CM Saini's surprise visit delights Karnal villagers
AAP pulls out all stops ahead of June 19 bypoll
With the high-stakes Ludhiana (West) byelection slated for June 19 fast approaching, AAP is pulling out all stops to woo urban voters. The state Cabinet gave its nod to the land pooling policy for 27 towns and cities during a meet chaired by the CM last Monday. The following day, it okayed a proposal to waive off the loans taken by 4,727 families belonging to the SC community that amount to a staggering `68 crore. Then on Wednesday it cleared an amendment to the Punjab Shops and Commercial Establishments Act of 1958 to reduce compliance burdens on 95% of small businesses.
Cracks appear in Punjab Congress leadership
Even during an election season, the grand old party fails to put up a united front. Every now and then, internal rifts make headlines, much to the embarrassment of the top Congress leadership. And the party just can't catch a break! The posters released for its Ludhiana (West) candidate, Bharat Bhushan Ashu, have renewed speculation of a power play. Why? Because they notably don't feature photos of state unit president Amarinder Singh Raja Warring and Lok Sabha MP from Gurdaspur Sukhjinder Singh Randhawa. While the party may insist that all is well, the divide couldn't be more apparent.
Harpreet Bajwa
Our correspondent in Chandigarh
hsbajwa73@gmail.com
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Hindustan Times
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Time of India
35 minutes ago
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Still waiting in the wings: Why Karnataka has never had a Dalit chief minister
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Time of India
an hour ago
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Well Judged
Times of India's Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. LESS ... MORE SC right in withdrawing own order on Bhushan Steel. But GOI must finetune aspects of insolvency law SC's recall of its order from May that reversed JSW Steel's $2.3bn acquisition of the bankrupt Bhushan Power & Steel Ltd in 2021, is wholly welcome. The May order had considered two technical grounds: one, the eight-year timeline and two, fact that JSW completed the takeover with a mix of equity and optionally convertible debentures, when it should have used equity alone. SC had also found adjudicatory bodies NCLT and NCLAT lacked jurisdiction and set aside their approvals – IBC's Section 32A that says that on approval of a plan, new investors would not inherit criminal liabilities of previous promoters & directors was a key sticking point. But SC's position was that such immunity could not override statutes like PMLA. SC's focus was entirely on statutory compliance of the takeover process. As TOI and our columnists wrote, SC's reversing the revival of a mismanaged corporate entity was a big blow to India's insolvency framework. Not only would it hurt JSW lenders and workers, but it would also affect investor sentiment and prospects of finding buyers for other insolvent companies. Investors would run scared. On Thursday, SC said the May order had not correctly considered precedents. IBC, introduced in 2016, is one of India's most significant reforms – enacted to revive distressed assets, protect employment and maximise stakeholder value. SC reversing its own order is an opportunity to also finetune jurisdictions and boundaries. As the case proceeds, GOI should also explore legislative or institutional redress for a clarity of roles for NCLT and NCLAT, especially in light of SC's questions on application of Section 32A. Finality of insolvency proceedings is IBC's fundamental base. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
