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CLAT Exam  >  CLAT Questions  >  Who has taken charge as the Managing Director... Start Learning for Free
Who has taken charge as the Managing Director of the Solar Energy Corporation of India Limited (SECI)?
  • a)
    Ashwani Kumar
  • b)
    Natarajan Sundar
  • c)
    Ajay Yadav
  • d)
    Karnam Sekar
Correct answer is option 'C'. Can you explain this answer?
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Who has taken charge as the Managing Director of the Solar Energy Corp...
Managing Director of SECI: Ajay Yadav

- Ajay Yadav has taken charge as the Managing Director of the Solar Energy Corporation of India Limited (SECI).
- SECI is a public sector undertaking under the administrative control of the Ministry of New and Renewable Energy (MNRE), Government of India.
- Ajay Yadav has extensive experience in the power sector and has previously served as the Executive Director of the Power Grid Corporation of India Limited (PGCIL).
- He has also held various positions in PGCIL, including General Manager and Chief General Manager.
- Ajay Yadav's appointment as the Managing Director of SECI is expected to further strengthen the organization's efforts in promoting renewable energy in India.

SECI and its Role:

- The Solar Energy Corporation of India Limited (SECI) is a key player in India's renewable energy sector.
- It was established in 2011 with the primary objective of implementing the National Solar Mission and other renewable energy programs in the country.
- SECI acts as an intermediary between project developers and off-takers, facilitates the development of renewable energy projects, and promotes the use of solar energy in India.
- The organization is responsible for various activities including project development, project management, power purchase agreements, and the sale of renewable energy certificates.
- SECI has played a crucial role in the growth of solar energy in India and has been instrumental in the implementation of large-scale solar projects across the country.

Ajay Yadav's Role as Managing Director:

- As the Managing Director of SECI, Ajay Yadav will be responsible for overseeing the overall functioning of the organization.
- He will work towards achieving SECI's objectives of promoting renewable energy, particularly solar energy, in the country.
- Ajay Yadav's extensive experience in the power sector and his previous role in PGCIL will bring valuable expertise to SECI.
- His leadership and strategic vision are expected to contribute to the growth and development of the renewable energy sector in India.

In conclusion, Ajay Yadav has taken charge as the Managing Director of SECI, and his appointment is expected to further strengthen the organization's efforts in promoting renewable energy in India.
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Who has taken charge as the Managing Director of the Solar Energy Corp...
Ajay Yadav, a seasoned IAS officer from the 2005 batch of the Bihar cadre, has taken charge as the Managing Director of the Solar Energy Corporation of India Limited (SECI). SECI is a Miniratna Category-I Central Public Sector Enterprise that plays a pivotal role in implementing renewable energy schemes and projects under the Ministry of New and Renewable Energy, Government of India. Ajay Yadav's expertise in renewable energy and extensive experience in the administrative services make him well-suited for this position. SECI has been instrumental in promoting solar energy projects, facilitating investments, and contributing significantly to India's sustainable energy goals. Therefore, the correct answer is option c.
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The Insolvency Code vests the management of the affairs of a corporate debtor in the interim resolution professional(IRP) on the insolvency commencement date. This implies the imposition of corresponding duties on the IRP. The Insolvency and Bankruptcy Board of India directed that, while acting as an IRP for a corporate person under the Code, reasonable care and diligence shall be exercised to ensure corporate debtor’s compliance with the applicable laws, failing which liability would be imposed on the IRP. This is unlike what would have been the case under the Companies Act where consequences would be borne by the directors. Additionally, the Code suspends the powers of the board of directors. Their functions are limited to providing assistance to IRP.A significant verdict of the Court held that the general duties of directors continue independent of, and run parallel to, the duties owed by an IRP. It was noted that the law expects, in an insolvency situation, for more than one actor to play their part, and that the fiduciary duties of the directors are an important part of the protection afforded to the company and its creditors.In other judgment the Court observed that various duties of IRP enumerated under the Code manifest that one individual cannot undertake all. In light of the Code, which mandates personnel of the debtor to extend all assistance to the IRP, the argument that the IRP cannot delegate some of his duties and functions to such personnel has to be rejected. The landmark judgment of the Supreme Court laid down that the resolution professional is really a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and the adjudicating authority. In another judgment, the Court held that it is the directors of the company who are directly affected by any declaration regarding the insolvency and thus, even though the Code suspends the board of directors, yet the authorization by the same to the managing director to represent the company is valid. There is a lot more to the functions of the directors during insolvency proceedings than providing cooperation to the IRP. One of the foremost duty of a director is to cater to the interest of the creditor during the insolvency phase. With the survival of directors following insolvency, it also becomes necessary to note that there is an active survival of their functions and duties as well, rather than merely carrying out a supporting role. To achieve this, recognition of general duties of the directors under the Companies Act is certainly a minimum requirement, independent of the Code.Q. Before the initiation of insolvency proceedings, the company X had been declared as a shell company by the Securities and Exchange Board of India. The managing director, acting in accordance with a resolution passed by the board of directors authorizing him to file a petition on behalf of the company, approached the High Court against the declaration. But, this was done only after the company had become the subject of insolvency proceedings. Determine whether the Managing Director has a locus standi to represent the company?

The Insolvency Code vests the management of the affairs of a corporate debtor in the interim resolution professional(IRP) on the insolvency commencement date. This implies the imposition of corresponding duties on the IRP. The Insolvency and Bankruptcy Board of India directed that, while acting as an IRP for a corporate person under the Code, reasonable care and diligence shall be exercised to ensure corporate debtor’s compliance with the applicable laws, failing which liability would be imposed on the IRP. This is unlike what would have been the case under the Companies Act where consequences would be borne by the directors. Additionally, the Code suspends the powers of the board of directors. Their functions are limited to providing assistance to IRP.A significant verdict of the Court held that the general duties of directors continue independent of, and run parallel to, the duties owed by an IRP. It was noted that the law expects, in an insolvency situation, for more than one actor to play their part, and that the fiduciary duties of the directors are an important part of the protection afforded to the company and its creditors.In other judgment the Court observed that various duties of IRP enumerated under the Code manifest that one individual cannot undertake all. In light of the Code, which mandates personnel of the debtor to extend all assistance to the IRP, the argument that the IRP cannot delegate some of his duties and functions to such personnel has to be rejected. The landmark judgment of the Supreme Court laid down that the resolution professional is really a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and the adjudicating authority. In another judgment, the Court held that it is the directors of the company who are directly affected by any declaration regarding the insolvency and thus, even though the Code suspends the board of directors, yet the authorization by the same to the managing director to represent the company is valid. There is a lot more to the functions of the directors during insolvency proceedings than providing cooperation to the IRP. One of the foremost duty of a director is to cater to the interest of the creditor during the insolvency phase. With the survival of directors following insolvency, it also becomes necessary to note that there is an active survival of their functions and duties as well, rather than merely carrying out a supporting role. To achieve this, recognition of general duties of the directors under the Companies Act is certainly a minimum requirement, independent of the Code.Q. During the insolvency, what among the following happens to be the priority duty of the director of the debtor company?

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Who has taken charge as the Managing Director of the Solar Energy Corporation of India Limited (SECI)?a)Ashwani Kumarb)Natarajan Sundarc)Ajay Yadavd)Karnam SekarCorrect answer is option 'C'. Can you explain this answer?
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