Volume 3 Issue No. 35 / 2011 Lexspeak June, 2011

Thought for the day
Modern technology owes ecology an apology – Alan M. Eddison

News from the Govt



International Commercial Terms

The Incoterms® rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.
International Commercial Term (Incoterm)
DAT – Delivered at Terminal
Seller pays for carriage to the terminal, except for costs related to import clearance, and assumes all risks up to the point that the goods are unloaded at the terminal.

Statutory Compliance Chart
June 2011

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

05 June – Service Tax Payment
05 June – Central Excise
07 June – TDS/TCS Payment
10 June – Excise Returns
15 June – PF Payment
15 June – Advance Tax –
20 June – VAT Payment*
20 June – PT Payment*
21 June – E.S.I.C. Payment
25 June – PF Return
*E-payment in Karnataka
There will always be death and taxes; however, death doesn’t get worse every year.

Hi All
Whether technology owes an apology to ecology or not, we owe our thanks to Ministry of Corporate Affaris (MCA). Pending passing of the Companies Amendment Bill, the apex body regulating Corporate Affairs in the country has showered a series of circulars / notifications as part of its ‘green initiative’. The most significant one being, on holding Board and Shareholder meetings via video-conferencing subject to certain conditions.Doors are now open to Foreign Direct Investment (FDI) in LLPs even as RBI has relaxed certain norms for Overseas Direct Investment (ODI). For all this and more, do read this issue of Lexspeak.

For earlier issues visit our website
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Lex Valorem Team

Meetings via video-conferencing
MCA has taken a huge green initiative in permitting Board Meetings and Shareholder Meetings of Companies in the electronic mode i.e via video-conferencing, subject to certain compliances / conditions. However the role of the Chairman and Company Secretary in ensuring this assumes great significance.
Download Circular >
Download Circular >
Move over, physical documents from ROC
Keeping in tune with modern technology and paperless documentation, ROCs shall henceforth issue all letters and certificates in digital form in a phased manner from 30th June, 2011 onwards.
Download Circular >
Loans to Public Limited Companies
MCA has clarified the circumstances under which its approval is to be sought in cases of loans to public limited companies u/s 295 of the Companies Act, 1956.
Download Circular >
XBLR reporting relaxed
XBLR reporting from 2010-11 onwards is now applicable only to listed companies having a paid up capital of Rs. 5 crore and above or turnover of Rs. 100 crore and above, subject to exclusion of certain class of companies.
Download Circular >
LLPs of CAs can be appointed as Company auditors
To enable appointment of LLPs of CAs as auditors of Companies, MCA has clarified that they would not be treated as ‘body corporate’ u/s 226(3)(a) of the Companies Act, 1956 which otherwise does not permit a body corporate to be an auditor.
Download Circular >
Form 8, 17, & 23D modified
Effective 29th May, 2011, MCA has modified above forms relating to creation and satisfaction of charge and appointment of cost auditor.
Download Circular >
Download Circular >
FDI in LLPs allowed
Consolidated FDI Policy has been amended to allow FDI in LLPs subject to certain conditions.
Download Circular >
Liberalisation / rationalization of ODI
Facilitating greater Direct Investment abroad, RBI has liberalized / rationalized the existing ODI provisions relating to guarantees issued by Indian Companies, restructuring of Balance Sheet of overseas entity, disinvestment in JVs/WOSs by Indian Companies etc.
Download Circular >
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
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