Comments
The Union Cabinet has approved the creation of additional posts in the National Company Law Appellate Tribunal (NCLAT) for speedy disposal of cases and cleared a Memorandum of Understanding (MoU) with South Korea on startup cooperation while approving another one with Indonesia to curb illicit trafficking of narcotic drugs.
In its meeting on Wednesday, the Cabinet approved the creation of additional posts of three judicial members and three technical members in the NCLAT.
“This will ensure to meet the mandate provided to NCLAT by the Finance Act, 2017, the Companies Act, the IBC, 2016 and the time frame provided for disposal of cases,” the official release said.
The posts will be created at a level with an eligible pay of ₹ 2,25,000 plus allowances as admissible. The total financial implication will be ₹ 2, 27,82,096 per annum, the release said.
MoU with South Korea
The MoU with South Korea signed in February 2019, was given a de facto approval by the Cabinet on Wednesday, the release said. “…would facilitate and promote bilateral cooperation between the startups of both countries, subject to their national laws and regulations and any applicable international treaties, conventions and agreements to which the two countries are party,” it added.
Combating illicit drug trafficking
The MoU, which is to be signed between India and Indonesia on combating illicit trafficking in narcotic drugs, psychotropic substances and its precursors, would help in mutual cooperation in regulation of narcotic drugs and psychotropic substances and in combating drug trafficking. It will come into force on the date of signing and will remain in effect for a period of five years, the release said.
Widening of radial road
The Cabinet has also given its approval for acquiring 372 sqare yards out of 10 acres of land including compound wall in the eastern side of Central Water Commission land by the Telangana State Government for improvement of a radial road by widening of road with nil charges.
“The developed road shall be useful for Central Water Commission, as a Centre of Excellence is proposed to be constructed over the allotted land,” the release stated.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.