Hi Folks
There are a number of things that hogged the limelight this 2nd fortnight of January, 2015 – Resplendent Republic Day celebrations, the ‘so-called’ camaraderie between the Heads of States of the world’s oldest democracy and the world’s largest democracy, the media going tizzy about their every single movement and gesture, strategic announcements that followed, mann
ki baat – a rare radio chat show between the two leaders, politics of the Delhi polls, run-up to the Budget 2015-16, expectations of further reforms, the mind-numbing, multi-million dollar cash reserves of the iconic Apple Inc, e-comm deals that seem to have become the order of the day, Gandhiji’s death anniversary celebrated as Martyr’s Day et al……….
Amidst this din, I heard a silent voice of a wise man. I am sure many of you must have heard him on the 23rd of January, 2015, when he anointed his disciple as the next-in-command at the ‘Shishya Sweekara’ ceremony at Sringeri, the famous peetha (establishment) of Advaita (non-dualism) philosophy. Don’t get perturbed. My writing is not taking any religious colour nor is it getting preachy. As professionals and entrepreneurs, I think there is a leaf or two to take out from the address delivered by His Holiness Sri Bharathi Theertha Swamiji at the unique, traditionally performed ceremony. He talked about the strict adherence to the code of conduct and guidelines for running the Sringeri Mutt laid down by none other than Sri Adi Shankara, the founder philosopher and saint way back in the 8th century. He recalled that the entire anointing ceremony was exactly the way it was done 40 years back during his own shishya sweekara ceremony. As for the selection of the disciple for the post of Junior Seer, he said no horoscope was checked for suitability. The only criteria was whether the person is knowledgeable and dedicated to his vedic studies, is his commitment unwavering, is he a jeetendriya i.e. one who has won over the senses, is his temperament right for the onerous position and above all is he humane and can connect with the people ? His Holiness was categorical that though the selection was with the blessings of the Goddess, the process was strictly followed and except the above, no other considerations weighed in his mind as he set out to anoint and groom his successor.
No wonder the Sringeri Peetham has weathered several centuries and stands steadfast, apolitical and unsullied in an increasingly chaotic world. Governance lessons can come from anywhere. Let us resolve to lead a life of dharma (righteousness) that will make the world a better place to live in !
Lexspeak continues to share relevant bits of regulatory news. Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.comWarm regards

Foreign Director is permitted to authorise practicing CA/CS/CMA or any other resident Director to sign E-form for resignation (DIR-11) on his behalf, provided the Company has filed E-form for his resignation (DIR-12) earlier.
Companies may maintain books of accounts and other relevant documents at any other place within India other than registered office by passing Board resolution. Such notice is to be filed in Form AOC-5 with the Registrar within 7 days of passing of Board resolution.

Companies which have 1 or more subsidiaries incorporated outside India shall not be required to consolidate financial statements of such Companies for the financial year commencing on or after 1st April, 2014.

A company can now carry on Corporate Social Responsibility (CSR) activities not only through Section 8 Company which is established in association with its holding or subsidiary or associate company but also with any other company.
Reserve Bank of India (RBI) has simplified existing procedure for rescheduling/ restructuring of External Commercial Borrowings (ECBs). Such measures of simplification will be applicable for ECBs raised both under the automatic and approval route. Subject to ensuring compliance with existing guidelines, Authorised Dealers (ADs) have been delegated following powers to allow:

  • Changes/ modifications in the draw-down and re-payment of schedules
  • Increase in all-in-cost of ECB and to reduce the amount of ECB irrespective of the number of occasions
  • Transfer of ECB from one Company to another on account of re-organisation

Further to the Press Note dt. 3rd December, 2014 of DIPP, RBI has amended the Regulations to permit 100% Foreign Direct Investment (FDI) in Construction Development Sector under automatic route subject to certain conditions.
Central Board of Direct Taxes (CBDT) has issued explanatory notes to the provisions of the Finance (No. 2) Act, 2014. This circular contains Section wise and Schedule wise amendments made in the Income Tax Act, 1961.
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