Hi Folks
As we cross the 70th issue mark, it is time to recall the premise on which we began the journey together 3 years back. Our 1st issue said – “Tamasoma Jyotirgamaya”, meaning “May the light of knowledge remove the darkness of ignorance”. We cannot claim to have removed ignorance but yes, we have sincerely attempted to show the light – hoping you will find the right way, whatever it is!
As we continue the journey it is heartening to note the positive and encouraging response being received from all of you from time to time as the Lexspeak Team puts together issue after issue each fortnight. As soon as we relax thinking one issue is done, we are confronted with what news for the next issue, what theme to be chosen, what images, what Thought for the day’, what compliance chart, what articles etc. etc. ? While there is no dearth of regulatory updates (thanks to the various regulators in India and the dynamic laws that we have), the challenge lies in identifying and including other useful and interesting information in a sustained manner, that will hold your attention in the onslaught of information inundation. Through the next issues, we will try to innovate and make Lexspeak more relevant to the readers.
Light is symbolic of knowledge, enlightenment, goodness, justice, equity, victory, success etc. Hope Deepavali, the festival of lights has ushered in all this and more!
Light is symbolic of knowledge, enlightenment, goodness, justice, equity, victory, success etc. Hope Deepavali, the festival of lights has ushered in all this and more!
To read the earlier issues and articles of Lexspeak Click Here

Lex Valorem Team

ROCs shall scrutinize Balance Sheets filed by certain Companies – where there are complaints against them or Auditors have qualified their report or Companies have made public issues or defaulted in payment of deposits etc. Upon investigation, Directors / Officers of such Companies shall be liable for prosecution in case of false or misleading information.
Examination of Balance Sheets by ROCs
Cost Auditors are required to file e-form 23D within 30days from the receipt of letter of appointment from the Company, failing which disciplinary proceedings will be initiated against them. However this being the first year after the introduction of revised procedure for appointment of Cost Auditor, a window for delayed filing of 23D without penalty is available until 16.12.2012. Non filing of e-form 23C by Companies appointing Cost Auditors is a punishable offence.
Non filing of e-form 23D by Cost Auditors
CTS-2010 standards include mandatory provisions relating to quality of paper, watermark, bank logo in invisible ink, void pantograph for cheques issued by banks across the country. In case Non CTS 2010 post-dated cheques have been issued towards EMI payments, they are required to be replaced by CTS 2010 standard cheques by 31.12.2012
Standardization in cheque - CTS 2010 Standards
Small Industries Development Bank of India (SIDBI) is eligible to avail External Commercial Borrowings (ECB) for onward lending to Micro Small and Medium Enterprises (MSMEs) for permissible end-uses, either in Indian rupees or foreign currencies after adequate hedging, subject to terms and conditions applicable in the extant ECB Policy.
SIDBI can avail ECB to lend to MSMEs
Recognizing the need for early detection of Sick MSMEs and support required for revival, the Reserve Bank of India (RBI) has issued new guidelines defining sickness in MSMEs, handholding stage, procedure for declaring of unviable units and facilities that can continue to be extended to them by lending Banks.
Rehabilitation of sick MSMEs
A protocol amending the Convention between India and UK has been signed covering aspects of partnerships, taxation of dividends, exchange of information between tax authorities and assistance in collection of taxes. This is intended to enhance the transfer of technology, investment and services between the two nations through avoidance of double taxation and prevention of fiscal evasion of taxes on income and capital gain.
India-UK Tax Convention amended

Interim Dividend

This Issue carries a procedural note on declaration and payment of Interim Dividend.

Entrepreneur's World 21
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. Lex Valorem disclaims all liability on action taken without professional advice.

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