Parliament Diary

 In Rajya Sabha today, discussion on the new roster system of reservation for teaching posts in universities was initiated. The discussion ended with a reply from the Minister of Human Resources Development. The House adjourned soon after due to repeated disruptions. 

In Lok Sabha, discussion on the Motion of Thanks on the President’s Address began. During the debate members raised several points with regard to demonetisation, job creation, unemployment, institutional autonomy, slow down of agricultural growth, working of key schemes, among others. The Motion of Thanks concluded with a response from the Prime Minister. 

New Brief Alert: Draft Amendments to the Companies Act, 2013

The Companies Act, 2013 regulates the incorporation, functioning, and dissolution of all types of companies.  In July 2018, the government set up a Committee to review offences under the Act. Based on these recommendations, the Ministry of Corporate Affairs published certain draft amendments to the Act in November 2018 (‘Draft Bill’). 

Some key highlights: 

• The Draft Bill states that the total monetary relationship of an Independent Director with the company, along with its group companies, should not exceed 25% of his total income. 
   
• The Act requires certain companies to spend 2% of their profits towards Corporate Social Responsibility (CSR) projects.  Reasons for unspent funds must be disclosed in the annual report.  The Draft Bill mandates spending of unspent CSR funds within three years.

You can read the Brief here.