Displaying items by tag: Ministry of Corporate Affairs

India: Star Cement has announced the formation of Ri Pnar Cement in Meghalaya as a wholly-owned subsidiary. The incorporation was approved by the Ministry of Corporate Affairs on 5 September 2024, and involves an authorised capital of US$11,911, divided into 100,000 equity shares valued at US$0.12 each.

India: A probe by the Ministry of Corporate Affairs (MCA) has found ‘serious’ financial irregularities in the accounts of Burnpur Cement. The regional director of the MCA has recommended an investigation of the company, according to the Business Standard newspaper. The MCA has also recommended that the cement producer be barred from making interest payments without government permissions in the interest of its shareholders. The company was reported as a non-performing asset in 2016 and its repayment schedule to lenders has been monitored in the media. It made a loss of around US$15m in the financial year that ended in March 2018.