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    Corporate Affairs Ministry is actively making investors aware about fraudulent companies
    Properties of struck off companies from RoC can’t be used, operated, transferred or alienated in any manner
    Listed companies must comply on appointing women board directors; total 142 listed companies fined
    CSR expenditure by companies in North East in 2015-16 ₹ 176.59 Crores
    MCA21 Registry states that 25.01% women work as Directors on Boards
    Govt. disposes 2,750 cases under Insolvency and Bankruptcy Code
    Public Comments on Code/Regulations/Rules under Insolvency and Bankruptcy Code, 2016
    Year End Review of Ministry of Statistics & Programme Implementation ( MoSPI)
    Cabinet approves second financial restructuring of Konkan Railway Corporation Ltd.
    Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulatio...
    Article by the Union Finance Minister on ‘The Fiction of Loan Waiver to Capitalists’
    Cabinet approves continuation of the scheme on Indian Institute of Corporate Affairs beyond the 12th Plan Period
    Strengthening Start-Up India, Incubation and Skilling in India: IICA, Atal Innovation Mission and HVSU Celebrate National Entrepreneurship Day 2017;
    FM: India has pledged unequivocal commitment for furthering the cause of New and Renewable Energy;
    Ministry of Corporate Affairs issues Notification for commencement of Section 247 of the Companies Act, 2013 relating to Valuation by Registered Value...
    Cabinet approves MoU between SEBI and FSC
    Cabinet approves signing of Memorandum of Understanding between Securities and Exchange Board of India (SEBI) and Capital Markets Authority (CMA), Kuw...
    Insolvency and Bankruptcy Board of India (IBBI) registered National E-Governance Services Limited (NeSL) today as an Information Utility (IU) under th...
    Union Finance Minister releases book on Financial Management
    To invite public comments for further simplification of starting a business (name reservation and incorporation) procedure in India- reg.
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    December 23, 2017
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    Investor awareness programmes warn against fraudulent schemes and promote informed investment through professional institute partnerships.
    The Ministry organises Investor Awareness Programmes with three professional institutes to prevent investment in fraudulent schemes, using audio-visual outreach and rural Common Service Centres. Funding is allocated per programme with set unit outlays for Resource Persons and distinct rates for North Eastern states; expenditure depends on participant numbers. State/UT-wise annexures record programmes and fund utilisation, and a separate annexure lists companies against whom action has been initiated for Ponzi and multi-level marketing schemes.
    December 23, 2017
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    Struck off company property: cannot be used or transferred until restored under Section 252 of the Act.
    Properties and assets of companies struck off the Register of Companies cannot be used, operated, transferred or alienated in any manner until the company is restored under the statutory restoration process under Section 252; the prohibition covers all movable and immovable assets and extends to actions by former directors or authorised signatories.
    December 23, 2017
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    Women director requirement: non appointment attracts statutory penalties and regulatory fines under company and listing laws.
    The statute imposes a mandatory women director requirement on every listed company and prescribed classes under Section 149 of the Companies Act, 2013, with penalties under Section 172; SEBI's Listing Obligations Regulations 2015 likewise require at least one woman director and prescribe fines. Enforcement includes prosecutions by Registrars of Companies, administrative referrals for PSUs, and fines levied by stock exchanges against listed companies for non appointment of women directors.
    December 20, 2017
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    Corporate Social Responsibility: companies' reported North East expenditures increased, with government workshops promoting compliance as compiled by Ministry.
    Corporate Social Responsibility under the Companies Act, 2013 was implemented in 2014-15 and the Ministry compiled state wise CSR expenditure for eight North East states for 2014-15 and 2015-16, showing an aggregate increase in the regional total, with Assam the largest contributor. Government bodies and business chambers conduct workshops and seminars to raise awareness of CSR provisions and improve compliance, as reported by the Minister of State in a written parliamentary reply.
    December 19, 2017
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    Women director requirement: listed and prescribed companies must appoint women directors; registry reports notable female board representation.
