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    December 30, 2021
    Finance Minister Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of States
    December 22, 2021
    Cabinet approves Memorandum of Understanding between Competition Commission of India and Competition Commission of Mauritius
    December 21, 2021
    CCI approves acquisition of controlling stake in Forbes Enviro Solutions Limited by Lunolux Limited
    December 15, 2021
    GENERATION OF JOBS BY STARTUPS
    December 14, 2021
    IBBI organises a Workshop on “Committee of Creditors: An Institution of Public Faith”
    December 14, 2021
    More than 7 lakh companies incorporated after announcement of Make in India programme
    December 14, 2021
    12,892 companies removed from Registrar of Companies in 2020-21
    December 13, 2021
    India’s Demat account holders more than double in 3 years to 7.38 crore in Oct. 2021
    December 9, 2021
    Finance Minister Smt. Nirmala Sitharaman participates in G-20 Seminar on “Recover Together, Recover Stronger”
    December 9, 2021
    Single Window System
    November 30, 2021
    Monitoring of Cooperative Banks
    November 30, 2021
    Strengthening the Cooperative Movement
    November 30, 2021
    Measures taken by MCA to ameliorate difficulties faced due to COVID-19 pandemic
    November 29, 2021
    Government approves strategic disinvestment of Central Electronics Ltd.
    November 29, 2021
    17,130 Implementing Agencies are registered with MCA21 registry
    November 23, 2021
    Centre releases two installments of tax devolution to State Governments amounting to ₹ 95,082 crore as against normal monthly devolution of S...
    November 23, 2021
    Union Finance Minister Smt. Nirmala Sitharaman hands over credit sanction letters to 145 beneficiaries for ₹ 306 crore in Jammu FM launches new ...
    November 23, 2021
    Union Finance Minister Smt. Nirmala Sitharaman inaugurates development works of around ₹ 165 crore, including Sub-Projects under Jhelum & Tawi f...
    November 12, 2021
    Union Finance Minister to engage with Chief Ministers, Lt. Governors of Union Territories and State Finance Ministers on Monday
    November 12, 2021
    Ministry of Corporate Affairs and IEPFA further simplify IEPFA Claim Settlement Process towards Ease of Doing Business and Ease of Living
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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2021
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    December 30, 2021
    Finance Minister Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of States
    Show AI Summary
    Pre-budget consultation gathers state fiscal inputs and reviews central pandemic support measures for consideration in the Union Budget.
    Pre-budget consultation chaired by the Union Finance Minister convened state and union finance officials to solicit inputs for the Union Budget, reviewing central fiscal support measures such as enhanced borrowing limits, back-to-back loans, and capital expenditure assistance. Participants submitted suggestions for the Budget Speech, which the Finance Minister received and committed to examine for possible inclusion.
    December 22, 2021
    Cabinet approves Memorandum of Understanding between Competition Commission of India and Competition Commission of Mauritius
    Show AI Summary
    Competition law cooperation enhances cross-border enforcement and capacity building through MoU between two competition authorities.
    Approval of a Memorandum of Understanding establishes a framework for cooperation in competition law and policy between the Competition Commission of India and the Competition Commission of Mauritius, providing for exchange of information, sharing of best practices, technical and enforcement cooperation, and capacity building under the authority of Section 18 of the Competition Act, 2002.
    December 21, 2021
    CCI approves acquisition of controlling stake in Forbes Enviro Solutions Limited by Lunolux Limited
    Show AI Summary
    Competition approval for acquisition of controlling stake enabling change of control in consumer appliances and safety business.
    Competition approval by the Competition Commission of India under Section 31(1) authorises Lunolux Limited's acquisition of a controlling stake in Forbes Enviro Solutions Limited, structured as a primary purchase followed by an open offer under the SEBI takeover regime, transferring control of the target's Health and Safety Business comprising water purifiers, air purifiers, security solutions, vacuum cleaners and electric air cleaning systems.
    December 15, 2021
    GENERATION OF JOBS BY STARTUPS
    Show AI Summary
    Startup support schemes expand private investment and procurement access for startups through fund channels and regulatory relaxations.
    The Government supports startup growth through two financing mechanisms: the Fund of Funds for Startups (FFS), administered via SIDBI to back SEBI registered AIFs that invest in startups through equity instruments, and the Startup India Seed Fund Scheme (SISFS), which channels seed funding to startups via approved incubators; alongside regulatory and procurement reforms-permitting institutional investment into AIFs, relaxing prior turnover and experience criteria for tenders, waiving earnest money deposits, and creating a dedicated GeM procurement channel for startups.
    December 14, 2021
    IBBI organises a Workshop on “Committee of Creditors: An Institution of Public Faith”
    Show AI Summary
    Committee of creditors as an institution of public faith: workshop urged prudent commercial decision making and stakeholder balancing.
    A one day hybrid workshop convened by the insolvency regulator with banking industry partners aimed to build capacity among senior financial creditor representatives so Committees of Creditors discharge statutory duties with care and diligence, prudently apply commercial wisdom in decision making, and consider and balance the interests of all stakeholders in insolvency resolution.
    December 14, 2021
    More than 7 lakh companies incorporated after announcement of Make in India programme
    Show AI Summary
