Ministry Of Corporate Affairs

MCA Secretary appreciated the efforts of the committee in proposing such a robust reporting framework and said that MCA will work closely with SEBI for its implementation

Companies now get more time to meet deposit, debenture normsMCA has in the last few months taken steps that will reduce compliance burden for businesses

The clarifications from Ministry of Corporate Affairs will ensure that companies facilitate registration of email addresses of their shareholders

An official statement from the ministry said the idea is to give relief to law abiding companies and Limited Liability Partnerships in the wake of the coronavirus pandemic

In a notification, MCA said it has relaxed the requirements of holding board meetings requiring physical presence of directors till 30 JuneThe meetings in this quarter are also important as they would ratify interim dividends announced by at least two dozen companies

At present, the Companies Act, 2013, prohibits statutory auditors from directly or indirectly offering eight specified services

The company said the litigation alleging financial irregularities should not come in the way of its normal businessOn the loans given by IBHFL to five companies, the company said the loans given to three companies have been repaid and loans given to other two entities are reported to be 'standard accounts'

The new management of the company, soon after the fraud came to light, had on 30 Aug expressed desire to restate financial accounts for last five yearsCG Power had in August stated that an investigation instituted by its board had found major governance and financial lapses

MCA will examine problems in corporate governance before imposing fresh restrictions on audit practiceImproving audit quality is part of a larger plan to improve corporate governance

The aim is to identify shell companies that exist only on paper for dubious purposes such as money-laundering