    Section 149 of the Companies Act, 2013 and corresponding rules require listed and prescribed companies to appoint at least one woman director, and the Listing Obligations and Disclosure Requirements regime imposes a similar mandate; national registry data is cited to indicate current levels of female board representation.
    December 19, 2017
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    Insolvency resolution under IBC resulted in numerous case disposals and reported bank recoveries following filings.
    Notification of the operative provisions of the Insolvency and Bankruptcy Code prompted fresh filings and transfer of winding-up matters into the Code, resulting in a substantial number of disposals with remaining cases pending at the reporting cut-off. Public Sector Banks reported recoveries and haircuts arising after initiation of proceedings under the Code, and those financial outcomes were communicated to the legislature by the responsible minister in response to an enquiry.
    December 19, 2017
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    Insolvency Law Committee review invites stakeholder comments via online portal to improve implementation of insolvency framework.
    The Government constituted the Insolvency Law Committee to review functioning and implementation of the Insolvency and Bankruptcy Code, identify efficiency issues in corporate insolvency resolution and liquidation, and recommend measures to improve processes. Stakeholders were invited to submit comments and brief justifications exclusively through an online portal on the Ministry's website by the specified deadline to inform the Committee's recommendations.
    December 18, 2017
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    Adoption of UN Fundamental Principles of Official Statistics strengthens independence and transparency in official data dissemination.
    Adoption of the United Nations Fundamental Principles of Official Statistics reinforces professional independence, impartiality, accountability and transparency. MoSPI maintains IMF SDDS compliance with an Advance Release Calendar and simultaneous dissemination. Major methodological reforms include rebasing National Accounts, IIP and CPI to 2011-12 with improved data sources and methods, launch of the Periodic Labour Force Survey using CAPI, introduction of the Collection of Statistics (Amendment) Bill, technological upgrades for data dissemination and cataloguing, and strengthened project and MPLADS monitoring frameworks.
    December 15, 2017
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    Conversion of preference shares into compulsorily convertible form restores positive net worth and preserves market access.
    Conversion of Non Cumulative Redeemable Preference Shares held by the President of India (through the Ministry of Railways) into Compulsorily Convertible Non Cumulative Preference Shares is implemented so that, under IND AS restatement of prior balance sheets, the instrument can be treated as share capital rather than showing a liability component that would render Konkan Railway Corporation Limited's net worth negative; the conversion restores positive net worth and averts adverse credit, bidding and "sick company" classification consequences.
    December 14, 2017
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    Insolvency and Bankruptcy Code consultations invite stakeholder suggestions to improve corporate resolution and liquidation efficiency.
    The Government invited stakeholder suggestions via an online facility on the Ministry of Corporate Affairs website regarding provisions of the Insolvency and Bankruptcy Code and related Rules and Regulations. The Insolvency Law Committee, constituted to review the Code's functioning and identify issues affecting the efficiency of the Corporate Insolvency Resolution and the Liquidation Framework, seeks comments with brief justification to inform recommendations for enhancing procedural efficiency and implementation.
    November 29, 2017
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    Loan waiver rumour debunked: government used IBC and recapitalisation to tackle large NPAs and bar wilful defaulters.
    Government denies waiving loans of large defaulters, instead enforcing recognition of NPAs revealed by Asset Quality Review, requiring upfront provisioning, and using the Insolvency and Bankruptcy Code with referrals to tribunals for timebound recovery. An ordinance bars wilful defaulters from participating in resolution processes. Concurrently, substantial recapitalisation of Public Sector Banks-through bonds, budget provision and market dilution tied to reforms-was announced to restore bank strength and enable credit flow to honest borrowers.
    November 22, 2017
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    Continuation of institutional funding for corporate governance training secures grants to sustain IICA and boost CSR and policy research capacity.
    The Cabinet approved continuation of the scheme for the Indian Institute of Corporate Affairs with authorised grants-in-aid to support IICA's role in corporate governance training, policy research, stakeholder services, and the National Foundation for Corporate Social Responsibility, while targeting institutional self-sustainability and enhanced employability outcomes through partnerships and capacity building.
