Central Government notifies the Companies (Amendment) Act, 2017
On January 3, 2018, Central Government notified the Companies (Amendment) Act, 2017. Certain provisions of this amendment act will ease the implementation of the Insolvency and Bankruptcy Code 2016.
Key Provisions of Companies (Amendment) Act, 2017:
i. As per Section 53 of the Companies Act, 2013 companies were prohibited to issue shares at a discount. Amendment Act has now allowed companies to issue shares at a discount to its creditors in instances wherein its debt is converted into shares as part of any statutory resolution plan/debt restructuring under Insolvency and Bankruptcy Code.
ii. For defaulting companies, payment of managerial remuneration in excess of 11 percent of the net profits will now require approval of all stakeholders involved viz. banks, public financial institutions and other creditors.
iii. The amendment has also modified provision relating to registered valuer from undertaking valuation of any assets in which he has a direct or indirect interest.
Territorial Army battalion of ex-Armymen to clean Ganga
Central Government has sanctioned the raising of a Territorial Army (TA) battalion for cleaning River Ganga. This battalion will comprise only of ex-servicemen of the army.
Details about Territorial Army battalion to clean Ganga:
i. This battalion will be raised in February 2018 in Allahabad, Uttar Pradesh, as a Composite Ecological Task Force (CETF) battalion of Territorial Army (TA).
ii. Central Government has allocated Rs 167 crore for this battalion.
iii. The CETF TA battalion will be headed by a Colonel-rank officer. It will have eight officers, 20 Junior Commissioned Officer (JCOs) and around 500 other ranks on its roll.
iv. It is to be noted that Territorial Army is considered as India’s second line of defence after the regular Army. Territorial Army functions under Union Defence Ministry.
Bihar Government bans electronic cigarettes
Bihar State Government has imposed a ban on manufacture, distribution, sale, purchase, display and advertisement of electronic cigarettes (e-cigarettes) across the state.
i. E-cigarettes are handheld battery-run devices which are smoked just like a conventional cigarette. However the ingredient (in liquid form) may differ.
ii. The ban also applies to online sale and purchase of e-cigarettes.
iii. It is to be noted Bihar has already imposed ban on manufacture, distribution, trade, sale, purchase, display and advertisement of all tobacco products and items containing nicotine and not approved by the Drug Controller General of India (DGCI).
Quick Facts about Bihar:
♦ Capital – Patna
♦ Current Governor – Satya Pal Malik
♦ Current Chief Minister – Nitish Kumar
♦ Important National Park – Valmiki National Park
Odisha tribe Mankidia denied habitat in Similipal
Mankidia, a tribe of Odisha, was denied habitat rights inside the Similipal Tiger Reserve (STR) in Odisha.
Mankidia denied habitat in Similipal Tiger Reserve (STR):
i. Mankidia is one among the 13 Particularly Vulnerable Tribal Groups (PVTG) in Odisha.
ii. They were denied habitat rights inside the Similipal Tiger Reserve under the historic Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006.
iii. They were denied habitat because the Odisha Forest Department has stated that the tribals are likely to be attacked by wild animals, mainly tigers.
iv. J. D. Pati, deputy director of STR, had objected providing habitat rights to Makidia stating that, it would hinder free movement of tigers and other animals.
Livelihood – making rope with siali fibre available in Similipal
Native – Odisha