President of India condoles the passing away of mother of president of Belarus



President of India condoles the passing away of mother of president of Belarus

The President of India, Shri Pranab Mukherjee has condoled the passing away of mother of His Excellency Alexander Lukashenko, the President Republic of Belarus. The President is shortly to visit Belarus.


In a condolence message addressed to President Lukashenko, the President has said, “I learned, with sadness, of the passing of your beloved mother on May 26, 2015. Please accept my heartfelt condolences on your bereavement. May you have the strength to bear this irreparable loss”.

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PM chairs high-level meeting on International Yoga Day


The Prime Minister, Shri Narendra Modi, today chaired a high-level meeting to review the preparations for International Yoga Day – June 21st. He said the planning of activities and events on Yoga Day should aim to make Yoga a mass movement, all over the world.

Emphasizing that Yoga's central theme is "synergy," the Prime Minister called for a coordinated effort, not only from various Government Ministries and Departments, but also with people's active participation, to enable a befitting celebration for the first International Yoga Day. He called for the involvement of eminent yoga practitioners, spiritual leaders and other distinguished individuals from various walks of life, so as to make the event a success.

The Prime Minister was given an overview of the preparations for the various events being planned in India and across the world, to mark the first-ever International Yoga Day.

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PM congratulates the students, who passed CBSE Class X exams


The Prime Minister, Shri Narendra Modi has congratulated the students, who passed CBSE Class X exams.

"To all my young friends who passed the CBSE Class X exams- Congratulations and best wishes for the continuing academic journey", the Prime Minister said.

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PM pays tributes to Veer Savarkar on his birth anniversary

Prime Minister, Shri Narendra Modi, has paid tributes to Veer Savarkar on his birth anniversary

"I bow to the great Veer Savarkar on his birth anniversary. We remember his indomitable spirit and invaluable contribution to India's history. Veer Savarkar's undying love for India made him fight injustice against our Motherland. He inspired many others to join freedom struggle. We salute Veer Savarkar for his emphasis on social reform and remember his writing and poetry that ignites the spark of patriotism among people," the Prime Minister said.

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Major Initiatives and Achievements of the Ministry of Corporate Affairs in the Last One Year


Following are the major initiatives and achievements of the Ministry of Corporate Affairs in the last one year.

·         Furthering ease of doing business - Companies Act, 2013:

o   16 amendments in the Companies Act, 2013 approved by the Parliament – these amendments are aimed at facilitating business and addressing concerns raised by stakeholders. A summary of the amendments is enclosed at Annexure-1.
o   A new integrated e-Form INC-29 has been made available w.e.f 1st May, 2015 for companies.  The Form does away with filing multiple applications/forms saving time and payable fees.  Detail may be seen at Annexure-2.
o   24 amendments in Rules under the Companies Act, 2013, 8 Removal of Difficulty Orders as well as many clarifications were also issued.
o   Certain prescribed forms were discontinued or merged with existing forms. Other Forms were also simplified.

·         Setting up of a Committee to look into further modifications required in the Companies Act, 2013.

o   A broad based Committee consisting of representatives of the Institute of Company Secretaries of India, the Institute of Chartered Accountants of India or some industry chambers and from the Ministry is being constituted to look into requirement for further changes in the Companies Act, 2013.

·         Notification of Indian Accounting Standards (Ind AS):

o   Consequent to announcement in the budget of Financial Year 2014-15 (para 128), accounting standards converged with global standards, namely, International Financial Reporting Standards (IFRS) were framed in consultation with the Institute of Chartered Accountants of India and National Advisory Committee on Accounting Standards.  These thirty nine standards, called Indian Accounting standards (Ind AS) have been notified on 16.02.2015 as Companies (Indian Accounting Standards) Rules, 2015.  These accounting standards are significantly congruent with the global standards, with minimum carve-outs and are expected to boost investor confidence.

·         Constitution of NCLT and NCLAT

o   The Constitution Bench delivered its final order on the long standing litigation. The constitution of the NCLT is being taken up in an expeditious manner.

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ANNEXURE 1

Companies (Amendment) Bill, 2015


SUMMARY OF AMENDMENTS AND THE OFFICIAL AMENDMENTS

1.         Omitting requirement for minimum paid up share capital, and consequential changes. (For ease of doing business) -[section 2(68)/2(71) of the Companies Act, 2013 (Act)].

2.         Making common seal optional, and consequential changes for authorization for execution of documents. (For ease of doing business) -[sections 9, 12, 22, 46 and 223 of the Act].

