NITI Aayog
NITI Aayog Launches the National Data & Analytics Platform (MAY 13, 2022)
NITI Aayog launched the National Data & Analytics Platform (NDAP) for open public use today. The platform aims to democratize access to public government data by making data accessible, interoperable, interactive, and available on a user-friendly platform. It hosts foundational datasets from various government agencies, presents them coherently, and provides tools for analytics and visualization.
This public launch follows a beta release of the platform in August 2021 that had provided access to a limited number of users for testing and feedback. NDAP follows a use-case based approach to ensure that the datasets hosted on the platform are tailored to the needs of data users from government, academia, journalism, civil society, and the private sector. All datasets are standardized to a common schema, which makes it easy to merge datasets and do cross-sectoral analysis.
The platform was launched by Mr. Suman Bery, Vice Chairman, NITI Aayog, in the presence of Mr. Amitabh Kant, CEO, NITI Aayog; Dr. Anantha Nageswaran, Chief Economic Advisor to the Government of India; and other senior officials from NITI Aayog, various ministries and state governments, academics and researchers.
SEBI
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( MAY 13, 2022 )
It has been decided to provide relaxation upto December 31, 2022, from Regulation 36 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) which requires sending hard copy of annual report containing salient features of all the documents prescribed in Section 136 of the Companies Act, 2013 to the shareholders who have not registered their email addresses. Further, the notice of Annual General Meeting published by advertisement in terms of Regulation 47 of LODR Regulations, shall contain a link to the annual report, so as to enable shareholders to have access to the full annual report. It is however emphasized that in terms of Regulation 36 (1) (c) of LODR Regulations, listed entities are required to send hard copy of full annual report to those shareholders who request for the same.
The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the LODR Regulations.
RBI
Lending by Commercial Banks to NBFCs and Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to priority sectors ( MAY 13, 2022 )
Bank credit to NBFCs (including HFCs) for on-lending will be allowed up to an overall limit of 5 percent of an individual bank’s total priority sector lending in case of commercial banks. In case of SFBs, credit to NBFC-MFIs and other MFIs (Societies, Trusts, etc.) which are members of RBI recognized ‘Self-Regulatory Organisation’ of the sector, will be allowed up to an overall limit of 10 percent of an individual bank’s total priority sector lending. These limits shall be computed by averaging across four quarters of the financial year, to determine adherence to the prescribed cap.
SFBs are allowed to lend to registered NBFC-MFIs and other MFIs which have a ‘gross loan portfolio’ (GLP) of up to ₹500 crore as on March 31 of the previous financial year, for the purpose of on-lending to priority sector. In case the GLP of the NBFC-MFIs/other MFIs exceeds the stipulated limit at a later date, all priority sector loans created prior to exceeding the GLP limit will continue to be classified by the SFBs as PSL till repayment/maturity, whichever is earlier.
For Official Notification, Click Here
NCLAT
Petition for insolvency gets time-barred if filed after 3 years: NCLAT (May 13, 2022)
The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the National Company Law Tribunal (NCLT) and held that corporate insolvency proceedings can’t be initiated on the payment of salary arrears and other remuneration as they are timebarred. NCLAT said this is in the matter of Omega Laser Products B.V, a Dutch company, and a shareholder of its Indian arm. A former managing director (MD) of the company had moved the NCLT seeking payment of salary arrears from the Indian arm of the Company.
The Appellate Tribunal ruled that the former MD’s plea would be time-barred by limitation for initiating insolvency against the Indian arm, on the ground that it had been filed beyond a period of three years. The NCLAT said there was no acknowledgement of the debt by the Board of Corporate Debtor in terms of Section 18 of the Limitation Act, 1963. It held that the majority of the claims were barred by time.
ECONOMY
India's retail inflation rises to 8-year high of 7.79% in April (May 13, 2022)
India's retail inflation surged to an eight-year high of 7.79 per cent in April on annual basis. The retail inflation accelerated mainly due to stubbornly high food prices. The retail inflation stayed well above the Reserve Bank of India's (RBI) upper tolerance limit for a fourth consecutive month.
WORD OF THE DAY
Ante litem motam means spoken before a lawsuit is brought. It may refer to a prior motive to distort the truth before the lawsuit was filed.
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