Tag Archives: Regulatory update

Regulatory Update: National Clean Air Programme (NCAP)-India, 2018

Ministry of Environment, Forest and Climate Change released the National Clean Air Programme for India. National Clean Air Programme aims at overcoming the deficits in ongoing government initiatives targeted towards air pollution control. Its goal is to meet the prescribed annual average ambient air quality standards at all locations in the country.  GoI has undertaken the initiative of implement a nationwide National Air Quality Monitoring Programme (NAMP). Under the same 4 air pollutants namely (sulphur dioxide, oxides of nitrogen, suspended particulate matter and fine particulate matter) are being monitored in 691 identified stations across the nation. The same has notified National Ambient Air Quality Standards (NAAQS) for monitoring air quality and has issued Forty-two action points which is a comprehensive set of directions under the Air (Prevention and Control of Pollution) Act, 1986 to mitigate air pollution in major cities. The Program identifies present pollution status and the need to revisit the present plans and plug gaps in maintenance of air quality in the country.

Source: http://envfor.nic.in/sites/default/files/NCAP%20with%20annex-ilovepdf-compressed.pdf

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CLARIFICATION ON DEFINITION OF “JOINT VENTURE”

MINISTRY OF CORPORATE AFFAIRS (MCA)

CLARIFICATION ON DEFINITION OF “JOINT VENTURE” FOR THE PURPOSE OF EXEMPTION FROM APPOINTMENT OF INDEPENDENT DIRECTORS BY CERTAIN UNLISTED PUBLIC COMPANIES

The MCA vide its notification dated 5 July 2017 had inserted Rule 4(2) and amending Rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 to exempt the unlisted public company which is a joint venture, a wholly owned subsidiary or a dormant company from appointing independent directors.

Further for the purpose of availing exemption under Rule 4(2) as such a term is not defined in the Companies Act, 2013, stakeholders and other professional institutes had sought for clarifications with regard to the meaning of “Joint Venture”.

In view of the above, MCA vide its circular dated 05 September 2017 has clarified that the term “Joint venture” would mean a joint arrangement, entered into in writing, whereby parties that have joint control of the arrangement, have rights to the net assets of the arrangements. The usage of the term is similar to that under the Accounting Standards.

Source: http://www.mca.gov.in/Ministry/pdf/GeneralCircular_05092017.pdf