3.         Doing away with the requirement for filing a declaration by a company before commencement of business or exercising its borrowing powers.  (For ease of doing business)  -[Omission of section 11 of the Act and consequential change in section 248]

4.         Prescribing specific punishment for deposits accepted under the new Act. To deal with defaults in repayment of depositor. (For protection of depositors' interests) – [New Section 76A of the Act]

5.         Prohibiting public inspection of Board resolutions filed in the Registry. (To provide for confidentiality of commercial interests discussed in resolutions) -[section 117(3) of the Act].

6.         Including provision for setting off past losses/depreciation before declaring dividend for the year- (Standard prudential clause).[ section 123(1) of the Act]

7.         Rectifying the requirement of transferring equity shares for which unclaimed/ unpaid dividend has been transferred to the Investor
Education and Protection Fund (IEPF) even though subsequent dividend(s) has been claimed -[section 124(6) of the Act].

8.         Enabling provisions to prescribe thresholds beyond which fraud shall be reported to the Central Government (below the threshold, it will be reported to the Audit Committee/ Board). Disclosures for the latter category also to be made in the Board’s Report. [ section 143(12) and 134(3) of the Act].

9.         Empowering Audit Committee to give omnibus approvals for related party transactions on annual basis. (Align with SEBI policy and increase ease of doing business)– [section 177(4) of the Act].

10. Exemption u/s 185 (Loans to Directors) provided for loans to wholly owned subsidiaries and guarantees/securities on loans taken from banks by subsidiaries. (This was provided under the Rules but being included in the Act as a matter of abundant caution).[ section 185(1) of the Act].

11.       Replacing ‘special resolution’ with ‘resolution’ for approval of related party transactions by non-related shareholders. (Balance the process for majority supported genuine commercial decisions) -[section 188(1) of the Act].

12.       Related party transactions between holding companies and wholly owned subsidiaries exempted from the requirement of approval of non-related shareholders. -[section 188(1) of the Act].

13.       Bail restrictions to apply only for offences relating to fraud u/s 447.  [section 212(6) of the Act].

14.       Winding up cases to be heard by 2-member Bench instead of a 3-member Bench. - [section 419 of the Act].

15.       Special Courts to try only those offences carrying imprisonment of two years or more. (Rationalization of jurisdiction, to let magistrates try minor violations, with the objective of speeding up disposal).[section 435 and 436 of the Act].

16.       Rationalizing the procedure for laying draft notifications granting exemptions to various classes of companies or modifying provisions of the Act in Parliament, in order to ensure speedier issue of final notifications. (For a faster process of giving exemptions to classes of companies). [section 462 of the Act].


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ANNEXURE 2

NEW FORM INC-29


1)        The integrated e-Form INC-29 is available with effect from 01.05.2015 for One Person Company, Private Company, Public Company and Producer Company.

2)        INC-29 does away with filing of multiple applications/forms saving time and payable fees. It combines the processes relating to:-
i.          Allotment of Director Identification Number (DIN) (up to three Directors),
ii.         Incorporation of a company, and
iii.        Appointment of first Directors of the company.

3)        The new e-Form does away with the need for reserving a name for the company prior to applying for its incorporation.

4)        Declarations are in-built in the e-Form. Separate attachments containing such declarations are not required.

5)        The e-Form is enabled for future integration with e-Biz platform of DIPP for generating applications for PAN, ESIC and EPFO numbers on the platform and therefore provide a single interface for these applications also.




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Conclave of Chiefs – 2015

In a first of its kind, Admiral RK Dhowan, CNS, today inaugurated the ‘Conclave of Chiefs’ on the sidelines of the Naval Commanders’ Conference. The meeting, included for the first time as part of the naval calendar, provided an opportunity for the former Chiefs to interact with the Commanders and other Senior officers and be apprised with the latest developments in the Indian Navy and its future plans.

A key take away from the Conclave was the guidance and views that the erstwhile Chiefs had on a myriad of issues. It was intended to take advantage of their experience, knowledge and collective wisdom to chart the path ahead for the Indian Navy. It is on record that each former Chief played an important role in shaping the Navy and today’s Indian Navy is a result of the collective effort put in by this extended naval family. Besides being a reunion of sorts, a broad overview of the numerous progressive steps being taken on operational, material and personnel issues by the Navy; was also presented during the Conclave. The ex Chiefs were also provided a perspective on the achievements of the Service and the future plans anchored on the ‘Make’ in India’ initiative.

