International
Merger of PSU banks and approval of company law
NEW DELHI :
Prime Minister Narendra Modi chaired a cabinet meeting today during which a bunch of proposals, including those related to company law and the merger of 10 PSU banks, were discussed . Union ministers Nirmala Sitharaman and Prakash Javadekar brief the media on key decisions made at the cabinet meeting.
Cabinet meeting updates:
-In the Companies Act, up to 23 offenses would be reclassified out of 66 cumulative offenses under the Act. In addition, seven cumulative offenses would be omitted: Sitharaman.
-No abstention from any regulator we are considering: Sitharaman on bank mergers.
-Banks have no problem with the merger activity. The main interests of banks and customers have been kept in mind: FM
-Banks are fully involved, they understand and are not ready for the effective merger on April 1, 2020: FM
– Bank mergers will not affect bank operations: Sitharaman
-Banks have sent a merger plan: FM
-Cabinet approved the Companies Bill (second amendment), 2019. The bill removes crime under the law. "This bill improves the ease of life for law-abiding businesses and unclogs the country's criminal justice system," said Sitharaman.
-After the merger, there will only be 12 power banks: FM
-The law becomes a little more human: FM
-We exempt companies from the obligation to spend 50 lakh or less under CSR requirement to have a CSR committee: Sitharaman
-We remove the angle of imprisonment and reduce the sentence: FM
-The penalty quantum will be reduced: FM
-The Union Cabinet approves 72 changes to the Companies Act. Emphasis is placed on the ease of doing business: FM
-The priority is to decriminalize the law on companies: FM
-We have proposed 72 changes in 65 articles of the law on companies which was adopted in 2013: Sitharaman.
-Air India passengers will continue to get better services and this will also improve the business environment, said Javadekar.
– Prime Minister Narendra Modi personally monitors the situation in the wake of the coronavirus
-India will launch 19 new coronavirus test laboratories: Javadekar
-In the past 10 months, more than 6 lakh passengers have been screened.
-Prior screening of coronaviruses at 21 airports: the Minister
– Earlier, NRIs were not allowed to invest more than 49% in Air India
-INRs who are Indian nationals will get permission to invest 100% in Air India. It will pave the way for new investments: Javadekar.
-The FDI increases under the Modi government every year: Prakash Javadekar.
– The overseas listing of domestic companies to raise funds at lower rates is also likely to have been approved by the Cabinet of the Union.
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