As many as 38 independent director posts are lying vacant in 31 public sector companies, Parliament was informed on Thursday (13 August). A maximum of 6 posts are vacant at BHEL's subsidiary Electricals Machines Ltd, followed by Scooter India (3), Cement corporation (2), Engineering Projects India (2), HMT Ltd (2), etc. "There are 38 posts of independent directors lying vacant in 31 public sector companies under the Department of Heavy Industry," Minister of State in the Ministry of Heavy Industry and Public Enterprises G M Siddeshwara said in a written reply to the Rajya Sabha. "The companies are functioning with the existing set of functional, independent and government directors. The department has forwarded proposals for filling up the vacant posts of independent directors to competent authorities as per procedure," the Minister said. According to the provisions of the Companies Act 2013, every listed public company shall have at least one-third of the total number of directors as independent directors and the central government may prescribe their (independent directors) minimum number in case of any class or classes of public companies. (PTI)
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The government on Thursday (13 August) introduced a bill in the Lok Sabha to amend a nearly 130-year old 'Indian Trusts Act', aimed at providing greater autonomy and flexibility to trustees to invest funds of their trusts. The Indian Trusts (Amendment) Bill, 2015 was introduced in the Lower House by Minister of State for Finance Jayant Sinha. The bill seeks to amend certain sections (20 and 20A) of the Indian Trusts Act, 1882 to empower the Central Government to notify a class of securities, for the purpose of investing trust-money. It also does away with the requirement of case to case approval by the government of "any security". As per the 'statement of objects and reasons' of the proposed amendment, it also "provides to the trustees greater autonomy and flexibility" to take decisions on investment of trust-money based on their assessment of the risk-return trade off and the relevant provisions of the trust deed. "It would be consistent with the current economic environment and the present shift from a merit based regulatory regime to a disclosure based regulatory regime". The bill seeks to enable the Central Government to notify a class of securities for the purpose of investment of trust money by the trustees in "such securities" and it "deletes reference to the outdated and obsolete securities" from the Act. The 1882 Act provides the law relating to 'private trusts and trustees'. The Law Commission of India, in its 17th report has, inter alia, recommended for amendment of section 20 and for deletion of the provisions for the securities which have become obsolete. (PTI)
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The wireless hotspots will be ready in three phases, says Haider AliThe Wireless Broadband Alliance (WBA), the industry association for the development of the converged wireless broadband ecosystem, has announced the establishment of a Connected City Board. Speaking at the occasion, journalist turned politician, Ashish Khetan, vice chairman of Delhi Dialogue Commission, government of NCT of Delhi said, “During elections Wi-Fi connectivity was one of the major demand that people asked for and we will soon be able to provide free Wi-Fi connection at pre-defined locations at affordable rates as people cannot afford to pay for the internet in most of the cases.” He also pointed out call drops are still common even as we are moving towards 4G technology. He said that RFP is almost ready and will be available in public domain soon regarding the plan to provide free Wi-Fi. He informed the audience that it will be launched in three phases. In the first phase, it will be available in all government and private colleges and in second phase it will be available in 275 villages of Delhi and in the third phase it will be launched in all the un-authorised colonies of Delhi. For that 3,000 hotspots will be set up, he said. The Aam Admi Party (AAP) is the first start-up in politics, he said. “Digital India is the priority of the government as still 800 million populations is not connected with the internet,” said Rajeev Chandrasekhar, Member of Parliament and a technology entrepreneur. He also added that we are paying for Mbps but we are getting the speed of Kbps. The main aim of Digital India is to bring government and governance at the user friendly level, at the door steps of people. He pointed that there is only 8.6 per cent of internet penetration in rural India as compared to urban areas where it is merely 37 per cent. He also quoted a World Bank report which says that for every 10 per cent increase in broadband connectivity, there is an increase of 1 per cent in GDP. He informed the gathering that Bharat Net has the goal of laying 950 kilometres of fibre cable optics every day. He also urged for private players to come in help the government in making India a digital democracy. Chandrasekhar criticised the decision of AAP government in Delhi of providing free Wi-Fi connectivity as it will lead to deteriorating quality and chaos. He also urged for co-operation among Centre and States as there are fundamental flaws in the accountability. The board aims to help deliver the vision of connected cities being pursued by a growing number of cities from around the world. It provides an exclusive platform for city managers and CIOs to share knowledge and create the best practices with their counterparts in other cities and also determine the best way to encourage public-private partnerships. The Board will continue to focus on development of the connected city plans and blue prints, creation of public-private ecosystems and collaboration mechanisms for resource contributions.
