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    December 18, 2019
    Smt. Nirmala Sitharaman holds Pre-Budget consultation with Finance Ministers of State/UTs
    December 13, 2019
    CCI approves acquisition of shares in SBI General Insurance by Napean Opportunities LLP
    December 13, 2019
    Presentation made by Dr. A.B. Pandey, Revenue Secretary, on major initiatives taken on taxation
    December 13, 2019
    Presentation made by Chief Economic Adviser K. Subramanian on measures taken to boost Indian Economy
    December 13, 2019
    National Financial Reporting Authority issues Audit Quality Review report of the statutory audit for 2017-18 of IL & FS Financial Services Limited
    December 12, 2019
    Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
    December 10, 2019
    Sanctioned for prosecution given to 366 cases in violation of CSR norms
    December 10, 2019
    Education sector received maximum CSR funds from 2014-15 to 2017-18
    December 10, 2019
    Disinvestment of BPCL
    December 9, 2019
    SFIO’s Market Research Analysis Unit prepares 55 reports on fraud & misappropriation by Companies; SFIO assigned 12 for probe
    December 9, 2019
    Government has introduced 33 tranches of Sovereign Gold Bonds
    December 3, 2019
    Strong Customer Outreach by Public Sector Banks (PSBs) — ₹ 4.91 lakh crore disbursed in October and November 2019
    December 3, 2019
    Company Law Committee recommends decriminalisation of compoundable offences under Companies Act
    December 3, 2019
    18,782 cases filed under Insolvency & Bankruptcy Code
    December 3, 2019
    MCA deactivates 19,40,313 Director Identification Numbers
    December 2, 2019
    Corporate Affairs Ministry Launches Independent Director’s Databank.
    December 2, 2019
    MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and consequent revision of conne...
    December 2, 2019
    MCA filed 11,082 prosecutions for non-filling of statement of accounts by Companies.
    December 2, 2019
    Government to set up National Company Law Appellate Tribunal Bench in Chennai
    November 25, 2019
    Sabka Vishwas – Legacy Dispute Resolution Scheme
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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2019
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    December 18, 2019
    Smt. Nirmala Sitharaman holds Pre-Budget consultation with Finance Ministers of State/UTs
    Show AI Summary
    Cooperative federalism: states submitted fiscal and investment recommendations; Union will examine and consider memorandums.
    Cooperative Federalism served as the framework for pre budget consultations in which State and UT representatives presented recommendations on growth, investment, resource needs and fiscal policy, urging strengthened State Centre cooperation; the Union Finance Minister welcomed the submissions and committed that memorandums will be examined and suitably considered in the budgetary process, reflecting the consultative mechanism for integrating subnational fiscal concerns into central budget deliberations.
    December 13, 2019
    CCI approves acquisition of shares in SBI General Insurance by Napean Opportunities LLP
    Show AI Summary
    Competition approval for a minority acquisition in an insurer by an investment vehicle, clearance subject to detailed order.
    The Competition Commission of India approved a proposed acquisition by Napean Opportunities LLP, an investment vehicle linked to PI Opportunities Fund - I and Azim Premji Trust, of a minority paid-up shareholding in SBI General Insurance Company Limited, a provider of a full range of general insurance products; the CCI indicated that a detailed order will follow.
    December 13, 2019
    Presentation made by Dr. A.B. Pandey, Revenue Secretary, on major initiatives taken on taxation
    Show AI Summary
    Taxation initiatives outline administrative and policy measures to boost economic activity and improve tax compliance.
    The Revenue Secretary presented major taxation initiatives aimed at supporting economic stimulation, outlining the Department's strategic actions across tax policy, revenue administration, and measures to strengthen tax compliance; the presentation was communicated to stakeholders and made publicly available.
    December 13, 2019
    Presentation made by Chief Economic Adviser K. Subramanian on measures taken to boost Indian Economy
    Show AI Summary
    Economic stimulus measures announced to boost growth following a government presentation outlining major interventions and policy actions.
    A government presentation set out a package of fiscal and policy measures described as major interventions to boost the economy, presented by the Chief Economic Adviser at a Finance Minister press conference and publicly released for review.
    December 13, 2019
    National Financial Reporting Authority issues Audit Quality Review report of the statutory audit for 2017-18 of IL & FS Financial Services Limited
    Show AI Summary
    Audit quality review finds auditor noncompliance with Standards on Auditing, prompting regulatory enforcement review.
    NFRA's Audit Quality Review concluded the statutory auditor lacked adequate justification for asserting compliance with the Standards on Auditing and found the auditor's quality control system severely inadequate, conducted under Section 132(2)(b) of the Companies Act and NFRA Rules, prompting consideration of disciplinary proceedings under Section 132(4).
    December 12, 2019
    Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
    Show AI Summary
    Corporate insolvency reforms expand moratorium protections and streamline creditor representation to promote viable resolutions.
