Free Press Journal
  • KYC compliance: Directors to get 15 days to submit details for reduced fee

    New Delhi: The government will give 15 days more to directors to comply with KYC requirements by paying a reduced fee of Rs 500, a senior official said Thursday. Nearly 21 lakh directors failed to submit the requisite details when the deadline set by the Corporate Affairs Ministry ended on September 15.

  • I-T sleuths vet Jet Airways books

    New Delhi : The Income Tax Department on Wednesday began inspection of the books of crisis-hit Jet Airways for alleged falsification of accounts and suspicious transactions, sources said. The full service carrier, which is grappling with financial woes, is already under the scanner of markets regulator Sebi and the Corporate Affairs Ministry for various alleged lapses.

  • Deepak Kochhar summoned in ICICI scam

    New Delhi : As the inspection progresses into six companies linked to ICICI Bank controversy, the Corporate Affairs Ministry will question Deepak Kochhar, husband of the bank’s chief Chanda Kochhar, later this month, a senior official said. Deepak Kochhar is the founder and CEO of NuPower Group. Alleged lapses involving Chanda Kochhar, her husband and other family members, with respect to a loan extended to Videocon by the lender have come under

  • Panel to review penal provisions under cos law

    New Delhi : The government on Sunday said it has constituted a 10-member committee to review the penal provisions under the companies law and examine de-criminalisation of certain offences.

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    Home buyers likely to get financial creditors’ tag

    New Delhi : Home buyers should be treated as financial creditors which will allow them to equitably participate in an insolvency resolution process, a high-level panel has recommended to the government.

  • New accounting standard for firms from Sunday

    New Delhi : Companies will have to adopt more detailed revenue recognition ways from April 1 as the government has notified a new accounting standard.

  • CSR violations: 196 cos face penal action

    New Delhi: The Corporate Affairs Ministry has given permission for penal action against 196 companies for violating corporate social responsibility (CSR) norms in 2014-15 fiscal, according to Union Minister P P Chaudhary.

  • Oil and gas PSU mergers exempt from CCI nod

    New Delhi : Merger and acquisition (M&A) deals involving public sector oil and gas companies have been exempted from seeking the approval of fair trade regulator Competition Commission of India (CCI), according to a government notification.

  • Assets owned by deregistered firms under lens

    New Delhi : The corporate affairs ministry Thursday asked states to complete identification of properties owned by deregistered companies at the earliest and ensure district administrations prevent transactions in those assets. Amid intensifying efforts to fight the black money menace, the ministry has also urged the states to initiate disciplinary action against the officials concerned in case such transactions go through.

  • Kingfisher probe: Officials, directors under govt radar

    Mumbai : The role of bank executives, directors and government officials has come under the scanner for alleged violations at the now-defunct Kingfisher Airlines as multi-agency probes against fugitive liquor baron Vijay Mallya gather steam, regulatory and banking sources said. With the Serious Fraud Investigation Office (SFIO) submitting a detailed report on the misdoings at Kingfisher Airlines, which went belly up in 2012, the government, regulators and banks are set to initiate

  • Amazon invests over Rs 2,000 crore in India biz

    New Delhi : Global e-tailing giant Amazon has invested over Rs 2,000 crore (over USD 310 million) in India in the last two months as it looks to consolidate its position in the country and fend off local rivals like Flipkart.

  • A societal problem

    If a finance minister cooks up budget figures, he earns a pat from the country for presenting ‘a dream budget.’ If a corporate honcho does that, he goes to jail for accountancy fraud. Yes, there is no justice in a world brimming with discrimination and inequality in law enforcement. In the first case, the entire country is cheated; in the other, its shareholders and investors are deceived. However, we certainly offer no

  • Shareholders’ prior nod needed for related party transactions

    New Delhi : Providing more clarity, the government has said that certain class of related party transactions whose value is more than Rs 100 crore would require shareholders’ prior approval by way of a special resolution.