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Delhi ROC adjudication order for violation of Section 92(4) & 137(3) of Companies Act 2013 on non response of Show Cause Notice in the matter of CREDFORCE ASIA LIMITED.

Posted on by Business So Simple in Company Law

Delhi ROC adjudication order for violation of Section 92(4) & 137(3) of Companies Act 2013 on non response of Show Cause Notice in the matter of CREDFORCE ASIA LIMITED.

Note : It is always advisable to rectify the default u/s 92(4) & 137 (1) & (2) within 30 days of issue of notice by Adjudicating Office to avoid penalty.

IMPACT OF COVID-19 ON SMALL BUSINESSES (Press release 10th Feb 2022)

Posted on by Business So Simple in MSME

The Government has taken a number of recent initiatives under the Aatma Nirbhar Bharat Abhiyan to mitigate the negative impact of Covid-19 on small businesses in the country and to improve their financial and market access. Some of them are:

  1. Rs. 20,000 crore Subordinate Debt for stressed MSMEs.
  2. Rs.3 lakh crores Emergency Credit Line Guarantee Scheme (ECLGS) for Businesses, including MSMEs (which has subsequently been increased to Rs. 5 lakh crore, as announced in Budget 2022-23).
  3. Rs. 50,000 crore equity infusion through MSME Self-Reliant India Fund.
  4. New Revised criteria of classification of MSMEs.
  5. New Registration of MSMEs through ‘Udyam Registration’ for Ease of Doing Business.
  6. No global tenders for procurement up to Rs. 200 crores.

            An Online Portal, “Champions”, has been launched on 01.06.2020 by Hon’ble Prime Minister. This covers many aspects of e-governance including redressal of grievances and handholding of MSMEs. In order to support the MSEs during COVID-19 pandemic, a special component of “Virtual Trade Fairs” has been introduced under the existing Procurement & Marketing Support (PMS) scheme of this Ministry to enhance market access of MSEs.

         From 2nd July, 2021, the government has included Retail and Wholesale Traders as MSMEs. They are allowed to be registered on Udyam Registration Portal and avail benefits of Priority Sector Lending.

         This information was given by Union Minister for Micro, Small and Medium Enterprises, Shri Narayan Rane in a written reply in Lok Sabha.

National Legal Service Day (Press release 11th Feb 2022)

Posted on by Business So Simple in Legal awareness

National Legal Services Day is observed every year on 9th November to commemorate the commencement of Legal Services Authorities Act, 1987 which came into force on 9th November, 1995. On National Legal Services Day, legal awareness camps are held by State Legal Services Authorities across the country to apprise people about the availability of free legal aid. Further, nationwide programmes are organised every year to make people aware of the various services provided by Legal Services Authorities.

In the year 2021, six-week long Pan India Legal Awareness and Outreach Campaign was launched from 2nd October to 14th November, 2021 which included Door-to-Door Campaigns, Legal Awareness Programs, awareness through Mobile Vans and awareness through Legal Aid Clinics. Further, ‘Legal Services Week’ was observed from 8th November to 14th November, 2021 wherein more than 38 crore persons were surveyed or interacted or made aware of their rights. On the Legal Services Day i.e., 9th November, 2021, a national level event was also organised by National Legal Services Authority (NALSA), wherein iOS version of the Legal Services Mobile Application was launched and online portal for filing Legal Aid applications was made accessible in 10 languages.

The following Authorities/Institutions are established to provide free legal aid to poor and weaker sections of the society :-

  1. National Legal Services Authority (NALSA) at National level
  2. Supreme Court Legal Services Committee (SCLSC) at Supreme Court level
  3. 39 High Court Legal Services Committees (HCLSCs) at High Court level
  4. 37 State Legal Services Authorities (SLSAs) at State level
  5. 673 District Legal Services Authorities (DLSAs) at District level
  6. 2465 Taluk Legal Services Committees (TLSCs) at Taluk level

The Government extends all support to strengthen the legal services authorities/institutions in the form of Grant-in-Aid and other logistical support.

In order to monitor the performance of the legal services authorities, NALSA receives monthly activity reports from all the State Legal Services Authorities (SLSAs) highlighting all the activities carried out in a particular month. Apart from monthly activity reports, NALSA also receives Annual Reports from all the SLSAs and prepares its own Annual Report, which is laid before both Houses of the Parliament of India.

This information was given by Shri Kiren Rijiju Union Minister of Law and Justice, in Lok Sabha today.

