In a move to plug gaps in the Insolvency and Bankruptcy Code (IBC), the ministry of corporate affairs (MCA) has proposed robust norms against avoidance transactions, wrongful trading, and inordinate delays via changes to look-back period and fixed timelines for the tribunals to reject or approve plans, among other measures. The MCA has proposed that the IBC should provide the adjudicating authority with 30 days for approving or rejecting a resolution plan under Section 31. If a decision is not made on the resolution plan within that period, the adjudicating authority will record reasons in writing for the same, the ministry has proposed.
According to new proposal for amendements in the labour law, a worker will be allowed to object to being laid off within three years, against no clear period specified in the law now.
Capital markets regulator Sebi on Monday came out with a framework for operationalising the gold exchange, wherein the yellow metal will be traded in the form of electronic gold receipts (EGRs). The stock exchange desirous of trading in EGRs may apply to Sebi for approval of trading in the new segment, the regulator said in a circular. The bourses can launch contracts with different denomination for trading or conversion of EGR into gold. Under the new framework, the entire transaction has been divided into three tranches-- creation of EGR; trading of EGR on stock exchange and conversion of EGR into physical gold.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
Banks are auctioning 2,362 properties in next 30 days. The foremost benefit of purchasing a property in a bank auction is that you could get it at a significant discount to the market rate.
Heavy overnight rains have disrupted normal life in the island with a flood-like situation in north and middle Andamans.
The one-time restructuring of loans will help every firm and prevent cost-cutting measures such as lay-offs.
The major reason for the policy confusion over e-vehicles is the lack of conviction within government about the utility of this disruptive technology and its role in India's larger Paris Agreement climate change commitments.
A summary of sports events and sports persons, who made news on Thursday
For the current woes of the state to end, in city after city, town after town, village after village, unauthorised constructions have to be removed, no questions asked, says N Sathiya Moorthy.
Santosh Kamath, partner (infrastructure and government services), KPMG in India, expects an extension of a tax holiday for the sector.
There has been a welcome focus on fundamental reforms, time-bound programmes that fix accountability and the use of technology. The upcoming Budget could build on these initiatives, says Abhas Jha.
There have been several occasions when workers have raised an industrial dispute with employers demanding compensation for being retrenched due to continued illness
US Secretary of State Antony Blinken was asked by US Congressmen if the US had explore the possibility of northwest India for counter terrorism capabilities in Afghanistan. Blinken's remarks on India assume great importance, observes Ambassador M K Bhadrakumar
In a first, a public transport facility is beating its own drum.
We don't know where this proposal is going to end up, but we do know that Test cricket is becoming less and less feasible in commercial and financial terms, with every passing Test, says Suhit K Sen.
Given the urgency, the Indian Navy is buying 24 MH-60R Seahawks in flyaway condition, and plans to build another 99 in India through the strategic partnership route.
The defence ministry has lost sight of what it intended to achieve -- which was to nurture private defence firms that would compete on equal terms with the 9 defence PSUs and the 41 Ordnance Factory Board factories.
The Centre has put the blame on state governments while state governments complain that money is not released for the proposals given by them to the Empowered Committee that has been tasked with recommending proposals to be funded under this framework.
'It will take many years to clean the Ganga. It will not happen in five years like the prime minister wants. If you want it to be sustainable, temporary measures won't work.' Twinkle Tom, an environmental engineer by training (from Stanford no less!), now designs wedding gowns because India, sadly, does not want her expertise and skill.
The government's predicament is a result of its own doing: That of not ensuring adequate buy-in by the stakeholders before passage of the laws, notes Vivek Gumaste.
With no payments coming in, HAL for the first time ever taken a bank loan of Rs 7.81 billion.
There is a huge gap in service charges on other factors such as penalty on cheque return.
IFC will act as a transaction advisor for the projects to be developed in the public-private partnership mode.
Ramanathan Raju, a medical doctor who brings more than 30 years of experience in public and not-for-profit hospital systems, was on Tuesday appointed the commissioner of Health and Hospitals Corporation by New York City Mayor Bill de Blasio.
While Rajya Sabha Chairman M Venkaiah Naidu asked the protestors not to make the House a "clog in the wheel" of progress, Lok Sabha Speaker Sumitra Mahajan said they should keep in mind the larger interests of the nation.
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
Reliance Industries leads the pack of 56 Indian companies.
'...but from those who control the narrative.' Powerful nations have mastered this art of narrative building. Those nations who aspire to become global powers must do so, observes Shanthie Mariet D'Souza.
The successful implementation of the new Act will depend on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision
International Cricket Council (ICC) chief executive David Richardson revealed that a clampdown down on bouncers is unlikely despite the passing of Australian batsman Phillip Hughes last Thursday.
While GST and insolvency laws are among the major achievements of the Modi government, the list of failures include demonetisation, toxic banks, manufacturing hiccups and most prominently bizarre job creation figures. Mihir S Sharma takes a look at the four years of Modi government.
The problem can be met, according to Shubhashis Gangopadhyay, research director of India Development Foundation, by the government tapping into its own land holdings.
Combining affordable IT with native Indian ingenuity and entrepreneurship F C Kohli believed would enable Indian small businesses match anyone and thrive.
'Everybody says 5G and communication is important.' 'Everybody says automation, robotics, human computing interfaces -- people and machines working together -- is the future.' 'Everybody agrees that cybersecurity is something that is here to stay.' 'Everybody agrees that synthetic biology is important.' 'Instead of outlining thinking about industries for tomorrow and the future, let the evolutionary pathway be built in a way that it promotes robust, creative, thinking.'
These sectors have underperformed the wider market over the past year and are seen having far more upside potential if the economy picks up thanks to Modi's reformist agenda.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
In a maiden initiative, the Election Commission has introduced e-filing of affidavits by candidates for the forthcoming Lok Sabha and assembly polls.
He takes over from Ashutosh Vaidya, who will move into a full-time position as head of Global Delivery for Dell Services.
