Lok Sabha Current Affairs - 2019
Category Wise PDF Compilations available at This Link
Lok Sabha cleared Companies Bill, 2011.
As per the new legislation:
- It will be compulsory for companies with Rs. 5 crore or more profits in last three years to spend 2% of their average net profit towards Corporate Social Responsibility.
- In case companies not comply with this, they would have to give explanation. If the companies are not able to do the same, they have to disclose reasons in their books. Otherwise, they would face action, including penalty.
- Special courts to be established for speedy trials regarding investments.
- Remuneration of a director of a company should not be more than 5 % of the net profit.
- The number of companies an auditor can serve would be limited to 20
- Annual ratification of appointment of auditors for five years
- A new clause related to offence of falsely inducing banks for obtaining credit.
- Companies which are winding up will have to make payment of two years’ salary to employees.
The Union government approved amendments to the Judicial Standards and Accountability Bill which had already been passed in the Lok Sabha and was pending in the Rajya Sabha.
Some changes have been made to make the bill fit to Article 14 (which seeks equality before law). The amended clause debars judges from making unwarranted comments against conduct of any “constitutional body and other persons.” The clause is part of restatement of values for judges.
The restatement of values for judges has been placed in a separate Schedule of the Bill-Schedule II.
Month: Categories: National