Reference: Ministry of Corporate Affairs
Update:
MCA filed 11,082 prosecutions for non-filling of statement of accounts by Companies:
As per the provisions of the Companies Act, prosecutions are filed by the Ministry of Corporate Affairs (MCA) through Registrar of Companies against such companies which have not filed Financial Statements from time to time and there are 11,082 number of prosecutions filed by the MCA during the said period for non-filing of financial statements
During the Financial Year 2017-18 and 2018-19, ROCs had removed/struck off 3,38,963 companies u/s 248 of the Companies Act, 2013 including real estate companies for failing to file Financial Statements or Annual Returns for a continuous period of two or more financial years.
Update:
MCA deactivates 19,40,313 Director Identification Numbers:
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
The Minister further stated that the MCA21 Database does not contain information regarding employment details of directors/DIN holders.
Informing the House, the Minister stated that the terms “Ghost Directors” and “Shell Companies” are not defined in the Companies Act, 2013. However, during the Financial Year 2017-18 and 2018-19, Registrar of Companies (ROCs) had struck off 3,38,963 companies u/s 248 of the Companies Act, 2013 for failing to file Financial Statements or Annual Returns and total number of 4,24,454 directors were disqualified under the provisions of section 164(2)(a) read with Section 167(1) of the Companies Act, 2013. READ MORE
Reference: Central Board of Indirect Taxes and Customs
Update:
Blocking and Unblocking of EWB generation facility at E-way Bill Portal
Blocking of EWB generation facility: Blocking/unblocking of EWB generation facility has been implemented on EWB Portal from 2nd December, 2019.
Meaning of blocking: The blocking of E Way Bill generation facility means disabling taxpayer from generating E Way Bill (EWB), in case of non-filing of 2 or more consecutive GSTR 3B Return on GST Portal.
Example: Taxpayers who have not filed their GSTR-3B return for the months of September 2019 and October 2019, their EWB generation facility is blocked from 2nd December, 2019.
For GSTINs whose EWB generation facility is blocked, EWB can’t be generated either by the taxpayer or by their counterparty (whether as supplier or recipient) or the transporter.
Effect on already generated EWB: In case of blocked GSTINs, EWBs already generated and facilities in respect of these EWBs such as updating the vehicle or transporter details or extending the validity of EWB will not be impacted.
Unblocking of EWB generation facility: The EWB generation facility would be automatically unblocked in the event of filing of their GSTR 3B return for the default period(s), reducing the default period to less than 2 consecutive tax periods. The blocking will be automatically lifted on the EWB system next day.
Immediate updation of Status at EWB Portal: For
Implication:
With effect from 02.12.2019, for every Invoice and Bill of Lading / Airway Bill declared in the
Bill of Entry, the reference of IRN generated from eSANCHIT with the relevant document code
as given above must be provided
Reference: Central Board of Direct Taxes
Update:
Income Tax Department conducts searches in NCR:
Income Tax Department conducted a search and survey action on a group having interest in infrastructure, mining and real estate. More than 25 premises were covered in NCR.
Search action led to recovery of unaccounted assets and incriminating documents. Cash ledgers containing details of unaccounted cash receipts of more than Rs. 250 crore have also been found and seized. The group also did not pay taxes on several property transactions. Unaccounted assets of Rs 3.75 crore have been seized. 32 bank lockers have also been sealed.
The group has admitted undisclosed income of more than Rs. 3000 crore and agreed to pay tax on the same.
Reference: Ministry of Corporate Affairs
Update:
MCA deactivates 19,40,313 Director Identification Numbers:
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
The Minister further stated that the MCA21 Database does not contain information regarding employment details of directors/DIN holders.
Informing the House, the Minister stated that the terms “Ghost Directors” and “Shell Companies” are not defined in the Companies Act, 2013. However, during the Financial Year 2017-18 and 2018-19, Registrar of Companies (ROCs) had struck off 3,38,963 companies u/s 248 of the Companies Act, 2013 for failing to file Financial Statements or Annual Returns and total number of 4,24,454 directors were disqualified under the provisions of section 164(2)(a) read with Section 167(1) of the Companies Act, 2013. READ MORE
Update:
MCA filed 11,082 prosecutions for non-filling of statement of accounts by Companies:
As per the provisions of the Companies Act, prosecutions are filed by the Ministry of Corporate Affairs (MCA) through Registrar of Companies against such companies which have not filed Financial Statements from time to time and there are 11,082 number of prosecutions filed by the MCA during the said period for non-filing of financial statements
During the Financial Year 2017-18 and 2018-19, ROCs had removed/struck off 3,38,963 companies u/s 248 of the Companies Act, 2013 including real estate companies for failing to file Financial Statements or Annual Returns for a continuous period of two or more financial years.
Reference: Reserve Bank of India
Update:
Extension of Direction period- Rupee Co-operative Bank Ltd, Pune, Maharashtra:
RBI had placed Rupee Co-operative Bank Ltd., Pune, Maharashtra vide directive UBD.CO.BSD-I/D-28/12.22.218/2012-13 dated February 21, 2013. The validity of the directions was extended from time to time vide subsequent Directives and was valid up
to November 30, 2019, subject to review.
RBI has decided that the siad directives shall continue to apply to the bank for a further period of 3 months from December 01, 2019 to February 29, 2020.
Implication:
The said bank will follow the directions issued by RBI for further period till 29 February 2020.
Update:
Extension of validity of directions-Shivam Sahakari Bank Ltd., Maharashtra:-
The Reserve Bank of India had stated that directions issued to Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. – Kolhapur, Maharashtra vide directive DCBS.CO.BSD-I/D-6/12.22.351/2017- 18 dated May 18, 2018, shall continue to apply to the bank till 31st January 2020.
Implication:
The said bank will follow the directions issued by RBI for further period till 31st January 2020.
