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The government has notified regulations for voluntary liquidation under the Insolvency and Bankruptcy Code.Companies, limited liability partnerships and any other persons incorporated with limited liability can opt for voluntary liquidation. The new regulation has become effective from April 1, the Ministry of Corporate Affairs said in a notification.As per the norms, a corporate person may initiate a voluntary liquidation proceeding subject to various conditions, including that majority of the directors or designated partners of the corporate person make a declaration to that effect. Besides, an insolvency professional is prohibited from acting as a liquidator for a corporate person if he is not independent of the entity concerned. Further, the liquidator and professionals assisting him in liquidation are required to make disclosures -- initial and continuing -- about pecuniary or personal relationship with any of the stakeholders or the corporate person. Business Standard New Del

IT minister says govt has roped in McKinsey to prepare road map for digital economy With the aim to “corporatise“ its Digital India project, the government is looking at creating a Digital India Corporation. Union minister for electronics and IT Ravi Shankar Prasad said the idea is to have a professional way to implement the programme. “It will be professionally managed with a corporate architecture,“ he said on Tuesday at a press conference to list achievements of his ministry after three years of the Modi government. Prasad also said the government has appointed consultancy firm McKinsey to prepare the road map for the digital economy for the next few years. Government think-tank Niti Aayog will also prepare an e-readiness index of the states. “The digital economy in the country will become a one trillion [dollar] economy in the next five to seven years,“ Prasad said. Since the government announced demonetisation, the volume of digital payments through mobile wallets has increase

Markets regulator Sebi on Tuesday allowed mutual funds, alternative investment funds and portfo lio managers, operating in international financial servic es centres (IFSC), to invest in securities listed in such centres. Besides, they are permitted to invest in securities issued by companies incorporated in IFSC, the Securities and Exchange Board of India (Sebi) said in a circular. Further, they can also invest in securities issued by firms incorporated in India or companies belonging to foreign jurisdiction, it added. These investments are subject to conditions stipulated or issued by RBI and government from time to time. The Economic Times New Delhi, 24th May 2017

The Centre is likely to introduce a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and non banking financial company (NBFCs) and micro finance institutions which have money deposited, in the monsoon session of Parliament,asenior finance ministry official said. Business Standard New Delhi, 24th May 2017

The government´s white collar crime investigation agency Serious Fraud Investigation Office (SFIO) is developing a new system for early detection of corporate frauds and to safeguard gullible investors from fly by night operators.The new system would also trawl social media platforms for leads on any possible fraud in making.The SFIO, which comes under the Corporate Affairs Ministry, floated a tender earlier this month for selection ofa ´managed service provider´ to develop this ´Early Warning System´, calling for bids to be submitted by May 31. Business Standard New Delhi, 24th May 2017

After having fixed the rates of the goods and services tax (GST) on almost all commodities and services, the GST Council is trying to ensure that businesses pass on any tax reduction benefit to consumers when the new indirect tax regime comes into force on July 1. The most important issue related to the implementation of GST is whether the tax cuts will be passed on to consumers, Kerala finance minister Thomas Isaac said, adding that the council, which debated it prior to bringing in the anti-profiteering clause in the GST law, will discuss this matter further. “Union finance minister Arun Jaitley has assured that we may even have a special session (of the council) on this. It is noteworthy that no industry has come forward and said maximum retail prices will be reduced in line with tax reduction,” Isaac said in an interview. For the government, which insists that GST rates are not inflationary, it is essential for consumers to feel a cooling of prices to make the most radica

Experts say the Aid for Trade meeting in July may be a back door attempt by other nations to push e-commerce The World Trade Organisation has called a review meeting to promote connectivity through digital trade in developing countries, particularly least developed countries, amid strong opposition by India owing to apprehensions among experts that this may be a back door attempt to push e-commerce. The aim of the evaluation, which will take place, in July is development of e-commerce, infrastructure investment, services markets and investment in climate reforms.   Moreover, the global review of Aid for Trade is influential in galvanising support and directing strategies to help developing countries derive the maximum development benefit from trade.   “The strategy is to sell e-commerce to the African nations and get their critical support. If Africa comes in support, then the ecommerce deal is done. It will be pushed as being development friendly,“ said a Delhibased trad