Posted On:
21 FEB 2019 4:00PM by PIB Delhi
The President of India on the 21st February, 2019 has promulgated the following four Ordinances, namely:––
1. The Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019 (Ord. 4 of 2019).
2. The Indian Medical Council (Amendment) Second Ordinance, 2019 (Ord. 5 of 2019).
3. The Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019).
4. The Banning of Unregulated Deposit Schemes Ordinance, 2019 (Ord. 7 of 2019).
The
Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019
has been promulgated to give continued effect to the provisions brought
in by the Muslim Women (Protection of Rights on Marriage) Ordinance,
2019. This Ordinance, inter alia, declares the practice of
triple talaq to be void and illegal and also to make it an offence
punishable with imprisonment up to three years and fine.
The
Ordinance will protect the rights of married Muslim women and deter the
practice of divorce by triple talaq (i.e., talaq –e –biddat). It also
provide for payment of subsistence allowance and custody of minor
children.
The
Indian Medical Council (Amendment) Second Ordinance, 2019 has been
promulgated to give continued effect to the work already done by the
Board of Governors (BOG) as per the provisions of earlier Ordinance.
This Ordinance, inter alia, enables the Board of Governors
appointed in supersession of the Medical Council of India (MCI) to
continue to exercise the powers of MCI for a period of two years or till
the Council is reconstituted, whichever is earlier so as to ensure
transparency, accountability and quality in the governance of medical
education in the country.
In
pursuance of the Government’s objective of providing Ease of Doing
Business to Law abiding corporate while simultaneously strengthening the
corporate governance and compliance framework enshrined in the
Companies Act, 2013, the Companies (Amendment) Second Ordinance, 2019
has been promulgated with a view, to empower the Central Government to
allow certain companies to have a different financial year instead of as
determined by the Tribunal. This Ordinance, inter alia,
addresses the need to impose civil liability for technical and
procedural defaults of a minor nature and to plug the corporate
governance and enforcement frame work, through the following: (i)
re-categorisation of 16 minor offences as civil defaults which will
de-clog special courts; (ii) transfer of certain routine functions such
as permitting conversion of a public company into a private company from
NCLT to the Central Government; (iii) making non-maintenance of
registered office and non-reporting of commencement of business as
grounds for striking of from register of companies; and (iv) breach of
ceiling on Directorships being made a ground for disqualification; (vi)
Enhancing the pecuniary jurisdiction of Regional Director’s for
compounding offences under the Companies Act with a view to unburdening
the NCLT of routine functions etc.
The
Banning of Unregulated Deposit Schemes Ordinance, 2019 has been
promulgated to have a central legislation to tackle the menace of
illicit deposits taking activities in the country. Presently,
non-banking entities are allowed to raise deposits from the public under
the provisions of various statutes enacted by the Central Government
and State Governments. However, the regulatory frame work for deposit
taking activity in the country is not seamless. Despite such diverse
regulatory frame work, schemes and arrangements leading to unauthorised
collection of money and deposits fraudulently by inducing public to
invest in uncertain schemes promising high returns or other benefits are
still operating in the society.
This
Ordinance, therefore, ensures a comprehensive ban on unregulated
deposit taking activity and for its effective enforcement. It aims to
prevent such unregulated deposit schemes or arrangements at their
inception and at the same time makes soliciting, inviting or accepting
deposits pursuant to an unregulated deposited scheme as a punishable
offence. The said Ordinance also seeks to put in place a mechanism by
which the depositors can be repaid without delay by attaching the assets
of the defaulting establishments.
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(Release ID: 1565799)
Source: Press Information Bureau (PIB)
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