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Industry leaders, including Rahul Bajaj, Adi Godrej and Kiran Mazumdar-Shaw, have signed an online petition along with 17,000 persons against continued disruptions in Parliament, asking all political parties to end the logjam. While the call from the 'disheartened' petitioners to begin a consultative and collaborative process for passage of key reforms Bills found support from Finance Minister Arun Jaitley, it was used by JD-U chief Sharad Yadav to attack the government. Yadav said the charge that the BJP government was "a government for moneybags has been vindicated" in the attack on Parliament by "capitalists". Started by industry body Confederation of Indian Industry (CII) five days ago, the online petition has been signed by top business leaders such as Infosys Co-Founder Kris Gopalakrishnan, Hero Group Chairman Pawan Munjal among others. More than 17,000 persons have already signed the petition on Change.org. Elaborating on the petition, CII said the parliamentary paralysis can lead to weakening of India's democracy. "Recent events have been disheartening. They have the potential of eroding popular faith in Parliament...We, therefore, urge all political parties to have a collaborative and consultative process in Parliament and allow it to function, debate and legislate," CII said. Supporting the petition, Jaitley said: "Every segment of society has an interest in India's democracy and India's Parliament functioning. And therefore to say that nobody can express an opinion outside Parliament that Parliament must function, I think it is a thought and idea which is to be rejected." Apart from industrialists, academicians such as IIM Ahmedabad Professor Piyush Kumar Sinha and IIT Madras Professor Ashok Jhunjhunwala have signed the petition.(PTI)
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Government will sell 10 per cent stake in Coal India through a public offer, which could fetch about Rs 23,400 crore to the exchequer. The department of disinvestment (DoD), the Ministry of Finance, is in the process of appointing merchant bankers for managing the stake sale. "The Government of India intends to disinvest 10 per cent paid up equity capital of CIL out of its shareholding of 78.65 per cent, through offer for sale (OFS) of shares by promoters through the stock exchanges," the DoD said while inviting bids from merchant bankers. At the current market prices, sale of 63.16 crore shares or 10 per cent stake would fetch Rs 23,460 crore to the exchequer. The government will appoint up to five merchant bankers to manage the stake sale and the last date for application is September 2. Coal India Ltd (CIL) was listed on stock exchange on November 4, 2010, and its market value today stands at Rs 2,34,621 crore. Employees of CIL would be eligible to apply for shares worth up to Rs 2 lakh and would be offered a discount of up to 5 per cent on the issue price, the Finance Ministry said. The merchant bankers would be required to advise the government on the timing and modalities of the OFS and also ensure best return to the exchequer. Shares of CIL closed at Rs 371.45, down 5.53 per cent over previous close on the BSE. The government had last sold 10 per cent stake in the blue chip coal major on January 31, 2015. It had then garnered Rs 22,557 crore to the exchequer. The disinvestment department is readying PSUs for stake sale and is seeking Cabinet approval for the same. It has Cabinet nod for about two dozen PSUs and is waiting for right market conditions to go ahead with the stake sale. So far this fiscal, the government has sold stake in two PSUs REC and PFC, and gathered over Rs 3,000 crore. The government has set a target of Rs 69,500 crore to be garnered through PSU stake sale this fiscal.(PTI)
