Thursday, July 7

Tag: Ministry of Corporate Affairs

What is ACTIVE Compliance Status?
5Jul By InstaFinancialsNo Comments
Academia

What is ACTIVE Compliance Status?

The Ministry of Corporate Affairs (MCA) had issued rules regarding companies incorporation for validating the registered office addresses of companies registered under the Indian Companies Act. These new rules came into effect on February 21, 2019 which states - every company incorporated on or before the 31st December, 2017 was required to verify its registered office, by filing e-form ACTIVE. The due for filing of e-form ACTIVE or INC-22A, is 31 Jul of every calendar for all the companies incorporated on or before 31 Mar of the respective calendar year. ACTIVE is an acronym of “Active Company Tagging Identities and Verification”. Table of Content What does ACTIVE Compliant Status Means? What does ACTIVE Non-Compliant Company Status Mean ?Example of ACTIVE Compliant Com...
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How to Check Company Registration Status?
22Jun By InstaFinancialsNo Comments
Academia

How to Check Company Registration Status?

Whenever you research about any company, one term you will often come across will be the “company status”. What does a company status mean? why is there a need to check company status? and how do you check company status? Each company has an operational status to it. The ‘status’ of a company is an indicator of whether the company is still functioning or not. 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. Company status of Indian companies gets updated on a regular basis by the ministry of corporate affairs (MCA) based on compliance adherence by the company related to filing of statutory documents. Every Indian company registered with the registrar of ...
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NCLT Organised Colloquium on “NCLT- The Road Ahead”
31Mar By InstaFinancialsNo Comments
Uncategorized

NCLT Organised Colloquium on “NCLT- The Road Ahead”

The National Company Law Tribunal (NCLT) organized a national level Colloquium on the subject “NCLT- The Road Ahead”  here today. Chief Justice (R) Ramalingam Sudhakar, President, NCLT; Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs; and Shri Ravi Mital, Chairman, Indian Bankruptcy Board of India (IBBI) inaugurated the colloquium. Members of the Tribunal, both Judicial and Technical, representing 15 Benches across India also participated in the colloquium. In his address as the chief guest, Chief Justice (Retd.) Ramalingam Sudhakar said that India is envisioning a multi-trillion dollar economy. Industry and commerce, crucial in the nation’s economy, are governed by Company Law besides other laws. Chief Justice (Retd.) Ramalingam Sudhakar&nbs...
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More than 4,000 Cases Admitted for Corporate Insolvency Resolution Process Since FY 2016
28Mar By InstaFinancialsNo Comments
Uncategorized

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...
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SFIO Assigned 14 Cases Involving 95 Companies in FY 2021-22
28Mar By InstaFinancialsNo Comments
Uncategorized

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 ...
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IBBI Admits 1,060 Cases into Corporate Insolvency Resolution Process in Around 2 Years
28Mar By InstaFinancialsNo Comments
Uncategorized

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...
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CCI Disposes off 1046 Cases out of 1180 Cases Received under Sections 3 & 4 as on 28.02.2022
21Mar By InstaFinancialsNo Comments
Uncategorized

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...
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More than 3.82 Lakh Companies Struck off Till Financial Year 2020-21 in Special Drives Taken by Registrar of Companies
21Mar By InstaFinancialsNo Comments
Uncategorized

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...
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