It amends several provisions in the Companies Act, 2013 relating to penalties, among others. Issue of shares at a discount: The Act prohibits a company from issuing shares at a discount, except in certain cases. On failure to comply, the company is liable to pay a fine between one lakh rupees and five lakh rupees. Further, every officer in default may be punished with imprisonment up to six months or fine between one lakh rupees and five lakh rupees. The Ordinance changes this to remove imprisonment for officers as a punishment. Further, the company and every officer in default will be liable to pay a penalty equal to the amount raised by the issue of shares at a discount or five lakh rupees, whichever is lower. The company will also be liable to refund the money received with interest at 12% per annum from the date of issue of the shares.
Commencement of business: The Ordinance states that a company may not commence business, unless it (i) files a declaration within 180 days of incorporation, confirming that every subscriber to the Memorandum of the company has paid the value of shares agreed to be taken by him, and (ii) files a verification of its registered office address with the Registrar of Companies within 30 days of incorporation. If a company fails to comply with these provisions and is found not to be carrying out any business, the name of the Company may be removed from the Register of Companies.
Registration of charges: The Act requires companies to register charges (such as mortgages) on their property within 30 days of creation of charge. The Registrar may permit the registration within 300 days of creation. If the registration is not completed within 300 days, the company is required to seek extension of time from the central government.
The Ordinance changes this to permit registration of charges: (i) within 300 days if the charge is created before the Ordinance, or (ii) within 60 days if the charge is created after the Ordinance. If the charge under the first category is not registered within 300 days, it must be completed within six months from the date of the Ordinance. If the charge under the second category is not registered within 60 days, the Registrar may grant another 60 days for registration. If a person wilfully furnishes false or incorrect information, or suppresses material information which is required to be registered under this provision, he will be liable for fraud under the Act.
Change in approving authority: Under the Act, change in period of financial year for a company associated with a foreign company, has to be approved by the National Company Law Tribunal. Similarly, any alteration in the incorporation document of a public company which has the effect of converting it to a private company, has to be approved by the Tribunal. Under the Ordinance, these powers have been transferred to central government.
Declaration of beneficial ownership: If a person holds beneficial interest of at least 25% shares in a company or exercises significant influence or control over the company, he is required to make a declaration of his interest. Under the Act, failure to declare this interest is punishable with a fine between one lakh rupees and ten lakh rupees, along with a continuing fine for every day of default. The Ordinance provides that such person may either be fined, or imprisoned for up to one year, or both.
Remuneration for independent directors: The Act restricts an independent director from entitlement to stock options. It further states that he may receive sitting fees, commission, and reimbursement of expenses. The Ordinance removes this provision.
Disqualification of directorship: Under the Act, a person cannot be a director in more than 20 companies. The Ordinance provides that contravening this provision will be a ground for disqualification from directorship.
Adjudication of penalties: The Act allows the central government to appoint adjudicating officers to decide penalties under the Act. The Ordinance states that these officers, in addition to imposing penalties, may direct the defaulting entity to rectify the default.
Compounding: Under the Act, a regional director can compound (settle) offences with a penalty of up to five lakh rupees. The Ordinance increases this ceiling to Rs 25 lakh.
Repeat defaulters: Under the Ordinance, if a company, or an officer, or other person commits a default again within three years of the previous case, the entity will be liable to twice the penalty as provided for such default.
The Chairman Chiefs of Staff Committee (COSC) and Chief of the Naval Staff (CNS) Admiral Sunil Lanba,PVSM, AVSM, ADC accompanied by Mrs Reena Lanba, President Navy Wives Welfare Association(NWWA) arrived at Kochi on 12 Nov 18 for the 10th anniversary commemorative activities of the Indian Ocean Naval Symposium (IONS) scheduled on the 13 and 14 Nov 18 at Kochi. On his arrival at the Naval Air Station, INS Garuda, he was received byVice Admiral AK Chawla, AVSM, NM, VSM, the Flag Officer Commanding-in-Chief (FOC-in-C), Southern Naval Command.