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The Centre's attempts to push through the GST Bill in Rajya Sabha were on Tuesday (11 August) stalled by the Congress disrupting the House, inviting angry reaction from Finance Minister Arun Jaitley who targeted Sonia and Rahul Gandhi saying they were not able to digest election defeat. Accusing the Congress party of creating obstacles in the path of growth and economy, he declared that government would try to get the bill passed with the help of parties supporting GST through "all correct measures politically and constitutionally". Government's difficulties in a House where Congress has significant number of 68 members in a House of 245 came with only two days to go for the monsoon session of Parliament, which has been a virtual washout in the wake of Congress campaign on political issues. The BJP, which has 48 members in the House, has the support of about 120 MPs, and will have to work on a number of small parties to muster about 165 members to make up for the mandatory two-third support for a Constitution amendment Bill. With the roll-out of the Goods and Services Tax (GST), which is touted as one of the major economic reforms measures, planned for April 1, 2016, Jaitley moved the Bill for consideration and passage in the Rajya Sabha after the House adopted the Appropriation Bill without any discussion. But immediately, Deputy Leader of Congress Anand Sharma raised objections saying discussion on the Bill cannot be taken up as it was not discussed in Business Advisory Committee and no time has been allocated for it. When Jaitley got up to move the Bill, Congress members trooped into the well, shouting slogans against the government. "The real purpose is that they want to stall to stall the growth of the country and that is why session after session, they are using one pretext or the other to stall it. That is why they are using the pretext of External Affairs Minister. "The Congress party does not want the economy to grow. They must candidly say so...They don't need any pretext," he said. Amid stormy scenes and vociferous slogan shouting by Congress members, Deputy Chairman P J Kurien said, "This being a Constitution amendment bill, I cannot take up the bill in pandemonium". He then adjourned the House for the day.(PTI)
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This was only expected. As soon as Union Finance Minister Arun Jaitley introduced the GST bill -- Constitution (122nd amendment) Bill, 2014 – in the Rajya Sabha around 2.15 pm on Tuesday (Aug 11), Congress members trooped into the Well of the House and started raising slogans against transacting any business. Congress members like Satyavrat Chaturvedi and B K Hariprasad were seen leading the members. Jaitley’s exhortation – that the Congress action would slow down the economy of the country – was lost in the din of Congress sloganeering. That the Congress would never allow the introduction and passing of the bill has been evident from the very beginning of the Monsoon Session. On Tuesday, Congress deputy leader in the House said, Anand Sharma: “We are not against the GST bill per se; we are against the manner in which it is being introduced”.Party chief whip in the Rajya Sabha Satyavrat Chaturvedi told Businessworld, "this GST Bill was never discussed in the business advisory committee. So how can we have a debate on the issue in the house? Before anything else, the government must take the main opposition into confidence."Chaturvedi added there was no question whatsoever of the Congress allowing the Bill's passage in th enext three days. With only three days of the Monsoon Session left, and with the Congress bent on disrupting the proceedings, there are very little chances that the GST Bill would be passed this week. It being a Constitutional amendment bill, there has to be order in the House while the bill is debated. A proposal being discussed in the government is to convene a two-day or three-day session one month down the line, as part of the ongoing monsoon session, and get the GST Bill passed. Else it will miss its April 1 2016 rollout date. It, however, remains to be seen if the Congress cools down the tempers by then. Congress members, meanwhile, kept on protesting and shouting slogans in the Lower House on Tuesday as well. Earlier in the day, at the BJP Parliamentary Party meeting, PM Modi lashed out at those disrupting the proceedings of Parliament. He had a word of gratitude for Samajawadi Party chief Mulayam Singh Yadav, too, who had said on Monday that he wanted Parliament to function, and that he would not support the Congress if it wound continue to disrupt the parliamentary proceedings.
