Implementation of CARO order deferred by one year: MCA
arlier, CARO 2020 was to come into force from financial year starting on or after April 1, 2020. December 21, 2020 5:59:59 am
The CARO requires companies to comply with stricter disclosure requirements on various issues, including whistle blower complaints and default in repayment of borrowings.
The government has deferred implementation of the strict disclosure requirements for auditor reports of companies by one year, a move that comes amid the disruptions caused by the coronaviruspandemic.
Now, the Companies (Auditor’s Report) Order, 2020 would come into effect from financial years commencing on or after April 1, 2021, according to a notification issued by the Ministry of Corporate Affairs (MCA). It is implementing the companies law.
Mahindra & Mahindra arm SsangYong Motor files for bankruptcy
Mahindra & Mahindra arm SsangYong Motor files for bankruptcy
The SYMC has filed an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, M&M said in a regulatory filing. Updated: December 22, 2020 10:19:41 am
A Ssangyong Motor Co. Korando sports utility vehicle (SUV) stands on display during the press day of the Seoul Motor Show in Goyang, South Korea, on Thursday, March 28, 2019. (Photographer: SeongJoon Cho/Bloomberg)
Mahindra & Mahindra (M&M) on Monday said its loss-making South Korean arm SsangYong Motor Company (SYMC) has filed for bankruptcy.
Online test requirements for independent directors eased
The amended regulations also exempt any directors with over three years of experience as a director or Key Managerial Personnel (KMP) in a listed company or an unlisted public company with a paid-up capital of over Rs 10 crore from the requirement. December 20, 2020 1:43:10 am
Finance Minister Nirmala Sitharaman (PTI/file)
The Corporate Affairs Ministry has relaxed timelines and broadened exemptions for an online proficiency test that independent directors are required to take in accordance with government regulations. Independent directors will now have two years after registering with the Ministry’s data bank to complete the online self-assessment test up from one year under previous regulations.
PM Modi urges private sector to step up investment in R&D across sectors
The funds by the private sector should also be kept aside for newer sectors such as agriculture, defence, space, energy, and construction, the Prime Minister said. December 20, 2020 1:01:11 am
Prime Minister Narendra Modi addresses the virtual keynote address of ASSOCHAM’s foundation week. (via @ASSOCHAM4India)
Most of the investment in research and development across sectors has done by the public sector units so far and the private businesses too must increase its investment in the area, Prime Minister Narendra Modi said on Saturday while addressing the virtual keynote address of Associated Chambers of Commerce and Industry of India’s (ASSOCHAM’s) ongoing foundation week.
Looking at various options, bad bank still in works: DEA Secy
DEA Secretary Tarun Bajaj said the government would continue with momentum on reforms which began right after the pandemic and the upcoming Budget will reflect that emphasis on economic reforms. December 19, 2020 2:30:04 am
Department of Economic Affairs Secretary Tarun Bajaj. (Photo source: Twitter/@FinMinIndia)
The government is examining various options including that of setting up a bad bank to help in improving the asset profile of public sector banks and enable credit growth in the economy. Other measures including recapitalisation of the state-owned banks is likely in the medium term, Department of Economic Affairs (DEA) Secretary Tarun Bajaj said Friday.