Cabinet approves changes to Companies Act

These amendments to the Companies (Amendment) Bill, 2014 "will address issues related to ease of doing business and put in place a speedier process for approval of draft notifications for providing exemptions etc. from specific provisions of the act to a class of companies",  the ministry of corporate affairs said in a statement 

 

To make it easy to do business in India, the union cabinet on Wednesday rationalised certain documentation procedures required for companies.
 
The cabinet approved "doing away with the requirement of filing a declaration by a company before commencement of business or exercising its borrowing powers", a cabinet communique said.
 
It also approved "rationalizing the procedure for laying draft notifications granting exemptions to various classes of companies or modifying provisions of the act in Parliament," the statement added.
 
These amendments to the Companies (Amendment) Bill, 2014 "will address issues related to ease of doing business and put in place a speedier process for approval of draft notifications for providing exemptions etc. from specific provisions of the act to a class of companies", the ministry of corporate affairs said in a statement here.
 
Commenting on the cabinet decision, Yogesh Sharma, partner, Grant Thornton India, said: "As per 2014 World Bank data, India ranked at 142 out of 189, which is disappointing at best and the proposed amendment will move us a small step closer to fulfilling the prime minister's 'Make in India' campaign."
 
"The second amendment relates to fast-tracking the procedure for notifications issued under the Companies Act but the complete details of the proposed changes have not been made available. The proposal to ensure speedier issue of final notifications should be certainly favorable for all," he said in a statement.
 

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US economy almost stalls in Q1
US real gross domestic product (GDP) increased at an annual rate of 0.2 percent in the first quarter this year, as uneven growth still haunted the world's largest economy amid a protracted weak recovery, according to an advance estimate released by the US Commerce Department on Wednesday.
 
Personal consumption, which accounts for about 70 percent of the US economy, grew 1.9 percent, compared with an increase of 4.4 percent in the previous quarter, Xinhua reported.
 
Non-residential fixed investment shrank while residential investment sharply slowed. Exports contracted 7.2 percent, compared with an increase of 4.5 percent, as a stronger dollar sapped demands for US goods.
 
The US economy typically experienced harsh times in the first quarter in recent years. It contracted 2.1 percent in the first quarter of 2014, as the unprecedented chilly winter weather pummelled business investment and consumer spending.
 
The sharp slowdown this year is blamed for a bout of blizzards and a strong dollar's drag on exports.
 
The US economy grew 2.2 percent in the fourth quarter of 2014, and 5 percent in the previous one.

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Government approves 10 sites for new nuclear power projects

Reactors with foreign cooperation would be set up in Kudankulam in Tamil Nadu, Jaitapur at Maharashtra, Chhaya Mithi Virdhi in Gujarat, Kovvada at Andhra Pradesh and Haripur in West Bengal

 

The government has "in principle" approved 10 sites for setting up new nuclear power projects, parliament was told on Wednesday.
 
Listing out the 10 sites located in nine states, Minister of State in the Prime Minister's Office Jitendra Singh told the Lok Sabha in a written reply that "the government had accorded "in principle" approval of the sites for locating nuclear power projects in future, based on both indigenous technologies and with foreign co-operation".
 
He said the indigenous reactors would be set up at Gorakhpur in Haryana's Fatehabad, Chutka and Bhimpur in Madhya Pradesh, Kaiga at Karnataka and Mahi Banswara in Rajasthan.
 
Reactors with foreign cooperation would be set up in Kudankulam in Tamil Nadu, Jaitapur at Maharashtra, Chhaya Mithi Virdhi in Gujarat, Kovvada at Andhra Pradesh and Haripur in West Bengal.
 
Singh also said that BHAVINI, an undertaking of the department of atomic energy is presently constructing a Prototype Fast Breeder Reaction (PFBR) of 500 MW capacity at Kalpakkam in Tamil Nadu. In addition, two Fast Breeder Reactors of 600 MW are also proposed to be constructed at Kalpakkam.
 
Responding to another question, the minister said the government has proposed to set up four new nuclear research facilities.

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