In one year, 16527 companies were closed, reducing the NPA burden on banks

Corporate Affairs Minister Rao Inderjit Singh said in a written reply to the Lok Sabha that a total of 16,527 companies were closed between April 2020 and June 2021. According to Section 248 of the Companies Act 2013, between April 2020 and June 2021, 16,527 companies were dropped from the companies’ register data. Section 248 of the Companies Act provides that a company may be removed from its official records only after certain conditions have been met. There are many things in this state. The Minister said that under this law no definition of shutdown or closed entity or corporate entity is prescribed.

Approval of element control amendment bill

Amid a flurry of opposition members, the Lok Sabha on Monday approved the 2020 Factor Regulation Amendment Bill, which proposes to provide additional avenues for micro, small and medium enterprises. Finance Minister Nirmala Sitharaman, who appealed to the House to approve the bill, said the government was making some amendments to the 2011 Act. Three amendments have been brought to the bill based on the recommendations of the UK Sinha Committee.

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The bill was introduced in the Lok Sabha on 14 September 2020. It was then referred to the Standing Committee, where all recommendations were received. Finance Minister said that MSMAE will benefit from this. I request that you pass this amendment bill. Amid the noise, the Lower House Factor Control Amendment Bill 2020 was approved. When one party sells its obligations to another party, it is called factorial. The bill was announced in the Budget Address for 2019-20 and 2020-21.

The NPA burden on banks is low

Finance Minister Bhagwat Kishanrao Karad told the Lok Sabha on Monday that passive assets (NPAs) or bad debts of banks have declined from Rs 61,180 crore to Rs 8.34 lakh crore by the end of March 31, 2021. By the end of March 2020, the total number of public sector banks was Rs 8.96 lakh crore.

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