New 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.
This fall, teens participating in a safe driving program have the opportunity to help their high school win a $100,000 grant and a private concert from acclaimed indie-pop siblings Echosmith, known for their hit single ‘Cool Kids’.State Farm and Echosmith team up for Celebrate My Drive and offer high school students a chance to win a private concertDuring the 2015-2016 high school year, State Farm is collaborating with Echosmith as part of its annual Celebrate My Drive program. The program, which initially began in 2012, emphasizes the positives of safe driving and celebrates teens across the country for their dedication to safe driving habits, like Drive2N2 – 2 eyes on the road and 2 hands on the wheel. In 2014, more than 6 million safe driving commitments were made by teens and their communities.Video: Celebrate My Drive® 2015 Overview featuring Echosmith“It was only a few years ago that some of us were getting our driver’s licenses and we remember that exciting time,” said Sydney Sierota, lead singer of the LA-based Echosmith. “Safety for teen drivers is a major issue today, so we’re thrilled to be working with State Farm on Celebrate My Drive to encourage safe driving during teens’ first years behind the wheel. We hope through this program, we’ll bring awareness to this important issue and potentially help save lives.”This year’s celebration puts teens and their high schools front and center. From Oct. 12 starting at 7:00 a.m. CT through Oct. 25 ending at 12:59 p.m., high school administrators will submit their high school’s creative proposals addressing teen driver safety issues in their communities via www.celebratemydrive.com. Submissions are to include creative elements showcasing the key program message, #Drive2N2. High schools that submit a proposal will be in the running to be the top 100 Finalists for public voting and the chance to win one of the 22 $100,000 grants available. The 22 winners will include 11 small high schools and 11 large high schools, based on student enrollment. In addition to the grant, one high school will win a private Echosmith concert at their high school.Once creative proposals, including photos and videos, are submitted and finalists identified, the public will vote on their favorite entries. The voting process is open to any U.S. resident (ages 14 and up) beginning at 12:01 a.m. CT on Nov. 9 and will remain open through 11:59 p.m. CT on Nov. 13.“Getting a driver’s license is an awesome opportunity for a teen, but is also a huge responsibility for themselves and others they share the road with”, said Ed Gold, Advertising Director for State Farm. “Building this relationship with Echosmith allows us to connect directly with the young adult audience to remind them to #Drive2N2. As the leading Auto Insurance company in the U.S. for over 70 years, we want all teens and all drivers to drive safely. Our Celebrate My Drive program encourages teens to understand that driving safely is cool and can save lives, while they celebrate the opportunity and the freedom that comes from learning to drive.”The Celebrate My Drive program engages teens and the adults who influence them to have supportive and positive conversations about safe driving. Sadly, for more than 30 years, car crashes have been the leading cause of teen deaths. For official rules, visit www.celebratemydrive.com.
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2 min read Attend this free webinar and learn how you can maximize efficiency while getting the most critical things done right. Opinions expressed by Entrepreneur contributors are their own. Ah, internet trolls, those aggressive commentators who sow discord, start arguments and generally try and make as many people as possible feel terrible through ugly and often off-topic comments.If they seem like psychopathic sadists that’s because, as a new study published this week in the Journal of Personality and Individual Differences suggests, they probably are.Related: Social Media Is Getting Nasty. How Can You Rise Above It?Survey respondents were asked about their online behavior, including how much time they spend online and whether or not they frequently leave comments on news websites. Commenters who said that they most enjoyed using the internet for trolling (as opposed to other, sunnier options like “chatting with others,” or “debating issues that are important to you”) displayed personalities strongly linked to sadism, psychopathy and Machiavellianism. The connection between trolling and sadistic behavior was particularly robust, and strong enough for the authors to conclude that “online trolls are prototypical everyday sadists.”Pretty dramatic, eh?The more time a person spent online, the study found, the more likely he or she was to display sadistic characteristics. Of course, not all commentators are trolls. Only 5.6 percent of respondents were identified as trolls, while 44.3 percent were identified as “non-commenters,” meaning that trolls account for a minority of online commentators.In all, the study confirms what feels obvious: trolls do what they do because they enjoy it. “Both trolls and sadists feel sadistic glee at the distress of others,” the study notes. “Sadists just want to have fun … and the Internet is their playground!”Related: How to Handle Negative Online Reviews February 17, 2014 Free Webinar | Sept 5: Tips and Tools for Making Progress Toward Important Goals Register Now »