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<ul><li>India's edtech major <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s to release financial report after 18 months of delay. </li><li>Last valued at $22 billion, the edtech company faced larger scrutiny from the government over its audit reports. </li><li>BYJU's made 10 acquisitions last year for a cumulative transaction value of about $2.5 billion. </li><li>The company is likely to raise over $500 million</li></ul>After nearly 18 months delay of "ironing out the complexities", edtech major BYJU's is all set to reveal its financial report for FY21 on Wednesday, according to reliable sources. Facing intense scrutiny from the government over the long delay, the company had received an 'unqualified' report from auditor <keyword id="6358918" type="General" weightage="50" keywordseo="deloitte" source="Orion">Deloitte</keyword> late last month. According to sources, there is going to be a substantial difference between the projected sales and the audited revenue in BYJU's FY21 financial results. Last valued at $22 billion, the edtech company faced larger scrutiny from the government as it failed to submit its audited financial report. According to its FY20 financial report, the company registered revenue of ₹2,434 crore and a net profit of ₹ 51 crore. However, this time will be different as BYJU's made 10 acquisitions last year for a cumulative transaction value of about $2.5 billion, and some of those are not performing up to the mark in the hybrid world. According to people close to the matter, an 'unqualified' report from Deloitte came as a major sigh of relief for the company that has been under pressure to file its FY21 audited report amid delay and scrutiny. The last few months of delay were "unfortunate" and a clean Deloitte audit report instilled "a lot of confidence in the board members of BYJU's". The long delay alarmed the <keyword id="6376435" type="General" weightage="50" keywordseo="ministry-of-corporate-affairs" source="Orion">Ministry of Corporate Affairs</keyword> (MCA) which sent a letter to BYJU's last month, asking the edtech giant to explain the delay in filing its audit report for FY21. So far, BYJU's has raised over $6 billion in funding, and aims to file an IPO in the US through the Special Purpose Acquisition Company (<keyword id="1817616" type="General" weightage="50" keywordseo="spac" source="Orion">SPAC</keyword>) route. The company is likely to raise over $500 million (nearly Rs 3,900 crore) at a valuation of around $23 billion soon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/apple-makes-iphone-14-series-more-climate-friendly-with-recycled-elements/articleshow/94173470.cms">Apple makes iPhone 14 series more climate-friendly with recycled elements</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/spurt-in-social-gatherings-post-covid-is-boosting-alcohol-sales-in-india/articleshow/94172508.cms">Spurt in social gatherings post-Covid is boosting alcohol sales in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/a-fire-at-an-ev-showroom-has-killed-8-several-injured-while-trying-to-escape/articleshow/94167880.cms">A fire at an EV showroom has killed 8, several injured while trying to escape</a>

BYJU's set to release FY21 financial report, sales may see significant drop

India's most-valuable startup <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s is facing larger scrutiny from the government as it has failed to submit its audited financial report from Deloitte for the financial year 2021 even after more than 17 months. Insider company sources told IANS that the report is expected anytime soon, may be next week, but the long delay has now alarmed the <keyword id="6376435" type="General" weightage="50" keywordseo="ministry-of-corporate-affairs" source="Orion">Ministry of Corporate Affairs</keyword> (MCA). According to sources, the ministry sent a letter to BYJU's earlier this month, asking the $22 billion edtech startup to explain the delay in filing its audit report for FY21. The IPO-bound BYJU's, according to sources privy to the development, has completed the consolidation of businesses after "ironing out the complexities" as the edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year. According to them, there are "no compliance issues" as the company has filed its FY21 tax returns in the "due diligent manner". BYJU's did not comment on the latest development. In July, <keyword id="1575" type="General" weightage="50" keywordseo="congress" source="Orion">Congress</keyword> MP Karti P. Chidambaram shot off a letter to the <keyword id="107956" type="General" weightage="50" keywordseo="serious-fraud-investigation-office" source="Orion">Serious Fraud Investigation Office</keyword> (SFIO) to investigate the finances of edtech major BYJU's. Chidambaram called for a probe into BYJU's for not filing its 2020-21 (FY21) financial results, which the company had earlier stated to file by July 15, saying that it has yet to secure $250 million (around Rs 2,500 crore) capital from its most recent funding round in March. The company, which faced intense scrutiny in the past couple of months over several issues ranging from delayed audit and layoffs, made multiple acquisitions in FY21 and each of these acquisitions had a different accounting style and year. So far, BYJU's has raised over $6 billion in funding, and aims to file an IPO in the US through the <keyword id="6767232" type="General" weightage="50" keywordseo="special-purpose-acquisition-company" source="Orion">Special Purpose Acquisition Company</keyword> (SPAC) route. The company is also reportedly in talks to raise another $1 billion as it expands globally. According to reports, BYJU's is eyeing Nasdaq-listed American edtech company, 2U, for nearly $1 billion at $15 a share. The company has already "closed" payments related to its $1 billion acquisition of offline test preparatory services provider Aakash Educational Services. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/within-2-years-india-will-have-the-largest-pool-of-web3-developers-in-the-world/articleshow/93796613.cms">‘Within 2 years, India will have the largest pool of web3 developers in the world’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hp-launches-new-pcs-displays-and-webcams-for-a-hybrid-work-environment/articleshow/93796932.cms">HP launches new PCs, displays and webcams for a hybrid work environment</a>

