Sunday, March 28, 2010




Posted: 26 Mar 2010 03:01 AM PDT

Finance Ministry issued order Today on enhancement of Dearness Allowance from existing rate of 27% to 35% with effect from 01-01-2010

Guidelines on Corporate Governance for Central Public Sector Enterprises (CPSEs)

Posted: 25 Mar 2010 06:57 PM PDT

The Union Cabinet has approved the continuation of Guidelines on Corporate governance for Central Public Sector Enterprises (CPSEs) on mandatory basis.

The Guidelines have now been made mandatory and are applicable to all CPSEs. The guidelines cover issues like composition of Board of CPSEs, Audit Committee, Subsidiary companies, Disclosures, Code of conduct and ethics, risk management and reporting.

The Guidelines have been modified and improved keeping in view the experience gained during the experimental phase of one year and includes additional provisions relating to monitoring the compliance of Guidelines by the CPSEs and formation of Remuneration Committee. Since, the concept of corporate governance is dynamic in nature, it has also been provided that suitable modifications in these Guidelines would be carried out to bring them in line with prevailing laws, regulations, acts etc. from time to time.

The continued implementation of these guidelines on Corporate Governance for CPSEs will facilitate protection of interest of shareholders and other stakeholders and also ensure transparency in the operations of CPSEs.

The Government had in June, 2007 introduced the guidelines on Corporate governance for CPSEs, which were voluntary in nature, for an experimental phase of one year.

It was felt that while the principles of corporate governance apply equally to both the public and private sector, there was a continued need to adopt and apply the good Corporate Governance practices in respect of CPSEs where huge public funds are invested. The continued need for adoption of good Corporate Governance principles has been reinforced in the light of recent events in the corporate world. Thus, after due inter-ministerial consultations, the proposal for introduction of Guidelines on Corporate governance for CPSEs on mandatory basis was approved.

The Defence Ministry issued the orders on 'One Rank-One Pension' demand.

Posted: 25 Mar 2010 06:31 PM PDT

In a move that will bring relief to over 12 lakh ex-servicemen, the Defence Ministry has issued orders to implement pending pensionary benefits to them involving an annual expenditure of about Rs 2,200 crore.

The decision followed recommendations by a high-level committee and recent assurance in this regard in the Lok Sabha by Prime Minister Manmohan Singh.

With these orders, the ministry has implemented all the seven recommendations of committee headed by Cabinet Secretary K M Chandrasekhar on pensions, which would now be close to the 'One Rank-One Pension' demand of ex-servicemen, senior ministry officials said .

"The Defence Ministry issued the orders on March 8 this year to implement the remaining two of the seven suggestions of the Cabinet Secretary K M Chandrasekhar-headed committee on 'One Rank-One Pension' demand," they said.

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