Suppose a Section 8 company amends its articles without prior approval of the Registrar of Companies. In that case, the company shall be punishable with a fine which shall not be less than ten lakh rupees which may be up to one crore rupees. Every Director and every officer of the company who is in default shall be punishable with a fine which shall not be less than twenty-five thousand rupees but may extend to twenty-five lakh rupees ..read more

For reporting under the PMLA, every reporting entity shall appoint a “Designate Director.” According to Rule 2(1)(ba) of the PML (Maintenance of Record) Rules, 2005 (The Rules), a Designate Director is a person designated to ensure overall compliance under this ..read more

Under the reporting framework of PMLA, a “reporting entity” has following duties: 1. Verification of Identity by Reporting Entity; 2. maintain a record of all transactions; 3. Furnish information to director; and 4. Due Diligence ..read more

The impact of these two notifications on the “relevant persons”- an advocate, a chartered accountant, cost accountant or company secretary in practice- becomes “reporting entities” under the PMLA for these activities so notified ..read more

This amendment effectively amends the notice for Notice by Registrar for removal of the name of a company from the register of companies in Form STK – 1 ..read more

Physical verification of the Registered Office of a Company ..read more

The present discussion paper on Streamlining the Liquidation Process intends to facilitate the consultation at an early stage and remove discrepancies ..read more

Whatever facility regulators are willing to provide to Insolvency Professional Entities should also be provided to Individual Insolvency Professionals ..read more

The Discussion Paper on Remuneration of an Insolvency Professional, dated 9 June 2022, issued by the Insolvency and Bankruptcy Board of India, is a welcome step. We will discuss the proposed amendment ..read more

Auction Notice of Land and Building of VGA Developers Private Limited under Liquidation, Auction Date 20 June 2022 ..read more