The Law and Judiciary Department, Government of Maharashtra vide its notification published in the Maharashtra Government Gazette on 5 January 2017 has made significant amendments in Contract Labour (Regulation and Abolition) Act for the state of Maharashtra.
Now the said act will be applicable:
- To every establishment in which 50 (fifty) or more workmen are employed or were employed on any day of the preceding twelve months as contract labour.
- To every contractor who employs or who employed on any day of the preceding twelve months 50 (fifty) or more workmen.
Prior to the Amendment, the limit for applicability of the said Act in the State was 20 (twenty) or more workmen which was a small number . As we are aware that most of the medium and small enterprises are human intensive hence MSMEs were required to required to comply with more regulations.
Post 5th of January, 2017 business entities employing less than 50 contract labour or contractor employing less than 50 employees during preceding 12 months will be exempted .This will make operations easier for upcoming small scale units. Less number of compliance will lead to less complexity & the same will motivate higher number of start-ups to grow their roots in the state of Maharashtra.
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Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
The Insolvency and Bankruptcy Board of India has issued the Notification on Insolvency and Bankruptcy Board of India. These Regulations shall come into force on 29thNovember, 2016.
The purpose of the Act is to build up a strong legal system related to the Bankruptcy and Insolvency.
This step opens a new opportunities of practice for professionals in the areas of Corporate and Individual Insolvency, Corporate Liquidation Process.
Some Code of Conducts to be complied by Insolvency Professionals:
- Insolvency professionals must maintain integrity by being honest, straightforward, and forthright in all professional relationships.
- Insolvency professionals must not misrepresent any facts or situations and should refrain from being involved in any action that would bring disrepute to the profession.
- Insolvency professionals must act with objectivity in his professional dealings by ensuring that his decisions are made without the presence of any bias, conflict of interest, coercion, or undue influence of any party, whether directly connected to the insolvency proceedings or not.
- An insolvency professional appointed as an interim resolution professional, resolution professional, liquidator, or bankruptcy trustee should not himself acquire, directly or indirectly, any of the assets of the debtor, nor knowingly permit any relative to do so.
- An insolvency professional, or his relative must not accept gifts or hospitality which undermines or affects his independence as insolvency professional.
Know More:- Insolvency and Bankruptcy Board of India Regulations, 2016
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Disclaimer: This is an effort by Lexcomply.com to contribute towards improving compliance management regime. User is advised not to construe this service as legal opinion and is advisable to take a view of subject experts.