lexspeak Hi Folks “Believe. Become.” is the tagline of a cricket gear, clothing & accessories company (SG) in India that caught my attention. My cricket-enthusiast son had proudly displayed it on his Whatsapp. With Sachin’s life and times being all over the place on social media as well as print and television, I couldn’t help but reflect on whether he ‘became’ what he is only because he ‘believed’ or was there something else in between. You will agree while the ‘belief’ in himself gave him loads of confidence it was the sheer passion, complete commitment, persistent hard work, strict discipline, deep determination, sharp focus, relentless practice, love for the game and the desire to excel every time he went out to bat was what helped him ‘become’ the iconic cricket star ! Believe. Become – after this what else ? Is it not important to also ‘Be’ – stay and sustain the position of excellence and eminence for extended periods ? Legends from various fields are made of sterner stuff so that they “Believe. Become. Be.” Let’s take this path to excellence and make it a habit ! Amidst all this serious ‘adult-stuff’, let us not forget the child in us. Smile, laugh, bond with friends and enjoy with gay abandon that only a child is capable of, to commemorate 14th November as ‘Children’s Day’. Believe, become and be a child. ☺ Lexspeak is a quick-read this time, lest you miss out watching the cricketing legend ! Should you wish to refer to any older issues of Lexspeak, do visit our Resource Centre on  sharadasc.com Warm regards

RBI has liberalized the procedure relating to the payments of exports / imports by allowing export receipts from and import payments to third parties subject to conditions specified in the circular.

‘Group Company’ has been defined as two or more enterprises which, directly or indirectly are in a position to (i) exercise 26% or more voting rights in other enterprise; or (ii) appoint more than 50%, of members of board of directors in other enterprise.

NOC which is to be obtained by the investee company from financial sector regulator for transferring shares from resident to non-resident need not be filed along with the form FC-TRS. However ‘fit and proper / due diligence’ of the non-resident investor required by the financial sector regulator must be ensured.

Section 25 Companies registered with the name ‘electoral trust’ under the Electoral Trust Scheme, 2013 are exempt from the provisions of section 293 A of the Companies Act, 1956 and section 182 of the Companies Act, 2013, as may be applicable (Prohibitions and Restrictions regarding Political Contributions).

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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