MCA exempts Government Company from Related party transaction requirements
The Ministry of Corporate Affairs vide its notification dated 3rd March 2020 has amended certain provisions in its earlier notification dated 5th June 2015 thereby exempting government companies from Related party transaction requirements. The government ownership of a company shall be determined based on total voting power.
FSSAI directs FBOs to be cautious against the fake news about an order seeking Rs. 1200 fine
The Food Safety and Standards Authority of India in its circular dated 3rd March 2020, has cautioned against a fake news about order imposing one-year security fine of Rs. 1,200 on food businesses, that is being circulated on social media.
FSSAI takes measures to prevent adulteration of mustard oil
Food Safety and Standard Authority vide notification dated 4th March 2020 has advised Food Safety Commissioners of all States/Union territories to carry out enforcement activities to prevent adulteration of mustard oil.
Ministry Of Commerce And Industry lifts the ban on export of personal protection equipment
The Ministry Of Commerce And Industry in its notification dated 25th February 2020 has allowed the export of a list of personal protection equipment and removed surgical masks and gloves, except synthetic rubber ones etc. from the list of banned items.
CBIT redefines the criteria to determine the the value of supply of lottery
Central Board of Indirect Taxes and Customs(CBIT) vide notification dated the 2nd March, 2020, has issued the Central Goods and Services Tax (Second Amendment) Rules, 2020. The Amendment redefines the criteria to determine the the value of supply of lottery.
SEBI Revises norms on compensation and penalty under Regaining Matched Book for Commodity Derivatives Segment
The Securities and Exchange Board of India vide its circular dated 3rd March 2020, has revised norms of compensation and penalty applicable on termination of contracts under the regaining matched book regulations for commodity derivatives segment.
Workers employed in factories in the state of Maharashtra shall be medically examined once in a year
The Industries, Energy and Labour Department of Maharashtra vide its notification dated 10th February 2020 has issued the Maharashtra Factories (Amendment) Rules, 2020. As per new amendment Workers employed in factory shall be medically examined once in a year by a registered medical practitioner and the report shall be recorded and reported to inspector.
MCA Issues clarification on prosecution filed or internal adjudication proceedings initiated against independent directors.
The Ministry of Corporate Affairs in its notification dated 2nd March 2020 has issued clarification that the prosecution proceedings against the independent and non-executive directors shall not be initiated unless there is strong evidence of their complicity in frauds committed by the companies.
FSSAI has developed an SOP and checklist for issue of RUCO stickers to Food Business Operators.
The Food Safety and Standards Authority of India in its notification dated 25th February, 2020, has issued a Standard Operating Procedure and checklist for issuance of Re-purpose Used Cooking Oil (RUCO) sticker to Food Business Operators (FBO).
Ministry of Environment, Forest & Climate Change issues draft rules for battery waste Management rules, 2020
The Ministry of Environment, Forest and Climate Change in its notification dated 20th February, 2020, has issued the Draft Battery Waste Management Rules, 2020, which proposes to supersede the Batteries (Management and Handling) Rules, 2001.
