dailypioneer.com 2018-12-11 00:00:00
Sebi considering changes in regulatory framework for debenture trustees Tuesday, 11 December 2018 | PTI | New Delhi Sebi is considering steps to strengthen the framework for debenture trustees, including raising minimum net worth requirement for registration of such entities and introducing e-voting provision to obtain consent of the unitholders. The proposal is likely to be discussed at Sebi's board meeting this week. In order to secure the interests of debenture holders and to enable debenture trustees (DTs) to perform their duties effectively and promptly in the interests of investors, Sebi had floated a public consultation paper on the proposed changes in October. The board of Sebi may make new framework for debenture trustees based on the public comments received on the consultation paper. The proposed changes include raising minimum net worth requirement for registration of debenture trustees to Rs 10 crore from the current Rs 2 crore. Further, a three-year time would be given for attaining this networth requirement. The new criteria will help in restricting registration of debenture trustees to financially sound entities. It has been proposed that there should be no requirement of calling for a meeting of debenture holders in the event of default by the issuer in case of public issues. The DT can directly enforce the security without obtaining any consent from the debenture holders. Among others, it has been proposed that DTs should disclose the nature of compensation arrangements with their clients on their websites. The disclosure include the minimum fee that a DT will charge and factors determining the fee charged. Also, e-voting has been proposed as a valid option for obtaining the consent of debenture holders wherever applicable. A debenture trustee, in market parlance, is a person or entity that serves as the holder of debenture stock for the benefit of another party. Debenture is a debt instrument that is not secured by physical assets or collateral. According to Sebi, there have been cases of delay in enforcing the security in the event of default, which is detrimental to the interests of the investors. Data received from the Trustee Association of India (TAI) indicates that DTs have been able to enforce the security successfully in around 35 per cent of the issues that have defaulted in the past five financial years, thereby building the the case for strengthening the framework for DTs by Sebi. Under the proposal, DTs should display on their website the details of interest/ redemption due to the debenture holders in respect of all issues during a financial year within five working days of start of financial year.
dailypioneer.com 2018-12-05 00:00:00
Govt to launch Operation Minimum Wages in city Wednesday, 05 December 2018 | Staff Reporter | NEW DELHI Delhi Government is going to launch "Operation Minimum Wages" under which the employer who does not pay minimum wages may be fined Rs 50000 or face three years jail. Delhi Labor Minister Gopal Rai will launch it on December 10. According to Delhi Government officials as per the rules an enforcement teams have been formed to inspect. This team will inspect and visit the firms / factories / ventures to check the disbursement of increased minimum wages to the workers. Importantly, under this plan, Aam Aadmi Party (AAP) ruled government will form the Enforcement Teams (ET) in all the districts of the Labour Department, which will consist of the Assistant Labour Commissioner, Labour Officer, Inspection Officer, Company Inspector and Labour Inspector. Informing about the detailed plan, Rai, said that the increase in the minimum wage rates by the order of Supreme Court on 31st October, 2018 has been widely publicized through the newspapers to aware the employers, the owners of the firms and factories and the workers. "Minimum rates applicable from 1st November, 2018 are - Un-skilled worker Rs 14000 / - per month, Rs 538 per day, Semi-skilled worker Rs 15400 / - per month, Rs per day "” 592 ,Skilled worker Rs 16962 per month, Rs per day Rs 692," Delhi Government official statement quoted. "Under this special awareness campaign, all district Joint Commissioners or Deputy Commissioners have been asked to hold meetings with the employers /employer organizations of their respective districts to implement the increased rates of minimum wages to the skilled, semi skilled, un-skilled labours, adding, "The violations/noncompliance of implementation of increased minimum wages, by the Delhi Government will attract severe and strict action as per Minimum Wages Act, 2017," said Rai. "The workers who are not getting minimum wages can file their complaints on the Employee Helpline 155214, which will be looked in to by the Labour Department for taking necessary action," he added further.
www.dailypioneer.com 2018-12-03 08:00:00
UP government is likely to retain the last season's State Advisory Price (SAP) of sugarcane for the current season 2018-19 and the cane price will remain ...
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