Hi Folks
The bewildered common man peering out of the bare frame is all too familiar though its creator R K Laxman is no longer with us. A number of events or celebrations around this time – Dussehra, Deepavali, Halloween, Sardar Vallabhai Patel´s birth anniversary, Kannada Rajyotsava etc. not to mention the festival dhamakas of the e-comm giants and the off-line ‘have beens’. What to pick and what not to for our lexspeak banner always bewilders us. So we picked the Uncommon Common Man, to commemorate the birth

anniversary of the renowned cartoonist R K Laxman who had bemused the ‘Aam Admi’ (common man) and ‘Khaas Admi’ (important man) alike for several decades through his telling cartoon strips. They say ‘A picture is worth a 1000 words”. Well, R K´s simple sketches coupled with witty words produced a deadly impact – telling what mere pictures couldn´t. They were bold and thought-provoking reflecting on the current times.After a painful wait, MCA did announce a one month extension for filing the audited financials of companies – as usual at the fag end of the due date in October. It continues to tinker with the e-forms in the name of improvisation. If we don´t find this amusing, we may lose our mind. Such is the state of professional firms handling MCA filings. Wonder what kind of cartooning this situation would have produced ?? Well, apart from this usual cribbing, there are some bright spots to look out for in the coming days – announcement of a new fast track bankruptcy law and Startups Act to foster entrepreneurship. More about this in the coming issues, peppered with our own experience of advising and working with start ups.

Wishing you a happy and safe Diwali, the festival of lights & prosperity. Should you wish to refer to any of our older issues of Lexspeak, do visit our Resource Centre at sharadasc.com

Warm regards

According to the amended LLP Rules, 2015, the requirement of intimation to the concerned ROC on conversion of Company into LLP is now withdrawn. However intimation to the Registrar of Firms, in case of conversion of partnership firm into LLP continues in form 14 (physical form).

MCA has extended the due date of filing of Forms AOC-4, AOC-4 XBRL and MGT-7 till 30th November, 2015 without any additional fees. A small sigh of relief for professionals but this does eat into Diwali celebrations!

For speedy settlement of disputes, Govt. has promulgated two Ordinances i.e. Arbitration and Conciliation (Amendment) Bill 2015 and the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015.

– Arbitration proceedings are set to become cost effective and expeditious – award to be granted within 12 months, any extension beyond 18 months only with court approval, application to challenge the award to be disposed of by the Court within 12 months, fast track procedure for dispute resolution which allows arbitration award in 6 months etc.

– All pending suits and applications relating to commercial disputes involving a claim of Rs 1 crore and above in the high courts and civil courts will be transferred to the relevant Commercial Division or Commercial Courts as the case may be.

Press Release and respective Ordinances may be referred to.

Department of Industrial Policy and Promotion (DIPP) has amended the Rules to fast-track the patent application and processing procedure as well as clarified the manner in which certain information and supporting drawings are to be furnished. Draft Rules are up for public comments before final notification.

CBEC (Anti-Smuggling Unit) has issued revised guidelines for launching prosecution, arrest and bail in relation to offences punishable under Customs Act, 1962. Categories and types of offences, procedure for prosecution, compounding of offences have been detailed.

Transfer Pricing (TP) Rules in respect of International Transaction and Specified Domestic Transaction have been amended to provide for computation of arm’s length price based on range of comparable data, median and multiple data. 16th IT Amendment Rules, 2015 are expected to impact TP compliance and litigations, since it moves away from using arithmetic mean and single year data for undertaking comparability analysis.

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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