Registration Of Companies

The RBI on Monday said it has cancelled the certificate of registration of Nagpur-based Zavron Finance due to irregular lending practices. Zavron Finance has violated RBI guidelines on code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as credit appraisal, loan disbursal, fixing of rate of interest, as well as KYC verification process, the central bank said in a statement. It further said the company not only failed to conduct due diligence on the Lending Service Providers (LSPs) to assess their competence, security and internal controls, ultimate beneficial owners, nationality/shareholding pattern, but also failed to carry out periodic review of security practices/control processes deployed by the LSPs so as to secure confidentiality/security of customer data. "The company has violated RBI guidelines on fair practices code by not providing the copy of loan agreement and sanction letter in ...

The High Court of Allahabad will start the registration procedure for Group C and D posts on October 4, 2024. Applicants can find the direct link on the official website at allahabadhighcourt.in

The Reserve Bank on Monday said it has cancelled the certificates of registration of two NBFCs -- Star Finserv India and Polytex India -- due to irregular lending practices. Hyderabad-based Star Finserv India was offering the service under 'Progcap' (owned and operated by Desiderata Impact Ventures Private Limited). Polytex India, headquartered in Mumbai, was providing services under the 'Z2P' mobile application (owned and operated by Zaitech Technologies Private Limited). Giving reasons for cancelling the Certificate of Registration (CoR) of Star Finserv, RBI said the company has violated guidelines on the code of conduct in outsourcing financial services in its digital lending operations by outsourcing its core decision-making functions, such as credit appraisal, loan sanctioning as well as KYC verification process to the service provider. Star Finserv has violated RBI guidelines on data confidentiality and security of customer information by providing complete access to customer

Sebi cancelled the registration certificate of Celebrus Commodities Ltd for allegedly allowing its clients to trade in illegal contracts on NSEL and failing to fulfill "fit and proper" criteria.

Experts suggested the MCA give access to the data and documents filed by companies to banks

More than half of the 100,000 corporate entities found dormant or defunct and struck off the list by registrars of companies (RoCs) in the recent past came from eight states and two Union Territories. As many as 54,233 of these entities were based in Delhi, Tamil Nadu, West Bengal, Gujarat, Uttar Pradesh, Punjab, Uttarakhand, Jammu & Kashmir, Meghalaya and Puducherry.Delhi and its adjoining areas had the largest number of dormant companies, with 22,864 being struck off the rolls of the RoC here. Followed by Tamil Nadu, which deregistered 12,134 companies.West Bengal recorded 8,000-plus cases; Gujarat was in fourth position with 3,625. The Chandigarh RoC has struck off 2,216 companies. These are followed by UP, Puducherry, Uttarakhand, Meghalaya and J&K.Sources said some of these companies were only on paper, to be used as shell entities.In a recent speech, the prime minister had stated that action was planned against shell companies to prevent their use in laundering of money.

After striking off 100,000 companies from their roster, the office of the registrar of companies (RoC) in Odisha has sent notices of deregistration to 81 limited liability partnerships (LLPs).According to the Union corporate affairs ministry, these companies have not been operating for two continuous financial years. Most of these have been registered for more than six years. They do not even have any official website. None of these have filed any financial statement with the ministry since they got registered in Odisha. These companies have got a month to challenge the showcause notices. They include builders, companies dealing in agricultural products, mining entities and tyre manufacturers. Apart from these 81 LLPs, another 12 have applied for cancellation of their names on the list. Tarun Ghia, chartered accountant, says: "Though the RoC plans to strike off their registration, action can also be taken against these companies. Even if a company does not exist in the RoC listing, ...