Till now, there was no provision in the Companies Act that allowed a remuneration for the non-executive director if the company was in loss or had inadequate profits. Only the executive director was entitled for a remuneration in the event of a loss.
The ministry of corporate affairs (MCA) has launched a probe into the books of Edelweiss Asset Reconstruction Company (EARC) following allegations by a whistleblower of fund diversion and irregularities. The whistleblower, Paras Kuhad, a former additional solicitor general of India, had written to the Prime Minister's Office and the Reserve Bank of India (RBI). Kuhad has alleged that Edelweiss Group and Caisse de depot et placement du Qubec (CDPQ), a Canadian institutional investor, which hold stakes in the ARC, diverted funds and did not adhere to norms while making investments in EARC's instruments. Sources have indicated that a probe has been initiated, but the MCA did not comment on the issue.
With just a few days left for the suspension on fresh corporate insolvency cases to end, government sources have indicated that another extension is unlikely. An extension may not be economically desirable as it hampers the restructuring prospects for stressed companies, according to senior officials. Also, it would be a challenge to amend the law in such a short time. A Bill would have to be passed in both Houses of Parliament, if any change, with respect to suspension of Insolvency and Bankruptcy Code (IBC), is to be made - including extension or creating any exceptions to the rule.
Here's what some states are doing to get a grip on the situation. Ruchika Chitravanshi & Aneesh Phadnis report
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
Epidemiologists point out that if there is no second wave, it means that the number of infected has surpassed the uninfected, reports Ruchika Chitravanshi.
Moreover, 5,611 companies struck off earlier by the ministry of corporate affairs because of compliance-related lacunae, were registered again.
Corporate social responsibility rules that kicked in on Friday also set a three year time-limit for any CSR project, among a series of other amendments introduced by the government.
The vaccine was well tolerated in all dose groups with no vaccine-related adverse events.
CII has also called for tax incentives for new health care projects and import duty relief for lifesaving equipment.
A draft proposal by the sub-committee of the insolvency law committee has recommended that the corporate debtor (CD) may initiate the prepack since it may prove difficult to implement if creditors are allowed to do so without the willingness of the promoter.
'I would go for Bharat Biotech's Covaxin and not Covishield, and that is my personal judgment since at least 11,500 have got at least one dose by now and it has proven to be safe.'
'The government should put the whole road map together for the vaccine and decide how industry can support...' 'They should allow the private sector to vaccinate.'
The expert committee sought more information from Serum Institute regarding the Oxford-AstraZeneca vaccine.
The Serum Institute of India has stockpiled 40 mn-50 mn doses and is adding more every week. Most of these will come to India.
Bharat Biotech recruited 13,000 participants for the Phase-3 clinical trial of Covaxin. This is one of the largest efficacy trials held in the country.
For vaccination, online registration is mandatory. Thereafter, eligible beneficiaries will be informed on their registered mobile number about the nearest vaccination facility, and the date and time of vaccination.
Experts say this further underlines the lack of investor interest in stressed assets at present.
The company has developed detailed logistical plans and tools to support effective vaccine transport, storage, and temperature monitoring. Sohini Das and Ruchika Chitravanshi report.
One of the changes being proposed is allowing LLPs to issue non-convertible debentures.
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