Companies Act - Delhi HC allows plea moved by Audit firms; No merit in challenge to Sec 132 of Companies Act based on arguments of vicarious liability, retroactive operation & violation of Art 20(1) of Constitution: HC (See 'Legal Desk') IBC - Raising money by issuance of convertible debentures with option to be later converted into equity shares, can be classified as 'financial debt' if default is committed by corporate debtor: NCLAT (See 'Legal Desk') Delhi High Court allowed pleas moved by CA/ Audit firms; No merit in challenging Section 132 of Companies Act based on arguments of vicarious liability, retroactive operation and violation of Article 20(1) of the Constitution Explanation to Section 132(4) in unambiguous and explicit terms provides that the expression 'professional or other misconduct' would have the same meaning as assigned to that phrase by Section 22 of the CA Act. Section 132 does not create a new species of misconduct nor does it create a liability which was otherwise not contemplated under a pre-existing legislation. (Para 205) Section 132 does not create a new disqualification or create a novel set or category of misdemeanors to constitute professional or other misconduct. (Para 209) MoD inks Rs 10,147 Cr contracts with EEL, MIL & BEL for rockets (See 'Corp Brief') IBC - Bar on filing CIRP applications applies only to defaults that occur within moratorium period: HC (See 'Legal Desk') Number of commodities on e-NAM platform reaches 231 (See 'Corp Brief') IBC - Last payment made by corporate debtor within period of limitation amounts to acknowledgment u/s 19 of Limitation Act: NCLAT (See 'Legal Desk') BIS & British Standards Institution discuss hydrogen standardization (See 'Corp Brief') TM- When adoption of mark is tainted with bad faith, no amount of subsequent use can cleanse vice of dishonest adoption: HC (See 'Legal Desk') IICA, CMAI sign MoU to enhance capacity for decarbonisation (See 'Corp Brief') IBC - Resolution applicant shall obtain approval of Competition Commission of India under CCI Act prior to approval of such resolution plan by committee of creditors under IBC: SC LB (See 'Legal Desk') India-Japan Dialogue organized to strengthen bilateral cooperation in Steel Sector (See 'Corp Brief') Misc - Earnest money forfeited upon flat booking cancellation must be reasonable and not excessive enough to be considered as penalty u/s 74 of Contract Act: SC (See 'Legal Desk') MoS reaffirms India's commitment to global pharmaceutical standardization (See 'Corp Brief') A&C - Pendency of civil & criminal litigation inter se partners, cannot estop one of partners from invoking arbitration clause or bar reference of dispute for adjudication to arbitrator for determination: HC (See 'Legal Desk') Potassium derived from Molasses can be used by farmers: Minister (See 'Corp Brief') Arbitration Act -There is no bar to avail remedy u/s 9 of Arbitration Act: HC (See 'Legal Desk') Vesting Orders for 7 Coal Mines issued (See 'Corp Brief') IBC - Cause of action for initiating proceedings u/s 7 of IBC arises when debt is acknowledged by debtor: NCLAT (See 'Legal Desk') CCI okays acquisition of stake in POSCO India by POSCO India Processing Center (See 'Corp Brief') 'Haj Suvidha App' is for convenience of pilgrims: Rijiju (See 'Corp Brief') Arbitration Act - If respondent had waived right to raise objection regarding legal capacity of applicant to move application for appointment of Arbitrator, he cannot be permitted to raise objection at belated stage: HC (See 'Legal Desk') Bharat Tex is perfect example of industry-govt collaboration: Textiles Secretary (See 'Corp Brief') Web-portal enables citizens to participate in Youth Parliament program (See 'Corp Brief') BIS hosts Annual Convention in Healthcare Sector (See 'Corp Brief') SARFAESI - Claims of secured creditor precede claims of Sales Tax/VAT Departments; charge created by Sales Tax Department subsequent to charge created by bank under SARFAESI Act, lacks legal standing: HC (See 'Legal Desk') Unlocking creativity through Trailer Making Competition (See 'Corp Brief') India's First Ferret Research Facility dedicated to Nation (See 'Corp Brief') IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016- There is fiduciary angle to relationship between IP and IBBI: IBBI (See 'Legal Desk') IEPFA signs MoU with Association of Chartered Certified Accountants (See 'Corp Brief') Secretary chairs Stakeholders' Meeting to review preparations of India Steel 2025 (See 'Corp Brief') IBC - Non Fund Based facilities cannot be refused to be disbursed when approved Resolution Plan contains clause for their disbursement: NCLAT (See 'Legal Desk') Govt taking steps for Door-to-Door gas supply through pipeline (See 'Corp Brief') PMLA - Court woud not interfer with order passed as apellant fails to give explanation for embezzlement of funds: TRIBUNAL (See 'Legal Desk') Business trusts to pay tax at maximum marginal rate (See 'Corp Brief') Focus on nuclear energy to strengthen power infra: Manohar Lal (See 'Corp Brief') A&C - Mere existence of arbitration clause in agreement does not bar jurisdiction of civil court automatically: HC (See 'Legal Desk') Budget proposes surcharge levy on firms (See 'Corp Brief') A&C - Award without reasons would suffer from patent illegality as it completely ignores vital provisions of the agreement: HC (See 'Legal Desk') Budget offers incentives for International Finances Services Centre units (See 'Corp Brief') IBC - Copy of Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with suspended management of corporate debtor, if suspended management is also RP: NCLAT (See 'Legal Desk') 'Bharattradenet' for global trade to be set up for trade financing (See 'Corp Brief') Arbitration Act - Court to appoint independent sole arbitrator as appointment procedure choosed by parties is no longer valid: HC (See 'Legal Desk')

