Article
The conundrum of ‘appropriate government’ under labour laws for CPSUs
The article in this issue of Corporate Amicus discusses elaborately the issue of ‘appropriate government’ under the labour laws concerning the Central Public Sector Undertakings. The author (Kumar Panda) in this regard discusses various Supreme Court decisions and the changes made in the Industrial Disputes Act in 2009. He notes that while the Central Government is the appropriate government for central public sector under the Industrial Disputes Act in the light of the 2009 amendment, the State Governments are the appropriate governments under the statues like the Minimum Wages Act, 1948. He, however, also notes that the ambiguity or overlapping of jurisdictions is expected to be rectified once the longstanding Labour Codes are implemented, bringing in uniform definition for ‘appropriate government’.
Notifications and Circulars
- High-value debt listed entities – LODR Regulations amended to bring in stricter compliances
- Industry standards for disclosure of material events under LODR Regulations notified
- Industry standards for disclosure of Key Performance Indicators (KPI) in Offer Documents notified by SEBI
- Timeline for implementation of Industry Standards on related party transactions extended
- Regulatory Framework for Specialized Investment Funds introduced by SEBI
- New framework for a faster Rights Issue process introduced by SEBI
- DigiLocker integration introduced to reduce unclaimed assets in securities market
- Online filing system introduced for Exempted Takeover Reports
- Disclosure requirements for holding specified securities in dematerialized form enhanced
Ratio decidendi
- Security interest of secured creditors becomes part of liquidation estate if amount as stipulated under Regulation 21A(2) is not deposited within 90 days – NCLAT New Delhi
- Delivery of possession is not essential to validate gift/settlement; Gift document cannot be unilaterally cancelled by donor – Supreme Court
- Lease hold rights existing in favor of corporate debtor cannot be terminated during moratorium period u/s 14 of IBC – NCLAT New Delhi
- Order dismissing an application under Section 23(3) of the Arbitration & Conciliation Act, 1996 does not qualify as an ‘interim award’ amenable to challenge under Section 34 – Delhi High Court
News Nuggets
- LG Electronics India receives SEBI nod for its IPO
- Digital footprint-based lending for MSMEs launched
- CCI approves Ambuja Cement’s acquisition of Orient Cement
- CCI approves JSW Energy’s acquisition of KSK Mahanadi Power
- DPIIT partners with Paytm for startup promotion in India
- Courts have authority to determine rate of interest
