Bills and Acts in Current Affairs 2017

Enter Your Email Address To Subscribe Current Affairs Daily Digest, Daily Quiz and other updates on Current Affairs:

Lok Sabha passes Arbitration and Conciliation (Amendment) Bill, 2015

The Lok Sabha passed the Arbitration and Conciliation (Amendment) Bill, 2015 by voice vote for speedy disposal of arbitration cases.

The bill seeks to amend Arbitration and Conciliation Act, 1996 to make of commercial disputes more user-friendly and cost effective which in turn will lead to expeditious disposal of cases.

Key Provisions of Bill

  • Mandatory for arbitrators to settle disputes within 12 months. This period can be extended by 6 months only by a court on sufficient cause.
  • Cut the fees of arbitrators if the court finds that the delay has been caused due to arbitrators.
  • Rewarding arbitrators with extra fees in case the matter is disposed of within 6 months and the parties agree to pay more.
  • Empower arbitration tribunals to grant all kinds of interim measures that courts provide.
  • Thus giving more teeth to them in order to make tribunals directives enforceable in the same manner as those of courts.

Background

The amendments to this Bill are based on the Law Commission’s recommendations and suggestions received from stakeholders. Law Commission of India (LCI) in its 246th Report had recommended various amendments in Arbitration and Conciliation Act, 1996 in order to pave way for India to become a hub of International Commercial Arbitration.

Tags:

Lok Sabha passes Atomic Energy (Amendment) Bill, 2015

The Lok Sabha has unanimously passed the Atomic Energy (Amendment) Bill,2015 by voice vote.

The bill seeks to amend the Atomic Energy Act, 1962 to facilitate and fast track setting up of new nuclear projects in the country.

Key provisions of the Bill

  • Redefines paid-up share capital: Expands the definition of paid-up share capital in parent Act to include joint ventures (JV) of public sector undertakings (PSUs).
  • Paid-up share capital is the capital received by a company from the issue of shares.
  • Government company is one in which at least 51% of the paid-up share capital is held by the central government.
  • The whole of the paid up share capital would be held by one or more PSUs and empowers the Union government to constitute its Board of Directors for such JV.
  • Licenses: Henceforth it will only be granted to entities such as a government company or a department of Union Government.
  • Under the parent Act, license is required for acquisition, production, use, export and import of any plant designed for the production and development of atomic energy or research.
  • License granted will be cancelled if it ceases to be a government company for (i) acquiring and using substances or minerals from which atomic energy can be obtained (ii) producing atomic energy etc.

Tags:

Lok Sabha passes Indian Trusts (Amendment), Bill 2015

The Lok Sabha passed the Indian Trusts (Amendment), Bill 2015 by voice vote.

The Bill seeks to amend the Indian Trusts Act, 1882 to remove the archaic provisions from the 133 year old legislation which have no relevance.

Key facts

  • The bill seeks to empower the Union Government to notify a class of securities for the purposes of investment of trust-money by the trustees.
  • It also seeks to do away with the requirement of case to case approval by the Government for investment in any security.
  • The bill also provides greater flexibility and autonomy for the trustees to take decisions on investment of trust money based on their assessment of the risk return.

Indian Trusts Act, 1882 regulates the functioning of private trusts and trustees in India. It also outlines the procedure for investment of surplus funds of the trust for future use.

Tags:

Advertisement

1...1020...2829303132...405060...118