Tag: nri

he ministry of corporate affairs (MCA) amended the Companies Rules to revise the definition of a small company and to allow non-resident Indians (NRIs) to incorporate one-person companies (OPCs) in India. The changes, announced by finance minister Nirmala Sitharaman during her budget speech on Monday, will come into effect from April 1, according to the notifications. Paid-up capital and turnover of the small company shall not exceed rupees two crores and rupees twenty crores respectively,” the notification said. The previous definition was based on thresholds defined by the Companies Act which mentioned a maximum paid-up capital of Rs 50 lakh and turnover of Rs 2 crore for the immediately preceding fiscal. Amendments to the Act in 2018, contained provisions for increasing the paid-up capital and turnover thresholds for small companies up to Rs 10 crore and Rs 100 crore, respectively. Read more

Fast-moving consumer goods (FMCG) major ITC shares gained 4.6 per cent to Rs 194.95 per share on the BSE on Tuesday after the company reported it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company.ITC has entered into a share purchase agreement (SPA) on May 23, 2020, to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified in the SPA, as per company release. The share-purchase agreement was completed after the lockdown was enforced and the final deal is likely to be signed soon. ITC didn’t comment on the deal size, but sources estimated it at close to Rs 2,000 crore. Read more