BYJU’s comes under govt scrutiny for not filing financial data for FY21

The <keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword> on Wednesday dismissed the pleas of auditors of debt-ridden IL&amp;FS -- <keyword id="115294" type="COMPANY" weightage="20" keywordseo="Deloitte-Haskins">Deloitte Haskins</keyword> &amp; Sells and <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the <keyword id="3778499" type="COMPANY" weightage="20" keywordseo="NATIONAL-COMPANY">National Company</keyword> Law Tribunal, saying it can not be termed as "illegal". The NCLT had directed them to implead the auditors and independent directors as party. The NCLT is empowered to pass order to implead them under Section 242 of the Companies Act, 2013 in a petition under Section 241(2) if "it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest", the appellate tribunal further said. "Once such opinion is formed by the Tribunal, it may pass any order as it deem fit and proper,"said the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairperson Justice S J Mukhopadhaya. The case relates to IFIN, a subsidiary of IL&amp;FS. Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed. "As rules of natural justice are to be followed, if any order is passed against one or other, including investigation, it is always open to the Tribunal to ask such party to be impleaded," the NCLAT said. The MCA had asked the NCLT to freeze the assets of the former auditors in the case, involving alleged fraud in IFIN. The appellate tribunal, however, granted relief to both the auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. After the judgment was pronounced by the NCLAT in the open court, a request was made by counsels, representing accounting firms and other independent directors, to allow the interim order passed by it on July 29, 2019 for two weeks, which was accepted by the appellate tribunal. "We allow the prayer and continue the interim order passed on 29th July, 2019 for another two weeks," the bench said. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and independent directors of IL&amp;FS. Earlier on July 23, the NCLT had allowed the plea of the <keyword id="6376435" type="COMPANY" weightage="20" keywordseo="ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> (MCA) to implead the auditors and independent directors of IFIN. Moreover, visualsing the possible impact of IL&amp;FS crisis on the Indian economy, the NCLAT in its 72-page-long order said that various acts "prejudicial to public interest" have been highlighted, which has cascading impact on various sectors of economy and even the <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> -- which is responsible for the financial stability of the country -- too has raised "Red Signals" of the likely collapse of 'IL&amp;FS' in its confidential note dated September 30, 2018. "In the circumstances, before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal is of the opinion that it requires to give appropriate hearing to the concerned parties, including those who audited 'IL&amp;FS' and/ or those who have managed or were concerned with 'IL&amp;FS' or its Group Companies, it cannot be held to be illegal. "We find no merit in these appeals. They are accordingly, dismissed," the NCLAT said. The central government had submitted that the act of fraud perpetuated is on account of "mis-representation and falsehoods about the financial state of affairs" of the concerned company, which has jeopardized the financial health apart from causing serious damage and financial loss to various stakeholders. However, the tribuanl said that as the matter is still pending before the NCLT, it is "not inclined to express any opinion whether the allegations made against one or other require further investigation and the order what is required to be passed in public interest". While commenting on the development, Deloite India spokesperson said: "We will review the written order before determining our further course of action, which may include an appeal". Auditors cannot be treated as part of the management which is responsible for managing the affairs of the company and therefore should not be charged, the spokesperson said. "We will continue to present and protect its position, supported by the facts, to the relevant authorities. The firm remains committed to high standards of audit quality and ethical conduct in its professional practice," he added. There was no immediate comment from KPMG.

