Ministry of Corporate Affairs vide notification dated 24.03.2021 has amended Schedule III to the Companies Act, 2013 effective from 01st April 2021 to mandate various disclosures by companies in their financial statements.
The MCA has notified a new set of Rules to amend the existing Companies (Registration of Foreign Companies) Rules, 2014 which shall come into force on the date of its publication in the Official Gazette (not yet published).
The MCA has notified a new set of Rules to amend the existing Companies (Specification of Definitions Details) Rules, 2014 which shall come into force on the date of its publication in the Official Gazette (not yet published).
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was passed by the Lok Sabha on 28th July 2021 and by the Rajya Sabha on 3rd August 2021.
GoI has undertaken a Special Drive for identification and strike off of Companies by invoking the provisions of section 248 (1) of the Act by which the Registrar of Companies struck off those companies after following the due process of law.
212 applications pertaining to the real estate sector were admitted for the Corporate Insolvency Resolution Plan under the IBC. 8 cases out of these were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation.
The Cabinet, on 28th July 2021 approved amendments to the LLP Act, 2008 vide LLP Amendment Act, 2021. These amendments to the LLP Act were suggested in Union Budget 2021, presented by FM Nirmala Sitharaman in the parliament on 1st February 2021.
The Ministry of Corporate Affairs has deployed the Costing Validation Tool 3.2. Thus, the Institute of Cost and Management Accountants of India has requested professionals to use the current tool for validating Instance Documents.
Shri Rao Inderjit Singh further stated that the Special Task Force set up by the Government to look into the issue of "Shell Companies" has inter-alia recommended the use of certain red flag indicators as alerts for identification of Shell Companies.
In view of the challenges faced by taxpayers due to the outbreak of COVID-19, the Government of India has taken several taxation related measures for MSMEs. Financial Assistance has also been provided to MSMEs.
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