Prime Minister of India launched three gold related schemes
Naresh Kumar Sagar
Hon’ble Prime Minister, Shri Narendra Modi, today launched three gold related schemes at a function at 7, Race Course Road , New Delhi . The schemes are Gold Monetization Scheme, Sovereign Gold Bond Scheme, and India Gold Coins.
The Prime Minister described the schemes as an example of “sone pe suhaaga” (icing on the cake). He said India has no reason to be described as a poor country, as it has 20,000 tonnes of gold. The gold available with the country should be put to productive use, and these schemes show us the way to achieve this goal.
He also added that gold has often been a source of women’s empowerment in Indian society, and these schemes will underscore that sense of empowerment. He also spoke of the great bond of trust that the family goldsmith enjoys in India . He said that once the goldsmiths of India gain familiarity with the schemes, they could become the biggest agents of these schemes.
Hon’ble Prime Minister described the launch of the India Gold Coins, bearing the Ashok Chakra, as a matter of pride for the nation. The people would no longer have to depend on foreign minted gold bullion or coins. The Prime Minister also launched a website on these schemes, and distributed Certificates of Investment to six initial investors.
Finance Ministry releases Report of the Bankruptcy Law Reforms Committee
Naresh Kumar Sagar
Hon’ble Finance Minister, in his Budget Speech 2015-16, had identified Bankruptcy Law Reform as a key priority for improving the ease of doing business and had announced that a comprehensive Bankruptcy Code, meeting global standards and providing necessary judicial capacity, will be brought in fiscal 2015- 16.
The Government had constituted a Bankruptcy Law Reform Committee under the Chairmanship of Dr. T. K. Viswanathan, former Law Secretary to look into various Bankruptcy related issues and give its report along with a draft Bill on the subject to the Government. Dr. Viswanathan submitted the Report of the Committee to the Finance Minister. The Report is in two parts: Volume I – titled “Rationale and Design” and Volume II – titled “Draft Insolvency and Bankruptcy Bill”
The major recommendations of the report are as follows:
· Insolvency Regulator: The Bill proposes to establish an Insolvency Regulator to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and informational utilities.
· Insolvency Adjudicating Authority: The Adjudicating Authority will have the jurisdiction to hear and dispose of cases by or against the debtor.
a. The Debt Recovery Tribunal (“DRT”) shall be the Adjudicating Authority with jurisdiction over
individuals and unlimited liability partnership firms. Appeals from the order of DRT shall lie to the Debt Recovery Appellate Tribunal (“DRAT”).
b. The National Company Law Tribunal (“NCLT”) shall be the Adjudicating Authority with jurisdiction over companies, limited liability entities. Appeals from the order of NCLT shall lie to the National Company Law Appellate Tribunal (“NCLAT”).
c. NCLAT shall be the appellate authority to hear appeals arising out of the orders passed by the
Regulator in respect of insolvency professionals or information utilities.
a. The Debt Recovery Tribunal (“DRT”) shall be the Adjudicating Authority with jurisdiction over
individuals and unlimited liability partnership firms. Appeals from the order of DRT shall lie to the Debt Recovery Appellate Tribunal (“DRAT”).
b. The National Company Law Tribunal (“NCLT”) shall be the Adjudicating Authority with jurisdiction over companies, limited liability entities. Appeals from the order of NCLT shall lie to the National Company Law Appellate Tribunal (“NCLAT”).
c. NCLAT shall be the appellate authority to hear appeals arising out of the orders passed by the
Regulator in respect of insolvency professionals or information utilities.
· Insolvency Professionals: The draft Bill proposes to regulate insolvency professionals and insolvency professional agencies. Under Regulator’s oversight, these agencies will develop professional standards, codes of ethics and exercise a disciplinary role over errant members leading to the development of a competitive industry for insolvency professionals.
· Insolvency Information Utilities: The draft Bill proposes for information utilities which would collect, collate, authenticate and disseminate financial information from listed companies and financial and operational creditors of companies. An individual insolvency database is also proposed to be set up with the goal of providing information on insolvency status of individuals.
· Bankruptcy and Insolvency Processes for Companies and Limited Liability Entities: The draft Bill proposes to revamp the revival/re-organisation regime applicable to financially distressed companies and limited liability entities; and the insolvency related liquidation regime applicable to companies and limited liability entities.
