It is a good time to recall what Neil Armstrong said when he landed on the moon “That’s one small step for (a) man, one giant leap for mankind.” For us at Lexspeak, we cannot claim any significant achievement as landing somewhere but yes, when we started 5 years back, it was a small effort but today, crossing the 5 year landmark with 118 issues, fortnight after fortnight,
without a break is no mean effort. Not because of its impact but simply because the newsletter has weathered many situations – change in the team members, change in service providers, change in the regulatory landscape, swell in the number of readers, change in the outlay, change in some contents and of course my own illness last year. Add to this, the spate of similar newsletters each of you is bombarded with day in and day out. Despite all this, we have sustained. I am conscious of the slippages in the dates of issue and perhaps in not comprehending certain updates properly but you have supported us all through. Thank you readers for the patronage and encouragement. We will traverse the journey together for a few more years I am sure, perhaps with some makeover once in a while. Trust me, the effort of bringing out each issue is worth it when I realize how accountable we are when we promise something to ourselves and to others, whether implicitly or explicitly.
Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards
The due date for filing of annual returns and accounts under Company Law Settlement Scheme (CLSS) 2014 has been extended from 15th November, 2014 to 31st December, 2014.
Under Bank Term Deposit (Amendment) Scheme, 2014, Bank Deposit limit in Sec. 80C of the Income Tax Act, 1961 increased from Rs. 1,00,000 to Rs. 1,50,000.
The Reserve Bank of India (RBI) on issued alert to the public about the newest form of fraud perpetrated in its name – a credit card issued by fraudsters in the name of the RBI, fake RBI website for online transactions, fictitious offers by email or through phone calls by posing as RBI officials etc.
RBI has directed banks to inform their customers about fall in minimum balance well in advance and update customer information by sending email and SMS alerts. Non-maintenance of minimum balance in Savings Bank (SB) account will attract penal charges w.e.f.1st April, 2015.
External Commercial Borrowings (ECB) borrowers can keep their loan (both under the automatic and approval routes) in term deposits for a maximum period of 6 months. Such term deposits can be liquidated as and when required and should be exclusively in the name of the borrower. No charge can be created on the same.
Highlights of new Insider Trading Regulations
Unpublished Price Sensitive Information (UPSI) clarified and aligned with listing Agreement
Persons on contractual, fiduciary or employment relationship having access to UPSI treated as insider
Immediate relatives presumed to be connected persons
Communication of UPSI prohibited
Safeguards carved-out for communication of UPSI in legitimate business transaction
Prohibition on derivative trading by directors and KMPs in line with CA 2013
Conversion of Listing Agreements into SEBI Regulations, 2014
Company Secretary to act as Compliance Officer
Public consultation process regarding issuance of partly paid shares and warrants by Indian Companies and re-classification of promoters.
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.