companies

MCA to review offences under Companies Act

The Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee to review the penal provisions in the Companies Act, 2013. The Committee will review the provisions relating to non-compoundable offenses and recommend whether any such provisions need to be re-categorized as a compoundable offense. The committee is headed by the Secretary of Ministry of Corporate Affairs.

Assam’s first transgender judge Swati Baruah

The court in Guwahati has got the first transgender judge of Assam. Swati Bidhan Baruah has been appointed as a judge to mediate cases in Lok Adalat. She is the third transgender judge in the country and will mediate in pre-litigation cases related to finance companies. Joyita Mondal of West Bengal is India’s first transgender judge.

Money in Swiss banks

India has moved up to 73rd place in terms of money parked by its citizens & companies with Swiss banks. India had slipped to 88th place with a 44% plunge in such funds in 2016, but the latest data shows an increase of over 50% during 2017 to CHF 1.01 billion (about Rs 7,000 cr). UK continued to account for the largest chunk at about CHF 403 billion of the total foreign money with Swiss banks

Aadhaar Virtual ID to be started from July 1

UIDAI has recently declared to accept Virtual ID from their users from 1st July from service providers and agencies like banks and telecom companies. This will give the users the option of not sharing their Aadhaar number at the time of authentication. The Virtual ID will be a temporary and revocable 16 digit random number mapped to a person’s Aadhaar number.

IISc to boost science start-up incubation

The Indian Institute of Science plans to open a research park at its Bengaluru facility within the next three years to incubate sci-tech companies. These parks would include simulators used for endoscopy, microsatellites to access the Internet at lower costs, a medical diagnostic kit. The institute collaborations with companies such as TCS, Volvo, Google, General Motors, Boeing etc.

Govt hikes ethanol price by Rs 3 per litre

The government hiked the price of ethanol, used for doping in petrol, by almost Rs 3 per litre to Rs 43.70. This move is to cut India’s oil import dependence as well as give the higher price for sugarcane to farmers. The govt has approved the mechanism for procurement of ethanol by public sector oil marketing companies to carry out the Ethanol Blended Petrol Programme.

India records highest number of IPOs globally

Indian exchanges recorded the highest IPO activity as the country saw 90 IPO launches that raised $3.9 billion. The exchanges account for 16% of the total issues in the first half of 2018. Out of 90 deals that listed, 15 listed both on NSE & BSE result in 93% of the total proceeds. The financial sector, infrastructure and consumer companies with strong growth continue to boost IPO activity.

Bharat-22 ETF: investors bid worth ` 140 bn

The second tranche of Bharat-22 ETF garnered subscription amounting to Rs 140 billion. Through Bharat-22 Exchange Traded Fund (ETF), comprising shares of 22 companies, the government had targeted to earn Rs 6,000 crore but received nearly 2.3 times of its worth of bids. The government had launched the follow-on fund offer of Bharat-22 ETF, which is managed by ICICI Prudential Mutual Fund.

RBI alters ‘relative’ definition

The Reserve Bank of India (RBI) has narrowed the definition of relatives to check the flow of funds. Hence, funds under the ‘maintenance of close relative’ category can be sent only to immediate relatives such as parents, spouses, children and their spouses. This has brought about by defining ‘relatives’ under the Companies Act, 2013 instead of the same act of 1956.

Unlisted firms to dematerialise share

The government is planning to make it compulsory for unlisted companies to get their shares dematerialised by September 2018. Additionally, corporate affairs ministry has instructed all unlisted companies with paid-up capital of more than Rs 50 million to digitalise shares by June 2018. The aim is to make transactions in more than 70000 unlisted companies more transparent.