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The government will bring the much-awaited bill on GST for passage in the Rajya Sabha on Tuesday (11 August) even as doubts persists if the opposition Congress will allow passage of the Constitution Amendment Bill. The Revised List of Business of Rajya Sabha said Finance Minister Arun Jaitley will move the Constitution (One Hundred and Twenty-second Amendment) Bill, 2014, incorporating recommendations made by a House Select Committee. Jaitley will also move that the Bill be passed, it said. The Goods and Services Tax (GST), that seeks to replace all indirect taxes, with a uniform levy has already been approved by the Lok Sabha and was in last session referred to a Rajya Sabha Select Committee. The panel has given its report endorsing majority of the provisions, while suggesting changes in compensation to states and definition of supply for the purpose of states levying additional one per cent tax. Minister of State for Parliamentary Affairs Rajiv Pratap Rudy assailed Congress for opposing the Bill, which he said was its own brain child. Asked whether the GST is unlikely to be passed in the Rajya Sabha in the ongoing session of Parliament, Rudy said: "Looks like as of now". Speaking on Karan Thapar's 'To The Point' programme on India Today TV channel, Rudy said the GST is not being deliberated in Parliament because "the Congress does not want it to happen despite being the architect of the bill". "We have tried to build a political consensus... There were reservations of states which we have tried to address," Rudy said. The current monsoon session of Parliament ends on August 13. The GST Constitution Amendment Bill is waiting nod of Rajya Sabha, where the ruling NDA does not have a majority. (PTI)
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Seeking to allay fears, the government today said full confidentiality will be maintained with regard to disclosures of unaccounted overseas wealth made under the black money compliance window and only those who do not take advantage of the scheme need to worry. Asking people to disclose unaccounted wealth by September 30, Revenue Secretary Shaktikanta Das today said the 90-day compliance window will not be extended, though the CBDT would continue to clarify all doubts on the black money law. At a workshop organised by ICAI at the behest of CBDT he said, "A person can file disclosure online and information will be restricted to officers who require to know. Information will not be circulated far and wide. Confidentiality shall be maintained." This is in contrast to the Das' statement last week, where he had said that the information provided during the one-time compliance window can be revealed in the public interest. "In this law, there is no assurance of confidentiality but at the same time there is a provision that Section 138 of I-T Act, which is basically a confidentiality provision... However, the Department in public interest can declare it," Das had said. Clarifying government's stand, Das today said the provisions of Section 138 of the Income Tax Act will be applicable to the informations disclosed and full confidentiality will be maintained. "Let us not create false alarm. Those who have stashed money abroad and not declared them has a lot more to worry because we will start getting information under automatic exchange of information and FATCA. Those who file disclosure information under compliance window under Black Money Act need not worry," Das said. To allay fears that the Tax Department would start a greater scrutiny after someone avails a disclosure window, Das said if someone makes a declaration the I-T department "will not make a roving enquiry". "We will verify whether we have received that information earlier under double taxation avoidance agreements and will inform him. We will not harass him. He can then file his undisclosed assets under the Income Tax Act," he said. The Revenue Department would come out with a second set of FAQs on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to clarify the provisions of the law, he added. .(PTI)
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Nearly 41,000 jobs have been created under the Prime Minister's Employment Generation Programme in the current fiscal till July 16, Parliament was informed on Monday (10 August).Under the PMEGP, as many as 40,915 jobs were created this fiscal till July 16 and 3.57 lakh employment opportunities generated during 2014-15, as per a statement in the Lok Sabha on Monday by Labour Minister Bandaru Dattatreya. Government has been implementing a credit-linked subsidy programme named PMEGP since 2008-09 by merging the two schemes that were in operation till March 31, 2008 namely Prime Minister's Rojgar Yojana (PMRY) and Rural Employment Generation Programme (REGP), with Khadi and Village Industries Commission (KVIC) as the nodal agency. PMEGP has been implemented at the national level for generating employment in the country by setting up of micro- enterprises in the non-farm sector. Under PMEGP, general category beneficiaries can avail of margin money subsidy of 25 per cent of the project cost in rural areas and 15 per cent in urban areas. For beneficiaries belonging to special categories such as scheduled castes, scheduled tribes, OBCs, minorities, women, ex-servicemen, physically handicapped, beneficiaries belonging to North Eastern Region, hill and border areas, etc., the margin money subsidy is 35 per cent in rural areas and 25 per cent in urban area. Under the scheme, the maximum cost of project is Rs 25 lakh in the manufacturing sector and Rs 10 lakh in the service sector. As per the minister's statement in the House, government has released Rs 1,019 crore as margin money subsidy this fiscal till July 16. The government had released 1,093.06 crore in 2014-15 as margin money subsidy under the programme, it added. (PTI)
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