Hi Folks
After IPL, it is football ‘night fever’ that is adding to the rising temperatures. Another reason could be that we as citizens of the Earth are not conserving water enough. While water is the beginning and end of life, we are taking it for granted, assuming it is a perennial source that will not just dry up. Over 75% of Earth is covered with water but how much of it is potable and supports life ?
Just take time to watch a video or ppt called ‘SAVE WATER – YEAR 2070’ by our Hon’ble Former President of India, Dr A P J Abdul Kalam wherein the protagonist is a 50 year old (looking like a 85 year old) and gives a first person account of life in the year 2070. He laments about life (or the lack of it) due to shortage / absence of water. You will shudder to imagine how life can be without water. You will realize how we are all contributing to such a gory future for our forthcoming generations. It is never too late. Do take stock and contribute in your own small way so that the future generations get to experience what greenery and water is. Let it be beyond social network messages, uploading selfies and wearing T shirts with messages. Remember, June commemorates World Environment Day (5th June), World Oceans Day (8th June) & World Desertification Day (17th June).
Back to our world of legislations and changes. Number of them, as expected on the new Companies Act, 2013.
Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards

Foreign Nationals who are promoters or subscribers of a Company and do not possess a PAN can file a declaration as per format attached to Incorporation form (INC7).
“Pecuniary relationship” in certain transactions by Independent Directors including remuneration as well as the tenure of IDs especially during the transition period from CA1956 to CA2013 has been clarified.
The Share Transfer Form in form 7B executed before 1.04.2014 and submitted within the specified period of the CA1956 is considered valid and the Company if satisfied can proceed with such transfer.

Another clarification is that a Committee of Directors can be authorized to issue duplicate share certificates, subject to board regulations.

It is clarified that all the Public Companies (which were not required to constitute Audit Committee earlier) shall now mandatorily constitute an Audit Committee, Nomination and Remuneration Committee within 1 year from the commencement of this Rule or appointment of Independent Directors by them, whichever is earlier.
Vide an amendment to Acceptance of Deposits Rules, 2014, Companies may accept deposit without deposit Insurance contract till 31.03.2015.

The provisions relating to grant of time by the Tribunal for repayment of deposits and interest outstanding as on 1.04 2014 and penalty payable for default thereof have become effective from 6.06.2014.
The threshold limit for overseas remittance by resident individuals under the Liberalised Remittance Scheme (LRS) has been increased from USD 75,000 to USD 125,000 per financial year.
The non-resident investor shares listed on recognized stock exchange can be pledged in favor of NBFC to secure the credit facilities of the resident investee company, subject to certain conditions.
Opening a Bank Account by Migrant workers, transferred employees etc. made easy. They are required to submit only one document for address proof (either current / permanent) at the time of opening an account and also for further periodic updation.
To smoothen the entire process of closure of Branch Office (BO) / Liaison Office (LO) / Project Office (PO), RBI has delegated the power to AD Banks regarding transfer of Assets of BO / LO / PO of foreign entities to other BO / LO / PO or Wholly owned subsidiaries (WOS) / JV in India, subject to certain compliance. This power was earlier with RBI.
Investment by FIIs/FPIs and NRIs up to 26% under automatic route is permitted in Insurance sector as per press note date 4.02.2014 of Ministry of Commerce. Now RBI has made necessary changes in the regulations reflecting the same.
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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