Minister urges J&K youth to embrace Start-ups

Published: Jan 13, 2025

By TIOLCorplaws News Service

NEW DELHI, JAN 13, 2025: UNION Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh hosted a dinner for a group of around 100 students from Jammu & Kashmir and Ladakh on the sidelines of the ongoing "National Youth Festival 2025", organized by the Ministry of Youth Affairs and Sports.

The interaction aimed to inspire the young participants to leverage the festival as a platform to transform their innovative ideas into actionable steps for building a Viksit Bharat as envisaged by Prime Minister Narendra Modi.

Addressing the gathering, Dr. Jitendra Singh called upon the J&K youth to explore the regional resources for livelihood and StartUp opportunities. He underscored the importance of youth-driven initiatives in shaping India's developmental journey. "Programs like the National Youth Festival 2025 provide young individuals with an unparalleled national platform to channel their creativity, aspirations, and energy into tangible contributions toward a developed India," he said.

The Minister lauded the enthusiasm and engagement of the students, emphasizing that their participation reflects the evolving dynamism of Jammu & Kashmir and Ladakh. "The involvement of youth from these regions is a testament to their eagerness to contribute to India's growth story. Your ideas and actions have the potential to bring about transformative changes not only for your communities but for the entire nation," Dr. Jitendra Singh remarked.

Dr. Jitendra Singh highlighted several initiatives undertaken by the Ministry of Science and Technology to foster innovation and entrepreneurship among youth. He emphasized how these programs have catalysed the growth of StartUps, particularly in Jammu & Kashmir, where young entrepreneurs have ventured into fields like lavender cultivation under the Aroma Mission. Encouraging the students to take inspiration from these success stories, he urged them to explore opportunities in areas such as biotechnology, agritech, and renewable energy.

Dr. Jitendra Singh assured the students that the Ministry of Science and Technology would provide full support to nurture their entrepreneurial ambitions and help them transform innovative ideas into impactful ventures.

The Minister also encouraged the students to focus on harnessing innovation and technology to address pressing challenges and to use their participation in the festival as an opportunity to engage with diverse perspectives from across the country. He highlighted how such interactions foster national integration, mutual understanding, and a shared vision for the future.

Students attending the dinner shared their aspirations and exchanged ideas on how to address regional and national issues. Dr. Jitendra Singh appreciated their proactive approach and assured them of the government's continued support in nurturing their talents and aspirations.

The "National Youth Festival 2025", being held in New Delhi from January 10-12, celebrates the energy and potential of India's youth. It serves as a vibrant forum for young leaders to voice their ideas, collaborate on solutions for national development, and align with India's collective vision of progress.

Dr. Jitendra Singh's outreach reflects the government's commitment to empowering youth from all regions, ensuring they play a pivotal role in shaping India's future as a global leader.

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