    November 9, 2017
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    Start-up and skilling collaboration fosters incubation and capacity building to align industry linked courses with national priorities.
    Two MoUs between IICA, Atal Innovation Mission and Haryana Vishwakarma Skill University establish a collaborative framework to promote entrepreneurship, incubation and large scale skill development by delivering capacity building programmes, research, and incubation infrastructure; prioritising industry linked courses, upgrading skills to international standards, and creating standards, curriculum and quality assurance frameworks through stakeholder engagement.
    November 2, 2017
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    Solar finance partnership deepens cooperation to mobilize green investment and support solar projects in developing countries.
    A Joint Financial Partnership Declaration between the ISA and EBRD establishes cooperation to mobilise green energy financing, support solar investments in least developed countries, reduce the cost of finance and technology, and develop innovative credit enhancement and risk mitigation mechanisms to improve the bankability and affordability of solar projects across ISA member states.
    October 21, 2017
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    Valuation by Registered Valuers establishes registration, standards and recognition framework for valuers and valuation reports.
    Commencement of Section 247 establishes a statutory regime requiring valuers - individuals, partnerships or companies - to register with the authority designated by the Central Government, defining categories of valuers and prescribing eligibility, qualifications, experience and mandatory membership of recognised Registered Valuers Organisations which must have governance structures to enforce a code of conduct, provide training and conduct valuation education for asset classes; the authority will register valuers, recognise RVOs, prescribe valuation standards and valuation report contents, with a transitional period allowing continued provision of valuation services until requirements are met.
    October 12, 2017
    Show AI Summary
    Regulatory cooperation to formalize cross border technical assistance and information sharing for securities market development.
    Approval is granted for a Memorandum of Understanding between a domestic securities regulator and an overseas financial services regulator to formalize mutual cooperation and technical assistance, create conditions for effective securities market development in both jurisdictions, and strengthen the information sharing framework to support coordinated regulatory activities.
    October 12, 2017
    Show AI Summary
    Regulatory cooperation enables enhanced information sharing and technical assistance under a new securities markets MoU.
    Approval has been granted for a Memorandum of Understanding between the Securities and Exchange Board of India and the Capital Markets Authority, Kuwait to establish a framework for bilateral regulatory cooperation focused on technical assistance, mutual cooperation, and information sharing to support development and oversight of securities markets.
    September 27, 2017
    Show AI Summary
    Information Utility registration enables centralized evidence of financial defaults to expedite insolvency processes under the Code.
    Registration of National E Governance Services Limited as an Information Utility under the IBBI (Information Utilities) Regulations, 2017 creates a regulated repository to record financial information, establish defaults and verify creditor claims to expedite insolvency processes; the registration is valid for five years and includes appointment of a Compliance Officer to oversee regulatory compliance.
    September 27, 2017
    Show AI Summary
    Public financial management in autonomous institutions emphasises e governance and transparency to improve fiscal efficiency.
    The book analyses the challenges of managing taxpayer money in autonomous institutions and advocates integrated reforms emphasising sound financial management, e-governance, and transparency to address past fragmented efforts that targeted only isolated aspects like budgeting or accounting, thereby improving fiscal discipline, allocative outcomes and technical efficiency through an empirically grounded interdisciplinary framework.
    September 27, 2017
    Show AI Summary
    Integration of name reservation with SPICe eform to streamline company incorporation; public comments invited to simplify procedures.
    The Ministry of Corporate Affairs seeks stakeholder suggestions on proposed Name Reservation integration with SPICe eform to simplify company incorporation under the Companies Act, 2013. The consultation paper, contextualised by prior centralisation and the SPICe mechanism consolidating DIN, name reservation, incorporation, PAN and TAN allotment, invites comments with justifications via a prescribed template and contact details; independent DIN and name reservation services continue to be available for piecemeal incorporation.

