The Cabinet on 17th May 2017 approved Pan-India implementation of Maternity Rule which will provide compensation for the wage loss in terms of cash incentives so that the women can take adequate rest before and after delivery and not be deprived of proper nutrition.
A notification (No. 01/01/FC12017 –FIPB) dated 5th June 2017 notified the abolition of the Foreign Investment and Promotion Board (FIPB). Individual administrative ministries and/ or departments of the Government have been empowered to clear FDI proposals. Further, Department of Industrial Policy and Promotion (DIPP) shall deal with the FDI proposals by Non Resident Indians (NRI)/ Export Oriented Unit's (EOU's) and issue of equity shares under the FDI policy.
A notification dated 4th May 2017 by the Ministry of Labour and Employment amended the Employees’ Provident Fund Scheme, Employees’ Pension Scheme and the Employees’ Deposit-Linked Insurance Scheme, wherein the amendment allowed payment to be made to a person through digital or electronic fund transfer through any Scheduled commercial bank or any post office under the aforementioned schemes.
A GST facilitation cell has been set up in the Department of Industrial Policy & Promotion to answer queries regarding GST. The GST facilitation cell is headed by Shri Sudhansu Sekhar Das, Economic Adviser (das@nic.in, Tel: 23063932) and consists of the following persons:1. Shri Piyush Mishra; 2. Ms. Astha Funda; 3. Ms.Akshita Bhatia; and, 4. Ms. Nitu Jaiswal. They can be contacted over phone: 011-23062379, 23062665; or alternatively at gstcell-dipp@gov.in. The cell will function on all working days between 9.00 A.M. to 5.30 P.M.
MCA has deployed an e-form for DIR-5 as an application for surrender of Director Identification Number (DIN) which will be made available for filing purposes w.e.f. 21st June 2017. Stakeholders who wish to surrender DINs shall be required to file this e-form instead of it being filed as an attachment to form RD-1.
The Competition Commission of India (CCI) in its order dated 14th June 2017, has found Hyundai Motor India Limited (HMIL) to be in contravention of the provisions of the Competition Act, 2002 for imposing arrangements upon its dealers which resulted into Resale Price Maintenance in sale of passenger cars manufactured by it. The CCI, apart from issuing a cease and desist order against HMIL, also imposed a penalty of Rs. 87 Crore upon HMIL for the anti-competitive conduct
Ministry of Corporate Affairs, vide its notification dated 22.06.2017, amended Companies (Audit and Auditors) Rules, 2014. Per the said amendment, the provisions regarding rotation of auditors under Section 139(2) of the Companies Act, 2013 shall be applicable to private companies having paid-up capital of Rupees Fifty Crores or more which threshold stood at Rupees Twenty Crores or more earlier to the amendment.
The Insolvency and Bankruptcy Board of India, vide notification no. S.O.1910(E) dated 14th June, 2017 has notified Sections 55 to 58 of the Insolvency and Bankruptcy Code, 2016 and vide notification no. IBBI/2017-18/GN/REG 012 dated 15th June, 2017 notified IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. The regulations provide for a mechanism of insolvency resolution process which should be completed within 90 days as against 180 days in other cases.
Ministry of Corporate Affairs, vide its notifications bearing nos. G.S.R. 584 (E) and G.S.R. 582 (E) dated 13.06.2017, has amended the notification nos. G.S.R. 466(E) dated the 5th June, 2015 and G.S.R. 463(E) dated the 5th June, 2015 regarding exemptions to Section 8 Companies and Government Companies respectively