    Company incorporations after Make in India signal uptake in corporate registration and reflect emphasis on ease of doing business.
    The press release reports aggregated counts of companies incorporated after the Make in India launch and the numbers retaining Active status, presenting company formation as a measurable indicator of the initiative's promotion of manufacturing, investment, innovation and ease of doing business and linking these incorporations to the programme's objective of encouraging entrepreneurship and domestic manufacturing.
    December 14, 2021
    12,892 companies removed from Registrar of Companies in 2020-21
    Show AI Summary
    Company name removal: registrar may remove inactive companies after due process when no dormant application is filed.
    The Registrar may remove a company's name where there is reasonable cause to believe the company has not carried on business for the two immediately preceding financial years and has not applied for Dormant Company status; companies may also apply for name removal by an online application and may apply to obtain dormant status under the Act.
    December 13, 2021
    India’s Demat account holders more than double in 3 years to 7.38 crore in Oct. 2021
    Show AI Summary
    Investment adviser regulation strengthened alongside rapid Demat account growth, highlighting adviser coverage and market participation dynamics.
    Demat account holders increased to 7.38 crore and mutual fund investors to around 2.75 crore as of October 31, 2021, with year on year increases in Demat accounts over recent financial years; the ratio of investors to Registered Investment Advisers highlights investor distribution. The SEBI (Investment Advisers) Regulations, 2013 and subsequent amendments of July 2020 are noted as the regulatory framework governing investment advisers, with a modest rise in registered Investment Advisers during the period.
    December 9, 2021
    Finance Minister Smt. Nirmala Sitharaman participates in G-20 Seminar on “Recover Together, Recover Stronger”
    Show AI Summary
    Multilateral coordination required to secure equitable vaccine access and mobilise green finance for inclusive economic recovery.
    Promotes multilateral policy coordination emphasising Inclusion, Investment, Innovation and Institutions to achieve an inclusive, sustainable recovery; calls for affordable, equitable access to vaccines and therapeutics to close recovery gaps and cites cross border vaccine supply as coordinated action. Urges enhanced infrastructure investment and mobilisation of green finance and green technologies for developing countries to incentivise and accelerate low carbon growth and enable rapid, stable returns to economic expansion.
    December 9, 2021
    Single Window System
    Show AI Summary
    National Single Window System centralises regulatory approvals via a digital portal to guide investors through applicable licences and clearances.
    National Single Window System is an online one-stop portal that integrates existing clearance systems of multiple Central Ministries/Departments and participating State Single Window systems to provide end-to-end investor facilitation, including pre-investment advisory, land-bank information and unified access to statutory clearances. The portal features a Know Your Approvals (KYA) wizard that, via an interactive questionnaire and Information Toolbox, generates an indicative list of applicable pre-operation approvals and licences from Central and State authorities to guide investors on applicability and application pathways.
    November 30, 2021
    Monitoring of Cooperative Banks
    Show AI Summary
    Cooperative governance responsibilities clarified: Ministry to set policy, regulate multi state societies and train cooperative personnel.
    The Ministry of Cooperation is responsible for formulation and coordination of cooperative policy and oversight, including promotion of a cooperative-based economic development model, strengthening the cooperative movement to the grassroots, creation of policy, legal and institutional frameworks, matters relating to national cooperative organisations and the National Cooperative Development Corporation, incorporation, regulation and winding up of cooperative societies operating across States with Central Government administrative responsibility for units under its control, and training and education of cooperative personnel.
    November 30, 2021
    Strengthening the Cooperative Movement
    Show AI Summary
    Ministry of Cooperation mandate expands central oversight of multi-state cooperatives and prioritises legal, digital and training reforms.
    Creation of a dedicated Ministry of Cooperation centralises policy, coordination and legal-institutional frameworks for cooperatives, covering national cooperative organisations, the National Cooperative Development Corporation and administration of Multi-State Cooperative Societies under the MSCS Act, 2002. The sector is split between State Cooperative Societies (state jurisdiction) and Multi-State Cooperative Societies (central jurisdiction). Priority reforms include amendment of the MSCS Act, computerisation of Primary Agricultural Credit Societies, and enhanced training, alongside coordination of cooperative-related schemes; a state-wise statistical snapshot supports these priorities.
    November 30, 2021
    Measures taken by MCA to ameliorate difficulties faced due to COVID-19 pandemic
    Show AI Summary
    Corporate compliance relief: pandemic-era waivers, timeline extensions and virtual meeting relaxations to ease statutory filings and governance.
    Relief measures permitted belated filing of statutory forms without additional fees and immunity from prosecution through the Companies Fresh Start Scheme and LLP Settlement Scheme; subsequent circulars extended and tailored condonation and fee relief for various e forms including charge filings and restorations. Governance flexibilities allowed meetings and AGMs by video conferencing, extended intervals between Board meetings and relaxed certain director residency and procedural requirements. Reporting and audit timelines and formats were amended or extended, electronic transmission of documents was allowed, and specified CSR and debenture investment obligations were temporarily relaxed to ease pandemic related compliance burdens.