    Amendments refine the Corporate Insolvency Resolution Process by adding thresholds for Financial Creditors represented by an authorized representative to prevent frivolous initiations, clarifying that licenses and permits cannot be terminated or withheld during the moratorium to preserve the debtor as a going concern, and providing protections for last mile funding and ring fencing the resolved corporate debtor in favour of the successful resolution applicant against criminal proceedings linked to prior management.
    December 10, 2019
    Sanctioned for prosecution given to 366 cases in violation of CSR norms
    Show AI Summary
    Corporate Social Responsibility compliance can trigger prosecution; offences remain compoundable and annual disclosure in MCA registry is required.
    Prosecution and compounding mechanisms apply for non-compliance with Corporate Social Responsibility obligations: sanctions for prosecution have been accorded in multiple cases, and CSR-related offences are compoundable with applications filed and some matters compounded. CSR governance is board-driven, with the Board considering its CSR committee's recommendations to decide eligible activities. The regime is disclosure-based and mandated companies must file annual CSR expenditure details in the MCA registry.
    December 10, 2019
    Education sector received maximum CSR funds from 2014-15 to 2017-18
    Show AI Summary
    Corporate Social Responsibility: education sector received the largest share and disclosures required via MCA21 and national CSR portal.
    Education received the largest share of Corporate Social Responsibility funding for 2014-15 to 2017-18 based on company filings in MCA21 and summarised on the National CSR Data Portal. CSR is a board-driven, disclosure-based mechanism: boards, advised by CSR committees, select activities under Schedule VII of the Companies Act, 2013, and mandatorily applicable companies must file annual CSR spending details in MCA21; the Ministry does not separately maintain project-level records.
    December 10, 2019
    Disinvestment of BPCL
    Show AI Summary
    Disinvestment of BPCL proceeding under strategic disinvestment procedure, subject to market conditions and investor interest.
    Disinvestment of Bharat Petroleum Corporation Ltd is being undertaken while the Government of India holds 53.29% of paid-up share capital, pursuant to the strategic disinvestment procedure approved by the Cabinet Committee on Economic Affairs on 17.02.2016 and modified on 03.10.2019, with completion and realization contingent on prevailing market conditions and investor interest at the time of sale.
    December 9, 2019
    SFIO’s Market Research Analysis Unit prepares 55 reports on fraud & misappropriation by Companies; SFIO assigned 12 for probe
    Show AI Summary
    Fraud investigations: research reports prompted ministry referrals, triggering probes by specialised and regional authorities and prosecutions.
    A Market Research and Analysis unit produces reports on alleged corporate fraud and submits them to the supervising ministry, which directs further action: some matters are assigned to a specialised investigation agency and have resulted in prosecutions, while many others are directed to regional offices and company registrars for investigations, inspections, or inquiries and potential prosecutions for corporate law violations.
    December 9, 2019
    Government has introduced 33 tranches of Sovereign Gold Bonds
    Show AI Summary
    Sovereign Gold Bonds scheme expanded as a substitute for physical gold, with multiple tranches issued and regional uptake varying.
    The Sovereign Gold Bonds scheme, introduced in November 2015 as a substitute for physical gold, has been issued in successive tranches with cumulative subscription volumes set out by financial year. The record provides tranche counts and aggregate weights of units issued nationally and separately for the North East, showing total issuance and comparatively low regional uptake.
    December 3, 2019
    Strong Customer Outreach by Public Sector Banks (PSBs) — ₹ 4.91 lakh crore disbursed in October and November 2019
    Show AI Summary
    Customer Outreach Initiative expands credit to MSMEs, NBFCs and others while maintaining prudential lending.
    The Customer Outreach Initiative directs accelerated credit to MSMEs, NBFCs, corporates, retail and agriculture while preserving prudential lending. PSBs report sufficient capital and liquidity to sustain disbursements, and the outreach includes co origination, on lending and pool buyouts to support NBFCs alongside conventional lending across housing, vehicle, education and agricultural sectors.
    December 3, 2019
    Company Law Committee recommends decriminalisation of compoundable offences under Companies Act
    Show AI Summary
    Decriminalisation of compoundable offences shifts many defaults to in-house adjudication and administrative penalties.
    The Company Law Committee proposes decriminalising selected compoundable offences by re-categorising 23 offences for in-house adjudication with penalties by an adjudicating officer, omitting seven offences, limiting eleven offences to fines only, treating five offences under alternative frameworks, and reducing penalties for certain provisions shifted to in-house adjudication, while retaining the status quo for non-compoundable offences.
    December 3, 2019
    18,782 cases filed under Insolvency & Bankruptcy Code
    Show AI Summary
    Insolvency and Bankruptcy Code cases: admissions, resolutions and liquidations recorded, with actions taken under statutory provisions.
    Statistics under the Insolvency and Bankruptcy Code, 2016 indicate filings, admissions and dispositions: 18,782 cases filed and 2,173 admitted, with admitted matters proceeding through resolution processes, resolution outcomes, commencement of liquidation or closure by appeal, review, settlement or withdrawal; all actions in admitted cases were taken in accordance with the Code's provisions.
