MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION
Legal Metrology (Packaged Commodities) (Second Amendment) Rules, 2022 (JUL 14, 2022)
In exercise of the powers conferred by sub-section (1), read with clauses (j) and (q) of sub-section (2), of section 52 of the Legal Metrology Act, 2009 , the Central Government hereby makes the rules further to amend the Legal Metrology (Packaged Commodities) Rules, 2011.
RULE 6 ( sub-rule 1 & 2 ) have been amended.
For Gazette Notification, Click Here
Ministry of Corporate Affairs
IBBI organises training programme for Indian Corporate Law Service Trainee Officers (JUL 14, 2022)
Insolvency & Bankruptcy Board of India (IBBI) organised a three-day training programme for Indian Corporate Law Service (ICLS) trainee officers, of the 2020 batch, from 11th to 13th July, 2022. Mr. Sudhaker Shukla, Whole-Time Member (WTM), IBBI, in the presence of Mr. Jayanti Prasad, WTM, IBBI inaugurated the training session.
The sessions covered overview of the Insolvency and Bankruptcy Code, 2016 (Code), broad overview of professionalisation of insolvency services and role of regulator.
It also covered the concepts, duly supplemented by way of practical case studies related to various processes under the Code, namely, Corporate Insolvency Resolution Process, Liquidation Process, voluntary liquidation, fast track resolution process, individual insolvency, and individual bankruptcy.
SUPREME COURT
Power to admit insolvency application not binding even when debt owed: SC (JUL 14, 2022)
In a breather to defaulting companies, the Supreme Court held that the provision to admit an application starting the insolvency process is not binding even when a debt is owed.
The appeal was filed by Vidarbha Industries, which is a power generating company, against the order of the National Company Law Appellate Tribunal (NCLAT). NCLAT had refused to stay the insolvency proceedings started by Axis Bank against the company.
A Bench comprising Justices Indira Banerjee and JK Maheshwari said the adjudicating authority (NCLT) failed to appreciate that the question of time-bound initiation and completion of corporate insolvency resolution process (CIRP) could only arise if the companies were bankrupt or insolvent and not otherwise.
Moreover, the timeline starts ticking only from the date of admission of the application for initiation of CIRP and not from the date of filing it.
GOOD AND SERVICES TAX
GST exemption gone, prices of curd and lassi may go up soon (JUL 14, 2022)
The prices of curd, lassi and buttermilk are expected to rise. Sources said dairy giant Amul may revise prices of these dairy products following a decision taken by the Goods and Services Tax (GST) Council to remove exemptions from GST on repackaged, re-labelled and packaged buttermilk, curd and lassi.
BUSINESS AND ECONOMIC NEWS
Tata Consumer Products enters honey and preserves segment via Himalayan brand (JUL 14, 2022)
Tata Consumer Products Ltd (TCPL) on Thursday announced its entry into the honey and preserves category by extending its premium water brand Himalayan into the segment.
Vikram Grover, MD Nourish Co Beverages Ltd, Tata Consumer Products, said the Himalayan brand has a very loyal consumer base and has over time stood for the natural Himalayan experience.
TCPL was formed after merging the consumer products business of Tata Chemicals with Tata Global Beverages and has a reach of over 201 million households. It has a consolidated annual turnover of Rs 12,425 crore with operations in India and international markets.
CAD expected to deteriorate in FY23 on costlier import: FinMin Report (JUL 14, 2022)
India's current account deficit is expected to deteriorate in the current fiscal on account of costlier imports and tepid merchandise exports, according to the Finance Ministry's monthly economic review.
The review released on Thursday by the ministry also said that global headwinds would continue to pose a downside risk to growth as crude oil and edibles, which have driven inflation in India, remain major imported components in the consumption basket.
Primarily driven by an increase in trade deficit, the CAD stood at 1.2 per cent of GDP in 2021-22. Analysts expects CAD may expand to 3 per cent of the GDP in the current financial year.
NEWS AT GLANCE
- Defence Ministry sets target of one lakh 75 thousand crore rupees of defence production by 2025.
- Indian scientists develop novel mechanism to inactivate SARS-CoV-2.
- Commission for Air Quality Management formulates Comprehensive Policy to abate menace of air pollution in Delhi-NCR.
- Sri Lankan Prime Minister Ranil Wickremesinghe asks military to take all necessary steps to restore order.
- Rishi Sunak tops first round of voting in UK Prime Minister's race.
WORD OF THE DAY
An escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties.
Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction.
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