COMMITTEES
Supreme Court appoints panel to sell PACL’s assets
Supreme Court has appointed a committee under former chief justice RM Lodha to sell assets of Pearls Agrotech Corporation Ltd (PACL) and refund 49 thousand crore rupees to the investors. A bench headed by justice Anil Dave also said that the title deeds of various lands belonging to PACL should be handed over by the CBI to the SEBI. SEBI will accordingly take appropriate steps to ensure their sale. It also directed the PACL not to accept any deposit from the public and restrained any court from interfering with sale proceedings. The bench posted the matter for further hearing on August 2, 2016.
Companies Law Committee submitted recommendations on Companies act
On Feb 1st the companies law committee submitted its recommendations on companies act 2013 to Union government this committee was formed in June 2015 for Examining and making recommendations on issues arising out of implementation of companies act,2013. It is chaired by Japan Ray Secretary, ministry of corporate affairs with 8 members and one member convener. The committee has proposed changes in 78 sections in companies act, 2013 which results 100 amendments in act. The Recommendations mainly cover significant areas of act, including definitions, raising of capital, accounts and audit, corporation governance, managerial remuneration, companies in corporated outside India and offences/ penalties.
Expert panel to review Specific Relief Act, 1963
On 28 January 2016,The Legislative Department in the Ministry of Law & Justice constituted an expert committee to review the Specific Relief Act, 1963. The committee will have five members besides the Chairman. The committee has been asked to submit its report within three months.The Specific Relief Act, 1963 provides for the law relating to certain kind of specific relief and has not been amended since its inception.