CODS Extended! But will striking off become a regular affair?

MCA has extended the Condonation of Delay Scheme, 2018 which was initially open till 31-03-2018 to 30-04-2018. This is a chance for those active defaulting companies who are yet to file the statements and CODS form and also for those struck off companies awaiting revival order from NCLT. The General Circular No. 2/2018 dated 28th …

A peek into current IBC cases (March 2018)

In the Ease of Doing Business Index, ease of insolvency resolution process is one of the main elements and it is rightly so. Corporate insolvency resolution must be a robust process that ensures that the assets and the business of the corporate debtor are salvaged to the maximum extent possible even as cutting the losses …

PNB Fraud – Some Updates

We have covered about the technicalities of the PNB fraud in our previous article here. Now we shall see what is going on now in this respect: What PNB and other banks are doing about it? What was a Rs. 11,400 crore scam had become a Rs. 12,600 crore fraud, as PNB reported additional unauthorised …

Once XBRL, always XBRL!

Presently, the following companies are required to file their financial statements with ROC in XBRL format (eXtensible Business Reporting Language):  (i) companies listed with stock exchanges in India and their Indian subsidiaries; (ii) companies having paid up capital of five crore rupees or above; (iii) companies having turnover of one hundred crore rupees or above; …

Cabinet Approves Establishment of NFRA

Goaded by the fact that the recent scams had taken place in spite of statutory and internal audits, the Cabinet has cleared the proposal for establishment of the National Financial Reporting Authority and creation of key posts in NFRA. The jurisdiction of NFRA for investigation of Chartered Accountants and their firms under section 132 of …