish Kumar Pawa, Saurav Aggarwal, Suhas S. Paranjpe in Connection with Investigation into Affairs of Jagat Agro Commodities Private Limited.

Mr. Satish Kumar Pawa, promoter and shareholder, Mr. Saurav Aggarwal, son of promoter and Mr. Suhas S. Paranjpe, Statutory auditor, were arrested by the Serious Fraud Investigation Office (SFIO) in connection with investigation into the affairs of Jagat Agro Commodities Pvt. Ltd. The arrests were made as part of the investigation into the affairs of Jagat Agro Commodities Pvt. Ltd. by SFIO.  The investigation was assigned by the Ministry of Corporate Affairs to SFIO based on the Orders passed by the National Company Law Tribunal.  The arrest has been made by SFIO in exercise of the powers under Section 212(8) of the Companies Act, 2013, based on the material in its possession which has revealed that these persons were guilty of indulging in serious corporate fraud punishab...