In the IL&FS scam, auditors will not be left off the hook for their role

<ul><li>A recent forensic audit on <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> by the SBI reveals funds misappropriation and fraudulent bills. </li><li>The report revealed that over a period of four years, a provision of ₹ 3,353 crore was made for a loan Jet Lite. </li><li>The <keyword id="6376435" type="UNKNOWN" weightage="20" keywordseo="ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> (MCA) had ordered an investigation into Jet Airways for financial irregularities under the Companies Act. </li></ul>A fresh set of troubles have hit the bankrupt Jet Airways. Recent audits by the <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) show that it has misappropriated funds relating to provision of loans, and raised fraudulent bills, <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/jet-airways-audit-shows-diversion-of-funds-fraudulent-billing/articleshow/70220878.cms?from=mdr">as per an ET report</a>. The audit reveals that it did not verify invoices, which led to inflation of bills and fuel expenses for Jet Airways, though they remained static for other airlines. “Provisions have been made for a ₹3,353 crore loan given to <keyword id="47941" type="COMPANY" weightage="20" keywordseo="JetLite">JetLite</keyword> over four years. Board resolution, shareholder approval for making this provision was not made available to the auditors,” the <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/jet-airways-audit-shows-diversion-of-funds-fraudulent-billing/articleshow/70220878.cms?from=mdr">forensic audit says</a>. A provision is when a company or a bank makes up for a loan which has gone bad or become unrecoverable, by putting extra funds into the kitty. These loans were also given out to Jet Lite in spite of the fact parent Jet Airways was making losses. The airline was grounded in April this year, after it accumulated as much as ₹8,500 crore in loans. It later turned bankrupt as no buyer came by, leading it to bankruptcy. The Ministry of Corporate Affairs (MCA) had ordered an investigation into the debt-laden airline for possible siphoning of funds and financial irregularities. Related parties As per the report, Jet has been mismanaging funds, in addition to siphoning them and conducting transactions with related parties. Also, Jet Airways has raised monthly invoices of ₹15 crore for commercial activities. There is no documentation available for this. It had also billed as much as ₹140 crore fraudulently to company called JP Mills, an act which left it with a loss of ₹46 crore. “There have been a systematic effort to siphon money from the company. In the limited analysis conducted it is clear that multiple methods were used to take out funds from Jet Airways,” sources told ET. SEE ALSO: <a href="https://www.businessinsider.in/the-tata-group-has-two-airlines-and-two-more-to-choose-fromair-india-and-jet-airways/articleshow/70129384.cms">The Tata Group has two airlines and two more to choose from—Air India and Jet Airways</a> <a href="https://www.businessinsider.in/tata-group-may-bid-for-jet-airways-assets/articleshow/70022109.cms">The ₹10 trillion Tata Group may want some of Jet Airways’ parts after the airline’s employees decided to bid</a>

Jet Airways raised fraud bills, faked invoices and siphoned off funds, says report