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      Corp. Laws, SEBI & IBC

      Year End Review of Ministry of Statistics & Programme Implementation ( MoSPI)

      December 18, 2017

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      1. The Ministry of Statistics and Programme Implementation has two wings, one relating to Statistics and the other Programme Implementation. The Statistics Wing called the National Statistical Office(NSO) consists of the Central Statistical Office (CSO), the Computer centre and the National Sample Survey Office (NSSO). The Programme Implementation Wing has three Divisions, namely, (i) Twenty Point Programme (ii) Infrastructure Monitoring and Project Monitoring and (iii) Member of Parliament Local Area Development Scheme. Besides these two wings, there is National Statistical Commission created through a Resolution of Government of India (MOSPI) and one autonomous Institute, viz., Indian Statistical Institute declared as an institute of National importance by an Act of Parliament.

      2.  The Ministry of Statistics and Programme Implementation attaches considerable importance to coverage and quality aspects of statistics released in the country. The statistics released are based on administrative sources, surveys and censuses conducted by the Central and State Governments and non-official sources and studies. The surveys conducted by the Ministry are based on scientific sampling methods. Field data are collected through dedicated field staff. In line with the emphasis on the quality of statistics released by the Ministry, the methodological issues concerning the compilation of national accounts are overseen Committees like Advisory Committee on National Accounts, Standing Committee on Industrial Statistics, Technical Advisory Committee on Price Indices. The Ministry compiles data sets based on current data, after applying standard statistical techniques and extensive scrutiny and supervision.

      3.  India is a subscriber to the International Monetary Fund (IMF) Special Data Dissemination Standards (SDDS) and is currently fulfilling the Standards. The Ministry maintains an ‘Advance Release Calendar’ for its data categories covered under the SDDS, which is disseminated on the Ministries website as well as on the Dissemination Standards Bulletin Board (DSBB) of the IMF. The Ministry releases the data sets covered under the Real Sector of SDDS through press notes, Press Information Bureau Press releases and its web-site simultaneously. The Ministry has been designated as the nodal Ministry to facilitate the implementation of the SAARC Social Charter in India. The Ministry organizes technical meetings on a regular basis on various topics to assess the data-gaps in the system and the quality of statistics currently released. The CSO staff participates in meetings and seminars organized by international and regional organizations such as the United Nations Economic and Social Commission for Asia and the Pacific, on statistical compilations and international practices. The Indian statistical system is one of the best systems in the world. The Ministries officials have been associated with international agencies on the development of methodologies, particularly in the areas of national accounts, informal sector statistics, large-scale sample surveys, conduct of censuses, service sector statistics, non-observed economy, social sector statistics, environmental statistics and classifications. The contribution of the Ministries officials in international meetings on these subjects is highly appreciated.

      4   This year has been very significant year in terms of major policy decisions and adoption of new technology and systems for more efficient and effective data management and dissemination. Following are the major highlights of the activities of the Ministry during the year 2017:

      5.   United Nations Fundamental Principles of Official Statistics

      Adopted since June 2016, to enhance professional independence, impartiality, accountability and transparency in methods of collection and dissemination of Official Statistics;

      Adoption of these principles would help build and retain trust of the public in Official Statistical System and honour citizens’ / users’ entitlement of Official Statistics as ‘public good’.

      Revision of Base Year of GDP and related Macro-economic aggregates

      Macro-economic aggregates of National Accounts like GDP, Savings, Capital Formation, etc. released by CSO are indicators of the country’s economic health;

      Base Year of National Accounts revised from 2004-05 to 2011-12 in 2015.

      Improvements in the Revised Series include:

      Use of corporate sector data of Ministry of Corporate Affairs for about 5.5 lakh companies in mining, manufacturing and services sectors

      Use of latest data of National Sample Survey

      Improved coverage of Local Bodies and Autonomous Institutions

      Revision of Base Year of Index of Industrial Production (IIP)

      IIP estimates revised periodically through Base Year Revision.

      New series of IIP released on 12th May 2017 with change of Base Year from 2004-05 to 2011-12.

      The structural changes in the industrial sector over the years are better captured in the revised series.

      New series indices are more robust and representative with the change in methodology of drawing items / weights and factories.

      Revision of Base Year of Consumer Price Index (CPI)

      Revised series of CPI launched in January 2015

      Base Year changed from 2010 to 2012

      Basket of items and weighing diagram based on Modified Mixed Reference Period (MMRP) of Consumer Expenditure Survey – consistent with International Practice.

      Use of Geometric Mean of Price Relatives with respect to Base Prices for elementary indices – Also consistent with International Practice.

      Sample size for house rent data doubled from 6,684 to 13,368.

      Periodic Labour Force Survey (PLFS)

      Large scale employment surveys in India have so far been conducted usually at 5-year intervals.

      PLFS launched in April 2017 to obtain employment data at shorter intervals.

      PLFS aims to –

      (i) Measure quarterly changes in statistical indicators of labour market in Urban Areas;

      (ii) Generate annual estimates of labour force indicators in both Rural and Urban Areas.

