The government has said that government companies should go to bankruptcy court to wind up loss-making enterprises. This will speed up the solution. The government wants to reduce its holding in these companies. Resolution of a loss-making company has to file an application for insolvency process under the Insolvency and Bankruptcy Code (IBC) within three months of getting approval from a committee of top cabinet ministers, according to a directive issued on Monday.
The government is looking to shut down loss-making units for nine months from the day the firm seeks approval. The boards of the parent companies have been asked to segregate the land assets of their subsidiaries to ensure that land disputes do not come in the way of shutting down the units. The firms have also been asked to write off any compensation due from the state governments for the leased land.
Can select an option under the current rule
The government said state companies can opt for the closure of units by approaching the corporate affairs ministry. At present, such is the rule. This will help in reducing government companies. The government is continuously reducing their number through disinvestment.
Introduced two new options for the appointment and removal of independent directors
The Securities and Exchange Board of India (SEBI) has introduced a new option for the appointment and removal of independent directors on the board of directors of companies. Under the new option, two criteria can be adopted for the appointment and removal of independent directors. The resolution was passed by a simple majority and a majority of minority shareholders.
Presently, the appointment, reappointment, or removal of independent directors is done through a special resolution. A 75% vote in support from the board of directors is required for the special resolution to pass.
According to SEBI, the Listing Obligations and Disclosure Requirements (LODR) rules have been amended to give effect to the new option. In the alternative arrangement, new criteria can be adopted if the special resolution does not get the required majority for the appointment of independent directors.
Maharashtra: 'CM Yogi should wear modern clothes instead of saffron', Congress leader Hussain Dalwai advised
Chief Minister Yagi Adityanath is on a two-day visit to Mumbai for preparations for the Global Investors Summit to be held next month in Lucknow, the capital of Uttar Pradesh. During this, CM Yogi
Salman Khan: Salman Khan celebrated ex-girlfriend Yulia Vantur's birthday with family, pictures went viral
Salman Khan has never accepted his relationship with Yulia Vantur, but the two often make headlines. Today too, a picture of them has gone viral. Salman Khan was seen celebrating his alleged
Bigg Boss OTT 3: The birth of a son changed Ranveer Shorey's life, on Haroon's custody he said- he is with me half the time
Actor Ranvir Shorey is currently seen in Bigg Boss OTT 3. In the show, he is seen talking about his personal life. In the new episode of the show, Ranvir Shorey is getting quite expressive with the
Hardik-Natasha: Amidst rumors of divorce with Hardik, Natasha left Mumbai with her son, spotted at the airport
Speculations about the divorce of Natasha Stankovic and her husband Hardik Pandya are constantly in the media. There are constant speculations on social media that everything is not going well between
Pushpa 2 BO Collection Day 4 Worldwide: ‘Pushpa 2’ created a stir all over the world, crossed 800 crores in just four days
Allu Arjun and Rashmika Mandanna starrer 'Pushpa 2: The Rule' had a record-breaking opening at the global box office. This film has made many records globally so far. Directed by Sukumar, this film
Gangster Sundar Bhati: Who is Gangster Sundar Bhati? Whose connection with the murder of Atiq-Ashraf!
Gangster Sundar Bhati: The 30-year empire of notorious Sundar Bhati, a resident of Ghanghola village of Greater Noida, synonymous with terror for Delhi-NCR and western Uttar Pradesh, was strong
UGC Draft: Opinions of experts differ on the opening of campuses of foreign universities, some praised and some said nonsense
The University Grants Commission (UGC) has issued new draft regulations for the establishment of foreign universities in India. Once these rules come into force, foreign universities will be allowed
Avatar The Way Of Water OTT Release Date: 'Avatar 2' is coming in Hindi, and will be released on this OTT platform
Avatar The Way Of Water OTT Release Date: If you are fond of James Cameron's films and are waiting for the release of 'Avatar The Way of Water', then understand that it is over because it is included
CSK vs PBKS: Punjab's fourth win against Chennai at Chepauk, hopes of reaching playoffs remain intact
Based on excellent batting by Jonny Bairstow and Riley Rossouw, Punjab Kings defeated Chennai Super Kings by seven wickets. This is Punjab's second consecutive victory. Earlier,
Dispute in Parliament over Ambedkar... Rahul in a blue T-shirt, Priyanka Gandhi arrived wearing a blue sari, picture went viral.
This time in the winter session of Parliament, there was a lot of commotion between the ruling party and the opposition. The opposition is attacking Home Minister Amit Shah's statement on Ambedkar in
