MCA streamlines mechanism to privatise public companies
January 26, 2021
The corporate affairs ministry has issued amendments to the significant beneficial owners rules under the Companies Act, 2013. - Getty Images/iStockphoto
The corporate affairs ministry has issued amendments to the significant beneficial owners rules under the Companies Act, 2013. - Getty Images/iStockphoto×
The Corporate Affairs Ministry (MCA) has streamlined the mechanism for considering applications to convert public companies into private companies. Such companies will now have an opportunity of being heard by the Regional Director of MCA if there are objections to the application.
Objections raised
This move is expected to sub serve the principle of natural justice while the application of conversion is being considered by the authorities. The Regional Director has to record in writing the specific objection against the application under the provision of Companies Act and hold a hearing wit
Govt overhauls corporate social responsibility rules
January 22, 2021
Makes impact assessment mandatory for big CSR projects, changes reporting formats In a significant overhaul of the Corporate Social Responsibility (CSR) Rules, the Corporate Affairs Ministry (MCA) has introduced several changes to the CSR framework including mandating Impact Assessment for big CSR projects and revamping the reporting formats of the Board report.
The other major changes include mandatory disclosure of all CSR projects and activities besides CSR Committee s composition on the company’s website.
In what could be a pause for India Inc, the revamped rules originally framed in 2014– allow CSR activities to be carried through charitable trusts.
Restored companies: MCA frames scheme for additional fees waiver on delayed filing of e-forms
K.R.Srivats
New Delhi |
Updated on
January 18, 2021
Based on the rule, the President retires these officials with immediate effect from the afternoon of June 11. (File photo) - Getty images/istock.com
Based on the rule, the President retires these officials with immediate effect from the afternoon of June 11. (File photo) - Getty images/istock.com×
Move to benefit only those struck-off companies whose names were restored by NCLT in December 2020
Corporate Affairs Ministry (MCA) has come out with a new scheme to accept the delay in filing of e-forms for companies whose names were restored by the National Company Law Tribunal (NCLT) during December 1-31, 2020. Consequently, all additional fees payable for delayed filing of any overdue e-forms under the new scheme will be waived, MCA has said.
January 14, 2021
MCA allows India Inc to spend CSR funds for Covid-19 vaccination awareness campaigns
The Corporate Affairs Ministry (MCA) has now allowed Corporate India to spend its Corporate Social Responsibility (CSR) funds for carrying out awareness campaigns/ programmes or public outreach campaigns on Covid-19 vaccination programmes.
This will be treated as an eligible CSR activity under Schedule VII of the Companies Act, 2013, under items relating to promotion of healthcare, including preventive healthcare and sanitisation, promoting education and disaster management respectively.
The latest MCA clarification comes a few days ahead of India rolling out its Covid-19 vaccination programme on January 16. It is expected that around 3 lakh healthcare workers will get vaccine shots at 2,934 sites across the country on the first day of the e nationwide vaccination drive.
December 29, 2020
Initiative part of Digital India drive Come January 1, 2021, all benches of the National Company Law Tribunal (NCLT) that have implemented e-filing will embark on the second phase of e-Court, with the launch of Automatic Case Number generation.
The Automatic Case Number generation will happen out of the e-filing portal, said an order issued by NCLT.
E-filing has been mandatorily started in all the benches of NCLT across the country under the e-Cort initiative, which was conceptualised in 2017.
With the latest decision, the concept of e-Court will now cover e-filing, e-scrutiny, Automatic Case Number registration, case allocation and e-cause list generation.