There is no definition of the term “Shell Company” in the Companies Act and it normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today.
Category: Corporate
IBBI Amended Insolvency Resolution Process for Corporate Persons Regulations 2016
A corporate debtor (CD) may have changed its name or registered office address prior to commencement of insolvency. The stakeholders may find it difficult to relate to the new name or registered office address and consequently fail to participate in the CIRP.
Google-GIL acquires 7.73% equity from Jio Platforms Ltd: CCI approves
CCI approves acquisition of 7.73% equity share capital of Jio Platforms Limited by Google International LLC DATE: 12 NOV 2020 The Competition Commission of India (CCI) approves acquisition of 7.73% equity share capital of Jio Platforms Limited (JPL) by Google…
Read More Google-GIL acquires 7.73% equity from Jio Platforms Ltd: CCI approves
Govt deleted 3,82,581 shell companies for non-filing Financial Statements[FS]
The term “Shell Company” is not defined under the Companies Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc.
Cabinet approved to convert Ordnance Factory Board into a corporate entity
The Department of Defence Production has been continually engaging with the Federations and Associations of Ordnance Factories with regard to their views on the said transformation. An Empowered Group of Ministers (EGoM) has been constituted under the chairmanship of Minister of Defence to oversee and guide the entire process of corporatisation of OFB, including transition support and redeployment plan of employees while safeguarding their wages and retirement benefits.
How to Become a Portfolio Manager-you need registration with SEBI
Portfolio manager” means a body corporate, which pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client
Constitution of National Financial Reporting Authority-sec 132 Of Companies Act 2013
make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be
Core Investment Companies (Reserve Bank) Master Direction 2016
In exercise of the powers conferred by sections 45JA, 45L and 45M of the Reserve Bank of India Act, 1934 (2 of 1934), and of all the powers enabling it in this behalf, the Reserve Bank of India (hereinafter also referred to as the Bank) being satisfied that it is necessary and expedient in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country to do so
CICs hold 90% of their assets in equity, preference shares or convertibles bonds or loans.
Core Investment Companies, (CIC) are those companies which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and also do not carry on any other financial activity. These companies a minimum 90% of their assets in the group concerns either in the form of equity, preference shares or convertibles bonds or loans. Further the component of equity holdings should not be less than 60% of their assets.
Sec 31- Competition Act-Orders for combinations if not effect Competition by CCI
Where the Commission is of the opinion that any combination does not, or is not likely to, have an appreciable adverse effect on competition, it shall, by order, approve that combination including the combination in respect of which a notice has been given under sub-section (2) of section 6
Corporate Social Responsibility under Companies Act 2013
In terms of the Companies Act 2013 companies are required to contribute 2% of their profit towards Corporate Social Responsibility (CSR). Training to promote sports, creation and maintenance of sports infrastructure, up gradation and renovation of existing sports facilities, Sports Science support including setting up of Gymnasium & Rehabilitation centers are activities covered under CSR.
Goods & Services Tax (GST) Practice Procedure
The reason behind bringing GST is in removing the cascading effects i.e., tax on tax of both Central and State taxes by allowing setting-off of taxes throughout the value chain, right from the original producer and service provider's level up to the consumer level.
Advocatetanmoy Law Library 