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Govt introduces bill to amend companies law in LS

first_imgNew Delhi: Allowing companies to transfer their unspent CSR funds to a separate account and providing more teeth to the central government to deal with violators and reducing burden on special courts are among the provisions proposed in amendments to the companies law. The Companies (Amendment) Bill, 2019 — tabled in Lok Sabha on Thursday — also seeks to enable the National Financial Reporting Authority (NFRA) to perform its functions through divisions and executive body. Also Read – Thermal coal import may surpass 200 MT this fiscalAs many as 16 sections of the Companies Act, 2013 would be amended to modify punishments provided in these sections in order to lessen the burden on special courts. Besides, the bill seeks to empower Registrar of Companies (RoC) to initiate action for removal of a company’s name if the latter is not carrying out business activities as per the Act. Amendments have been proposed to Section 135 of the Act that pertains to Corporate Social Responsibility (CSR). Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostIn a particular fiscal, certain classes of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR activities. Now, the unspent CSR funds can be carried forward to a special account and the same has to be spent within three financial years. In case, the money remains unspent, then it should be transferred to any fund specified in Schedule VII of the Act. Following recommendations of a committee that was constituted by the corporate affairs ministry in July 2018, it was decided to amend the Act. An ordinance was issued in November 2018 and then a bill to replace the ordinance was passed in Lok Sabha in January 2019. However, the bill was not taken up by the Rajya Sabha. In January this year, a second ordinance was issued and the same is to be replaced by the new bill. There are also some additional changes. Corporate Affairs Minister Nirmala Sitharaman on Thursday said the bill to replace the ordinance along with certain other amendments is being brought in to “ensure more accountability and better enforcement to strengthen the corporate governance norms and compliance management in corporate sector”. On July 17, the government approved 43 amendments to the companies law. Sources had said a bill would be introduced in Parliament to carry out the 43 amendments to the Act. A total of 12 additional amendments in 11 sections of the Act are proposed to be made, in addition to amendments in 29 sections and insertion of 2 new sections carried out through the ordinance, they had said. With the amendments, procedural and technical defaults would be decriminalised while compliance would be incentivised.last_img read more


Police investigating video of woman throwing chair near the Gardiner

first_imgTORONTO – Toronto police are looking into a video posted over the weekend that appears to show a woman throwing a patio chair onto the Gardiner Expressway from a balcony.The clip, believed to be posted on Snapchat, shows a blonde woman standing on the balcony of a condo building holding a patio chair before launching it over the edge of the railing. The video follows the chair on its way down towards the Gardiner below. The chair misses the expressway but the video cuts out before the chair lands.A building resident told CityNews she saw the mangled chairs just a few feet away from the front door and thought the wind might have blown them over. She said she was outraged by what she saw in the video.“It could have killed me. I walk in and out of this door multiple times a day. My husband walks out of here,” said Julia Mazurick. “There’s people with babies, with pets, dog walkers, everything. I don’t think there’s anything funny — I don’t know what kind of state of mind you would have to be in actually to think that would be funny.” Two chairs are seen mangled outside a condo building after being thrown off a balcony. Photo courtesy: Reddit/Devincenter_img Const. David Hopkinson said the actions of the woman in the video are extremely thoughtless.“How can you do something like that, that appears so callous? We’re looking at video of something that could absolutely cause somebody’s death,” he saidSgt. Ron Boyce told 680NEWS police believe there were actually multiple items thrown off a very high floor of 55 Bremner Boulevard. Investigators also believe the incident could have been part of a social media stunt.No injuries were reported in the incident which is believed to have happened at 10 a.m. on Saturday, with the chair landing next to a bike rack at the front entrance of the condo building. Police say no one has come forward regarding any crashes related to a collision with a chair.Police are still working to identify the woman in the video and say she is wanted for mischief – endanger life. They are also looking for the person recording the video.Const. Hopkinson says depending on the reason and what led to for the incident, the woman seen throwing the chair could also face more charges.“Is she trying to harm somebody? Is her intent to throw the chairs on somebody specific? If that’s the case, we’re talking very, very serious either weapons or assault charges. Highest level you can think of.”The woman in the video is described as white, in her 20s, five foot one to two inches tall, a slim build with long blond hair.last_img read more