Ministry of Corporate Affairs Government to set up Centre for Processing Accelerated Corporate Exit The Indian government has announced plans to set up a Centre for Processing Accelerated Corporate Exit (PACE) to facilitate the expedited closure of unviable companies. The PACE will act as a single-window clearance system for companies seeking to wind up their...

Ministry of Corporate Affairs   Circular issued by for the extension of time for filing of 45 company e-forms A circular has recently been issued by the Ministry of Corporate Affairs for extending time till 31st March, 2023, for filing of 45 company e-Forms, PAS-03 and SPICE+Part A, in MCA 21 Version 3.0 without any...

Ministry of Corporate affairs    The new MCA portal simplifies filing   For quicker and faster filing, the Minister of Corporate Affairs (MCA) has made more than 46 forms available on the current version-3 of its portal. The Companies Incorporation Rules, 2014, and the Companies – Authorized to Register Rules, 2014, have been amended. In the...

INSOLVENCY AND BANKRUPTCY RECOVERY THROUGH IBC TO GET BETTER AS MACROS LOOKUP The Reserve Bank of India (RBI) believes that the Insolvency and Bankruptcy Code (IBC) is probably the best mechanism for creditors to recover their dues and said that the right way to look at its effectiveness would be to compare the resolution value...

MINISTRY OF CORPORATE AFFAIRS (MCA) TWO DIRECTORS NOMINATED ON THE BOARD OF IL&FS The Ministry of Corporate Affairs (MCA) has nominated two directors — G Mahalingam and Deepak Mohanty — to the board of IL&FS. The appointment of these two directors has been approved by both the MCA and National Company Law Tribunal. Both Mahalingam...

Reserve Bank of India (RBI) Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022 RBI has issued directives to the banks on Unhedged Foreign Currency Exposure (UFCE) of the entities which have borrowed from banks, applicable to all commercial banks (excluding Payments Banks and Regional Rural Banks). These instructions shall come into force from...