The <a href="http://www.businessinsider.in/strategy/Ministry-of-Corporate-Affairs-accuses-Infosys-of-botching-up-its-website-threatens-to-cut-payment/articleshow/51975790.cms">Ministry of Corporate Affairs</a> is rooting for a change in the process of registering <keyword id="4462061" type="UNKNOWN" weightage="100" keywordseo="companies-in">companies in</keyword> India, and if successful, would reduce the time to reserve the name of company to half a day, while taking one third of a day to incorporate a company. In February, it took two days to incorporate a company while the time was reduced to one day in March, indicating the speed at which the ministry is working. Also read: <a href="http://www.businessinsider.in/latest/aadhaar-made-mandatory-for-joining-boards/articleshow/58240595.cms">Aadhaar mandatory for joining boards and filing tax returns</a> The new rules implemented for speedy incorporation includes as many as 26 rules being automated, five procedures mixed into one and deletion of several rules, so that the number of <a href="http://www.businessinsider.in/four-lakh-companies-might-be-deregistered-soon/articleshow/58238326.cms">companies incorporated</a> can be increased. It was after MCA tied-up with the <a href="http://www.businessinsider.in/strategy/CBDT-one-unique-ID-number/articleshow/52039336.cms">Central Board of Direct Taxes</a> in February 2017 that over 20,000 companies received their Certificates of Incorporation within a day, while also getting their hands on other important documents like the Corporate Identity Number (<keyword id="4720237" type="ORGANIZATION" weightage="100" keywordseo="cin">CIN</keyword>), Permanent Account Number (<a href="http://www.businessinsider.in/latest/pan-and-tan-numbers-to-be-issued-in-just-1-day/articleshow/58128749.cms">PAN</a>) and Tax Deduction Account Number (<keyword id="52681" type="PERSON" weightage="100" keywordseo="tan">TAN</keyword>). (Image source Clip Art Fest)

Now register your company in a day in India

The government is mandating <keyword id="1780363" type="UNKNOWN" weightage="100" keywordseo="biometric-authentication">biometric authentication</keyword> for several Companies Act-related transactions, including joining the board of directors of a company, or filing its returns by chartered accountants and company secretaries. This authentication would be done using <a href="Systems%20reject%20matching%20PAN%20cards%20initials%20with%20Aadhaar%20database">Aadhaar cards</a>. In the past, <a href="http://www.businessinsider.in/strategy/Ministry-of-Corporate-Affairs-accuses-Infosys-of-botching-up-its-website-threatens-to-cut-payment/articleshow/51975790.cms">Ministry of Corporate Affairs</a> (MCA) has come across several instances of people being appointed directors either without knowledge or without receiving a Director Identification Number (DIN), which is required for joining a board. This was being done by forging their signatures, which would not be possible once Aadhaar verification comes into place. Also read: <a href="http://www.businessinsider.in/the-beginners-guide-to-aadhaar-pay/articleshow/57495093.cms">The beginner's guide to Aadhaar Pay</a> Once the verification is mandated, a DIN would need filling up the form online which would then be authenticated using biometric devices. A team from Infosys is working on a new mechanism for this authentication, which would in the coming years be expanded to include all MCA-related work. Starting this year, the I-T department has also mandated <a href="http://www.businessinsider.in/tech/Aadhaar-enabled-smartphones-for-money-transfer/articleshow/53630610.cms">Aadhaar</a> for issuing <a href="http://www.businessinsider.in/yourmoney/your-money/tax-dept-app-to-track-refunds-plans-issuing-pan-in-real-time/articleshow/57578243.cms">PAN</a>s, so that no individual can hold multiple PANs to evade taxes. Also read: <a href="http://www.businessinsider.in/linking-aadhaar-cards-to-bank-accounts-mandatory-says-i-t-department/articleshow/58141476.cms">Linking Aadhaar cards to bank accounts mandatory, says I-T department</a>

Aadhaar mandatory for joining boards and filing tax returns

The I-T department has developed a mobile app for paying taxes and tracking refunds and is considering issuing PANs on real time basis using Aadhaar biometric. 
 "Income Tax department is considering issuing of Permanent Account Number (PAN) on a real time basis using Aadhaar's e-KYC facility. The proposal is at an initial stage of consideration," Minister of State for <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> <keyword id="258592" type="PERSON" weightage="20" keywordseo="Santosh-Kumar-Gangwar">Santosh Kumar Gangwar</keyword> said in a written reply to the <keyword id="6355187" type="ORGANIZATION" weightage="20" keywordseo="Lok-Sabha">Lok Sabha</keyword> today. 
 
Besides, he said a mobile app "for paying taxes online has been developed. The mobile application has the functionality to pay taxes and track refunds". 
 
