MINISTRY OF CORPORATE AFFAIRS

Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 (SEP 21, 2022)

In the Companies (Corporate Social Responsibility Policy) Rules, 2014 
(i) in rule 3 (1), the following proviso shall be inserted, namely: -
 
“Provided further that a company having any amount in its Unspent Corporate Social Responsibility Account as per sub-section (6) of section 135 shall constitute a CSR Committee and comply with the provisions contained in sub-sections (2) to (6) of the said section.”; 

(ii)rule 3 (2) shall be omitted.

2) in rule 8(3)(c),- 
(i) for the words “five percent”, the words “two per cent.” shall be substituted; 
(ii) for the words “whichever is less”, the words “whichever is higher” shall be substituted.

For Notification, Click Here

SEBI

Firewall between Credit Rating Agencies and their Affiliates (SEP 21, 2022)

  1. CRAs shall formulate a policy on separation or firewall practices with the non-rating entities and document the same in their internal operational manuals or governing document. Such policy, and revisions thereto, shall be ratified by the Board of Directors of the CRAs.
  2. A CRA shall disclose on its website, details of any common director or Chief Executive Officer or Managing Director between the CRA and the non-rating entity. Such disclosure shall be updated by the CRA on the first working day of each month.
  3. The websites of SEBI-registered CRAs and their non-rating entities shall be separate.

The circular shall be applicable with effect from January 1, 2023.

For Circular, Click Here

RBI 

MANI (Mobile Aided Note Identifier) – Introduction of multi-lingual audio notification (SEP 21, 2022)

The MANI App was launched on January 01, 2020 for aiding visually impaired persons to identify the denomination of Indian Banknotes. 

This App, which identifies the denomination of banknotes through audio notification in Hindi and English, is now capable of notifying the banknote denomination in 11 other languages (Assamese, Bengali, Gujarati, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, Telugu, Urdu).

For Press Release, Click Here

SUPREME COURT 

Supreme Court directs CBI to file status report on investigation into intercepted conversations of Niira Radia (SEP 21, 2022)

A three-judge bench headed by Justice D Y Chandrachud was hearing a plea filed by industrialist Ratan Tata seeking protection of right to privacy in view of the emergence of the Radia tapes.

Additional Solicitor General Aishwarya Bhati, appearing for the Centre, submitted that the petition may be disposed of in the light of the right to privacy judgment of the apex court.

For News Report, Click Here

BUSINESS NEWS

CBI arrests ABG founder-chairman Rishi Agarwal in Rs 22,842 crore bank fraud case (SEP 21, 2022)

The Central Bureau of Investigation (CBI) had booked Agarwal, a former chairman of the company, and others for the alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act, they said.

The company was sanctioned credit facilities from 28 banks and financial institutions led by the ICICI Bank, with the State Bank of India (SBI) having an exposure of Rs 2,468.51 crore, the officials said.

For Details, Click Here

NEWS AT GLANCE 

  • Finance Minister Nirmala Sitharaman calls upon fintech companies to take advantage of opportunities in green finance.  
  • EPFO adds more than 18 lakh net subscribers in July this year.  
  • RBI decides to take out Central Bank of India from Prompt Corrective Action restrictions.  
  • Gujarati film Chhello Show is India’s official entry for Oscars 2023.

WORD OF THE DAY

malfeasance is intentionally doing something either legally or morally wrong which one had no right to do. It always involves dishonesty, illegality or knowingly exceeding authority for improper reasons. 

MARKET TODAY (as on 21.09.2022)

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1 US Dollar = 79.92 Indian Rupee (Last updated · 21 September at 2:08 pm UTC)

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