The document shows that several investors who subscribed to the IL&FS' financial arm's NCDs and commercial papers, attributed their decision to invest on the high ratings accorded by the rating agencies.
The Ministry of Corporate Affairs (MCA) has hinted at the indifference of RBI on the IL&FS's financial services arm (IFIN) for not meeting the basic criteria on CRAR (Capital-to-risky Asset ratio) and NOF (Net owned Funds) and the company's auditors' taking refuge in such lack of response from the apex bank in taking action on time against the company.
In Jet Airways' preliminary probe, Registrar of Companies RoC (Mumbai) told the MCA that it has found violation of Companies Act and unaccounted investments, official sources said, adding the natural way forward is an SFIO probe .
The board has asked the tax offices to undertake this special task and bring under their ambit the time period (over the last two years) when these companies were struck off from the records of the Ministry of Corporate Affairs (MCA).
This step has been taken for "further enhancing transparency, investor protection and governance in the corporate sector," the Corporate Affairs Ministry said in a release.
“For the second drive to be launched during 2018-19, 2,25,910 companies have been further identified for being struck off under section 248 of the Companies Act, 2013...for non-filing of financial statements for 2015-16 and 2016-17,” a finance ministry statement said, on Friday.
New Delhi: To curb instances of companies submitting misleading information in their filings, the government has said that strict action will be initiated against professionals who certify such submission.Registered chartered accountants, cost accountants and company
New Delhi: Government today extended the deadline for giving comments on the third and fourth tranches of draft rules for the new Companies Act to November 10. The new legislation, replaces the nearly six decade
New Delhi, May 23: The Ministry of Corporate Affairs has ordered an inquiry into the accounts and regulatory filings of about 100 companies alleged to be linked to family members of former Minister Pawan Kumar
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