Corporate Affairs Ministry News

The pact will facilitate sharing of specific information relating to suspicious transactions, know your customer related details and consolidated financial statements of companies registered in the country

Decriminalisation of various offences and a provision to permit direct overseas listing of Indian corporates are part of the legislationThere will be changes by way of 65 clauses, including amendments to 61 sections of the Companies Act, 2013

To identify non-compliant corporate entities, the government is planning to use data analytics and artificial intelligence for corporate profiling, behaviour analysis as well as fraud analysis and alerts, MoS for Corporate Affairs Anurag Singh Thakur said

The corporate affairs ministry is finalizing the plan under the IBC, and it is expected to be notified soon

Companies Act mandates that businesses have to report creation of a charge on their assets within 30 days or with additional fees, within 300 days

Items deemed unavoidable by the board can be considered in the virtual AGMsMCA has allowed companies to send financial statements, board, auditor report through email

Companies can now take urgent decisions without convening a general meeting and ratify them through e-voting

Corporate affairs ministry will upgrade its online services to companies offered through its MCA21 portal so that certain breaches under the Companies Act can be adjudicated remotely through electronic means

One key issue to be finalized is a proposed ban on audit firms from offering non-audit services to audit clientsThe changes will be through rules under the Companies Act as well as through changes to auditing standards

Govt is looking at introducing provisions in the companies law that would require unlisted firms to furnish financial statements every three months or six monthsListed companies are required to disclose their financials every three months under Sebi regulations