MCA has received hundreds of comments on various draft rules, mainly on those related to CSR spending and managerial remuneration
The union government has extended the deadline till Thursday for providing feedback on the first set of draft norms for the new Companies Act.
In a release, the Ministry of Corporate Affairs (MCA) said, “The last date for submission of feedback/suggestions on the first phase of draft rules has been extended by two days, i.e., evening of 10 October 2013”.
MCA is in the process of framing norms for new legislation that replaces the nearly six-decade-old law governing companies in the country.
The deadline for providing comments on the first tranche — that covered 16 out of the 29 chapters of the Companies Act, 2013 — was to end on Tuesday. These draft norms were issued on 9th September.
Already, the Ministry has received hundreds of comments on various draft rules, mainly on those related to corporate social responsibility (CSR) spending and managerial remuneration, according to officials.
Among others, the first set covers rules for the board of directors, auditors, registration and incorporation of companies, revival of sick companies, financial accounts of corporates, National Company Law Tribunal and Appellate Tribunal.
The new legislation, that replaces the Companies Act, 1956, was approved by Parliament in July.
Godrej has bought 30% stake in B:blunt which is owned by Bollywood filmstar Farhan Akhtar’s wife, Adhuna and her brother Osh, for an undisclosed amount
Godrej Consumer Product Ltd (GCPL) said it signed an agreement to buy 30% stake in Bhabani Blunt Hair Dressing Private Ltd (B:blunt), a Mumbai based hair salon company having 17 outlets and four academies across the country. No financial details were given.
B:blunt is a joint venture of Adhuana Bhabhani Akhtar, wife of Bollywood celebrity Farhan Akhtar and her brother Osh Bhabhani. Earlier, Juice Saloon which started in 1998 changed its name to B:blunt in 2005 and launched 17 hair salon chain across Mumbai, New Delhi, Pune, Bangalore, Hyderabad, Indore and Dubai.
With the deal, Godrej has entered into beauty salon business, where it will face competition from Hindustan Unilever (HUL)’s Lakme Spa & Saloon, L’Oreal salon and Marico’s Kaya Skin Clinic.
On Tuesday, Godrej Consumer Products closed 4.25% down at Rs835.75 on the BSE, while the benchmark Sensex ended 0.44% up at 19,983.
A bench comprising Chief Justice P Sathasivam and Ranjan Gogoi said it will not straightaway pass any order and would seek Centre's response on the plea filed by Dr Subramanian Swamy
The Supreme Court on Tuesday sought response from the Centre on a petition filed by Dr Subramanian Swamy seeking a stay on the deal between Naresh Goyal-led Jet Airways and Etihad Airways, the national airline of the United Arab Emirates (UAE).
The apex court issued notices to the Centre, ministries and departments concerned, Jet Airways and UAE's Etihad Airways on the petition challenging the deal and sought their responses within four weeks.
A bench comprising Chief Justice P Sathasivam and Ranjan Gogoi said it will not straightaway pass any order and would seek Centre's response on it.
"We have to consider your petition. We cannot pass any order. We will issue notice. Let them file the reply," the bench said.
The bench also took note of Dr Swamy's reply to its question that there was no response from the Prime Minister on the issue when he had made a representation before him.
Before passing the order, the bench also said it had gone through Dr Swamy's petition and spent more than an hour on it.
During the brief hearing, Dr Swamy submitted that the deal was against public interest as there has been squandering of natural resource i.e. the sky and air space.
He claimed that the deal was cleared against the advice of the Parliament Select Committee and other advisory bodies.
Dr Swamy also submitted that even the CAG has found that there has been reckless allocation of air space to foreign airlines.
The nine respondents to whom notices have been issued are the Centre, the Ministry of Finance, the Ministry of Commerce, the Ministry of External Affairs, Foreign Investment Promotion Board (FIPB), Department of Industrial Policy and Promotion, Directorate General of Civil Aviation (DGCA), Jet Airways and Etihad Airways.
In the first-ever investment by a foreign airline in an Indian carrier, Jet Airways had on 24th April announced plans to sell 24% stake to Etihad Airways for about Rs2,058 crore, as part of a strategic alliance that would lead to a major expansion in their global network.
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