“The King is dead, long live the King!” Why this traditional, monarchial phrase when the election fever has gripped this democratic nation?
The reference here is to the new corporate enactment that will govern India Inc, come April. The 58 year old Companies Act, 1956 has been dethroned, with the Government notifying a whole lot of sections along with the Rules.
Though the new Act will be the King amongst the corporate legislations governing businesses, I really wish the true legacy of the old Act, in terms of good, tight drafting that stood the test of time, is carried forward in the new Act. Alas, it is not to be. A deep, detailed analysis of the Companies Act, 2013 throws up so many contradictions, drafting errors, conflicts and practical difficulties that it may just be “The king is dead”. Nevertheless, as professionals we welcome the new King and hope the final Rules released have taken care of the deficiencies, based on the over 1 lac representations made so far to the Ministry of Corporate Affairs. This Indian summer promises to be exciting in more ways than one!
March 22nd was World Water Day. “Time is like a river. You cannot touch the same water twice because the flow that has passed will never pass again. Enjoy every moment of life.” Let’s move ahead with times, old King or new King. This is also the spirit of Ugadi, the New Year that falls on 31st March, 2014 for many of us. Let us welcome challenges and turn them into successes. Wishing all the readers a very happy Ugadi !
Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards
Microsoft will stop issuing updates and patches for bugs in its Windows XP operating system (released in 2001) from April 8, 2014. RBI has advised banks to implement appropriate systems and controls to avoid disruption in banking operations.
Existing rates of interest on Public Provident Fund Scheme (PPF), 1968 (9.2% p.a.) and Senior Citizens Savings Scheme, 2004 SCSS, 2004 (8.7% p.a.) continue for the financial year 2014-15. There is no upward revision w.e.f.1st April 2014.
Ministry of Corporate Affairs (MCA) has clarified that the resolution passed under section 293 of the Companies Act, 1956 prior to 12.09.2013 with reference to borrowings will be regarded as sufficient compliance of the requirements of section 180 of the Companies Act, 2013 for a period of one year from the date of notification of section 180 of the Act.
Central Excise Rules, 2002 and CENVAT Credit Rules, 2004 have been amended providing for imposing restrictions on assessees involved in misuse of credit, evasion of duty or any other offences, by withdrawal of registration, restriction on utilization of credit and other facilities under the Act.
Ministry of Corporate Affairs (MCA) has notified certain sections, schedules which come into effect from 1st April, 2014 along with the related Rules. The rest will follow soon.
Through-out India, Income Tax offices shall remain open and receipts counters shall also work during normal office hours on 29th, 30th, 31st of March, 2014 to facilitate filing of return of income and other related work of tax payers.
Read this issue of Entrepreneurs World to know more about the provisions relating to Corporate Social Responsibility (CSR) under the New Companies Act, 2013.
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.