The tribunal have also asked some of the lenders to file revised framework proposed by the Ministry of Corporate Affairs within a week, stating their position in the resolution of IL&FS group, which has a cumulative debt of over Rs 90,000 crore.
The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS).
A two-member bench of the NCLAT headed by Chairman Justice S J Mukhopadhaya, which reserved its order on the RoC's petition, said it will clarify that the December 18 judgement does not cast aspersions on the RoC and indicated that its order is likely to come on Monday next week.
Factors such as increasing liability, fear of frauds, higher number of cases of corporate governance and fear of personal reputation getting tainted have been pointed out as reasons behind the exits.
Kumar, an Indian Administrative Officer (IAS) of 1986 batch, was appointed director to the board of lL&FS by the Ministry of Corporate Affairs from December 21, 2018, and then took over as DMD of the group from December 24, 2018, for a period of one year.
The proficiency self-assessment test instituted by the MCA is unlikely to provide any meaningful solution to board strengthening. There is no denying that boards in India need training but understanding technical subjects will not help directors in taking the right decision.
The news rules will apply to financial service providers under section 227, the government told CNBC-TV18
The Ministry of Corporate Affairs carried out a detailed examination of the allegations of financial misdoings against the company's promoters through the Registrar of Companies (RoC).
A three-member bench headed by Chairperson Justice S J Mukhopadhaya said there was no question of amendment of laws, and both the wings of the central government should settle the issue.
The government said the inspection reports for IBVL and IBHFL are likely to be ready by the end of October and that for IBREL is expected to be ready by the end of November.
In order to ensure liquidity for small businesses, Sitharaman said banks have been asked to provide bill discounting facility to the MSME sector against payments due from the large corporates
According to reports, Punjab and Maharashtra Cooperative Bank (PMC), on which the Reserve Bank of India recently placed restrictions, breached exposure norms while dealing with HDIL which happens to be one of its biggest corporate borrowers.
“Delhi’s RoC, which has been probing Aarush Forex Pvt for a while now, unearthed some suspicious transactions in its books and came across several companies, including Thomas Cook,” a source said.
Confirming the development, a senior official of the I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi and also of a difference between the sale price of housing units shown on the books and the registered prices.
This order is huge set back to Delliotte and BSR Associates which is part of KPMG group. Deliotte spokesperson said ““We note the NCLT’s ruling, which is unfortunate. We will review the order and decide on a course of action shortly. DHS LLP remains committed to high standards of audit quality and ethical conduct in its professional practice. The firm has faith in the regulatory and judicial processes and will continue to cooperate fully with the authorities.”
The telecom firm said that with implementation of the scheme, HPIL will provide shares to all the shareholders of Tata Communications in the ratio 1:1, mirroring the shareholding of Tata Communications.
A two-member bench of the NCLAT has directed the Ministry of Corporate Affairs (MCA) and others to file their replies in the matter within a week.
The two states along with Tamil Nadu and West Bengal account for more than half of the registered companies
The scrutiny is on. Auditors can no longer shirk their responsibilities by taking refuge under we-are-watchdogs-not-bloodhounds argument
The proposal would be taken up in the ongoing session of the Parliament and, if it goes through, would provide relief to India Inc.
The development follows similar disclosure norms brought in earlier by the MCA for companies and directors.
A study conducted by the National Sample Survey Office for a period of 12 months in 2017 concluded that a third of the firms in the MCA-21 database used to calculate GDP were dodgy.
The government had formed a panel under Finance Secretary Subhash Chandra Garg to draft regulations for cryptocurrencies last year.
The Investor Education and Protection Fund (IEPF) Authority, under the ministry, would seek information from investors, including proof of investment and identity details.
In a letter outlining the target set for each Commissioner of Income Tax (CIT), the CBDT said that every CIT has to file 10 prosecution cases for default in the filing of return of income.