Hi Folks
In the last issue, we welcomed the King of corporate legislations, the new Companies Act, 2013 but little did we know that the established democratic and consultative process of engaging with the various stakeholders was not followed in its introduction. What else explains the brazenness with which some of the draft provisions have been deleted / changed or completely new ones introduced effective 1st April, 2014, without a whiff of the looming
changes ? Company Secretaries were celebrating with euphoria at the prospect of being elevated as a KMP – Key Managerial Personnel. However it was not to be. The new Rules have created furor now in the CS fraternity. Much like the political parties, CSs have taken to the streets literally as also setting the social media on fire. I sincerely wish this rightful indignation inspires some introspection and translates into some productive action from the Ministry as well as the CS fraternity.
Industry is also affected. With substantial portion of the law being enforced in the form of ‘as may be prescribed’ Rules, both professionals as well as the corporates need to gear up to live in an era of constant changes that could upset the applecart. As professionals we voted for change but not a complete U Turn that shakes our very existence. Somewhere something has gone amiss for sure. But for now, let us look forward and face the challenges.
Some of the latest news from the various regulators has been presented in this issue. Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards

Provisions of Companies Act, 1956 shall apply with respect to maintenance of books of accounts and preparations/adoption/filing of financial statements, auditor’s report, Board’s report and Company Secretarial Compliance Report for the financial year ended 31st March, 2014.
Table of fees to be paid to the Registrar of Companies (ROC) for submitting, filing, registering or recording of any document or information under the Act, under Companies (Registration of Offices and Fees) Rules, 2014 is effective from 1st April, 2014.

Ministry of Corporate Affairs (MCA) has released a comparative table of provisions under the Companies Act, 2013 and Companies Act, 1956 including provisions under the 1956 Act which shall remain in force.
Ministry of Corporate Affairs (MCA) has informed that all new E-Forms as per Companies Act, 2013 will be available for upload with effect from 28th April, 2014 instead of 14th April, 2014.
Revised rates of customs duty on several goods effective from 1st April, 2014 have been notified.

Reserve Bank of India (RBI) has delegated further powers to the Regional Offices of RBI in respect of compounding of certain offences (delay in inward remittance of FDI, delay in filing of FCGPR, violation of pricing guidelines etc.).
The Reserve Bank of India (RBI) has revised Foreign Direct Investment (FDI) valuation norms to permit valuation for acquisition / sale of shares on the basis of market prices in place of the Discounted Cash Flow (DCF) method, currently in vogue.
Income Tax (4th amendment ) Rules, 2014 effective from 1st April 2014 have been notified to bring in certain changes in the provisions relating to Return of Income to be filed by certain types of assesses including the format of the Returns to be used.
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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