LS passes Companies Amendment Bill

first_imgNew Delhi: Finance Minister Nirmala Sitharaman Friday said government has de-registered 4 lakh shell companies as the Lok Sabha approved a bill seeking to tighten CSR norms and ensuring stricter action for non- compliance of the company law regulations. Piloting the Companies Amendment Bill 2019, the minister said companies not spending the mandatory 2 per cent profit on Corporate Social Responsibility (CSR) activites for a total period of four years will be required to deposit the amount in a special account. Also Read – India gets first tranche of Swiss bank a/c details The amendments in the Companies Act, she added, were aimed at improving ease of doing business and also reducing compliance burden on the companies, especially the smaller ones. The Bill was later passed by the Lower House unanimously after Congress leader Adhir Ranjan Chowdhury withdrew statutory resolution opposing it. Responding to the concerns of members on shell companies, Sithsaraman said the word “shell companies” has not been defined in the rule book, but it is loosely referred to inactive companies or those which do not maintain a registered office. Also Read – Tourists to be allowed in J&K from Thursday “Four lakh companies have been identified and de-registered,” she said, adding non-maintenance of registered office will be a ground for de-registration of companies. A key change in the Bill pertains to CSR spending, wherein companies would have to mandatorily keep unspent money into a special account. Under the Act, companies earning profit of over Rs 5 crore, turnover of Rs 100 crore or networth of more than Rs 500 crore are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities. India, Sitharaman said, has become the first country to make CSR spending mandatory through a law. The companies will have one year to firm up the CSR proposal and another three years to spend funds. In case money remains unspent for one plus three years, the money will have to be moved to an escrow account, she said, adding it could even be the Prime Minister’s Relief Fund. The bill empowers the Registrar of Companies (ROC) to initiate action for removal of the name of the company from Register of companies if it is not carrying on any business or operation in according with the company law. Among other things, the bill also provides for re- categorisation of 16 minor offences as purely civil defaults, transferring of functions with regard to dealing with applications for change of financial year to Central government and shifting of powers for conversion from public to private companies from NCLT to the central government, as well as more clarity with respect to certain powers of the National Financial Reporting Authority (NFRA).last_img read more

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Flex Alert issued for California as heat wave reaches peak in San

first_imgFlex Alert issued for California as heat wave reaches peak in San Diego County August 29, 2017 #ISO issues a #FlexAlert today, 8/29 to #ConserveEnergyfrom 2-9pm. More info & #energysavingtips at https://t.co/tu056Aqt2U #StayAlert pic.twitter.com/0b2loLsQFO— Flex Alert (@flexalert) August 29, 2017The California ISO issued a Flex Alert set to take effect Tuesday at 2 p.m. and extend until 9 p.m. During the voluntary alert period, residents were asked to turn off unnecessary lights, postpone using major appliances until after 9 p.m. and setting the air conditioning thermostat 78 degrees or higher. The hot spell, a byproduct of a “goliath” high-pressure system moving south from northern to southern Nevada, reached San Diego County’s deserts on Sunday.On Tuesday and Wednesday, record highs are expected in Chula Vista, Ramona and San Diego, forecasters said. Those in the east county should not expect the same rain that cooled things down Monday evening, as the location of the high-pressure system will decrease the chances of thunderstorm Tuesday and Wednesday.Due to the extreme heat, numerous public schools across the county will be on minimum-day schedules today, officials said.The weather should be slightly cooler from Thursday into the weekend, though temperatures will remain well above average for this time of year, the NWS advised.The agency reminded the public to never leave children, seniors or pets unattended in cars; to drink more water than usual and avoid alcohol, sugar and caffeine; to wear lightweight and light-colored clothing and wide-brimmed hats outdoors; and to take frequent rest breaks in shaded or air-conditioned environments. Categories: Local San Diego News FacebookTwitter KUSI Newsroom center_img KUSI Newsroom, SAN DIEGO (KUSI) — A Flex Alert was issued  and Schools across the county had minimum-day schedules Tuesday as the “unrelenting” heat wave that has sent temperatures soaring across San Diego County was expected to peak Tuesday.Record-setting temperatures are forecast in Chula Vista, Ramona and San Diego, with the high temperatures now expected to last into the end of the week, the NWS said. As a public safety measure, an excessive-heat warning for the county’s inland valleys, western foothills and deserts was extended through 10 p.m. Friday after it was initially slated to expire Wednesday. A less serious heat advisory will be in effect for local coastal communities over the same period.Several desert and inland-valley locales logged afternoon highs in the triple digits Monday, including 114 degrees in Ocotillo Wells, 111 in Borrego Springs, 110 in Valley Center, 104 in Campo and 105 in Ramona, according to meteorologists. The latter community tied its record high for the date, set in 1981. The maximum thermometer readings in a few other local areas, according to the National Weather Service, came close to topping the 100 mark — 99 degrees in El Cajon and San Pasqual Valley; 98 in Alpine; and 96 in Escondido. Clouds, thunderstorms and scattered showers cooled things off for many inland communities later in the afternoon Monday.Conditions were considerably more pleasant closer to the ocean, with temperatures ranging from the high 60s to high 70s near the waterfront, and up into the mid-80s a bit farther east. Posted: August 29, 2017last_img read more

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