Prime Minister Narendra Modi
Prime Minister Narendra Modi

Cabinet approves promulgation of Companies (Second Amendment) Ordinance 2019

ANI | Updated: Feb 19, 2019 23:00 IST

New Delhi [India], Feb 19 (ANI): The Cabinet has approved the promulgation of the Companies (Second Amendment) Ordinance 2019 and its replacement in Parliament by a replacement Bill, said Finance Minister Arun Jaitley on Tuesday.

It is based on the recommendations of the Committee to review offenses under the Companies Act, 2013, so as to fill critical gaps in the corporate governance and compliance framework as enshrined in the Companies Act 2013, while simultaneously extending greater ease of doing business to law-abiding corporates.
Briefing media persons after the Cabinet meeting, Jaitley said: "We had a detailed meeting of Cabinet today. We discussed the four Bills which we passed in the Lok Sabha. We have approved the Promulgation of the Companies (Second Amendment) Ordinance 2019, Indian Medical Council (Amendment Second Ordinance-2019) and an additional DA of 3 per cent over the existing rate of 9 per cent to government employees and dearness relief to pensioners from January 1, 2019."
A bill to replace the Companies (Amendment) Ordinance, 2018, that was promulgated in November could not be passed during the last session of the current Parliament.
The Cabinet also gave nod to the construction of Regional Rapid Transit System (RRTS) covering a distance of 82.15 km (68.03 km elevated and 14.12 km underground), implementation of an externally aided project namely "National Rural Economic Transformation Project" (NRETP) under the Deendayal Antyodaya Yojana at a total completion cost of Rs 30,274 crore.
Ahmedabad metro rail project, Phase 2, comprising two corridors was also approved in the Cabinet meeting.
The Cabinet Committee on Economic Affairs (CCEA) also approved the methodology for allowing the allocation of coal mines for specified end-use or own consumption, to sell 25 per cent of actual production on run-of-mine (ROM) basis in open market with payment of additional premium on such sale.
Kisan Urja Suraksha Evam Utthaan Mahabhiyan (KUSUM) scheme was also approved with the objective of providing financial and water security to farmers.
Cabinet has given its approval for constitution of Development and Welfare Board for Denotified, Nomadic, and Semi-nomadic Communities (DNCs) and a continuation of Swadesh Darshan Scheme, which is an Integrated Development of Theme-based Tourist Circuits in the country.
The CCEA also sanctioned the revision of norms under Mid-Day Meal Scheme with an outlay of Rs 12,054 crore for 2019-20 in addition to the subsidy of about Rs 8,000 crore borne by the Department of Food and Public Distribution.
The proposal for transfer of 50.76 acres of land at Sarangpur, Chandigarh, to the Postgraduate Institute of Medical Education & Research, Chandigarh, was also approved.
The CCEA also gave its nod for the Phase-II of Grid Connected Rooftop Solar Programme for achieving a cumulative capacity of 40,000 megawatt from rooftop solar (RTS) projects by 2022, and the continuation of Pradhan Mantri Awas Yojana-Gramin Phase-II beyond March 2019. (ANI)