    November 29, 2021
    Government approves strategic disinvestment of Central Electronics Ltd.
    Show AI Summary
    Strategic disinvestment approved: government equity in Central Electronics Ltd sold to highest bidder; LoI and SPA to follow.
    Approval was granted for the strategic disinvestment of Central Electronics Ltd. by sale of 100% Government equity to the highest bidder after a competitive process; M/s Nandal Finance and Leasing Pvt Ltd's bid exceeded the independently fixed reserve price. The procedure included issuance of revised RFP/SPAs, bidder shortlisting, Virtual Data Room access, due diligence, sealed financial bids and multilayered ministerial approvals. Next steps are issuance of a Letter of Intent and signing the Share Purchase Agreement, followed by satisfaction of conditions precedent and requisite clearances prior to closing.
    November 29, 2021
    17,130 Implementing Agencies are registered with MCA21 registry
    Show AI Summary
    Corporate Social Responsibility registration: implementing agencies must register and companies must disclose CSR spending annually.
    The Companies Act framework permits boards to implement CSR directly or through Implementing Agencies, and the CSR Rules require Implementing Agencies to be registered with the Central Government. CSR is disclosure-based: CSR-mandated companies must disclose annual CSR expenditure and related details in the board report and financial statements filed on MCA21 within 30 days of the Annual General Meeting, which must occur within six months of the financial year end. A ministry circular temporarily relaxed additional filing fees for 2020-21 filings.
    November 23, 2021
    Centre releases two installments of tax devolution to State Governments amounting to ₹ 95,082 crore as against normal monthly devolution of ₹ 47,541 crore ₹ 95,082 crore of Tax devolution to strengthen fiscal space of States
    Show AI Summary
    Tax devolution boosts transfers to states to strengthen fiscal space and reflect November net proceeds allocation.
    The Central Government released two installments of tax devolution on 22 November 2021 totaling Rs. 95,082 crore, above the normal monthly devolution, to strengthen State fiscal space and support investment and infrastructure. These transfers form part of the Net Proceeds of Union Taxes and Duties for November 2021 and are accompanied by a state-wise distribution schedule detailing amounts allocated to each State and UT.
    November 23, 2021
    Union Finance Minister Smt. Nirmala Sitharaman hands over credit sanction letters to 145 beneficiaries for ₹ 306 crore in Jammu FM launches new schemes for women entrepreneurs, hotel & tour and tourism industry
    Show AI Summary
    Credit support for entrepreneurship expanded with targeted loan schemes for women and tourism, plus rural infrastructure funding.
    A programme of expanded credit support and new lending products for Jammu & Kashmir was announced, combining sanctioning of loans under existing credit-linked schemes (PMEGP, MUDRA, SHGs, JLGs) with launch of bank-run schemes-Tejasvini for women entrepreneurs, Shikhar for hotel, tour and tourism sector credit, and Shikara for Shikara purchase/repair-and a SIDBI cluster development fund. Complementary measures include RSETI infrastructure, new bank branches, NABARD-supported FPO registrations and increased RIDF commitment to boost rural infrastructure and ground-level bank credit in the Union Territory.
    November 23, 2021
    Union Finance Minister Smt. Nirmala Sitharaman inaugurates development works of around ₹ 165 crore, including Sub-Projects under Jhelum & Tawi flood recovery projects in Srinagar
    Show AI Summary
    Jhelum and Tawi Flood Recovery Project restores services and funds resilience, including activation of emergency COVID response measures.
    The Jhelum and Tawi Flood Recovery Project (JTFRP) restores essential services and upgrades design standards for resilience by funding health, education, urban infrastructure and disaster management sub-projects, including an Emergency Operation Centre and SCADA facility. Supported by external credit financing, the project activated its Contingency Emergency Response Component for the COVID-19 response to procure medical equipment and oxygen generation capacity, and promotes economic recovery through artisan cluster development and cultural heritage promotion.
    November 12, 2021
    Union Finance Minister to engage with Chief Ministers, Lt. Governors of Union Territories and State Finance Ministers on Monday
    Show AI Summary
    Investment promotion to enhance inflows through collaborative centre-state engagement and streamlined approvals and Ease of Doing Business reforms.
    A federal consultation will align central and state authorities around a national investment promotion agenda by exchanging proposals to enhance the investment climate, streamline approvals and clearances, extend Ease of Doing Business reforms to Urban Local Bodies, and coordinate centre-state facilitation to attract inward capital and sustain growth.
    November 12, 2021
    Ministry of Corporate Affairs and IEPFA further simplify IEPFA Claim Settlement Process towards Ease of Doing Business and Ease of Living
    Show AI Summary
    IEPFA claim settlement simplification enhances claimant access through trust-based procedures and relaxed documentary requirements for shares and refunds.
    Revision of the IEPFA Claim Settlement Process rationalises documentary and procedural requirements under the IEPFA Rules, 2016. For claimants, the changes waive advance receipt, relax succession documentation criteria for physical and demat shares up to specified thresholds, replace notarisation with self attestation, and ease affidavits and surety needs. For companies, requirements for Unclaimed Suspense Account documentation are eased, acceptance of transmission documents is aligned with internal procedures, and the newspaper advertisement requirement for lost physical share certificates is relaxed within monetary limits. The adjustments endorse a trust based model to speed processing and increase claimant participation.

