lexspeak
Hi Folks
Nothing can be bigger or more important than the world’s largest election results today. Everything will be dwarfed and muted. It would be futile to attempt catching anyone’s attention with anything else on this landmark day. All that I would like to say is election fever in this sweltering summer has died down but the heat on government formation is on the rise. It is fervently hoped that good times will rain in soon with a thumbs up for democracy.
“Some people feel the rain. Others just get wet.” said Bob Marley. To which category do you belong ? The butterfly I think has not only felt the rain but also has all the time in the world to perch itself on a tender branch and gaze meditatively at the reflection of the lovely flower in the innocent droplet. Oh, what luxury in life to be able to do that ! Do grab some time to enjoy such simple pleasures of life and get back to the daily grind, fully rejuvenated.
This issue carries a Bombay High Court judgement relating to certain provisions of the new Companies Act, 2013. It is an interesting one. The other usual features find a place in this Lexspeak along with an article in the Entrepreneur’s World series. Should you wish to refer to any of our older issues, do visit our Resource Centre ats sharadasc.com.Warm regards

Minors of any age are allowed to open and operate a savings / fixed / recurring bank deposit account through his/her natural or legally appointed guardian. Minors above the age of 10 years may be allowed to open and operate Savings Bank accounts independently. However, minor accounts are not allowed to be overdrawn. RBI has advised banks to draw up their own internal procedures.
Reserve Bank of India (RBI) will shortly issue ₹50 and ₹100 denomination Banknotes incorporating symbol “₹” on the obverse and reverse, with inset letter “R” in both the numbering panels. All the Banknotes in the denomination of ₹50 and ₹100 issued by the RBI in the past will continue to be legal tender.

A notification from MCA empowering Registrar of Companies (ROC) and Regional Director (RD) to conduct enquiry against erring professionals if the document certified by them is false or misleading or incomplete puts professionals to work at gun point ! The intention is to fix responsibility for authenticating correctness and integrity of documents but it is hoped a fair hearing is given to the professionals and there is no witch-hunting.
In one of the first court rulings, post introduction of the Companies Act, 2013 and Rules, Bombay High Court has passed an order in 256 of 2014 questioning the validity of various Rules notified by the MCA since they are yet to be gazette.The Hon’ble High Court has also made observations on postal ballot including e-voting and has upheld the need to hold physical shareholder meetings.
Whistleblowers Protection Act, 2011, which provides a mechanism for protecting the identity of whistleblowers got the assent of President. It provides for setting up a regular mechanism to encourage persons to disclose information on corruption or willful misuse of power by public servants, including ministers.

Ashwini Hegde, CS student gives a quick run down on the procedure for ‘Incorporation of Companies’ under the Companies Act, 2013, highlighting the new requirements.
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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