Over 7,700 firms voluntarily closed business since setting up C-PACE, govt tells Parliament
ALSO READ: 53 Chinese foreign firms established business in India, govt tells Parliament Earlier on 1 May 2023, the corporate affairs ministry operationalized the C-PACE to facilitate and expedite the applications filed for voluntary exit under the provisions of Section 248 (2) of the Companies Act, 2013. Under the Act, certain classes of profitable companies are required to shell out at least two percent of their annual average net profit towards CSR (Corporate Social Responsibility) activities.
Singh said that whenever a violation of CSR provisions is reported, action against such non-compliant companies is initiated as per provisions of the Companies Act after due examination of records and following due process of law. "So far, sanction for prosecution has been accorded in 366 cases.
Of these, 175 applications for compounding have been made and 131 cases have been compounded. "Now, the non-compliance of CSR provisions has been converted as a civil wrong w.e.f.
22nd January 2021," he added. Earlier in the parliament, Singh said that At least 53 Chinese foreign companies established a place of business in India, and these firms maintained no specific data about business activities related to providing loans through apps.
"However, no specific data is maintained about the details of business activities related to providing loans through apps by these companies," he added. With agency inputs.Milestone Alert!
Livemint tops charts as the fastest growing news website in the world
