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Hi Folks
For every issue, selection of the theme and banner picture is the biggest challenge since it has to be something different yet connected to the current. Since the newsletter is entirely conceived and produced by our internal team, the exercise begins several days in advance…so that we don’t miss our fortnightly target. The banner related work is creative and may not have anything to do with the nature of our service which is advisory and compliances but the joy and team camaraderie that it spreads is immeasurable. Perhaps it gives us a break from the routine. A refreshing change from the process driven deliveries. A creative window to let out steam after frustrating follow up with clients endlessly for information ! Above all it gives great insights and keeps the team spirited.
Sometimes we look all around for something but ignore that which is within our reach. We miss living here and now. We look yonder. We aspire for ‘there’, for ‘that’, for ‘them’. So this time, we thought let us focus on ‘here’, on ‘this’ and on ‘us’ for the banner images. Result is you see a beautiful collage of our office garden – the green expanse, the colourful flowers, the neatly laid pebbles and the manicured grass. Those who have visited us will vouch for the stimulating experience they have had. Those who haven’t, this is a glimpse. You are welcome to drop by and soak it all ! I bet it will soothe your frayed nerves. At least you know for sure there is no fraud here, there is no artificiality, no connivance, no exaggeration – these are natural, genuine flowers, not ‘fake LOUs or diamonds’ !! Simply reflecting our firm’s value systems.
Perhaps this is what happened to some of our recent visitors ….guess who ? Our ancestors – yes, we had a gang of monkeys who wanted to get away from the urban concrete. They went on a mini rampage of the garden but they also provided a reprieve to our team which sparked off some lively banter. Didn’t I say invest in a garden to build the team spirit ?
I must confess that this time the choice of featuring our very own plants and flowers was triggered by a call from a long time friend of mine. She chanced upon our ‘Green Work Place’ pictures as she was browsing our website and promptly called me to compliment – a fresh-looking work place with fresh-looking people (sharadasc.com/team). She even gave me a tip – “You have such lovely flowers, when you want to carry some not-so-welcome tax news, say it with a flower picture”. Why not ? Going forward, you may suddenly find some breath-taking flower next to a thorny tax news and you will know why
Ok, get back to the regulatory world now. With or without flowers, the changes are constant as we bring you the 183rd issue of Samhita. The usual culprits – MCA, IBC, GST are around but would say not a very heavy read.
For our earlier issues do visit the Resource Centre at sharadasc.com.

Happy Reading

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  • Forms ADT-1 (Intimation of appointment of Statutory Auditors) & ADT-2 (Removal of Statutory Auditors) have been revised under the Companies (Audit and Auditors) Rules, 2014.
  • Form URC-1 (Conversion of firm/LLP into Company) has been revised under the Companies (Authorised to Register) Rules, 2014.
  • Forms MGT-6 (Declaration relating to Beneficial interest) & MGT-15 (Report on Annual General Meeting) have been revised under the Companies (Management and Administration) Rules, 2014.
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Currently an Independent Director appointed on the Board of a Company, holds office for a term of 5 consecutive years, but is eligible for re-appointment on passing of special resolution by the Company. But he/she can be removed from the Board by mere passing of an ordinary resolution.
Stakeholders have been facing difficulties while implementing these provisions. In order to remove these difficulties and balance the powers of the Board, MCA has amended the provision of Section 169 of the Act, by providing that the removal of such re-appointed independent director for the second term, shall be now done by way of passing a special resolution only at its shareholders meeting, after giving him/her a reasonable opportunity of being heard.
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Due to the implementation of GST and non-issuance of EP Copies of Shipping Bills by Customs Authorities, the Ayat Niryat Forms (ANF) 4F (Application for Redemption / No Bond Certificate against Advance Authorisation) & 4G (Application for issue of Duty Free Import Authorisation) of Handbook of Procedures 2015-2020 have been amended.
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Retail individual investors applying for shares in IPOs would need to be compensated for the opportunity loss suffered by them due to the failure of the Self Certified Syndicate Banks (SCSB) in completing the necessary process for allotment of the securities by the Company, despite the


eligibility criteria being met by the investors. In order to provide relief to these investors, SEBI has proposed a compensation formula and has made the SCSB responsible for redressing the grievances raised by the investors. Several factors that need to be taken into account to determine the compensation and the manner of such calculation has been provided.
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Various Forms have been specified by the Insolvency and Bankruptcy Board of India (IBBI) for publication of Public Announcements and Brief particulars of Invitations of Resolutions plans on the website designated by the Board for the purpose under the Insolvency and Bankruptcy Code (IBC). The website www.ibbi.gov.in has been designated by the IBBI for the same.
The resolution professional or the liquidator, as the case may be, shall send the forms to the IBBI for publishing the same on the designated website in the specified manner.


Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.
 


S. C. Sharada & Associates, Company Secretaries. #405, 7th Cross, IV Block, Koramangala, Bangalore – 560 034
sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]

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