The banner for this 125th issue of Lexspeak was chosen quite some time back…much before Saina was crowned Badminton No.1, long before the men in blue went down to the men in yellow, much before the AAP disintegrated and some crazy pilot took the young lives of others because he was depressed. Anything is possible, you see ! Of course I didn’t tell you why we chose this ‘Anything is possible’caption. Well, read on and you will know…
I will take you down the memory lane to our 106th issue when I had written about the endurance of a young cricketer called Karun Nair (fondly called Unni). His legendary endurance came in handy as he batted for a record 14.5 hours (872 minutes) over a period of 3 days from 9th to 11th March, 2015 in the hot, humid climate of Mumbai and amassed a whopping 329 runs smashing 46 fours and 1 six. He became the highest run getter in the history of Ranji Trophy by surpassing Gul Muhammed of Baroda who had scored 319 against Holkar. He had broken a 67 year old record. Batting for such long periods of time does require grit and determination of the highest level. He portrayed amazing maturity for his age and out batted the opponents single handedly. He was adjudged the man of the match for his brilliant knock. Having been through a lean season before, one can imagine the pressure that he must have been under. Surprisingly, he showed a cool head and controlled his emotions. He was calm and composed all through which is something that all of us can learn. Anything is possible, you see………provided you are determined to get it and keep a cool head while you are at it.
As professionals we can a take leaf out of this gritty piece, especially as we are grappling with the financial year end closures, tax deadlines, myriad MCA notifications and weird regulatory turnarounds in the name of clarifications & ease of doing business ! Keeping a cool head in this summer is a challenge !!
This issue carries many of these important notifications. However,
Should you wish to refer to any of our older issues of Lexspeak, do visit our Resource Centre at sharadasc.comWarm regards
Loans and advances made by companies to their employees, other than the managing or whole-time directors are not governed by the requirements of section 186 of the Companies Act, 2013. However, company can grant loan only if it is in accordance with the conditions of service applicable to the employee taking benefit and also in accordance with the remuneration policy.
As per the Companies (Meetings of Board and its powers) Amendment Rules, 2015, certain matters can be transacted by way of circular resolution instead of Board Meeting such as taking note of the disclosure of director’s interest and shareholding, to review or change the terms and conditions of public deposit etc., which was not possible earlier. These instances are out of the Form MGT-14 ambit now.
As per the Companies (Management and Administration) Amendment Rules. 2015, members can cast their vote through remote e-voting, while sitting at a place other than venue of General Meeting. Hence, the members who have cast their vote by remote e-voting prior to the meeting may also attend the meeting but shall not be entitled to cast their vote again. Companies listed at SME/ITP exempted from e- voting process. Several other terms and conditions have been replaced in the relevant rule governing e-voting.
Relaxation given to all Companies from the compliance of making open offer in Form PAS 4 and filing thereof with ROC/SEBI, if preferential offer is made to one or more existing members. Reduces documentation and time involved in raising capital.
Company Secretary to be specifically authorised to sign share certificate. Earlier deemed authorization removed.
Time limit for issue of duplicate share certificate by listed Company increased from 15 days to 45 days.
Employee of associate company is not covered under the definition of employees for the purpose of ESOP.
Debenture trust deed in favour of debenture trustees should now be issued within 3 months of the closure of the issue or offer instead of 60 days of allotment of debentures.
Amounts received by private company from their members, directors or their relatives prior to 1st April, 2014 shall not be treated as deposits under CA, 2013. However, company shall disclose the figure of such amounts in the notes to its financial statement for the FY commencing on or after 1st April, 2014.
Registrar of Companies (ROCs) appointed as adjudicating officers for adjudicating penalties under Companies Act, 2013.
Simplifying import export documentation, Directorate General of Foreign Trade (DGFT) has reduced the number of mandatory documents required for import and export of goods to 3 in each case. Bill of Lading/Airway Bill & Commercial Invoice cum Packing List is mandatory for both import and export. In addition to that, Bill of Export / Shipping Bill for export and Bill of Entry for import is required.
Rollback year i.e. any previous year, falling within the period not exceeding 4 previous years, preceding the first of the previous years has been introduced in the amended Income Tax Rules. Several provisions have been placed relating to rollback year including application for rollback of an advance ruling price agreement.
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.