Companies Act 1956 Current Affairs - 2019

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Union Cabinet approves hike in share capital of NMDFC

The Union Cabinet chaired by the Prime Minister Narendra Modi, has given its approval to increase the Authorised Share Capital of the National Minorities Development and Finance Corporation (NMDFC).

As per this decision, NMDFC’s Authorised Share Capital has doubled from Rs. 1500 crore to Rs. 3000 crore.

Cabinet also gave its approval to revise the shareholding pattern from present 65:26:9 to 73:26:1 among the Centre, States/Union Territories and Individuals/Institutions respectively. Further, approval was also given for restructuring of the NMFDC’s business model.

About National Minorities Development and Finance Corporation (NMDFC)

NMFC is Central Sector Public Enterprise (CPSE) under the aegis of Union Ministry of Minority Affairs.

It was constituted in 1994 as a non-profit making company under Section 25 of the Companies Act, 1956.

Function: NMDFC provides loans at concessional interest rates for self-employment and economic development activities to backward sections of minority communities having family income up to Rs. 1,03,000 in urban areas and Rs. 81,000 in rural areas.

In this case minority communities are Muslims, Christians, Sikhs, Buddhists and Parsis. It also includes Jains as they have been notified as a minority community recently in 2014.

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Indian company IRCON restores Jaffna-Kankasanthurai rail track in Sri Lanka

Indian Railway’s construction company (IRCON) has restored the rail track between Jaffna and Kankasanthurai in North Sri Lanka.

This restored commercial Yal Devi Express service was formally inaugurated by Sri Lanka’s Transport Minister Kumara Welgama.

This 18 kilometer track passes through the high security zone which was freed from the control of Tamil tigers in 2009.

Background

The entire rail line between Colombo and the Northern part of Sri Lanka was destroyed in the late 1980s by the LTTE.

India’s IRCON is playing important role in rebuilding the 252 km railway track on this route. Indian government had provided a line of credit of 800 million dollars for these projects. In 2014, the line upto Jaffna was made operational after it was restored.

Facts about Indian Railway’s construction company (IRCON)

  • It was established in 1976 by Union Government under the Companies Act, 1956. It is wholly owned by the Ministry of Railways. In 1995, it was renamed as IRCON International Limited.
  • Since its establishment, this company had undertaken construction of railway projects in India and abroad especially in difficult terrains.
  • It has completed more than 300 major infrastructure projects in India and over 121 major projects globally in more than 21 countries.

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