Hello All,At the outset, we wish you a very Happy, healthy and prosperous New Year 2010. May it herald yet another year of peace, contentment and satisfaction in all that you have planned.
As we move into the first year of the second decade of the new millennium, let us transition from the “Unknown to the known”, from “Ignorance to knowledge”, from “Darkness to light”, from “Lower truth to the higher truth”, for knowledge alone is power. Let us use the knowledge righteously, ensuring good governance in all that we do.
The third edition of Lexspeak is a humble effort in this direction. Along with regular legal updates, this issue covers the recently concluded” Karnataka CS Mahotsava” that gave us inspiring messages about Corporate Governance and “thinking big, for low aim is a crime”.
50:50 JVs with overseas firms to get foreign tag
With the new clarification by DIPP, companies set up under 50:50 JVs would now be counted as foreign companies.
Liberalization of Foreign Technology Agreement policy
The Government of India has permitted, without any specified limit, the payments for royalty, lumpsum fee for transfer of technology and payments for use of trademark/brand name on the automatic route i.e. without any approval of the Government of India but subject to FEMA rules.
Perks Tax Rules Replace FBT
Employees will now have to pay taxes on perquisites given to them by their employers as the Central Board of Direct Taxes has notified the much-awaited rules for valuation of the benefits.
Voluntary Guidelines by MCA
Ministry of Corporate Affairs has published voluntary guidelines on Corporate Governance and Corporate Social Responsibility as a part of India Corporate week from 14th December to 21st December, 2009.
External Commercial Borrowings (ECB) Policy
On a review of the prevailing macroeconomic conditions and developments in international financial markets, RBI has decided to modify some aspects of the ECB policy covering all-in-cost ceilings, ECB for NBFC, Telecom sector etc.
Law ministry mulls cess to fund legal reforms
The law ministry has proposed creation of a special purpose vehicle aimed at implementing legal reforms in the country and to be fully funded by the Centre, while also contemplating the levying of a tax on the lines of education cess for the purpose.
Karnataka CS Mahotsava – The first Karnataka state conference of Company Secretaries
‘Leading the Change – Meeting the challenges’, was the theme of Karnataka CS Mahotsava, the first Karnataka state conference of Company Secretaries held on 18th and 19th of December, 2009 which was jointly organized by the Southern India Regional Council of ICSI and Bangalore, Mysore and Mangalore chapters of ICSI. LV Team participated actively in the celebrations. Some of the key take away are enumerated.
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