| Lexspeak |
| Hi Folks |
 |
In India, January marks 2 important dates – 26th, celebrated as Republic Day when we adopted the Constitution of India and 30th, observed as Martyrs Day when Mahatma Gandhi was assassinated. As a republic we gave a constitution unto ourselves that declares India to be a sovereign, socialist, secular, democratic republic, assuring its citizens of justice, equality, and, |
| liberty and endeavors to promote fraternity among them. It is rather strange that the forethought and magnanimity that the founders of our nation had is being replaced by petty mindedness and intolerance in the name of religion, region and language. We have several tools to express ourselves today but do we have the freedom to? Protests and bans against artists and artistic expressions that seemingly hurt certain sections of the society have become the order of the day. Where then is the ‘fraternity’? Gandhiji said “Honest disagreement is often a good sign of progress”. Unfortunately there is neither honesty nor progress – what is left is disagreement, disgruntlement and decline. |
| “There is pleasure in the pathless woods, there is rapture on the lonely shore.” When we began 75 issues ago, yes it was pathless and lonely but not anymore. As Lexspeak completes its diamond jubilee issue and continues its journey of quest for knowledge, there are several of you giving us company and patronage. Forever grateful for this! |
| This issue of Lexspeak carries some useful information about Aadhaar & PF, some relief for software exporters and the dates to remember in February, 2013 as tax-compliant citizens. |
| To read the earlier issues and articles of Lexspeak Click Here
Sincerely
Lex Valorem Team |
|
 |
| Conditions for issue of equity / preference shares under FDI scheme under government route against import of capital goods / machineries / equipments have been amended to exclude import of second hand capital goods / machineries / equipments. |
 |
 |
| Statistics reveal that a majority of the reporting contraventions with respect to transactions involving Foreign Direct Investment (FDI), External Commercial Borrowing (ECB), Outward Foreign Direct Investment (ODI) etc. are attributable to delays in reporting by the Authorised Dealers which unfortunately attract penal provisions by the corporate. RBI has rightly directed the Authorized dealers to ensure checks and balances to avoid such delays failing which they would attract penalties. |
|
 |
| In order to prevent concerns such as inflating, depressing and fluctuating in share prices SEBI has decided to prohibit listed entities from framing any employee benefit schemes involving acquisition of own securities from the secondary market. In case of those companies which have already framed any such employee benefit scheme which is not in accordance to the guidelines, they shall align their existing scheme as per the existing guidelines on or before 30th June, 2013.
Above changes are as part of the Amendments to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement. |
|
 |
| SEBI has modified the guidelines issued on sale of shares through OFS mechanism which is aimed at helping promoters of listed companies to achieve minimum public shareholding by June, 2013. In order to encourage promoters to offload their shares through OFS route and based on market feedback, the OFS framework has been modified and stock exchanges directed to put in place necessary system for the implementation of the guidelines. |
|
 |
| As a measure of improving services the Employees’ Provident Fund Organization (EPFO) has made Aadhaar numbers compulsory for Employee Provident Fund (EPF) members joining on or after 1st March, 2013. For members who have not been issued Aadhaar numbers, employers should give their enrolment ID which would be converted into Aadhaar later on. In case of existing members the seeding of Aadhaar numbers has to be obtained in a time bound manner i.e by 30th June, 2013. |
 |
|
 |