      PLFS will use the Computer Assisted Personal Interview (CAPI) technique, which involves direct entry of data in Tablets at the field level. This will lead to higher accuracy and faster processing of data.

      Collection of Statistics (Amendment) Bill 2017

      Collection of Statistics Act, 2008 is a Central Act that allows Central, State and Local Governments to collect statistics on socio-economic aspects;

      This Act is not applicable to J&K.

      To address this legislative vacuum, the Collection of Statistics (Amendment) Bill, 2017 has been introduced in Parliament during Budget Session 2017.

      Revision of Advance Release Calendar of GDP Estimates

      Before 2017, First Advance Estimates of GDP were usually released on 7th February, 3 weeks before the date of presentation of Union Budget

      The First Advance Estimates of GDP constitute important inputs in formulation of Union Budget for the forthcoming year

      With the date of presentation of Union Budget for 2017-18 advanced from 28th February to 1st February in 2017, MoSPI made available the First Advance Estimates of GDP on 6th January, 2017 well before the presentation of the Union Budget

      This revised release calendar will henceforth be adopted for subsequent years.

      Surveys of NSSO

      NSSO has been conducting large scale surveys on multi-purpose socio-economic subjects

      During last three years, NSSO conducted surveys on

      Domestic Tourism Expenditure;

      Household Consumption Expenditure on Services and Durable goods;

      Unincorporated Non-Agricultural Enterprises in Manufacturing, Trade and Other services sector (excluding Construction); and

      Enterprise focussed Survey of Services Sector

      Standardisation of procedures, E-governance and Data Dissemination

      National Accounts Division of CSO and Survey Design & Research Division of NSSO have been certified ISO-9001:2008 compliant for quality of performance.

      Data Dissemination through website of Ministry brings an improvement in overall usability quotient and technical competence

      Recent adoption of the IHSN toolkit by MoSPI, as per International practice, for creating a web-based Survey Data Catalogue/ Micro Data Archive to disseminate NSS Survey, ASI and Economic Census Data.

      Bharatkosh, e-receipt portal gateway, has been set up for use by Indian users for dissemination of Unit level data of NSS, ASI and Economic Census. Introduction of online payment by non-Indians for supply of data is in the pipeline.

      NSSO has undertaken the work of digitisation of Urban Frame Survey (UFS) maps in collaboration with National Informatics Centre (NIC) and the National Remote Sensing Centre (NRSC). This will help in improvement of identification and demarcation of boundaries for smooth data collection.

      Use of technology in data collection

      Computer Assisted Personnel Interviewing (CAPI) technique for data collection through tablets will be used in PLFS

      Web-portal for collection of data directly from data source for the Annual Survey of Industries (ASI)

      Submission of online data for Consumer price Index (CPI) – By NSSO field offices for urban areas and by designated Post offices for rural areas

      These measures lead to reduction in time lag in compilation and release of data.

      Sustainable Development Goals (SDGs)

      In September 2015, UN adopted the Resolution on ‘Transforming our World: The 2030 Agenda for Sustainable Development’ consisting of 17 Sustainable Development Goals (SDGs) and associated 169 targets to be achieved by 2030

      India is one of the countries that are party to this resolution

      Comprehensive exercise for mapping of SDG Goals and Targets vis-à-vis national development strategies undertaken

      Draft framework of indicators has been developed and is under finalization

      Regional SDG Workshop, involving all States/UTs were held at Ahmedabad, Lucknow, Chennai, Guwahati, Bhubaneswar.

      Recent Initiatives on Multilateral Forums

      MoSPI organised 8th Meeting of Heads of National Statistics Offices (NSOs) of BRICS Nations in November, 2016 in India to discuss issue of Statistical measurement.

      India also hosted the 8th Meeting of Heads of SAARC Statistical Organizations (SAARCSTAT) in August 2016 to promote enhanced regional co-operation and initiatives in the field of Official Statistics for SAARC Nations.

      India has co-chaired the meeting Friends of Chair (FOC) group, constituted for the evaluation of International Comparison Programme (ICP), 2011, at the 47th Session of United Nation Statistics Commission at New York in March, 2016.

      India has co-chaired the ICP Governing Board meeting held in November, 2016 at Washington, DC, USA, and also the meeting of Regional Advisory Board (RAB) held in January, 2017 at Hanoi, Vietnam.

