lexspeak
Hi Folks
One of my ex-colleagues had once narrated to me a small anecdote revolving around happiness of children. He had accompanied his boss (an expatriate) and his boss’s boss (again an expatriate) for some project site visit in central India. On a heap of sand were lying unclothed/under clothed children enjoying themselves thoroughly rolling on the sand, slinging it on each other etc.
The boss commented on their poverty levels and lack of basic necessities in life to which the boss’s boss commented ‘why do you say so? unlike you they are happy. They are rich in the true sense’. I harbor a desire to lie like the children without giving a damn to the world. Even better if I could sleep soundly like a street dog on a mud heap oblivious to the garbage around or deafening traffic sound. Oh, how sublime ☺
I was reminded of this anecdote seeing so many children playing with gay abandon with simple things like air bubbles, kites, balloons out in the open air. Do you think it is surreal or real? Do children really enjoy this kind of freedom today? Is safety issue coming in the way, especially in big cities that we are enslaved to gadgets to keep tracking our children? Are they losing out on simple joys of life?
On the other end of the spectrum, fathom what Nobel laureate Kailash Sathyarthi had to say in a TV interview recently. When he rescued children from a mining quarry in Rajasthan and offered them bananas they didn’t know that it must be peeled and eaten. They were born to parents and grandparents who were bonded for so many generations that they didn’t know what the outside world looked like, what freedom is. It was heart wrenching to hear that they could not identify any food other than potatoes and onion – that is the only thing they were fed on !! Is this surreal or real?
Our children are our future and we are holding the present in trust for them. However, let us not be so bogged down with this responsibility that we lose the child in us. Keep it alive. You will enjoy life better!
Do make time to read our Lexspeak. Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards

MCA has issued Company Law Board (Fees on Applications and Petitions) Amendment Rules, 2014 by inserting 4 items to the existing fees schedule. This covers application for allowing any period other than April to March as financial year, rectification of register of members etc.
Due to delay in availability of Form CRA-2 (i.e. filing of notice of appointment of cost auditor) on MCA website, the date of filing of the said form without late penalty/fee has been extended to January 31, 2015.
Provisions of chapter III of CA 2013 is not applicable to issue of Foreign Currency Convertible Bonds (FCCBs) and Foreign Currency Bonds (FCBs) since such issue is provided for in issue of Foreign Depository Receipts Mechanism Scheme, 1993 or direction/ regulations issued by RBI. CA 2013 will be applicable only if RBI regulation referred to the same.
RBI has issued a comprehensive regulatory framework for Non-Banking Financial Companies (NBFCs) requiring higher net owned funds by 2017, compliance with fit and proper criteria for Directors, additional disclosure in financial statement, execution of deed of covenants with Directors etc.
To control increasing cheque related fraud cases, banks are required to adopt some preventive measures such as use of 100% Cheque Truncation System (CTS), sending SMS alert to payer/ drawer when cheques are received in clearing and phone call alert in case of large value cheques, close monitoring of credits and debits in newly opened accounts, KYC compliance of beneficiary etc.

Kerala High Court, in Kerala Bar Hotels Association’s case has ordered that sale of food and beverages consumed at air-conditioned restaurants will not attract service tax. Earlier customers would have had to pay 12.36% service tax on 40% of the total bill amount. It remains to be seen whether other High Courts will follow suit in similar cases.
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.

Lex Valorem India Pvt. Ltd. #405, 7th Cross, IV Block, Koramangala, Bangalore – 560 034
sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]
Privacy Policy | Disclaimer