MCA notifies Insolvency and Bankruptcy Rules, 2019

On 15 Nov, the Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules).  The rules will provide a framework for insolvency and ..

Tags: Bankruptcy • Business law • Corporate law • Debt • Finance

Injeti Srinivas Committee to look into offences under the Companies Act

The government has constituted a committee under Injeti Srinivas, secretary of the Corporate Affairs Ministry to look at recategorization of certain offences under the Companies Act as civil offences as well as review other provisions of the Companies Act and ..

Tags: Business law • Corporate law • Indian company law • Law • Legal entities

IDBI Bank launches paperless account opening facility for NRIs

IDBI Bank has launched the ‘NRI-Insta-Online’ account-opening process for Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents and KYC proofs for opening an account with the ..

Tags: Asia/Pacific Group on Money Laundering • Business law • Crime • Financial Action Task Force on Money Laundering • Financial regulation

Pakistan could be blacklisted by FATF

Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan could be blacklisted by the Financial Action Task Force because of ‘lobbying by India’ after estimating that the country could suffer $10 billion loss annually if it remains in the watchdog’s ..

Tags: Business law • Crime • FATF blacklist • Financial Action Task Force on Money Laundering • Financial regulation

11-member working group to go into concept of ‘Group Insolvency’ and suggest a suitable framework

The insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has set up a 11-member working group under the Chairmanship of former SEBI chief UK Sinha to go into the concept of ‘Group Insolvency’ and suggest a suitable framework. This ..

Tags: Bankruptcy • Business law • Debt • Finance • Insolvency

India ranked 77th in World Bank’s Ease of Doing Business Index 2018

India has been ranked 77th in the World Bank’s Ease of Doing Business Index 2018 . With this, India has jumped 23 places from 2017 in which it was ranked at 100th. In its annual ‘Doing Business’ 2019 report, World ..

Tags: Administrative law • Business • Business law • Entrepreneurship