· Bankruptcy and Insolvency Processes for Individuals and Unlimited Liability Partnerships: The draft Bill also proposes an insolvency regime for individuals and unlimited liability partnerships also. As a precursor to a bankruptcy process, the draft Bill envisages two distinct processes under this Part, namely, Fresh Start and Insolvency Resolution
· In the Fresh Start process, indigent individuals with income and assets lesser than specified thresholds (annual gross income does not exceed Rs. 60,000 and aggregate value of assets does not exceed Rs.20,000) shall be eligible to apply for a discharge from their “qualifying debts” (i.e. debts which are liquidated, unsecured and not excluded debts and up to Rs.35,000). The resolution professional will investigate and prepare a final list of all qualifying debts within 180 days from the date of application. On the expiry of this period, the Adjudicating Authority will pass an order on discharging of the debtor from the qualifying debts and accord an opportunity to the debtor to start afresh, financially
· Transition Provision: The draft Bill lays down a transition provision during which the Central Government shall exercise all the powers of the Regulator till the time the Regulator is established. This transition provision will enable quick starting of the process on the ground without waiting for the proposed institutional structure to develop.
· Transfer of proceedings: Any proceeding pending before the AAIFR or the BIFR under the SICA, 1985, immediately before the commencement of this law shall stand abated. However, a company in respect of which such proceeding stands abated may make a reference to Adjudicating Authority within 180 days from the commencement of this law.
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Intercession, Awareness, Activism, Action …
This e-journal specifically highlights and documents persecution and violation of human rights of Christians, Minorities, Schedule Caste/Tribes and Other Backwards, urging you to at least – PRAY. Our aim is to identify fundamentalists and those disrupting communal harmony and indigenous communities – posing a threat to a just, equal, plural and secular citizenry. We oppose any kind of discrimination and oppression, whether of race, religion, culture, gender etc. specially when it comes from some of our own. Please pray for the following local, state, national, regional and international situations.
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BELMOND APPOINTS LORD LIVINGSTON TO ITS BOARD OF DIRECTORS
INDIA – 5th Nov 2015
Belmond Ltd. (NYSE: BEL) (the “Company”) today announced the appointment of Ian Livingston (Lord Livingston of Parkhead) to the Company’s board of directors, effective November 9, 2015.
Belmond Ltd. (NYSE: BEL) (the “Company”) today announced the appointment of Ian Livingston (Lord Livingston of Parkhead) to the Company’s board of directors, effective November 9, 2015.
Ian Livingston is a member of the U.K. House of Lords after being made a life peer in 2013 and serving in the U.K. Government as Minister of State for Trade and Investment from December 2013 to May 2015. Prior to this appointment, Ian was the Group Chief Executive Officer from 2008 to 2013 at BT Group plc, one of the world’s leading communications companies and a member of the FTSE 100. Under his leadership, BT was one of the best-performing telecommunications companies in Europe. Prior to serving as Group Chief Executive Officer, he performed a number of other executive roles during his eleven years at BT, including serving on the BT board as an executive director throughout his tenure, and leading BT Retail, its consumer and business division, as its Chief Executive Officer from 2005 to 2008, after having commenced his BT career in 2002 as Group Chief Financial Officer.
“We could not be more delighted to welcome Ian Livingston to Belmond’s board of directors,” said Roland Hernandez, chairman of the board. “Ian is one of the leading lights of U.K. business, with a sophisticated understanding of global markets and a track record as an innovative leader, who will bring to the board a wealth of commercial, technological, regulatory and policy experience. We are honored to have Ian join the board, and we will benefit from his singular achievements and insights as we move forward during this important period for Belmond.”
Lord Livingston said: “It is a pleasure to accept this opportunity to serve on the board of one of the world’s leading luxury travel companies. I look forward to working with my fellow directors, including Roeland Vos, Belmond’s newly appointed President and Chief Executive Officer, and the rest of the Company’s executive team. With its superb collection of assets, Belmond represents the type of well-positioned business that I have always found to be attractive when competing in an industry as dynamic as the global lodging sector. I look forward to my role on the board in guiding Belmond to deliver on the strategic opportunities.”
In addition to Lord Livingston’s tenure at BT, he held various leadership positions from 1991 to 2002, including Chief Financial Officer and Executive Director, with Dixons Group Plc (now Dixons Carphone), one of the largest consumer electronics retailers in Europe. He was also a non-executive director of Hilton Group plc (now Ladbrokes Plc), which operated the non-U.S. Hilton hotels, from 2003 to 2006. Lord Livingston is currently a non-executive director and chairman of the audit committee of Celtic Plc, a London Stock Exchange-listed professional football club based in Glasgow, Scotland. Lord Livingston is a member of the Institute of Chartered Accountants of England and Wales.