Online Dispute Resolution (Press Release 11th Feb 2022)

Posted on by Business So Simple in Legal awareness

Video conferencing has emerged as the mainstay of the Courts during the ongoing Covid pandemic period as physical hearings and normal court proceedings in the congregational mode were not possible. To facilitate dispensation of justice in such time one video conference equipment each has been provided to all court complexes including taluk level courts and additionally funds have been sanctioned for additional VC equipment for 14,443 court rooms. Funds for setting up 2506 VC Cabins have been made available. Additional 1500 VC Licenses have been acquired. VC facilities are already enabled between 3240 court complexes and corresponding 1272 jails. A sum of Rs. 7.60 crore has been released for procurement of 1732 Document Visualizers. Further, Judicial Service Centres (JSC) have been established to serve as a single window for filing petitions and applications by litigants / lawyers, and for obtaining information on ongoing cases and copies of orders and judgments etc. In addition, e-Sewa Kendras have been rolled out to bridge the digital divide by providing eFiling services to lawyers and litigants. Government has released Rs. 12.54 crore for setting up e-Sewa Kendras. As on 31.12.2021, 451 eSewa Kendra’s have been made functional in District Courts under 25 High Courts. Also, training programs and awareness campaigns have been conducted from time to time to train various stakeholders and familiarise them with court digitisation initiatives. Data/information relating to private dispute resolution centres is not collated by the Government.

The concept of Online Dispute Resolution (ODR) in India is at a nascent stage.  The NITI Aayog had constituted a high level committee to take it forward and the report of the committee titled “Designing the future of dispute Resolution: the ODR Policy Plan for India” was released on 29.11.2021.  It inter-alia recommends for mainstreaming of ODR in India, as a cost effective, convenient, efficient process which can be customised to the specific needs of the parties, considering the nature of the dispute.  The Government of India has also acknowledged the importance of online dispute resolution and proposes to provide legal sanction to ODR by way of requisite provisions in the Mediation Bill, 2021 introduced in the Rajya Sabha on 20.12.2021.  The Bill recognizes online pre-litigation mediation as an acceptable and cost effective process of dispute resolution thereby removing the distance barrier for parties.

This information was given by Shri Kiren Rijiju, Union Minister of Law and Justice, in Lok Sabha today.

Fast Track Special Courts (Press release 11th Feb 2022)

Posted on by Business So Simple in Legal awareness

The Department of Justice is implementing a Centrally Sponsored Scheme for setting up of 1023 Fast Track Special Courts (FTSCs) including 389 exclusive POCSO (e-POCSO) Courts since October 2019. 700 FTSCs (68%) including 383 e-POCSO courts have been made operational in 27 States/UTs up to December 2021. As per information made available by High Courts the details of the target set for establishment of FTSC in the country along with the number of FTSC set up and functional against the set target is given at Annexure below:

Third Party Evaluation of the Scheme was conducted by National Productivity Council (NPC) during the third quarter of 2020.Evaluation of the conviction rates of the FTSCs vis-a-vis the Regular Courts was one of the terms of reference of the Study. As per the findings, it was observed that conviction to disposal rate for Regular Court Cases, FTSC Cases and e-POCSO Court Cases are 5.54%, 7.21% and 17.64% respectively.

Fast Track Special Courts

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1797663&RegID=3&LID=1

The issue of setting up of FTSCs and their early operationalization has been taken up with concerned States/UTs at various level from time to time. Minister of Law & Justice has addressed letters to Chief Ministers of States and Chief Justices of High Courts in this regard. In addition, regular review meetings with officials of the States/UTs and High Court functionaries are being held from time to time for operationalization of remaining FTSCs so as to further reduce the burden on judiciary.

This information was given by Shri Kiren Rijiju Union Minister, Ministry of Law and Justice, in Lok Sabha today.

Union Finance Minister Smt. Nirmala Sitharaman launches first colour souvenir coin on “Panchtantra”

Posted on by Business So Simple in Financial Prudence

Security Printing and Minting Corporation of India Limited (SPMCIL) celebrated its 17th Foundation Day programme today (11th Feb 2022) through the digital mode.

Union Finance Minister, Smt. Nirmala Sitharaman chaired the programme via virtual mode in the presence of Secretary, Department of Economic Affairs (DEA), Ministry of Finance (MoF), Senior Economic Advisor, DEA, MoF and other senior officials from Ministry and Director (HR) & Director (Finance) of SPMCIL. 

Union Finance Minister Smt. Nirmala also launched the first colour souvenir coin on “Panchtantra” during the occasion.

Ms. Tripti Patra Ghosh, CMD, SPMCIL, in her welcome address highlighted the achievements and the innovative initiatives of the Company.

During the occasion, the Chief General Managers of the respective 09 Units awarded the meritorious employees for their outstanding achievements.

The Finance Minister in her address laid stress on upskilling and acquiring new skills, and upgradation to meet the technology driven economy. Further she emphasized on ramping up of quality of products and to brand SPMCIL as lead producers of currency and other sovereign products.