The spouses of the Chiefs were given an overview of the efforts of the Navy Wives Welfare Association and the efforts of the Indian Navy in the areas of community welfare and development, particularly with regard to the naval families.

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Naval Commanders’ Conference Concludes

“ Men and Women Behind the Machine are Navy’s Greatest Asset and Deserve Highest Priority” - Admiral RK Dhowan

The first edition of this years’ bi-annual Naval Commanders' Conference was conducted at New Delhi from 25-28 May 15. Chief of the Naval Staff Admiral RK Dhowan chaired the conference and addressed the Navy’s top leadership on myriad issues including enhancing operational readiness of the Commands, infrastructure development, human resources management, coastal security, cyber security in the Indian Navy and foreign cooperation initiatives, amongst others.

Emphasising that combat readiness of the fleet and other operational formations is of prime importance and focussed efforts, as hitherto, are required at all levels to ensure sustained growth of the Navy into a formidable multi-dimensional force, the Admiral complimented all ranks of the Navy in maintaining a high tempo of operations during the last six months, including the response shown during the fresh water crisis in the Maldives and evacuation of people of various nationalities from Yemen.

One of the focus areas discussed during the conference was the induction of manpower, aspects pertaining to training and skill development, and welfare of personnel. Consequent to 2015 being observed as the ‘Year of the Sailor’ in the Indian Navy, service conditions of sailors and their quality of life (including post retirement placements, accommodation and hospital facilities etc.) were deliberated extensively. The CNS stated that our men and women are our greatest assets and their morale and well-being should always remain of primary concern. The men and women behind the machine are the Navy’s greatest strength. They need to be viewed and harnessed as such at all levels.

The indigenisation programme of the Navy was discussed and the CNS stressed that indigenisation of platforms, weapons, sensors and equipment, through DRDO, public and private sectors as also through in-house efforts, should remain an area of focus. He emphasized that the ‘Roadmap for the Navy’s expansion and growth would continue to remain anchored on Self-reliance and Indigenisation’. He also urged the naval designers and technical officers to work in close coordination with DRDO so as to develop niche technologies for the future Navy.

During the course of the conference, the CNS released the Maritime Infrastructure Perspective Plan (2015-27) and reviewed progress of various infrastructure projects that are in the pipeline and shall contribute towards capacity building. The need to adopt sustainable green technologies, re-cycling and waste management to reduce carbon footprint of our bases, in pursuance of the energy goals of our country as also to have ‘zero carbon footprint’ were also stressed by the CNS. An integrated roadmap and action plan to develop ecologically sustainable infrastructure was also released by the CNS. Plans for conduct of International Fleet Review and induction plan for Scorpene submarines were also reviewed by the CNS.

Consolidation and strengthening of the rapidly expanding aviation arm of the Navy was discussed. Deliberations were also held on infrastructure and manning requirements for new induction aircraft, including Unmanned Aerial Vehicles and enhancement of surveillance in our area of interest.

The CNS reviewed the 'coastal security construct' and was satisfied with the steady progress made in strengthening the coastal security apparatus viz. induction of FICs, ISVs and NC3 I project. He asserted the need to remain ever vigilant and focussed towards our coastal security responsibilities, through proactive coordination with other maritime agencies and coastal states. Deliberations were also held to strengthen ‘Cyber Security in the Indian Navy’.

Various proposals from the Indian Navy have been forwarded for consideration of the 7th CPC to ensure that the aspirations and expectations of Indian Navy personnel, along with the difficult conditions of service on board operational platforms are recognized. A comprehensive review of proposals forwarded to the 7th Central Pay Commission which included conditions of service and emoluments paid to the Armed Forces personnel was undertaken by the CNS during the course of deliberations.

One of the highlights of the conference was the opportunity naval commanders' had to interact with the MoD officials and the other service chiefs, wherein issues pertaining to joint operations and military synergy were discussed.

In his closing address the CNS complimented all personnel of the Indian Navy for their professionalism and patriotism, and exhorted them to prepare themselves and the Navy to meet all future maritime security challenges before the country. Operational consideration should remain our collective focus in the coming years, he said. The Navy’s role is not only vital for national security, but also for national prosperity and development, he concluded.

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President of India condoles the passing away of mother of president of Belarus President of India condoles the passing away of mother of president of Belarus Reviewed by Ajit Kumar on 10:40 AM Rating: 5

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