    December 3, 2019
    MCA deactivates 19,40,313 Director Identification Numbers
    Show AI Summary
    DIN KYC compliance: mass deactivation of director identification numbers for non filing, database lacks employment records.
    MCA deactivated numerous Director Identification Numbers for non-filing of KYC in the MCA21 database and clarified that MCA21 lacks directors' employment information. The statement notes that "Ghost Directors" and "Shell Companies" are not defined in the Companies Act, 2013, and that Registrar of Companies enforcement has included striking off companies for failure to file financial statements or annual returns and disqualifying directors under the Act's disqualification provisions.
    December 2, 2019
    Corporate Affairs Ministry Launches Independent Director’s Databank.
    Show AI Summary
    Independent director registration: databank launched requiring registration and completion of an online proficiency assessment for eligibility.
    A centralized Independent Directors Databank under Companies Act rules provides registration for existing and prospective independent directors, an integrated e learning system, subscription access to modules, mock tests and a remotely proctored online proficiency assessment, and a searchable empanelment repository maintained by the Indian Institute for Corporate Affairs for companies to identify and connect with qualified candidates.
    December 2, 2019
    MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and consequent revision of connected forms i.e. CRA-1 and CRA-3
    Show AI Summary
    Cost audit rules amendment updates CRA-1 and CRA-3 and exempts prior CRA-4 filings from re filing.
    The Ministry of Corporate Affairs amended the Companies (Cost Records and Audit) Rules, 2014 to revise cost compliance forms CRA-1 and CRA-3 in light of GST implementation and procedural changes. The amendment, effected by notification G.S.R. 792 (E) with an effective date of 15.10.2019, includes a transitional provision exempting companies that filed CRA-4 for the relevant financial year before the notification's publication from re-filing that report.
    December 2, 2019
    MCA filed 11,082 prosecutions for non-filling of statement of accounts by Companies.
    Show AI Summary
    Failure to file financial statements triggers prosecutions and Registrar powers to strike off non compliant companies.
    MCA pursued enforcement for non filing of financial statements, filing 11,082 prosecutions, while ROCs used powers under Section 248 to remove companies that failed to file accounts or annual returns for two consecutive years and did not obtain dormant status; 338,963 companies were removed in 2017-18 and 2018-19 for continuous non filing.
    December 2, 2019
    Government to set up National Company Law Appellate Tribunal Bench in Chennai
    Show AI Summary
    National Company Law Appellate Tribunal bench expansion: decision to establish a Chennai bench to reduce case pendency.
    Decision to establish an NCLAT bench at Chennai to address heavy regional caseloads and reduce pendency, accompanied by administrative measures including additional tribunal member appointments, establishment of new NCLT benches, operationalisation of extra courts, capacity building through colloquiums, and pilot e Court implementation at high load benches to strengthen tribunal infrastructure and case management.
    November 25, 2019
    Sabka Vishwas – Legacy Dispute Resolution Scheme
    Show AI Summary
    Legacy tax dispute resolution: scheme offers dispute settlement and amnesty while raising appeal thresholds and expediting cases.
    Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 provides a time bound mechanism combining dispute resolution and amnesty to settle legacy Central Excise and Service Tax disputes subsumed by GST from 1 September 2019 to 31 December 2019; reported application volumes and case pendency illustrate the Scheme's scope, while the Government has increased monetary limits for departmental appeals and constituted specialised judicial benches to expedite disposal.

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      Corp. Laws, SEBI & IBC

      Government has introduced 33 tranches of Sovereign Gold Bonds

      December 9, 2019

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      The Government Sovereign Gold Bonds (SGB) Scheme was introduced in November 2015. SGBs are provided as a substitute for physical gold to investors.

      This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.

      There have been 33 tranches since the introduction of SGB. Details are provided in the Table below:

      (till Oct. 2019)

      Financial Year

      Tranches

      Units (in grams)

      Units (in kg)

      2015-16

      3

      4903285

      4903.29

      2016-17

      4

      11387765

      11387.77

      2017-18

      14

      6524691

      6524.69

      2018-19

      6

      2030873

      2030.87

      2019-20

      6

      3797451

      3797.45

      TOTAL

      33

      28644065

      28644.07

      Shri Thakur also gave a year-wise detail of response of SGB Scheme from North East is given in the Table below:

      Financial Year

      Tranches

      Units (in grams)

      Units (in kg)

      2015-16

      3

      1977

      1.98

      2016-17

      4

      2849

      2.85

      2017-18

      14

      599

      0.60

      2018-19

      6

      204

      0.20

      2019-20

      6

      78

      0.08

      TOTAL

      33

      5707

      5.71

       

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