<a href="http://www.businessinsider.in/bloomsbury-unviels-the-harry-potter-and-the-prisoner-of-azkaban-illustrated-edition/articleshow/57539590.cms">ALSO READ: Bloomsbury unveils the Harry Potter and the Prisoner of Azkaban Illustrated Edition</a> 
 He said the PAN allotment system of the I-T department is integrated with the <keyword id="6376435" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword>' portal for allotment at the time of incorporation of a company. 
 "A turn-around-time of 4 hours is prescribed for allotment of PAN after receipt of PAN application from <keyword id="6355225" type="COMPANY" weightage="20" keywordseo="MCA">MCA</keyword> portal to PAN service provider <keyword id="77072" type="ORGANIZATION" weightage="20" keywordseo="NSDL">NSDL</keyword> eGov portal," he said. 
 
<a href="http://www.businessinsider.in/heres-a-first-of-its-kind-startup-auctioning-a-weekend-yoga-retreat-with-shilpa-shetty/articleshow/57578049.cms">ALSO READ: Here's a first-of-its-kind startup auctioning 'A Weekend Yoga Retreat with Shilpa Shetty'</a> 
 Besides, the tax department has started online PAN application facility using digital signature certification or Aadhaar based e-signature. "Also, online paperless PAN application facility using Aadhaar based e-KYC and e-signature is available through the websites of PAN services providers NSDL eGov and UTIITSL. In this facility, Aadhaar data is used for allotment of PAN and there is no need to upload scanned copies of any document," <keyword id="388942" type="PERSON" weightage="20" keywordseo="gangwar">Gangwar</keyword> said. 
 
The aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions. 
 
<a href="http://www.businessinsider.in/hyperloop-one-asks-indians-to-identify-the-first-busy-route-where-it-can-bring-ultra-fast-transportation-system/articleshow/57551789.cms">ALSO READ: Hyperloop One asks Indians to identify the first busy route where it can bring ultra-fast transportation system</a> 
 
So far, more than 111 crore Aadhar numbers have been issued. The unique identification number is being used for getting a new SIM card, for opening bank accounts, transfer of subsidies and also for biometric-based digital payments under Aadhaar Enabled Payment System. 
 
As per the government estimate, every year 2.5 crore people across the country apply for PAN cards. 
 
There are more than 25 crore PAN card holders in the country.

Tax dept app to track refunds; plans issuing PAN in real time

<a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> and the <keyword id="6376435" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> are at loggerheads over functioning of the ministry’s website. 
 The ministry has alleged that <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, which was entrusted with upgrading the ministry’s portal, did not fix glitches and also threatened the IT company of cancelling its full payment. 
 
However, Infosys has maintained that the entire system was performing as expected and all issues that had cropped up were fixed. 
 
"During the first few days after migrating to the new system, there were some issues which have been sorted out. There were some delays in the incorporation of some companies due to holidays. The ministry has made arrangements to clear the pendency by deploying additional assessment officers. This will take around 15 days to get cleared. Meanwhile, we would like to state that the system is performing as expected," an Infosys spokeswoman said in an email to ET. 
 Meanwhile, the ministry also wrote a letter to Infosys chief <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>. 
 
ET reported that Infosys had bagged the contract to upgrade the ministry’s website two years back on build-own-operate-transfer. 
 
"Since then we have been having problems, we would have understood if they were minor in nature but the magnitude of the issues were rather large. We have taken it up strongly with the top management of the company, which has ensured quick resolution," an official told ET. 
 
When the website was being updated and transition was underway, the ministry, reportedly, faced many issues. Defending itself, Infosys said since the upgradation, the number of filings on the site had actually increased. 
 
"Infosys has upgraded the MCA21 system to run on the SAP platform, which went live on March 27. Post the go-live, over 1,183 Indian companies have been incorporated and 1,647 limited liability partnerships have been registered. In addition, since March 27, there have been more than 2 lakh filings," Infosys told ET.

Ministry of Corporate Affairs accuses Infosys of botching up its website, threatens to cut payment

Companies operating in India will not have to carry with them a number of identifications, because <a href="http://www.businessinsider.in/CBDT-advises-I-T-officials-to-be-strict-towards-illegal-charity/articleshow/47601533.cms">Central Board of Direct Taxes </a>(<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>) will soon bring in one unique identification number using which they would be able to carry out all business transactions. 
 
