Hi Folks
At times, the words “If” and “But” carry a negative connotation indicating doubt, skepticism, lack of confidence, finding an excuse etc. like in “if only I had this”, “if I could say it”; “but for this”, “I can take it up, but….”. Therefore we are advised to banish them from our mind’s dictionary if we have to reach our goal, achieve something and be successful. But here is “IF”, a positive and insightful poem by Rudyard Kipling that makes us sit back, think and of course propels us into action into the New Year 2013 !!
IF you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise:
Wishing you all a very cheerful, peaceful, healthy and prosperous New Year 2013 !! Let’s get it right together !!;
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Lex Valorem Team

What is the connection between travel & certification,,,??? Yes, there is.MCA (Ministry of Corporate Affairs) has revised Form 18 (Notice of situation or change of situation of Registered Office), effective from 25th December, 2012. As per the new form, before certification, Professionals have to personally visit & verify the new address and satisfy themselves that premises are indeed at the disposal of the applicant company.

Who says e-filing reduces carbon footprints ??

Additionally lot more attachments like lease agreement, NOC if not leased or owned etc. are required merely to intimate change in registered office of the Company. It is anybody’s guess as to why these tremors are being felt by hapless corporates and professionals for the misdoings of heavy-weights of certain political parties having business connections !
Effective 25th December, 2012, MCA has introduced certain ridiculous mandatory fields in Form DIN 1 viz. current occupation, educational qualification of applicant and certifying professional to know the applicant ‘up, close and personal’ or having met the applicant in person with original documents, increasing the onus of the professional in certifying electronic documents. Further, Annexure 1 needs to be given in the form of affidavit. Some of these changes are in DIN4 also.

Who says e-filing reduces ‘personal touch’ ??

Companies incorporated prior to the year 2009 and other companies which could not avail the facility of rectification of mistakes in Form 1, 1A & 44 are now allowed to avail the said facility by filing Form 68 on payment of stipulated fee within 180 days from the effective date of the Circular i.e. 23rd December, 2012.

Hitherto Form 68 had to be filed within 365 days from the date of approval of aforesaid forms by the ROC (Registrar of Companies)

MCX (Multi Commodity Exchange) has obtained “Recognized Stock Exchange” status from MCA which helps the investors to get various tax benefits viz. tax exemption on long term capital gains from sale of shares through a recognized stock exchange, among others.

Central Government has delegated its powers under Section 388B (Reference to Company Law Board of cases against managerial personnel), 388C (Interim order by Company Law Board) and 388E (Powers of Central Government to remove managerial personnel on the basis of Company Law Board’s decision) of the Companies Act, 1956 to RBI in respect of banking companies.
Reserve Bank of India (RBI) has allowed External Commercial Borrowing (ECB) for low cost affordable housing projects as a permissible end-use (excluding acquisition of land), under Approval Route, subject to certain conditions & guidelines.
Due date for filing Cost Audit Report & Compliance Report in XBRL mode for the year 2011-12 (including overdue reports relating to any previous years) got extended by one more month i.e. till 31st January, 2013 without any penalty.
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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