Corporate Updates – 08-09-2017


The Central Government delegates powers to Regional Directors to make representations in case of Reduction of Share Capital by the Company. The MCA has delegated the powers and functions vested in it under Section 66(2) (i.e. Reduction of Share Capital) of the said Act to the Regional Directors at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong, subject to the condition that the Central Government may revoke such delegation of powers or may itself exercise the powers under the said sub-section, if in its opinion such a course of action is necessary in the Public interest. Section 66(2) empowers Tribunal to give notice of application made to it by the Company to the Central Government, ROC & SEBI to make their representation with in a period of 3 months from the date of receipt of notice. Accordingly, Regional Director will now made representation on all such cases on behlaf of the Central Government.

Ministry of Labour and Employment – The Code on Wages Bill 2017

As part of labour law reforms, the Government has undertaken the exercise of rationalisation of the 38 Labour Acts by framing 4 labour codes viz Code on Wages, Code on Industrial Relations, Code on Social Security and Code on occupational safety, health and working conditions. The Code on Wages Bill 2017 has been introduced in Lok Sabha on 10.08.2017 and it subsumes 4 existing Laws, viz. the Minimum Wages Act, 1948; the Payment of Wages Act, 1936; the Payment of Bonus Act, 1965; and the Equal Remuneration Act, 1976. After the enactment of the Code on Wages, all these four Acts will get repealed. The Codification of the Labour Laws will remove the multiplicity of definitions and authorities leading to ease of compliance without compromising wage security and social security to the workers. Further, the Code on Wages Bill 2017, in the clause 9 (3), clearly states that the Central Government, before fixing the national minimum wage, may obtain the advice of the Central Advisory Board, having representatives from employers and employees. Therefore the Code provide for a consultative mechanism before determining the national minimum wage.

News from NIRC of ICSI

NIRC of ICSI is organising a Study Circle Meeting on the topic “Revised Secretarial Standards on Meetings of the Board of Directors (SS-1) & General Meetings (SS-2)" on Friday, the 8th September, 2017 from 5.30 PM to 8.30 PM at New Delhi YMCA Tourist Hotel Auditorium, Jai Singh Road, New Delhi-110001. Fee : Rs.300/- per delegate inclusive of taxes including Corporate Members of NIRC of ICSI. The fee may also be paid through Paytm. Program Credit Hours: 02.

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