      The 32nd meetingof the Voorburg Group on Service Statistics was hosted by the Ministry during 23rd to Friday the 27th of October 2017.

      Capacity Building of States/UTs

      Trainings/ workshops organised for the statistical personnel of the State/UT Governments to strengthen their technical capabilities and to apprise them of the developments in the field of Official Statistics. These programmes were held in different States across the country to facilitate better participation

      Grants released to various States/ UTs for improving their Statistical infrastructure under Support for Statistical Strengthening Scheme – including physical infrastructure as well as skill enhancement of personnel

      Members of Parliament Local Area Development Scheme (MPLADS)

      The Scheme is implemented as per the provisions of the Guidelines on MPLADS

      Several amendments have been made in Guidelines of the Scheme to cater to the welfare requirements of the general public.

      A few major amendments are:

      Ceiling for contribution of Hon'ble MPs in case of calamity of severe nature raised from ₹ 50 lakh to ₹ 1 crore

      Purchase of medical equipment costing not less than ₹ 5 lakh made permissible for Government Hospitals

      Purchase of equipment for skill development allowed

      Financial assistance allowed for purchase of tricycle (manual/battery/operated/motorized), wheelchair (motorized/battery operated) and artificial limbs for differently abled deserving persons with disabilities

      Purchase of ambulances for transporting sick/injured animals allowed

      Integrated MPLADS Portal for use of all the stakeholders developed that also provides an opportunity to the Citizens for suggesting the developmental works in their areas to the Hon’ble MPs.

      Monitoring of Infrastructure Projects

      On-going Central Sector Infrastructure Projects costing ₹ 150.00 crore and above are being monitored on time and cost overruns through an Online Computerized Monitoring System (OCMS)

      OCMS enables project implementing agencies to regularly upload the status of projects in real time

      A total of 229 projects completed in last 3 years as a result of close monitoring

      Cost overruns have come down from 19% in March 2014 to 11.19% in January 2017

      Publications

      Millennium Development Goals Final Country Report of India

      National Accounts Statistics 2017

      Sarvekshana 103rd issue

      Annual Report on TPP 2006 for the year 2015-16

      Achieving Millennium Development Goals: Target year factsheet - India

      Domestic Tourism in India

      Key Indicators of Unincorporated Non-Agricultural Enterprises (Excluding Construction) in India (July 2015-June 2016)

      Statistical Year Book India 2017

      Selected Socio-Economic Statistics

      Indian Statistical Institute

      Setting up of RC Bose Centre for Cryptology and Security Conduct of Joint Post Graduate Diploma Course on Business Analytics with IIT, Kharagpur and IIM, Kolkata. Setting up the DBT funded Systems Medicine Cluster as a member of the consortia of six prominent Institutes in and around Kolkata, led by National Institute of Biomedical Genomics (NIBMG), Kalyani, West Bengal. ISI is a major participant in technology development of Indian languages like Hindi, Bengali, Gujarati, Tamil, Telugu etc.

      Covers: Translation, Information Retrieval, Optical Character Recognition, Handwriting recognition and Corpora Development

      Major breakthrough in theoretical research like solving the Zariski Cancellation Problem that was open for several decades.

      ISI has also been involved in

      • Estimation of counterfeit currency
      • International Passenger Survey
      • Evaluation study of the MNREGA scheme over several states of India
      • Evaluation of Border Area Development Program in West Bengal and several North Eastern States

      Regional Sustainable Development Goals (SDG) Workshops

      Five regional SDG workshops involving all States/UTs were held at Ahmadabad, Lucknow, Chennai, Guwahati and Bhubaneswar.

      Review of Central Sector Projects and MPLADS

      Union Minister Shri Sadanand Gowda reviewed Central Sector Projects and MPLADS in Manipur, Tripura, Meghalaya and Karnataka.

      Minister of State Shri Vijay Goel reviewed Central Sector Projects and MPLADS in Jhansi, Jammu, Amritsar and Bikaner.

      Data Users’ workshop for new series of all-India IIP

      The Ministry has organised a half-day Data Users’ Workshop for new series of all-India IIP at Vigyan Bhawan New Delhi on 30.08.2017 with a view to apprise the users of IIP about the changes introduced in the new series with base 2011-12.

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