Forward-Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. These statements are based on management’s current expectations, are not guarantees of performance and are subject to a number of uncertainties and risks that could cause actual results, performance and achievements to differ materially from those described in the forward-looking statements. Factors that may cause actual results, performance and achievements to differ from those in the forward-looking statements include, but are not limited to, unknown effects on the travel and leisure markets of terrorist activity and any police or military response, varying customer demand and competitive considerations, failure to realize hotel bookings and reservations and planned real estate sales as actual revenue, inability to sustain price increases or to reduce costs, rising fuel costs adversely impacting customer travel and the Company’s operating costs, fluctuations in interest rates and currency values, uncertainty of negotiating and completing proposed asset sales, debt refinancings, capital expenditures and acquisitions, inability to reduce funded debt as planned or to agree bank loan agreement waivers or amendments, adequate sources of capital and acceptability of finance terms, possible loss or amendment of planning permits and delays in construction schedules for expansion projects, delays in reopening properties closed for repair or refurbishment and possible cost overruns, shifting patterns of tourism and business travel and seasonality of demand, adverse local weather conditions, possible challenges to the Company’s ownership of its brands, the Company’s reliance on technology systems, changing global or regional economic conditions and weakness in financial markets which may adversely affect demand, legislative, regulatory and political developments (including the evolving political situation in Ukraine and its impact on current and future demand), and possible challenges to the Company’s corporate governance structure. Further information regarding these and other factors is included in the filings by the Company with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update or revise publicly any forward-looking statement, whether due to new information, future events or otherwise.
This news release contains forward-looking statements that involve risks and uncertainties. These statements are based on management’s current expectations, are not guarantees of performance and are subject to a number of uncertainties and risks that could cause actual results, performance and achievements to differ materially from those described in the forward-looking statements. Factors that may cause actual results, performance and achievements to differ from those in the forward-looking statements include, but are not limited to, unknown effects on the travel and leisure markets of terrorist activity and any police or military response, varying customer demand and competitive considerations, failure to realize hotel bookings and reservations and planned real estate sales as actual revenue, inability to sustain price increases or to reduce costs, rising fuel costs adversely impacting customer travel and the Company’s operating costs, fluctuations in interest rates and currency values, uncertainty of negotiating and completing proposed asset sales, debt refinancings, capital expenditures and acquisitions, inability to reduce funded debt as planned or to agree bank loan agreement waivers or amendments, adequate sources of capital and acceptability of finance terms, possible loss or amendment of planning permits and delays in construction schedules for expansion projects, delays in reopening properties closed for repair or refurbishment and possible cost overruns, shifting patterns of tourism and business travel and seasonality of demand, adverse local weather conditions, possible challenges to the Company’s ownership of its brands, the Company’s reliance on technology systems, changing global or regional economic conditions and weakness in financial markets which may adversely affect demand, legislative, regulatory and political developments (including the evolving political situation in Ukraine and its impact on current and future demand), and possible challenges to the Company’s corporate governance structure. Further information regarding these and other factors is included in the filings by the Company with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update or revise publicly any forward-looking statement, whether due to new information, future events or otherwise.
India ’s exports will do relatively well in 2016
Exports from India are expected to relatively do well in 2016 as their shipments are largely directed to advanced economies in Europe and North America that are expected to expand in the coming year, a United Nations report has said.
The Asia-Pacific region, which includes India , China , Japan , Russia , and the ASEAN nations, among others, will hold its position as the largest trading region in the world despite the lowering of trade growth prospects due to global slowdown, the Asia-Pacific Trade and Investment Report 2015 brought out by UNESCAP on Monday, pointed out. Countries, heavily dependent on China for their exports, however, will not do well, due to the slowdown in the country’s economy, the report added.
Lauding the relatively strong performance of the Indian economy, the report pointed out that it was unlikely to compensate for sluggish performances elsewhere as India’s market remains only “weakly and selectively’’ integrated with the Asia-Pacific region overall. “The report emphasizes that countries need to adjust to both cyclical and structural changes, especially in light of the global slowdown and an expected reduction in China ’s growth rate,” an official release said.
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