LinkedIn: Reviewing MCA Penalty Order on Co, Nadella
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LinkedIn: Reviewing MCA Penalty Order on Co, Nadella

LinkedIn said it’s reviewing the order of the ministry of corporate affairs (MCA) to determine its next move after the ministry slapped penalties totalling ₹27.1 lakh on the Microsoft owned professional networking plat form and top executives, citing violation of the significant beneficial owner (SBO) norms un- der the Companies Act, 2013. In an email…

MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries
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MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries

The corporate affairs ministry is considering a faster way of transferring to beneficiary’s shares, dividends and matured debentures in inactive accounts that have not been claimed for years, said a person privy to the development. Such securities, dividends and debentures that remain unclaimed for more than seven years are transferred by companies to the Investor…

ICAI Lens on Big Four Affiliates over their Association with Global Entities
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ICAI Lens on Big Four Affiliates over their Association with Global Entities

The Big Four affiliate firms doing audits are poised for a drawn-out legal clash with The Institute of Chartered Accountants of India (ICAI), centering on association with global entities, resource sharing and control, and referral fees, prompted by the institute’s disciplinary committee directive to EY affiliates to cease existing arrangements with multinational entities (EY Global),…

Two-month Asset Freeze likely for Bankrupt Airlines

Two-month Asset Freeze likely for Bankrupt Airlines

The government could stipulate a two-month moratorium rule for the aviation sector to ensure the aircraft of bankrupt airline isn’t taken away by lessors immediately after default paralysing its operations, said a person aware the details. The Ministry of Corporate Affairs (MCA) had in October exempted aircraft, helicopters and engines from moratorium under the insolvency…

Large Unlisted Cos may be Regulated

Large Unlisted Cos may be Regulated

A key Ministry of Corporate Affairs (MCA) panel is considering devising a regulatory framework for large unlisted companies, including unicorns, to ensure better adoption and tighter scrutiny of corporate governance standards by them, a person aware of the details said. Under the proposed framework, such entities could be mandated to submit quarterly filings of financial…

Stronger Valuation Rules in Works for Assets Under IBC

Stronger Valuation Rules in Works for Assets Under IBC

The Ministry of Corporate Affairs (MCA) will bolster the regulatory regime relating to registered valuers and develop this profession to ensure better resolution of stressed companies and maximisation of toxic asset value under the Insolvency and Bankruptcy Code (IBC), according to an internal communication of the ministry. The proposal comes at a time when stressed…

MCA Allows 1,270 Requests from CA, CS Bodies to Merge User IDs

MCA Allows 1,270 Requests from CA, CS Bodies to Merge User IDs

The ministry of corporate affairs (MCA) has entertained 1,270 requests from bodies representing company secretaries and chartered accountants for the merger or deactivation of multiple user IDs of their members in the first month of allowing such an exercise, according to the latest official data. The move will now enable these professionals to use the…

Record 82,628 Cos, LLPs Incorporated
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Record 82,628 Cos, LLPs Incorporated

A record 82,628 entities including companies and limited liability partnership (LLP) firms were incorporated in India in the first four months of the current fiscal, the ministry of corporate affairs (MCA) said on Wednesday, citing data from the latest version of its corporate filing portal. Also, as many as 1.96 million forms were filed on…