The CNS would be the Chief Guest for the inaugural event, the IONS Seminar, scheduled on the 13 Nov 18 at the Lulu Bolgatty International Convention Centre, which will be attended by Chiefs and senior representatives from the navies of the majority of member nations. He would also be Flagging Off the “Tall Ships’ Sail Together” event on 14 Nov 18.
In line with the vision of the Hon’ble Prime Minister, Shri Narendra Modi – “SAGAR”(Security and Growth for All in the Region) - the theme for the 10th anniversary seminar is “IONS as a Catalyst forSAGAR”. ‘SAGAR’ is in consonance with India’s ‘Act East’ policy and the nation’s diplomatic, economic and military outreach in the region.
26 of the 32 countries which constitute the total membership of IONS would be participating in the seminar which aims to discuss maritime issues pertaining to cooperative capacity-building to deal with common security concerns in the region. The IONS initiative endeavours to generate a flow of information among naval professionals so as to enable a common understanding of regionalmaritime issues and in turn facilitate generation of mutually beneficial maritime security outcomes.
Environment, Lifestyle Diseases, Infectious Diseases and Diseases of the Brain should be the priorities of the India Alliance for the next phase: President Next phase should focus on encouraging more clinicians to carry out research: Dr. Harsh Vardhan
The Department of Biotechnology (DBT) under the Ministry of Science and Technology, in collaboration with the Wellcome Trust ,to support a three-tier fellowship programme on biomedical research at post-doctoral level, celebrated 10 years of their joint partnership in an event in New Delhi today. The Wellcome Trust is an independent charity funding research to improve human and animal health. Established in 1936 and with an endowment of around £15 billion, it is the largest non-governmental source of funds for biomedical research in the United Kingdom. The aim of setting up the fellowship jointly with Wellcome Trust was to create a system comparable to the best in the world, taking India on the path of becoming a leader in key areas of life sciences and biomedical research.
Speaking on the occasion President of India, Shri Ram Nath Kovind said that as the partnership between the Department of Biotechnology and the Wellcome Trust completes its first decade, this is an opportune moment for the India Alliance to draft its priorities for the next phase. Today, through science and technology, humans wield unimaginable power over the future of our planet. We therefore have a responsibility like never before. And scientists, particularly bio-scientists, are our soldiers and generals in the battle to safeguard our planet, our species and our future.
The President suggested four frontlines in this battle. He said that the first is the environment. Our air, water and soil must be cleaned. While we do so, we must mitigate the consequences on human and livestock health. The second frontline is that of lifestyle diseases. Diabetes, hypertension and cardiac diseases are on the rise. The third frontline is infectious disease. While we take on known infectious diseases, lesser-known ones threaten to expand. The final frontline is diseases of the brain. Factors that include urban stress and a significant elderly population have left India facing a mental health epidemic. Preventive measures, relevant to our genetics and our lifestyle, are in the realm of theory, waiting to be discovered. We must discover these if our people are to age well, with full mental capacities.
Union Science and Technology Minister ,Dr. Harsh Vardhan while congratulating the partnership emphasized the need for added incentive for biomedical research and creating opportunities that encourage more clinicians to carry out research. The Union Minister said that he was happy to note that the DBT Wellcome Trust partnership was addressing this issue in a major way.
Other dignitaries who were present at the event including Principal Scientific Adviser to the Govt. Of India, Prof. K. VijayRaghavan, Secretary, Department of Biotechnology, Dr. Renu Swaroop and Director, Wellcome Trust, Dr Jeremy Farrar, expressed hope that the partnership in its next phase with increased vigour, will look to set up mechanisms to strengthen veterinary research , develop mechanisms to engage with Universities around the country to better equip researchers there to apply and receive competitive funding for their research, look for more effectively administering collaborative research Grants that aim to solve important scientific problems through an interdisciplinary approach among other things.
