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Govt may amend IBC, go for buyer protection and stricter homebuyers’ norms In October, Corporate Affair Secretary Injeti Srinivas said the ministry is mulling setting up of a threshold for home buyers for starting insolvency proceedings against real estate developers. Current Affairs News :The Insolvency and Bankruptcy Code (IBC) is probably going to experience further changes, as sources state the Ministry of Corporate Affairs (MCA) would before long move revisions to the code, including insurance for new purchasers and more tightly standards for home purchasers as far as taking designers to the NCLT. One of the corrections, which is probably going to go to the Cabinet soon, would give security to new purchasers of a wiped out organization against fakes submitted by its past proprietors. This would address cases, for example, Bhushan Power and Steel where the procedure has halted suddenly after ED joined a portion of the benefits of the wiped out organization post endorseme...

Online proficiency self-assessment test for independent directors from Dec Recent corporate scams have turned the heat on company directors, who, the government feels, failed to detect any signs of trouble Current Affairs :India Ratings and Research (Ind-Ra) has ascribed augmenting of financial deficiency in states in 2018-19 to slippage on the non-capital consumption by them. Prior, the Reserve Bank of India information demonstrated that financial shortfall of states rose to 2.9 percent of total national output (GDP) in their Revised Estimates, from 2.6 percent in their Budget Estimates for FY19. Then again, capital use was lower than planned, however it kept up a sound pattern. The rating organization accepted that gathering the N K Singh board’s prescribed degree of total obligation trouble at 20 percent of GDP by 2022-23 by states will be a test in a monetary situation described by moderate development and powerless demand.All free chiefs will before long need to take an...

NCLT allows MCA to appoint statutory auditors to IL&FS Financial Services IFIN, in its board meeting, had appointed Mukund M Chitale & Co the statutory auditor for the company. Current Affairs :The National Company Law Tribunal (NCLT) has permitted the service of corporate undertakings (MCA) to delegate Mukund M Chitale and Co the statutory inspector for IL&FS Financial Services (IFIN). IFIN, in its executive gathering, . had selected Mukund M Chitale and Co the statutory examiner for the organization. Continue Reading