Current Affairs - July 2019

Latest Current Affairs July, 2019 with Current Affairs, news summary on current events of National and International importance of July, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Parliament passes Companies (Amendment) Bill, 2019

Parliament passed Companies (Amendment) Bill, 2019 aimed at tightening Corporate Social Responsibility (CSR) compliance and ensuring stricter action for non-compliance of the company law regulations. It amends the Companies Act, 2013. It was first passed by Lok Sabha on July 26, 2019 and then by Rajya Sabha by July 30, 2019.

Salient Features of Bill

  • It aims to ensure greater accountability and better enforcement of the corporate governance norms.
  • Corporate Social Responsibility (CSR): It brings key change related to CSR spending, wherein companies would have to mandatorily keep unspent money into a special account. The companies will have one year to firm up CSR proposal and another three years to spend funds. In case money remains unspent for one plus three years, then the money will have to be moved to an escrow account, could even be Prime Minister’s Relief Fund.
  • Registrar of Companies (RoCs): It empowers RoC to initiate action for removal of name of a company from Register of Companies if it is not carrying on any business or operation in according with Company Law.
  • Re-categorisation of 16 minor offences: It re-categories 16 out 81 compoundable offences mentioned in the parent Act as civil defaults, where adjudicating officers (appointed by the central government) may now levy penalties instead. These offences include: (i) failure to file annual return (ii) issuance of shares at a discount. Further, it also amends the penalties for some other offences.
  • Change in approving authority: It shifts powers for conversion from public to private companies from National Companies Law Tribunal to central government.

Parliament passes Muslim Women (Protection of Rights on Marriage) Bill, 2019

Parliament passed the Muslim Women (Protection of Rights on Marriage) Bill 2019 or Triple Talaq Bill after it was approved by Rajya Sabha. It replaces Ordinance promulgated on February 21, 2019.  It aims to declares practice of instant triple talaq void and illegal by making it cognizable penal offence.

Salient Features of Bill

  • Objective: Protect rights of married Muslim women and ensure gender equality and gender justice to Muslim women by declaring practice of triple talaq as void and illegal i.e. not enforceable in law and prevent divorce by practice of ‘talaq-e-biddat’ by their husbands.
  • Definitions: It defines talaq or any other similar form of talaq pronounced by Muslim man resulting in instant and irrevocable divorce. It defines Talaq-e-biddat as practice under Muslim personal laws, as pronouncement of word ‘talaq’ by Muslim husband thrice in one sitting to his wife, resulting in instant and irrevocable divorce
  • Offence and Penalty: It makes this offence punishable with imprisonment up to 3 years and fine. It also makes all declaration of talaq, including in written or electronic form (email, text message etc) to be void and illegal.
  • It proposes to make offence cognizable, if information relating to commission of an offence is given to police officer by married Muslim woman upon whom talaq is pronounced or by any person related to her by blood/marriage.
  • It makes offence compoundable with permission of Magistrate at the instance of the married Muslim woman upon whom talaq is pronounced. It further provides for hearing married Muslim woman upon whom talaq is pronounced, before accused is released on bail by Magistrate.
  • Allowance: It also provides for payment of subsistence allowance (to be determined by Magistrate) to married Muslim women against whom talaq has been declared and dependent children. The amount of allowance will be determined by Magistrate.
  • Custody: It entitles Muslim woman against whom such talaq has been declared to seek custody of her minor children. In this case, Magistrate is empowered to determine manner of custody.