The current programme is being delivered by a Special Purpose Vehicle (SPV), a public trust registered as the DBT/Wellcome Trust India Alliance. The Trust receives equal contribution from both DBT and WT for the running the fellowship grant scheme. The joint commitment of DBT and WT has been up to UK £16 million each year (£8 million each), amounting to a total of UK £160 million / INR 1296 crore over a 10-year period. The scheme was announced in 2008. Fellowships are available across the full spectrum of biomedical research (human and veterinary) - from fundamental molecular and cellular studies through to clinical and public health research. Research projects can be based in the laboratory, the clinic or the field and may involve experimental, theoretical approaches as well as translational approaches
In the past 10 years, the alliance has awarded 320 fellowships to researchers in 93 institutions across 34 Indian cities. More than 900 PhDs, postdoctoral scientists, undergraduates and research technicians trained in the laboratories of India Alliance Fellows. Nearly 2500 researchers were trained in Science Communication workshops and more than 900 PhDs, postdoctoral scientists, undergraduates and research technicians were trained in the laboratories of India Alliance Fellows. Facilitating “Brain Gain” nearly 68% awardees are from India while the rest are from overseas.
Background: The judgment is based on an appeal filed by the State of Mizoram against an order passed by the Gauhati High Court in August 2015.
The corruption case was filed by the Aizawl police in February 2009 for misappropriation of public money. During inquiry, it was detected that the respondent had acquired valuable assets disproportionate to known sources of income.
The first invalid sanction for prosecution was issued by the Commissioner-Secretary, Department of Personnel & Administrative Reforms (DP & AR) directly without the Governor’s approval.
Following the discharge of the accused by the special court, the Governor accorded a fresh sanction in December 2013. However, the high Court upheld a Special Court decision to decline to entertain a second chargesheet filed in a corruption case against the accused on the ground of double jeopardy.
What has the Court ruled? Article 20 (2) of the Constitution mandates that a person cannot be prosecuted or punished twice for the same offence. The court held that if an accused has not been tried at all and convicted or acquitted, the principles of double jeopardy cannot be invoked at all. If an earlier order of sanction was found to be invalid, there is no bar for the competent authority to issue a proper order of sanction for prosecution.
The courts are not to quash or stay the proceedings under any Act merely on the ground of an error, omission or irregularity in the sanction granted by the authority unless it is satisfied that such error, omission or irregularity has resulted in failure of justice, the SC observed.
About Article 20- Protection in respect of conviction for offences: No person shall be convicted of any offence except for violation of the law in force at the time of the commission of the act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the time of the commission of the offence. No person shall be prosecuted and punished for the same offence more than once. No person accused of any offence shall be compelled to be a witness against himself.
Key facts: Article 20 has taken care to safeguard the rights of persons accused of crimes. Persons here means the citizens, non-citizens as well as corporations. This article cannot be suspended even during an emergency in operation under article 359. Article 20 also constitutes the limitation on the legislative powers of the Union and State legislatures.
Ex-Post facto Law Article 20 (1): It says that no person shall be convicted of any offence except for violation of a law in force at the time of the commission of the Act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the time of the commission of the offence. This is called Ex-Post facto Law. It means that legislature can not make a law which provides for punishment of acts which were committed prior to the date when it came into force. This means that a new law can not punish an old act.
Doctrine of Double Jeopardy: Article 20(2) says that no person shall be prosecuted and punished for the same offence more than once. This is called Doctrine of Double Jeopardy. The objective of this article is to avoid harassment, which must be caused for successive criminal proceedings, where the person has committed only one crime.
There are two aspects of Doctrine of Jeopardy viz. autrefois convict and autrefois acquit. Autrefois convict means that the person has been previously convicted in respect of the same offence. The autrefois acquit means that the person has been acquitted on a same charge on which he is being prosecuted. Please note that Constitution bars double punishment for the same offence. The conviction for such offence does not bar for subsequent trial and conviction for another offence and it does not matter the some ingredients of these two offences are common.
Self Incrimination Law: Article 20(3) of the constitution says that no person accused of any offence shall be compelled to be a witness against himself. This is based upon a legal maxim which means that No man is bound to accuse himself. The accused is presumed to be innocent till his guilt is proved. It is the duty of the prosecution to establish his guilt.