Government launches independent directors’ databank

NEW DELHI: In a significant move, the government on Monday launched a databank of independent directors which will be a “comprehensive repository” of existing as well as those eligible to be independent directors. Set up under the Companies Act, 2013, independent directors are required to register themselves with the databank within three months from December … Read more Government launches independent directors’ databank

79 investigations assigned to SFIO in last 3 years involving 594 companies

As many as 79 investigations were assigned to the Serious Fraud Investigation Office (SFIO) in the last three years wherein 594 companies were involved, the Parliament was informed Monday. The government is aware of the growing corporate frauds reported during the last three years and is taking actions against these frauds, Minister for Finance and … Read more 79 investigations assigned to SFIO in last 3 years involving 594 companies

Corporate affairs ministry, Sebi to start automatic data exchange

NEW DELHI: Bolstering efforts to curb white collar frauds, the corporate affairs ministry and markets watchdog Sebi will start automatic sharing of data between them. The move also comes against the backdrop of concerns over corporate governance practices amid instances of misdoings and financial irregularities. The ministry and Sebi Friday entered into a formal memorandum … Read more Corporate affairs ministry, Sebi to start automatic data exchange

Govt’s anti-shell co provision is impractical and bizarre, feels India Inc

MUMBAI: A regulatory mandate, which seeks to pin down a company’s location accurately, is giving India Inc sleepless nights. Called ACTIVE (Active Company Tagging Identities and Verification), it was introduced in February by the corporate affairs ministry to crack down on shell companies and protect public money and financial irregularities. According to the directive, the … Read more Govt’s anti-shell co provision is impractical and bizarre, feels India Inc

MCA-21 is on real-time basis, ghost cos get ousted via KYC drive: Government

NEW DELHI: As the government sets out to counter views of its agency raising eligibility of MCA-21 data as one of the tools to arrive at GDP numbers, the Corporate Affairs Ministry has dismissed any bogus data within the database saying MCA-21 is on real time basis and if a company after entering the database … Read more MCA-21 is on real-time basis, ghost cos get ousted via KYC drive: Government

Significant beneficial ownership rules to help identify entities controlled from overseas

NEW DELHI: The new rules on significant beneficial ownership have put in place a clear regulatory framework that would help identify entities which might be controlled from outside the country, according to the corporate affairs ministry. Amid continuing efforts to curb illicit fund flows, the ministry in February amended the significant beneficial ownership rules under … Read more Significant beneficial ownership rules to help identify entities controlled from overseas

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