Bills and Acts in Current Affairs 2018

Summary of latest bill and acts passed or pending in 2018 in Parliament of India with their salient features and issues for Current Affairs 2018 preparation for various examinations.

Government notifies the Companies (Amendment) Act, 2017

The Ministry of Corporate Affairs has notified the Companies (Amendment) Act, 2017. The Amendment Act amended some provisions of Companies Act, 2013.

Few provisions in the Amendment Act have important bearing on the working of the Insolvency and Bankruptcy Code (IBC), 2016. They will come into force on date as Government notify in Official Gazette. It aims to help in simplifying procedures, make compliance easy and take stringent action against defaulting companies.

Key Facts

Issuance of shares at a discount: It was prohibited by Section 53 of the Act. The Amendment Act allows companies to issue shares at discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan such as resolution plan under IBC or debt restructuring scheme.

Payment of managerial remuneration in excess: It was required for company in general meeting for payment of managerial remuneration in excess of 11% of net profits as per Section 197 of parent Act. The Amendment Act now requires company which has defaulted in payment of dues, prior approval of bank or public financial institution concerned or non-convertible debenture holders or other secured creditor. For such payment of managerial remuneration shall be obtained by company before obtaining approval in general meeting.

Prohibition of registered valuer from undertaking valuation of any assets: Section 247 of Companies Act, 2013 them of any assets in which they have direct or indirect interest or becomes so interested at any time during or after valuation of assets. The Amendment Act now prohibits registered valuer to be appointment as valuer or three years after valuation of assets was conducted by him.

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Lok Sabha passes Bill to hike salaries of judges

The Lok Sabha passed High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Bill, 2017 to hike the salaries of judges of the Supreme Court (SC) and High Courts (HCs).

The Bill seeks to amend HC Judges (Salaries and Conditions of Service) Act, 1954; and SC Judges (Salaries and Conditions of Service) Act, 1958.  These Acts regulate salaries and conditions of service of judges of HCs and SC.

Key Features of Bill

Salary: The Bill proposes to hike the salary of Chief Justice of India (CJI) to Rs.2.80 lakh a month and that of judges of Supreme Court and Chief Justices of High Courts to Rs. 2.5 lakh a month. It increases salary of Judges of High Courts to Rs.2.25 lakh a month. The salary hike will come into force with effect from January 1, 2016.

Allowances:  The Bill also seeks to revise this allowance with effect from September 22, 2017. The CJI will get allowance of Rs. 45,000 a month. Judges of Supreme Court and Chief Justices of High Courts will get allowance of Rs. 34000 a month. Judges of High Court will get allowance of Rs. 27000 a month.

Pension: The Bill seeks to revise the pension for judges under two categories mentioned in parent acts viz. if they have previously held pensionable post under central or state governments, or if they have not held any such post. It proposes pension of Rs. 16,80,000 per annum to CJI. Judges of the Supreme Court and Justice of High Court will get pension of Rs. 15,00,000 per annum.

Background

The salary hike in line with recommendations of 7th Pay Commission for officers of all-India services. The CJI gets a higher amount than this while judges of High Courts get lesser amount. Moreover, these judges are provided with rent-free accommodation while they are in service.

The salaries and allowances CJI and Supreme Court judges are charged from Consolidated Fund of India. The salaries and allowances of state high court judges including chief justices are charged from Consolidated Fund of State. However, retired Judges are entitled to pension which is drawn from Consolidated Fund of India.

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