Monday, August 15

Tag: Public Announcements

CCI Approves Acquisition of Bikaji Foods International Limited by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust
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CCI Approves Acquisition of Bikaji Foods International Limited by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust

The Competition Commission of India (CCI) approves acquisition by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust (Lighthouse Employee Trust) (collectively referred to as Acquirers) of Bikaji Foods International Limited (Target) under Section 31(1) of the Competition Act, 2002, yesterday. The Proposed Combination involves acquisition of additional 2.727% of equity shareholding in the Target by Fund III and Lighthouse Employee Trust. Lighthouse Funds currently has 7.472% equity shareholding in Bikaji through one of its funds. Lighthouse Funds is a US based company and act as the sponsor and controls private equity funds that make investments in consumer companies in India. Till date, it has raised three private equity funds that are dom...
4,540 Companies Admitted into CIRP; 394 Companies Stand Resolved with 36% Realisation of Claims by Financial Creditors under IBC
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4,540 Companies Admitted into CIRP; 394 Companies Stand Resolved with 36% Realisation of Claims by Financial Creditors under IBC

As on 30th June 2021, 4,540 companies were admitted into Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC). 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 details on the resolution status, the Minister stated that 394 companies were resolved till 30th June 2021 wherein financial creditors (FCs) including financial institutions, had total claims amounting to Rs 6.80 lakh crore, out of which Rs 2.45 lakh crore have been realised, which is 36% of their claims. The Minister further stated that the insolvency resolution process of the corporate debtor (CD) is market driven and the outcome depends on market forces which varies from...
MCA Amends Schedule III of Companies Act on Disclosure Norms in Financial Statements
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MCA Amends Schedule III of Companies Act on Disclosure Norms in Financial Statements

In order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements. 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 new disclosures with respect to the virtual currency/crypto currency transactions and CSR spending undertaken by companies during a financial year are:- Details of Crypto Currency or Virtual Currency Where the Company has traded or invested in Crypto currency or Virtual Currency during the financia...
CCI Receives Notice Relating to Acquisition of Equity Stake in PNB Housing Finance Limited by Pluto Investments S.à r.l. and Salisbury Investments Private Limited, under Green Channel and is Deemed Approved
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CCI Receives Notice Relating to Acquisition of Equity Stake in PNB Housing Finance Limited by Pluto Investments S.à r.l. and Salisbury Investments Private Limited, under Green Channel and is Deemed Approved

The Competition Commission of India (CCI) received a notice relating to acquisition of equity stake in PNB Housing Finance Limited CIN(L65922DL1988PLC033856) (Target) by Pluto Investments S.à r.l. (Pluto) and Salisbury Investments Private Limited CIN(U67120MH1994PTC077918)(Salisbury), under Green Channel. Notice received under the Green Channel is deemed to be approved under regulation 5A of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011. Pluto is a newly established special purpose vehicle incorporated under the laws of Luxembourg and does not have any business activities in India. It is majority owned and controlled by investment funds known as Carlyle Asia Partners V, all being advised by affiliates...
12,889 Shell Companies Struck off in FY 2020-21
MCA, Regulatory

12,889 Shell Companies Struck off in FY 2020-21

There is no definition of the term “Shell Company” in the Companies 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. 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. On the identification shell companies, the Minister stated that the Special Task Force set up by the Government to look into the issue of “Shell Companies” has inter-alia recommended the use of certain red flag indicators as alerts for identification of Shell Companies. Giving more details, the Minister stated that the Government has undertaken a Specia...
8 Resolved, 65 Settled/Withdrawn and 23 Ordered for Liquidation in Insolvency Cases under IBC in Real Estate Sector
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8 Resolved, 65 Settled/Withdrawn and 23 Ordered for Liquidation in Insolvency Cases under IBC in Real Estate Sector

In the insolvency of real estate companies, 212 applications pertaining to real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, process is ongoing. 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. The Minister further said that the insolvency resolution process is market driven and the outcome depends on market forces. The Minister stated that Insolvency and Bankruptcy Code (the Code) was enacted on 28th May, 2016 and the Insolvency and Bankruptcy Board of India was establi...
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Webinars on recent functionalities related to Registration, Returns, Ledgers and Refunds deployed on GST Portal

GSTN has recently implemented certain new functionalities on the GST Portal related to Registration, Returns, Ledgers and Refunds. For creating awareness amongst all the stakeholders, GSTN is holding webinars, as per details given below: Webinar TopicNew functionalities related to Registration, Returns, Ledgers and Refunds deployed on GST PortalLanguage of webinarTamilEnglishMarathiDate16.07.2021Friday20.07.2021Tuesday28.07.2021WednesdayTime1600 Hrs to 1630 Hrs1600 Hrs to 1630 Hrs1200 Hrs to 1230 HrsSpeakerSh. Rafi Ahmed Kidwai, Manager, GSTNSh. Sanjay Kumar Sharma, SM, GSTNSh. Bhagwan Patil,VP, GSTNYou tube link to joinhttps://youtu.be/c3vInoyv8Jshttps://youtu.be/QDtX-cnYi04https://youtu.be/Mx01B2KQ0cY During these sessions, viewers can post their Queries in LiveChat / Comments ...
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Cabinet approves Memorandum of Understanding (MoU) between Institute of Cost Accountants of India (ICoAl) and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK)

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Memorandum of Understanding (MoU) between Institute of Cost Accountants of India (ICoAl) and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK), will provide mutual advanced entry to the Members of both the Institutes through exemptions from appearing in majority of papers to acquire the qualification of the other Professional Body and to undertake joint research, continuing professional development activities. Impact: This MoU will lead to a focus attention towards exchange of knowledge and exchange of research and publications which will strengthen good governance practice in both jurisdictions. Both parties will initiate joint research relevant to Cost Accountancy profess...
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Cabinet approves Memorandum on Cooperation (MoC) between Competition Commission of India (CCI) and Japan Fair Trade Commission (JFTC)

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Memorandum on Cooperation (MoC) between Competition Commission of India (CCI) and Japan Fair Trade Commission (JFTC) to promote and strengthen cooperation in the matter of Competition Law and Policy. Impact: The approved MoC, through exchange of information, will enable CCI to emulate and learn from the experiences and lessons of its counterpart competition agency in Japan which would enhance efficiency. The same will help improve enforcement of the Competition Act, 2002 by CCI. The resultant outcomes will benefit consumers at large and will promote equity and inclusiveness. Details: It will envisage to promote and strengthen cooperation in the matter of Competition Law and policy through exchang...
MCA, Regulatory

CCI approves acquisition of SB Energy Holding Limited by Adani Green Energy Limited

The Competition Commission of India (CCI) approves acquisition by Adani Green Energy Limited (L40106GJ2015PLC082007) (“Acquirer”) of SB Energy Holding Limited (“Target”) under Section 31(1) of the Competition Act, 2002, yesterday. The Proposed Combination envisages the acquisition of the entire (i.e., 100%) shareholding of the Target by the Acquirer from the Target’s existing shareholders. The Acquirer is engaged in the business of power generation through renewable energy. The Acquirer is part of the Adani group, which is an Indian multinational conglomerate comprising of six publicly traded companies. In India, the Acquirer and its subsidiaries are engaged in the business of power generation inter alia through (i) solar energy, (ii) wind energy and (iii) hybrid ener...