Day: December 5, 2015

Half Yearly Exam Date 10th 12th Std Postponed in Tamilnadu January 2016

Tamilnadu Half Yearly Exam 2015 – 2016 New Time Table for 10th  (SSLC), 12th (HSC), New Exam Date 1st week January 2016 – Download on www.tn.gov.in/schooleducation/ Tamilnadu Chief Minister Jayalaitha postponed half yearly exams dates for all classes in tamilnadu. Due to heavy rain poured across all districts of tamilnadu, especially in Chennai, Tiruvallur, Cuddalore and Kanchipuram districts. Earlier half yearly exams are schedule to start on December 07, 2015. As per the press release announced by Chief Minister Jayalaitha. Half yearly Exam for the academic year 2015 – 2016 will be postponed and reschedule to 1st week of January 2016. Rescheduled exam date and time table for 10th  (SSLC), 12th (HSC) will be announced...

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RBI cancels license of 56 NBFC's (Bajaj Finserv gives away license)

The Reserve Bank of India has cancelled a bulk of non-banking financial companies as those mostly little-known local lenders may have either violated regulatory norms or surrendered licence of their own. The central bank has taken away “the certificate of registration of the 56 non-banking financial companies (NBFC’s), in exercise of the powers conferred on it”. “Following the cancellation of registration certificate, these companies cannot transact the business of a non-banking financial institution,” it said. Interestingly, Pune-based Bajaj Finserve has given away its licence. “We now come under a classification “core investment company”, said Rajagopalan, President (Legal), Bajaj Finserv. “Since we do not have any public funds including deposits/borrowings as per the RBI regulations applicable to NBFC we are not required to be registered with RBI.” “RBI do not regulate such companies and hence as required by RBI we have submitted the Registration certificate for cancellation,” he said. Source –...

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Corporate Affairs Minister Arun Jaitley said 1,707 listed companies, including public sector undertakings, do not have Women Directors

More than 2,000 listed and unlisted companies do not have a woman director on their boards, the government said on Friday (04.12.2015). Corporate Affairs Minister Arun Jaitley said 1,707 listed companies, including public sector undertakings, do not have women directors. Besides, there are 329 unlisted private and public sector firms without a woman director on their boards. Prosecution has been launched against 121 defaulting unlisted companies (other than PSUs),” Jaitley said in a written reply to the Lok Sabha.  Capital markets regulator Sebi had prescribed fines on listed companies, other than public sector undertakings (PSUs), between Rs 50,000 and Rs 1,42,000, depending on the period of default from April 1 – October 1, 2015. Besides, a daily fine of Rs 5,000 is being imposed for continued violation after October 1. “Sebi had requested the government to advise the concerned administrative Ministries to take appropriate steps for ensuring compliance by defaulting listed PSUs,” Jaitley said. Thousands of corporates are required to have at least one woman director on their Boards under the provisions of the Companies Act, 2013, by end of March this year. Certain class of listed and unlisted firms are required to comply with the woman director rules. Every company having paid-up share capital of at least Rs 100 crore or a minimum turnover of Rs 300 crore is required to ensure compliance. Most provisions of the Companies...

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Govt starts process for selecting NCLT members

The government has started the process for selecting members for the National Company Law Tribunal (NCLT). The tribunal, to be set up under the Companies Act, 2013, will replace the Company Law Board (CLB). In a written reply to the Rajya Sabha on Tuesday, Corporate Affairs Minister Arun Jaitley said the process for constitution of NCLT has already been initiated, with “the selection process for (judicial as well as technical) members of NCLT and technical members of National Company Law Appellate Tribunal (NCLAT) having commenced”. Steps have also been taken to make provisions for infrastructure and other supportive requirements for the tribunals, he added. About the expert panel set up to review the Act, Jaitley said the Companies Law Committee (CLC) received about 2,000 suggestions from various quarters, including industry chambers. “With a view to having broad-based deliberations on the suggestions received, six groups were formed having representation from industry and experts. The recommendations of CLC would be dealt with appropriately,” Jaitley said. Amid concerns about certain provisions in the new Act, the Corporate Affairs Ministry had set up the panel in June. As per the terms of reference, the panel will “make recommendations to the government on issues arising from the implementation of the Companies Act, 2013”. The Ministry has already made a series of changes to the Companies Act, 2013, most provisions of which came into effect from April 1, 2014. Besides, various rules have been amended....

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