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.
After the lock of the temple which was closed for the last 46 years in the Muslim-dominated area
Pakistan is currently surrounded by a deep economic crisis. The country's foreign exchange reserv
After getting bail from the Supreme Court in the Excise Policy Scam case, Arvind Kejriwal of Delh
The conference of global leaders will start today i.e. Monday in Davos, a city with snowy plains
A submarine used to show tourists the wreckage of the Titanic has gone missing in the Atlantic Oc
Thousands of people have lost their lives so far due to the ongoing war between Israel and Hamas
Sardaar ji 3 Collection: Hania-Diljit's film rocks the box office, earns so much in two days
On June 27, Diljit Dosanjh returned to theaters with the third installment of his hit franchise S
The last vote in the 2024 election year was cast at 6 pm on Wednesday (November 20). Maharashtra'
Amid the Russia-Ukraine war, India's Permanent Representative to the United Nations Ruchira Kambo
The people of Delhi-NCR have been getting relief from the humid heat for the last three days. The
