Hi Folks
Lin Yutang said “Of all the rights of women, the greatest is to be a mother”
“Mother’s Day” just went by. On 13th May, this year. Celebrated as always on the 2nd Sunday of May. The modern Mother’s day began in the United States, at the initiative of Ann Reeves Jarvis in the early 20th century. In 1912 Anna Jarvis trademarked the phrases “Second Sunday in May” and “Mother’s Day”, and created the Mother’s Day International Association. She specifically noted that “Mother’s” should “be a singular possessive, for each family to honor its own mother, not a plural possessive commemorating all mothers in the world.”
Upholding this spirit, this is what our team had to say about their own mothers :
  • ➢ “Today what I am is because of her, when I was sad she gave me faith and hope, when I fell down she held me up. Without her I cannot imagine my life.” ……..Aditya Hegde
  • ➢ “My amma was a multi-talented and multi-tasking lady. A perfectionist. For me everyday is Mother’s day, as not a day passes by without remembering her.”…….Poornima Jayarao
  • ➢ “To describe mother no sentence is needed, the powerful word “AMMA” is more than enough. The meaning of life starts from her and all the things end with her.”….Ashwini Hegde
  • ➢ “Now that I am in my early years of motherhood I totally understand what it takes to be a mom. I admire the way my mom multitasks. Never has she displayed any sign of fatigue in front of us. I don’t remember receiving a NO for any of our demands including my little daughter’s.”…..Anagha Bharadwaj
  • ➢ “I have no words to describe what my mom means to me, I can just sum up saying that she is everything to me i.e., a Mother, Father, Best friend, Guide and Role model. I share a very beautiful bond with her, she gives me all the positivity, strength and confidence.”…….Vidhya
  • ➢ There’s not enough words to describe a mother. Anyway, here goes a failed attempt!
  • “A beautiful, strong, independent, hard working, loving, caring and a wonderful soul filled with positive thoughts, even when the seas are rough, who just wants what’s best for her family!”…..Ashwin Kamath
  • “Never Give Up” attitude is the best part in her. Till today she works like a superwoman ….may it be house work, work in areca nut plantation, handling financial matters, taking care of my father or as a Board member of a co-operative society. The smile which I can see in her face cannot be valued and if I can become a reason for her smile, my life will be fulfilled”. ……Ratnamala Hegde
  • ➢ “My mother always cares every moment and has invested everything on me without any expectations. The one word she stands for is ‘encouragement’. She taught me the value of things rather than cost. Today if I have completed CS and am working in this Silicon city which is so far from my village, it’s just because of her support and encouragement.”…….Poornima Hegde
They have said it all. Do I need say anything more ? Except for gratitude and love, we can offer nothing more than what a Mother has given us. “No gift to your mother can ever equal her gift to you…life”. Can there be a mother who has not given you a life by birth but by compassion ? Yes, if you know Dr. Malathi Holla who runs Mathru Foundation, a caring home for specially able children. A paraplegic Olympian, Padmashree awardee, Malathi prides in the achievements of her special boys who have done exceedingly well in the 10th and 12th standard exams this year. Her goal “I want to become a Mother to 100 such children!”
As I pay tribute to mother & motherhood, do pay attention to the amendments made to the Mother Legislation “Companies Act” which we have carried in this 188th issue. Many sections of the Companies (Amendment) Act, 2017 have been notified effective 7th May, 2018. So also the 100/day penalty which will become a reality starting 1st July, 2018. Punishing days ahead for laggards !
Continue to track our fortnightly publication “Samhita” for the latest regulatory updates. For our earlier issues do visit the Resource Centre at

Happy Reading

MCA has notified various sections and rules of the Companies (Amendment) Act, 2017 w.e.f 7th May, 2018. A separate brief note has been captured on the amended sections and rules along with analysis.

The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May, 2018. Accordingly, in case the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30th June, 2018, the additional fee @Rs.100 per day shall become payable in respect of E-Form MGT-7, AOC-4, AOC-4 XBRL and AOC-4 CFS.
In all other cases where the belated annual returns or balance sheet/financial statement which were due to be filed whether under the Companies Act, 1956 (23AC, 23ACA, 23AC XBRL, 23ACA XBRL, 20B, 21A) or the Companies Act, 2013 (MGT-7, AOC-4, AOC-4 XBRL and AOC-4 CFS) additional fee as per the applicable slab for the period of delay up to 30th June 2018 plus @Rs.100 per day w.e.f 1st July 2018 shall become payable.
The RBI in consultation with the Government of India has rationalised and liberalised the ECB guidelines as follows:
➢ Revised all-in-cost for ECB under all tracks and Rupee denominated bonds
Sl.No Particulars Track I Track II Track III
1 Basis points over the benchmark rate (Earlier it was 350 basis points) 450 450 450
2 Benchmark The benchmark rate will be 6-month USD LIBOR (or applicable benchmark for respective currency) The benchmark rate will be prevailing yield of the Government of India securities of corresponding maturity
➢ ECB liability to equity ratio revised to 7:1 from 4:1
➢ Housing Finance Companies, Port Trusts and Companies engaged in the business of Maintenance, Repair and Overhaul and freight forwarding now eligible to raise ECBs subject to certain conditions
➢ End use list changed from positive to negative, which means a narrow list of investments which cannot be raised through ECB is issued by RBI. Eg – Investment in real estate or purchase of land except when used for affordable housing, capital market, Equity investment and On-lending to entities.
The existing restriction for raising ECB for working capital purposes, General corporate purposes and Repayment of Rupee loans continues in respect of Track I and III borrowers.
Insolvency and Bankruptcy Board of India (IBBI) (Annual Report) Rules, 2018 shall come into force w.e.f 1st May, 2018. The Rules prescribe the specified format for preparing annual report detailing its activities, policies and programmes, during the previous FY. The Board is required to submit a copy of the Annual Report to the Central Government within 90 days of the end of the FY. Corresponding section 229 of IBC has also been notified.
IBBI (Form of Annual Statement of Accounts) Rules, 2018 shall come into force w.e.f 1st May, 2018. The Rules prescribe the specified format for maintaining the accounts and records which shall be subject CIG audit and placed before both the Houses of Parliament.
The provisions of Power of Central Government to notify financial service providers for liquidation proceedings has become effective from 1st May, 2018.
Transfer of tenancy rights to a new tenant against consideration in the form of tenancy premium is taxable. However, renting of residential dwelling for use as a residence is exempt. Hence, grant of tenancy rights in a residential dwelling for use as residence dwelling against tenancy premium or periodic rent or both is exempt. As regards services provided by outgoing tenant by way of surrendering the tenancy rights against consideration in the form of a portion of tenancy premium is liable to GST.

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 Phone : +91 80 25534374 , +91 80 25536618 Email:

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