Ministry of Corporate Affairs
More than 3.82 lakh companies struck off till financial year 2020-21 in Special Drives taken by Registrar of Companies (15 MAR 2022 )
Under the Special Drives taken by Registrar of Companies, 3,82,875 number of companies ware struck off u/s 248 (1) of the Companies Act till the financial year 2020-21. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today.
The Minister stated that the Government has undertaken Special Drives for identification and strike off Companies by invoking the provisions of section 248 (1) of the Companies Act.
Giving more details, the Minister stated that the Registrar of Companies (RoC) struck off those companies after following the due process of law from the Register of companies when RoC has reasonable cause to believe that those companies are not carrying on any business or operation for a period of two, immediately preceding financial years. The RoC also verifies that such company has not made any application within such period for obtaining the status of a dormant company under Section 455 of the Act.
Ministry of Finance
Financial creditors realize 221% of liquidation value and 51% of admitted claims through corporate insolvency resolution process (15 MAR 2022 )
As per inputs received from the Ministry of Corporate Affairs (MCA), corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), was initiated by banks in the 12 large accounts that were referred by the Reserved Bank of India. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to a question in Rajya Sabha today.
Financial creditors had an aggregate outstanding claims of Rs 3.45 lakh crore against these corporate debtors. Out of these 12 corporate debtors, resolution plans have been approved in respect of eight corporate debtors, CIRP is ongoing in respect of two corporate debtors, and two corporate debtors are undergoing liquidation process.
RBI
Master Direction - Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 ( March 14 , 2022 )
In exercise of the powers conferred by Section 21, Section 35A and Section 56 of the Banking Regulation Act, 1949; Chapter IIIB of the Reserve Bank of India Act, 1934; and Sections 30A and Section 32 of the National Housing Bank Act, 1987, the Reserve Bank, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the directions hereinafter specified.
These directions shall be called the Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022.
These directions shall be effective from April 01, 2022, subject to stipulations as at paragraphs 5.3 and 9.3.
For Official Notification, Click Here
RBI removes pricing caps for microfinance lenders (March 15, 2022)
The Reserve Bank of India (RBI) has removed caps on the pricing of small loans given by Non-Banking Financial Company-Microfinance Institutions (NBFC-MFIs), bringing them to the same level as other such lenders, including banks. With this, the underwriting of loans will be done on a risk-based analysis, and a risk premium will be charged based on the borrower.
Business
Amazon accuses Future Retail, Reliance of 'fraud' in newspaper ads (March 15, 2022)
Amazon.com Inc has gone on the attack in its bitter dispute with two Indian retailers, accusing them of fraud in Indian newspaper ads after Reliance Industries suddenly took over many of Future Retail stores. Amazon has been contesting the planned $3.4 billion sale of Future Group's retail assets to Reliance, first announced in 2020, and the case is currently before the Indian Supreme Court. In ads headlined "PUBLIC NOTICE" in leading Indian newspapers, Amazon said: "these actions have been done in a clandestine manner by playing a fraud on the constitutional courts in India."
Samsung to re-enter laptop segment in India, eyes double-digit market share ( March 15 2022 )
Korean electronics giant Samsung is re-entering the laptop business in India with a complete portfolio catering to consumers as well as enterprises. Planning to launch a wide portfolio, which are priced under Rs 40,000 and going up to Rs 1,20,000, Samsung is eyeing a double-digit market share by the end of the calendar year 2022. Samsung had exited the laptop business from India around 2013-14.
World Affairs
Sri Lanka reaches out to IMF for help as FM Rajapaksa departs for New Delhi to sign fresh bailout package with India ( March 15, 2022 )
Sri Lankan government will seek financial support from the IMF, softening its resistance against the international lender as it desperately tries to salvage the country’s beleaguered economy that is currently reeling under a severe foreign exchange crisis. On Tuesday, Finance Minister Basil Rajapaksa gave the nod to seek assistance from the International Monetary Fund (IMF).
Meanwhile, Finance Minister Rajapaksa departed to New Delhi on Tuesday to sign a fresh bailout package with India for USD 1 billion dollars. The credit line is expected to fund the country’s fuel, food and medicine imports, the finance ministry said.
Last month, Sri Lanka purchased 40,000 metric tonnes of diesel and petrol from India’s oil major Indian Oil Corporation to meet the urgent energy requirements in the economic crisis worsened by depleted foreign reserves.
India had also announced a USD 900 million loan to Sri Lanka to build up its depleted foreign reserves and for food imports, amid a shortage of almost all essential commodities in the country.
Word of the Day
Shell Company” as per the Companies Act, 2013 : It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc.
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