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To safeguard the interest of general public, it has become imperative that before becoming its member, one must ensure declaration of a company as a Nidhi by the Central Government and towards this, few necessary/important amendments in the Rules have been carried out which are applicable to the Companies to be incorporated after Nidhi (amendment) Rule, 2022, as under:-
- A Public Company incorporated as a Nidhi with a share capital of Rs. 10 lakhs; needs to first get itself declared as a Nidhi from the Central Government by applying in form NDH-4 with a minimum membership of 200 and NOF of Rs. 20 lac within 120 days of its incorporation.
- The Promoters and Directors of the company have to meet the criteria of fit and proper person as laid down in the rules.
- For timely disposal, it has also been provided in amended Rules that in case no decision is conveyed by the Central Government within 45 days of the receipt of applications filed by companies in form NDH-4, approval would be deemed as granted. This would apply for such companies which shall be incorporated after Nidhi (Amendment) Rules, 2022.
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MINISTRY OF HOME AFFAIRS
Ceasefire Agreements with National Socialist Council of Nagaland/NK, National Socialist Council of Nagaland/ Reformation and National Socialist Council of Nagaland/K-Khango extended ( 20 APR 2022 )
Ceasefire Agreements are in operation between Government of India and National Socialist Council of Nagaland/NK (NSCN/NK), National Socialist Council of Nagaland/ Reformation (NSCN/R) and National Socialist Council of Nagaland/K-Khango (NSCN/K-Khango).
It was decided to extend the Ceasefire Agreements for a further period of one year with effect from 28th April, 2022 to 27th April, 2023 with NSCN/NK and NSCN/R and from 18th April, 2022 to 17thApril, 2023 with NSCN/K-Khango. These Agreements were signed on 19th April, 2022.
SUPREME COURT
Supreme Court seeks status of benefits given to migrant workers ( APR 19, 2022 )
The Supreme Court has sought compliance reports within four weeks from the Centre and states on what actions have been taken to comply with its June 2021 order to provide food and social security to migrant workers.
The court issued the directions on an application moved by three civil rights activists – Harsh Mander, Anjali Bhardwaj and Jagdeep Chhokar – in January this year, alleging non-compliance of the orders by the top court last year.
The court’s judgment on June 29, 2021, in a suo motu case concerning the plight of migrant workers amid the Covid -19 pandemic, directed the Centre and states to provide dry ration and set up community kitchens for migrant workers. It also directed the Union government to launch a central portal to register the migrant workers and ensure states implement the Centre’s “One Nation One Ration Card” by July 31, 2021.
Appearing for the petitioners, advocate Prashant Bhushan said the purpose of filing the application was to ensure that the orders of the top court are carried out and to hold officers of Centre and states accountable where there is non-compliance.
NATIONAL COMPANY LAW APPELLATE TRIBUNAL (NCLAT)
Supertech Insolvency: Union Bank of India seeks better settlement plan, 'definite upfront payment' of dues in plea filed in NCLAT ( APR 20, 2022 )
Debt-ridden Supertech Ltd, which is facing insolvency proceedings, should come up with a settlement plan that entails "definite upfront payment" of dues, according to one of its lender Union Bank of India. The bank on whose application the National Company Law Tribunal (NCLT) decided to initiate insolvency resolution proceedings against Supertech Ltd has made the submissions before appellate tribunal NCLAT.
On March 25, the Delhi bench of the NCLT had directed to initiate insolvency proceedings against Supertech Ltd over a petition filed by the Union Bank of India for non-payment of dues worth around Rs 432 crore. The order has been challenged by R K Arora, director of the suspended board of Supertech Ltd, which is one of the firms of Supertech group.
NCLT had also appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
BUSINESS
Netflix stock price crashes 27% as 2 million subscribers loss expected in Q2 ( APR 20, 2022 )
Netflix shares were down by almost 27 per cent in the premarket trading session after the company posted the First Quarter 2022 Earnings. Netflix market cap is close to $150 billion but the huge expected fall after market opens may eventually result in a loss in market capitalisation of almost $40 billion. As on Tuesday, Netflix stock closed at $253.70 and is down by almost 42 per cent year-to-date (YTD) before market opens on wednesday.
Netflix may soon turn out to be one of the worst-performing shares of 2022 year especially among the top-notch technology stocks.
Management pointed to four causes, including the prevalence of password sharing and growing competition. Netflix’s revenue growth has slowed considerably as the large number of households sharing accounts, combined with competition, is creating revenue growth headwinds.
INTERNATIONAL MONETARY FUND ( IMF )
IMF open to emergency financing for nations facing food insecurity ( APR 20, 2022 )
The International Monetary Fund is open to providing emergency financing to help vulnerable countries with food security issues, or additional funding under existing lending programs, a senior IMF official said Wednesday.
Vitor Gaspar, director of the IMF's Fiscal Affairs Department, told a news conference food security was a critical issue at this week's meetings of IMF and World Bank members, with additional financing needed by some nations, especially those already facing debt distress.
WORD OF THE DAY
The International Monetary Fund (IMF) is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty. Quotas of member countries are a key determinant of the voting power in IMF decisions.
Votes comprise one vote per 100,000 special drawing right (SDR) of quota plus basic votes. SDRS are an international type of monetary reserve currency created by the IMF as a supplement to the existing money reserves of member countries.
MARKET TODAY ( as on 20.04.2022 )
BSE SENSEX 57,037.50 ▲ 574.35 (1.02%)
NIFTY 50 17,136.55 ▲ 177.90 (1.05%)
DOLLAR VS RUPEE
1 US Dollar = 76.29 Indian Rupee ( April 20, 6:09 PM )
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