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      Corp. Laws, SEBI & IBC

      GENERATION OF JOBS BY STARTUPS

      December 15, 2021

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      The number of jobs generated in last three years in the country, as reported by startups recognized by DPIIT, is as follows:

      Year

      Jobs Reported by Recognized Startups (as on 08th December 2021)

      2018

      93527

      2019

      142646

      2020

      169724

      2021

      (till 08th December)

      192427

      Total

      598324

      There is no centralized compilation of information on year-wise contribution made by startups in the Gross Domestic Production of the country.

      Government of India as part of Startup India initiative has implemented Fund of Funds for Startups (FFS) Scheme and Startup India Seed Fund Scheme (SISFS) across all States/UTs to promote private investment in the Startups through Alternative Investment Funds (AIFs) and incubators.

      Under FFS, a corpus of ₹ 10,000 crore has been sanctioned, spread over 14th and 15th Finance Commission cycles. Small Industries Development Bank of India (SIDBI) is the nodal bank under this Scheme. The FFS Scheme does not directly provide financial assistance to startups, instead supports SEBI- registered Alternative Investment Funds (AIFs), who in turn invest money in growing Indian startups through equity and equity-linked instruments.

      Under the Startup India Seed Fund Scheme (SISFS), ₹ 945 crore has been sanctioned for period of 4 years starting from 2021-22. The funds are released to Startups through approved Incubators.

      Further, 49 key regulatory changes to enhance ease of doing business, raising capital and reducing compliance burden have been undertaken. This includes insurers, EPFO, non-government provident funds, superannuation, and gratuity funds to invest in AIFs, thereby enabling billions of dollars’ worth of domestic capital being made available for the Indian startup ecosystem.

      Furthermore, requirement of prior turnover and experience has been relaxed to encourage startups to participate for tenders. Startups have been exempted from requirement of earnest money deposit. ‘GeM Startup Runway’ has been launched with dedicated corner for startups to sell products and services to Government. As on 3rd October, 2021, 11,386 startups had been on boarded on GeM, with 93,908 orders from public entities.

      This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri SomParkash, in a written reply in the Lok Sabha today.

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