Volume 2 Issue No. 22 / 2010 Lexspeak     October – 2010
Thought for the day
We cannot hold a torch to light another’s
path without brightening our own. ~ Ben Sweetland
News from the Govt

FDI

CBEC

RBI

Others
Court Judgements
Legal Term


Legal Maxim



In propria persona


Meaning
For one’s self or acting on one’s own behalf


Origin



Latin


Usage
It is generally used to identify a person who is acting as his/her own attorney in a lawsuit.

Statutory Compliance Chart


November 2010

S

M

T

W

T

F

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

Reminders


05 Nov – ServiceTax Payment

– Monthly
07 Nov – TDS/TCS Payment

10 Nov – Excise Return

– Monthly

15 Nov – PF Monthly Payment

20 Nov – PT Payment

20 Nov – VAT Payment
21 Nov – ESIC Payment

25 Nov – PF Return
– Monthly

ROC filing by companies
Annual Accounts
– 30days from AGM
Annual Returns
– 60days from AGM

The point to remember is that what the government gives it must first take away.

Hello All,

Diwali is a much awaited festival in India that ushers in a new accounting year for some, beginning of new businesses for some, lots of shopping, fun and family celebrations. It symbolises
light dispelling darkness. Do we want to be the
light that illumines or the glare that obscures?

This is cardinal to the objective of knowledge sharing. In the journey of learning,we would rather be the light than the glare. Hope the fortnightly regulatory update throws enough light for you to seek more.


Happy & Safe Diwali
!!

To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team


New definition on “control” to remove FDI loopholes
The Government proposes make it tough for foreign firms to exercise control over Indian businesses through indirect arrangements by updating the ambiguous definition of
“control” in Foreign Direct Investment Policy with the precise one used in the Companies Bill.


Read More


Drawback on supplies made by DTA units to SEZ & issue of drawback cheque books by jurisdictional Commissioner of Customs to Central Excise Commissionerates
CBEC, vide its circular, has modified the procedure of drawback on supplies made by DTA units to SEZ by allowing the Commissioner of Central Excise and Customs/ Central Excise to sanction and disburse drawback claims without having to approach the jurisdictional Commissioner of Customs for issue of authorization and cheque books.


Download Circular


Exemption from Central Excise
Government has exempted all goods falling under Schedule to the Central Excise Tariff Act, 1985 from whole of additional duty of the excise and special additional excise duty when supplied to the United Nations or an international organisation for their official use, subject to certain conditions.


Download Circular


Service tax on ESIC
The revenue department has decided that ESIC, which promises health benefits through one’s working life, is liable to pay service tax, a move that could increase cost for India Inc to provide mandatory health cover for workers.


Read More


Electronic payment products – Processing inward transactions based solely on account number information
RBI has instructed the banks to rely only on the account number while processing inward transactions through electronic payment products (RTGS / NEFT / NECS / ECS Credit products). Vide its circular dt.14th October, 2010, it has made certain modifications to give effect to the same. Customers are advised to fill in the Account Number correctly for fund transfers since that will be relied upon and beneficiary name used only as corroborative information.
….

Download Circular


Microfinance to get a regulator in NABARD
In the wake of ongoing controversy surrounding SKS Micro Finance and stringent regulations introduced by the AP Govt. relating to MF sector, the finance ministry could move a bill in the winter session of Parliament that will make NABARD responsible for regulation of all non-profit microfinance institutions structured as trusts, cooperatives, or mutual benefit societies.
….

Read More


Mumbai HC judgement on enforceability of restrictions on share transfers in case of public limited companies.

The division bench of Mumbai High Court in Messer holdings Limited v. Shyam M. Ruia
and Ors. (‘Ruia case’) Appeal No. 855, ruled that transfer restrictions of the shares of a public limited company, consensually agreed to between shareholders, are valid and enforceable, and are not in violation of section 111A of the Companies Act, 1956.

This is an overruling of an earlier decision given in February, 2010 by a single judge of the Court in the Western Maharashtra Development Corporation vs. Bajaj Auto Limited, which had ruled that
‘free transferability’ under section 111A of the Act meant that any form of transfer restrictions relating to shares of a public limited company is unenforceable. (Volume 2 Issue No.6/2010 of Lexspeak)
….

Download Judgement

Note: The contents
of this News Letter 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. Lex Valorem disclaims all
liability on action taken without professional advice
Lexx Valorem India Pvt. Ltd.
#405, 7th Cross, IV Block, Koramangala, Bangalore –
560 034

sharadasc.com
Phone : +91 80 25534374 , +91
80 25536618 Email:

[email protected]