lexspeak
Hi Folks

Why is our banner focussing on Poetry of all things ? When there is the T20 cricket excitement all around, when there are outrageous power outages, when there is a shakeup in the global economy, when the NPAs are ballooning to burst, when several startups are failing to raise further rounds of funding leading to lay-offs and exits in panic mode, when true leadership or the lack of it is coming to fore in such times of crisis …..lets get closer to what it means to you and me, when 31st

March signifies stock takes, cash closing, closing of a financial year and transitioning to a new one and most importantly the D-Day to exhibit our citizenry by paying our taxes right today, whether our customer pays us or not ! Why Poetry ? Well, not just because 21st March was World Poetry Day but because in our daily grind we have forgotten to stop by and smell the flowers, stop by and listen to people, stop by and take note of the little, little things that give us happiness. We have forgotten to pick up life-tips from the world around us. We have forgotten to listen to the little voices that speak sense.

Let me indulge a bit and share a simple yet profound poem that my little niece, all of 13 years has penned :

LOCK AND KEY

I gaze out of the window,
I just see a tree.
It has shed it’s leaves,
And soon will get new ones.
Is the same going to happen with me!!!

Our life is so illusionary,
Enticing into more and more problems;
Until and unless we evoke the
Fighter within us.
We’ll just be running about in circles.

We laugh, we cry,
We fall, we enjoy;
Time passes and flies,
But true friends always stand by.

The mind is like water,
Racing thoughts unstoppable;
People say keep your mind calm and blank,
But is it really possible?

Sheer happiness, potential and
Success far locked away for;
Criticized and shattered
hearts and brains.

No books have the secrets to
These mysterious mazes,
There is no key to unlock the past:
It is just I who keep hoping,
dreaming and begin every
tomorrow with a new start.

– Simran Jayarao

Well, isnt the small, little girl talking big things in a simple way that moves you ?

 

Do read and re-read as you find time to scroll down this 145th issue of Lexspeak which carries the Companies Amendment Bill, 2016 (2 amendments to Companies Act, 2013 in as many years of its existence !), updates on the Modi-promised 1-day company registration, notification of the much-awaited Marketplace definition for FDI in e-commerce and more. Wishing you all a fresh, successful Financial Year 2016-17 and a happy, prosperous Ugadi (New Year) on 8th April !!

Should you wish to refer to any of our older issues of LexSpeak, do visit our Resource Centre at sharadasc.com

.

Warm regards

.

News Updates

Companies Amendment Bill, 2016 (the bill) was introduced in Lok Sabha on 16th March, 2016. Most of the amendments proposed in bill are broadly aimed at addressing difficulties in implementation of provisions of Companies Act, 2013.


Highlights:

  • Specific object clause need not be drafted. Any lawful object can be taken up as the business of the company.
  • MGT -9 (Annual Return extract) need not be attached to the Board’s Report.
  • AGM of unlisted company may be held at any place in India provided all the members consent.
  • EGM of wholly owned subsidiary of foreign company can be held outside India
  • CEO must sign financial statement though he is not in the Board
  • Annual ratification of auditors done away with. This means auditors have secure 5 year tenure instead of year on year ratification.
  • DIN may be made optional. Govt. may prescribe any other ID number to be treated as DIN.

For more, click on Highlights of Amendment Bill, 2016.


Download Amendment Bill, 2016
Download Highlights of Amendment Bill, 2016

New company registration process has been shifted to Central Registration Centre (CRC) w.e.f. 28th March, 2016. Under the new change, following eforms shall be processed by CRC:

Form INC-2 – for incorporation of OPC
Form INC-7 – for incorporation of companies other than OPCs
Form INC 29 – integrated incorporation form
Form INC 22 – for notice of situation of registered office
Form DIR-12 – for appointment of Directors & KMP
Form URC-1 – application by a company for registration under section 366

Beware – there are bound to be transition glitches and hence some delay in new company incorporation. Promoters please exercise patience….. !!!!


Download notification


Download notification

A relief has been provided to the companies to buyback their shares or specified securities based on un-audited accounts not older than 6 months from the date of offer document which are subject to limited review by the auditors of the company, where the audited accounts are more than 6 months old. As per the extant provisions, calculations for buyback can only be made based on audited accounts which are not more than 6 months old from the date of filing.


Download notification

Debt to capital and free reserves ratio shall be 6:1 for Government Companies which carry on Non-banking Finance Institution activities and Housing Finance activities.


Download Order

As per guidelines issued by DIPP, 100% FDI allowed in marketplace based model of ecommerce under automatic route but FDI is not permitted in inventory based model of e-commerce.

To bring clarity on FDI in Business to Business (B2B) e-commerce and Business to Consumer (B2C) e-commerce, DIPP has defined certain terms viz. ‘e-commerce’, ‘inventory-based model’ and ‘market place model’.


Download Press Note

Foreign Direct Investment (FDI) in Pension Sector and Insurance Sectors are now permissible under automatic route with cap investment limit of 49% subject to certain conditions.


Download Press Note


Download Press Note

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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