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    December 23, 2017
    Corporate Affairs Ministry is actively making investors aware about fraudulent companies
    December 23, 2017
    Properties of struck off companies from RoC can’t be used, operated, transferred or alienated in any manner
    December 23, 2017
    Listed companies must comply on appointing women board directors; total 142 listed companies fined
    December 20, 2017
    CSR expenditure by companies in North East in 2015-16 ₹ 176.59 Crores
    December 19, 2017
    MCA21 Registry states that 25.01% women work as Directors on Boards
    December 19, 2017
    Govt. disposes 2,750 cases under Insolvency and Bankruptcy Code
    December 19, 2017
    Public Comments on Code/Regulations/Rules under Insolvency and Bankruptcy Code, 2016
    December 18, 2017
    Year End Review of Ministry of Statistics & Programme Implementation ( MoSPI)
    December 15, 2017
    Cabinet approves second financial restructuring of Konkan Railway Corporation Ltd.
    December 14, 2017
    Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulatio...
    November 29, 2017
    Article by the Union Finance Minister on ‘The Fiction of Loan Waiver to Capitalists’
    November 22, 2017
    Cabinet approves continuation of the scheme on Indian Institute of Corporate Affairs beyond the 12th Plan Period
    November 9, 2017
    Strengthening Start-Up India, Incubation and Skilling in India: IICA, Atal Innovation Mission and HVSU Celebrate National Entrepreneurship Day 2017;
    November 2, 2017
    FM: India has pledged unequivocal commitment for furthering the cause of New and Renewable Energy;
    October 21, 2017
    Ministry of Corporate Affairs issues Notification for commencement of Section 247 of the Companies Act, 2013 relating to Valuation by Registered Value...
    October 12, 2017
    Cabinet approves MoU between SEBI and FSC
    October 12, 2017
    Cabinet approves signing of Memorandum of Understanding between Securities and Exchange Board of India (SEBI) and Capital Markets Authority (CMA), Kuw...
    September 27, 2017
    Insolvency and Bankruptcy Board of India (IBBI) registered National E-Governance Services Limited (NeSL) today as an Information Utility (IU) under th...
    September 27, 2017
    Union Finance Minister releases book on Financial Management
    September 27, 2017
    To invite public comments for further simplification of starting a business (name reservation and incorporation) procedure in India- reg.
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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2017
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    December 23, 2017
    Corporate Affairs Ministry is actively making investors aware about fraudulent companies
    Show AI Summary
    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
    Properties of struck off companies from RoC can’t be used, operated, transferred or alienated in any manner
    Show AI Summary
    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
    Listed companies must comply on appointing women board directors; total 142 listed companies fined
    Show AI Summary
    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
    CSR expenditure by companies in North East in 2015-16 ₹ 176.59 Crores
    Show AI Summary
    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
    MCA21 Registry states that 25.01% women work as Directors on Boards
    Show AI Summary
    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
    Govt. disposes 2,750 cases under Insolvency and Bankruptcy Code
    Show AI Summary
    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
    Public Comments on Code/Regulations/Rules under Insolvency and Bankruptcy Code, 2016
    Show AI Summary
    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
    Year End Review of Ministry of Statistics & Programme Implementation ( MoSPI)
    Show AI Summary
    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
    Cabinet approves second financial restructuring of Konkan Railway Corporation Ltd.
    Show AI Summary
    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
    Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations notified there under
    Show AI Summary
    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
    Article by the Union Finance Minister on ‘The Fiction of Loan Waiver to Capitalists’
    Show AI Summary
    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
    Cabinet approves continuation of the scheme on Indian Institute of Corporate Affairs beyond the 12th Plan Period
    Show AI Summary
    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
    Strengthening Start-Up India, Incubation and Skilling in India: IICA, Atal Innovation Mission and HVSU Celebrate National Entrepreneurship Day 2017;
    Show AI Summary
    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
    FM: India has pledged unequivocal commitment for furthering the cause of New and Renewable Energy;
    Show AI Summary
    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
    Ministry of Corporate Affairs issues Notification for commencement of Section 247 of the Companies Act, 2013 relating to Valuation by Registered Valuers
    Show AI Summary
    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
    Cabinet approves MoU between SEBI and FSC
    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
    Cabinet approves signing of Memorandum of Understanding between Securities and Exchange Board of India (SEBI) and Capital Markets Authority (CMA), Kuwait
    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
    Insolvency and Bankruptcy Board of India (IBBI) registered National E-Governance Services Limited (NeSL) today as an Information Utility (IU) under the IBBI (Information Utilities) Regulations, 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
    Union Finance Minister releases book on Financial Management
    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
    To invite public comments for further simplification of starting a business (name reservation and incorporation) procedure in India- reg.
    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

      Properties of struck off companies from RoC can’t be used, operated, transferred or alienated in any manner

      December 23, 2017

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      The Central Government has drawn the attention of all the concerned States and Union Territories (UTs) towards the fact that so far,  2,24,733, companies have been struck off from Register of Companies and that assets, properties etc. (i.e. all movable and immovable assets/properties) of such struck off companies (which ceased to operate as legal entities) cannot be used, operated, transferred or alienated in any manner by the companies including by their ex-directors/authorised signatories, till they are restored by following the due process of law under Section 252 of the Act.  

      This was stated by Shri P.P. Chaudhary, Minister of State for Law & Justice / Corporate Affairs in written reply to a question in Lok Sabha.

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