Cabinet approves ordinance to give homebuyers creditor status under IBC
The Union Cabinet approved, via an Ordinance, amendments to the Insolvency and Bankruptcy Code (IBC), giving homebuyers the status of creditors in the insolvency process. Also in the Ordinance, it appears (Law Minister Ravi Shankar Prasad would not give details) are provisions for micro, small and medium scale enterprises (MSMEs), easing some conditions for the segment. Assent of the President is required for the Ordinance to take effect.
Whistleblower writes to Sebi, US SEC, calls current Infosys board a ‘disappointment’
A whistleblower has written to the market regulators in India and the US to take action against the Infosys board and claimed the “current board led by Nandan Nilekani failed to uphold the highest traditions of corporate governance practiced by the company” and is “a huge disappointment”. The anonymous whistleblower, in a fresh letter to Securities and Exchange Board of India (SEBI) and the US Securities and Exchanges Commission, wrote Infosys had quietly revealed in the annual report that they had signed agreements for mutual release of claims with Seshasayee the earlier chairman of the board and Jeff Lehman, who was earlier head of nominations and remunerations committee of the board.
Govt favors long-term solution on fuel prices
The National Democratic Alliance (NDA) government on Wednesday signaled its intent to stay the course on fuel pricing reforms and said that it was working toward a “long-term solution”. This comes against the backdrop of an international crude oil price rally, with fuel prices reaching a record high in India, spurring a demand for an excise duty cut on petrol and diesel ahead of 2019 general elections. The issue of frequent hikes in fuel prices is a matter of debate and concern, law and justice minister Ravi Shankar Prasad said after a Union cabinet meeting.
India takes US steel tariffs complaint to World Trade Organization
India has launched a complaint against the US to challenge US President Donald Trump’s tariffs on steel and aluminum, a filing published by the World Trade Organization showed on Wednesday. Indian officials told Reuters last month that their government would open a WTO dispute if the country’s firms were not granted an exemption. Trump imposed the tariffs in March, levying 25 per cent on steel imports and 10 percent on aluminum. He said they were justified by national security concerns and therefore outside the WTO’s remit.
Will not increase the number of GM-level posts in PSBs: Modi Govt
For the first time in many years, the government has decided against increasing the number of general manager-level positions in public sector banks (PSBs). After a recent review, the department of financial services (DFS) sent a letter (dated May 16) to 19 PSBs that the ceiling on the number of number of GMs will not be raised. “The matter has been considered and decision taken,” it stated. In 2016, the government had decided to increase the maximum number of GMs at PSBs to 465, from a ceiling of 442 and 420 fixed in 2013 and 2011, respectively.
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