lexspeak
Hi Folks
This is an autographed message our beloved late, former President of India, Hon’ble Dr. APJ Abdul Kalam shared with us when he delivered a talk at the IIM, Bangalore campus as part of the Alumni Leadership Talk series, way back in June, 2008. I was fortunate to be part of the organising committee of this memorable event and also propose a vote of thanks to this cheerful, energetic, inquisitive and lovable first citizen of our country.
As always he had a Q&A session for the audience after which he was mobbed by all the children of alumni and faculty of IIMB. I could see that the person who occupied the highest position of our country had no airs about himself. He felt most at home amongst the children and had time to answer their queries, put counter questions and listen to their poems too.
I recall that the interactive session ended with the following oath that he made all of us take :

Oath for professional leaders

  1. As a leader in public life, business, education and culture, I commit personal and public integrity, honesty and transparency.
  2. I will “work with integrity and succeed with integrity” in all my tasks.
  3. Always, I will ask myself in all circumstances “what can I give”.
  4. I will become an employment generator rather than employment seeker.
  5. I will have three friends in my life – innovation, devotion and love for my work.
  6. My National Flag flies in my heart always. I will work for realizing freedom from poverty and freedom from illiteracy and freedom from injustice.
Happy sharing this with you and wishing all of us can live upto his expectations !

This issue of Lexspeak has just 3 items of news. Do not miss the article on Secretarial Standards on Board Meetings. Should you wish to refer to any of our older issues of Lexspeak, do visit our Resource Centre at sharadasc.com.

Warm regards

MCA has issued the much awaited clarification that audited financial statements can also be circulated at a shorter notice along with notice of Annual General Meeting with the approval of 95% of the members. This rectifies the anomaly which allowed notice of AGM at shorter notice but circulation of financial statements only with 21 days notice.

MCA has also clarified that companies can place unaudited financial statements of their subsidiaries subject to certain conditions. The format of the accounts of foreign subsidiaries should be, as far as possible, in accordance with the requirements under the CA 2013. If not, a statement indicating the reasons for deviation may be filed along with the accounts.

Income tax return for assessment year 2015–16 can now be verified electronically. Taxpayers may verify their return through the Aadhar based authentication process. Person using this facility will not be required to submit a signed paper copy ITR–verification.
Divya Joshi gives a quick rundown on Secretarial Standards on Board Meetings issued by ICSI.

  • Applicable to Private Companies, Public Companies
  • Not applicable to One Person Company (OPC), Section 8 Companies
  • Effective from 1st July, 2015

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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