Pib

Pib

1. Signing of bilateral annual Haj 2018 agreement between India and Saudi Arabia

UnionMinister for Minority Affairs ShriMukhtar Abbas Naqvi today said that Saudi Arabia has given the green signal for India’s decision to revive the option of sending Haj pilgrims through sea route also and officials from both the countries will discuss on all the necessary formalities and technicalities so that Haj pilgrimage through sea route can be started in the coming years.

A decision in this regard was taken yesterday,during the signing of bilateral annual Haj 2018 agreement between India and Saudi Arabia by Shri Naqvi and Haj and Umrah Minister of Kingdom of Saudi Arabia, His Excellency Dr Mohammad Saleh bin TaherBenten at Makkah.

Shri Naqvi said that sending pilgrims through ships will help cut down travel expenses significantly. “It will be a revolutionary, pro-poor, pilgrim-friendly decision”, ShriNaqvi added. The practice of ferrying Haj pilgrims between Mumbai and Jeddah by waterways was stopped from 1995.

The Minister said that another advantage with ships available these days is they are modern and well-equipped to ferry 4,000 to 5,000 persons at a time. They can cover the 2,300-odd nautical miles one-side distance between Mumbai and Jeddah within just 3-4 days. Earlier, the old ships used to take 12 to 15 days to cover this distance.

Shri Naqvi said that for the first time Muslim women from India will go to Haj without “Mehram” (male companion). Separate accommodation and transport has been arranged for these women Haj pilgrims in Saudi Arabia and women “Haj Assistant” will be deployed for their assistance.

He pointed out that more than 1300 women have applied to go for Haj without male “Mehram” and all of these women will be exempted from lottery system and allowed to proceed to Haj. Women above 45 years of age, who wish to go for Haj but who don’t have a male companion, are allowed to travel for Haj in groups of 4 or more women according to the new Haj policy of India.

2. BharatNet Phase 1: Target Achieved Through Meticulous Planning and Focused Implementation at Ground Level

Government has achieved a significant milestone under the BharatNet by completing Phase-1 of the project by connecting over one lakh Gram Panchayats (GP) across the country with high speed optical fibre network as per the declared deadline of 31 Dec 2017. BharatNet network built under Phase 1 envisages delivery of high-speed broadband services in over 2.5 lakh villages benefitting more than 200 million rural Indians.

At a function held here, Union Minister for Communications Shri Manoj Sinha said that the vision and the mission of the country is to connect India to realise the goal of Prime Minister’s Digital India by bridging the digital divide. Describing the BharatNet as the world’s largest rural broadband project created on the mantra of Create, Collaborate and Conquer, Shri Sinha said that the project will generate massive employment opportunities both direct and indirect in the country in days to come. He underlined the need to complete the 2nd phase of the BharatNet well before the target of March, 2019 to usher in a rural digital revolution by connecting 2 lakh and 50,000 Gram Panchayats with broadband network. The Minister asked the officials to include and enforce the clause of financial incentive for speedy execution of Phase-2 of the project and said that the infrastructure created under BharatNet will be a national asset, accessible on a non-discriminatory basis to the service providers. The project aims to provide affordable broadband services to citizens and institutions in rural and remote areas, in partnership with States and the private sector.

3. President of India addresses convocation of Jagadguru Rambhadracharya Handicapped University, Chitrakoot

Speaking on the occasion, the President expressed happiness at the fact that students from the Jagadguru Rambhadracharya Handicapped University have had many achievements in the fields of cricket, athletics, art and music. He also noted that almost every student who has graduated from this university has been employed. He stated that we will be more happy when students set up their own ventures and create employment opportunities for others. He suggested that the university should motivate students towards self-employment and entrepreneurship.

Earlier in the day, the President visited and reviewed various projects of the Deendayal Research Institute, Chitrakoot, in Satna district of Madhya Pradesh. He also paid tributes to the social activist Nanaji Deshmukh at Siyaram Kuteer.

4. The Central Government notifies the Companies (Amendment) Act, 2017

A few provisions in the Amendment Act have important bearing on the working of the Insolvency and Bankruptcy Code, 2016 (Code).

Section 53 of the Companies Act, 2013 prohibited issuance of shares at a discount. The Amendment Act now allows companies to issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan such as resolution plan under the Code or debt restructuring scheme.

Section 197 of the Companies Act, 2013 required approval of the company in a general meeting for payment of managerial remuneration in excess of 11 percent of the net profits. The Amendment Act now requires that where a company has defaulted in payment of dues to any bank or public financial institution or non-convertible debenture holders or any other secured creditor, the prior approval of the bank or public financial institution concerned or the non-convertible debenture holders or other secured creditor, as the case may be, for such payment of managerial remuneration shall be obtained by the company before obtaining the approval in the general meeting.

Section 247 of the Companies Act, 2013 prohibited a registered valuer from undertaking valuation of any assets in which he has a direct or indirect interest or becomes so interested at any time during or after the valuation of assets. The Amendment Act now prohibits a registered valuer from undertaking valuation of any asset in which he has direct or indirect interest or becomes so interested at any time during three years prior to his appointment as valuer or three years after valuation of assets was conducted by him.