MINISTRY OF CORPORATE AFFAIRS

binod-kumar-appointed-as-ps-to-anurag-thakur

Binod Kumar appointed as PS to Anurag Thakur

The NaMo administration on Thursday appointed Binod Kumar (IRS IT:2002) as Private Secretary to Anurag Thakur, Union MoS for Finance and Corporate Affairs, in the Department of Revenue at Director level for a period of five years.

22 Nov 2019
two-officers-re-designated-as-director

Two officers re-designated as Director

Vivek Kumar (IDES:2005) and Pawan Kumar (IRS C&CE:2005), both working at Deputy Secretary level, were on Wednesday re-designated as Director in the Ministry of Corporate Affairs and Department of Economic Affairs respectively. 

20 Nov 2019
binod-kumar-appointed-as-ps-to-anurag-thakur

Binod Kumar appointed as PS to Anurag Thakur

By IndianMandarins 22 Nov 2019

The NaMo administration on Thursday appointed Binod Kumar (IRS IT:2002) as Private Secretary to Anurag Thakur, Union MoS for Finance and Corporate Affairs, in the Department of Revenue at Director level for a period of five years.

two-officers-re-designated-as-director

Two officers re-designated as Director

By IndianMandarins 20 Nov 2019

Vivek Kumar (IDES:2005) and Pawan Kumar (IRS C&CE:2005), both working at Deputy Secretary level, were on Wednesday re-designated as Director in the Ministry of Corporate Affairs and Department of Economic Affairs respectively. 

presidents-confers-first-csr-awards

Presidents confers first CSR awards

By IndianMandarins 29 Oct 2019

For the outstanding contribution in the area of CSR, President of India Ram Nath Kovind has conferred first National CSR Awards to various companies. Power Grid Corporation of India has been given the award for excellent services in the category of above Rs 100 crore CSR spend. Total 38 awards were given.

Mahindra and Mahindra got the award for Rs 10 to Rs 100 crore spend, Edelweiss Financial Services Limited for Rs 1 to Rs 10 crore spend and Paranjape Autocast Pvt. Ltd for less than Rs 1 crore spend. Speaking on the occasion of the awards ceremony in New Delhi, the President said, it is important to internalise social welfare in the corporate culture and the companies has shown that it is possible to be profitable while being socially and environmentally responsible.

He commended efforts of the Union ministry of corporate affairs for initiating the National CSR Awards in the 150th birth anniversary year of Mahatma Gandhi. These awards will be conferred every year on October 2.

Kovind said that many illustrious business families like Tata, Birla, Bajaj and many others associated with freedom struggle were sensitive to their social responsibilities. Gandhi ji developed the principle of trusteeship on the basis of the generosity of industrialists associated with him. He further said that every fiscal year since 2014-15, the corporate sector has set aside more than Rs. 10,000 crore for social welfare and various social sectors like education, environment, health, poverty eradication, sanitation and safe drinking water have benefitted from this effort.

India has been consistently improving its rank in ease of doing business indicator by the efforts of the government and the government is also sensitive about the need to calibrate the CSR regime to make it more effective. Mentioning a quote, the president said, respect is achieved by donating the wealth not by storing it, clouds attain a higher position by giving away water whereas the oceans remain at a lower position by storing water.

suri-is-technical-member,-nclt

Suri is Technical Member, NCLT

By IndianMandarins 28 Dec 2018

The ACC cleared the appointment of Harish Chandra Suri to the post of Technical Member, National Company Law Tribunal under the Ministry of Corporate Affairs.

21-lakh-company-directors-fail-to-register-for-eligibility

21 lakh company directors fail to register for eligibility

By IndianMandarins 17 Sep 2018

The Ministry of Corporate Affairs (MCA) has started the process of elimination of ghost directors in companies. Less than 12 lakh individuals, or just over 35% of the 33 lakh “active directors” have complied with the newly-mandated know-your customer or KYC requirement to be eligible for board positions in companies.


The deadline ended on Saturday midnight and MCA is unlikely to extend it. The MCA will freeze the director identification number (DINs) of those who do not meet the new guidelines.

Earlier this year, MCA had mandated that individuals with DINs complete KYC formalities by September 15. The move was part of a clean-up drive meant to rid several company boards of drivers, domestic helps, and others who were nominated on company boards without their knowledge.

The ineligible directors again become eligible after they comply with the registration requirement and pay a fee of Rs 5,000. While close to 50 lakh DINs have been issued, only 33 lakh were considered to be active directors. Even among this lot, a large number is likely to be ghost directors.

The KYC rules are part of a larger exercise to shut down shell companies and identify those with “significant beneficial ownership” or entities that hold over 10% stake in listed and unlisted companies. As part of the crackdown on shell companies nearly three lakh companies that had not filed returns have been deregistered and over three lakh directors have been disqualified.

narendra-modi-govt-may-act-tough-on-black-money

Narendra Modi govt may act tough on black money

By IndianMandarins 13 Sep 2018

The Narendra Modi government has found a smart way to tackle the problem of shell companies by geo-tagging. The government is prepared to act tough on black money. The Ministry of Corporate Affairs (MCA) might ask companies to geo-tag the location of their registered offices in the statutory filings with the RoC. Geo-tagging will help the government identify cases in which one building houses hundreds of shell companies.


The Special Investigation Team on black money headed by retired Supreme Court judge MB Shah had asked the government in 2015 to ensure greater vigilance on multiple companies having the same address and directors. "Use of shell companies to provide accommodation entries to launder black money has been observed in a number of high-profile cases investigated or under investigation in the recent past," the SIT said in a report.


However, many companies operating from one address is not a violation in itself. There is no limit on companies that can be registered at the same address. Consultants typically house the registered offices of companies for which they handle compliances, a practice common in Singapore and Mauritius as well.


But the government believes a large number of such companies are used merely for money laundering. Geo-tagging will help the government pin down such shell companies. 


The Narendra Modi government has been fighting a relentless war against shell companies. Last year, MCA deregistered about 250,000 companies which had no operations or zero turnover for two consecutive years. Most of them were suspected to be shell companies. According to an MCA estimate, around the same number of companies could be de-registered in the current fiscal as well.

Corporate Affairs Secretary Injeti Srinivas has said that one of the key issues hampering the investigations and prosecutions against entities involved in financial irregularities has been lack of a proper and uniform definition for 'shell companies'. Obscured ownership, excessive leveraging, rotation in transactions with no apparent business purpose, majority of shares held by other companies and disproportionate investment in shares of other companies are among the criteria to define a shell company, according to Injeti.

free stat counter

Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.

Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.