CBDT and the<a href="http://www.businessinsider.in/Ministry-of-Corporate-Affairs-accuses-Infosys-of-botching-up-its-website-threatens-to-cut-payment/articleshow/51975790.cms"> ministry of corporate affairs</a> are integrating their back-end operations so that they can provide a simple identity to the companies operating in India; in a way, this will do away with the multiplicity of numbers that they currently use, like corporate, employer and tax payer identification numbers. 
 
"While this will be implemented at Centre's level, states will have a unique number under the Goods and Service Tax," a senior government official told ET. 
 
"It will enhance transparency and reduce any complexities arising out of multiple filing, therefore adding to the <a href="http://www.businessinsider.in/E-verification-becomes-easier/articleshow/50687419.cms">ease of doing business </a>in India," said Ashish Gupta, Partner - Financial Reporting Advisory Services, Grant Thornton India LLP. 
 
Also read: <a href="http://www.businessinsider.in/Now-you-can-register-your-company-in-just-one-day/articleshow/51468506.cms">Now you can register your company in just one day</a> 
 
"Since it is a multi-ministry exercise it could take some more time," another senior government official told ET. When the government will integrate company identification number, tax and labour IDs to form a unique identity, this will cut on a lot of compliance requirements and filings for companies, thus saving them a lot of time and money. 
 
"From regulator's point of view also, a single number will provide them all the information about companies. The platform would be the single largest database of all sectors," Sai Venkateshwaran, a partner at KPMG, told ET. 
 Not only this, the government is also trying to devise an e-signature so that companies can do away with the corporate stamps. For this, the Department of Electronics and Information Technology (<keyword id="382618" type="UNKNOWN" weightage="100" keywordseo="deity">DeitY</keyword>) will be using the <a href="http://www.businessinsider.in/central-govt-granted-access-to-aadhaar-database/articleshow/51438054.cms">Aadhaar numbers</a> to link it with e-signatures, so that they can use the digital locker - a 10MB free personal storage space, to securely store e-documents, like Indian individuals. 
 
<a href="http://www.it-outsource.info/images/keyboard.gif">Image source</a>

Companies to say goodbye to a horde of identifications, one unique ID numbers is enough, says CBDT

<keyword id="6376435" type="ORGANIZATION" weightage="60" keywordseo="Ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> and the <keyword id="65338" type="ORGANIZATION" weightage="60" keywordseo="Income-Tax-Department">Income Tax Department</keyword> has issued notices to <keyword id="6355394" type="COMPANY" weightage="80" keywordseo="United-Spirits">United Spirits</keyword> after the company’s current administration ordered an enquiry over loans given away by <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s <keyword id="81868" type="COMPANY" weightage="80" keywordseo="United-Breweries">United Breweries</keyword>. 
 
According to media reports the company has asked the present CEO Anand Kripalu to look into "possible existence of any other transaction of a similar nature". "The Board also believes that it is necessary to assess whether additional matters or the transactions with the additional parties were improper." USL asserted. 
 
In September 2014, USL ordered an investigation into the “role of individuals involved and potential non-compliance” of the Companies Act, 1956. This happened after Diageo bought a whopping 55% stake in the company for around $3 billion. 
 
Come April this year, the Diageo led new management asked Vijay Mallya to give up chairmanship of USL. It alleged that several legal violations were found in an enquiry into loans worth Rs. 1,337 crore given by USL to United Breweries. 
 
Mallya however refused to quit saying that Diageo has ‘contractual obligation’ to support him as Chairman and Director. 
 
(Image credit: icarus)

You Searched For "ministry of corporate affairs" and got 10 results

BYJU's set to release FY21 financial report, sales may see significant drop

IANS

BYJU’s comes under govt scrutiny for not filing financial data for FY21

IANS

In the IL&FS scam, auditors will not be left off the hook for their role

PTI

Jet Airways raised fraud bills, faked invoices and siphoned off funds, says report

BI India Bureau

Now register your company in a day in India

BI India Bureau

Aadhaar mandatory for joining boards and filing tax returns

BI India Bureau

Tax dept app to track refunds; plans issuing PAN in real time

PTI

Ministry of Corporate Affairs accuses Infosys of botching up its website, threatens to cut payment

BI India Bureau

Companies to say goodbye to a horde of identifications, one unique ID numbers is enough, says CBDT

BI India Bureau

MCA and I-T would probe United Spirits

BI India Bureau

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