Hi Folks
To commemorate our 70th Independence Day, we are carrying a new feature “Blast from the Past”, courtesy my classmate and good friend from IIM, Bangalore Mr. Sandeep Singh. He is an author, thinker, speaker and consultant on Business and Management – the Indian way. Blast from the Past contains interesting snippets from our history touching various aspects which is a result of his extensive research. Stuff that you normally don’t get to see and read either in the main or the social media. I will cherry-pick 1-2 each fortnight from this daily Blast and carry it in LexSpeak to add more flavour. Look out for this colourful space from this 154th issue onwards !
Rio is the flavour of the season, though India is not. Our sportsmen and women have given their best but they are not the Best when pitted against the Best from the world. Reasons are not too difficult to analyse. Do we have the infrastructure ? No. Do we have the talent ? Yes. Do we have the ecosystem ? No. A casual visit to a Furniture Fair in Kanteerava Stadium in Bangalore was enough to see the government apathy towards sports. While the building infrastructure is not bad, it wears a ghostly look thanks to neglect and poor maintenance. I pity the athletes who stay in such dilapidated buildings with broken doors and windows, weedy pathways, cobwebbed rooms, filthy and maggot-ridden open drains and…..and ……and….!! I could go on and on. How can India expect to produce world-class sportsmen from such depressing dens ? Unless there is freedom from official fiefdom and independence from corrupt bureaucracy, even after we celebrate our 100th IDay, we will remain medal-less in Olympics. Surajya (good governance) in Sports as in other arenas is a must. Apart from this, sports must get main-stream support in our education system. Mere ‘marks-for-sports strategy’ will not do. Well, will stop here ….lest the Government levy another KKC – Khel Kalyan Cess (a la Krishi Kalyan Cess) to develop sports !!
Apart from the notifications carried in this 154th issue, have you checked out the Booster Kit of Startup Karnataka ? Tech startups registered with Karnataka Startup Cell are eligible for VAT/CST and Service Tax reimbursements, cloud, virtual telephony & internet services, software testing tools, payment gateways, incubation facilities, mentorship & networking, funding, patent and marketing incentives etc. Visit www.startup.karnataka.gov.in
Should you wish to refer to any of our older issues of LexSpeak, do visit our Resource Centre at sharadasc.com.
Warm regards

Provisions of Chapter III of the Companies Act, 2013 relating to prospectus and allotment of securities and conditions prescribed for issue of secured debentures under Rule 18 of the Share Capital and Debenture Rules, 2014 would not be applicable for issuing rupee denominated bonds to persons resident outside India in accordance with applicable sectoral regulatory provisions. Such bonds are governed under ECB framework of RBI.
SEBI has issued new set of FAQs to clarify queries regarding SEBI (Delisting of Equity Shares) Regulations, 2009. This circular provides simple explanation or clarifications of terms/concepts related to Delisting of Equity Shares.
Prudential limit with respect to additional exposure in debt oriented mutual fund schemes has been increased from 5 % to 10% for Housing Finance companies (HFC) in financial services sector in light of its role in providing affordable housing space.
Certification on the evoting reports is required to be obtained by Asset Management Companies (AMCs) annually from a “Scrutinizer” and shall be submitted to the trustees and disclosed in the Mutual Funds’ Annual Report and website. Earlier such certification was required to be taken from the Auditors of the Company. Scrutinizer may be a practicing CA, CMA, CS or an advocate.
For the purpose of Registration of Trusts under section 12A of the Income Tax Act, the revised Form 10A now requires the PAN of the author(s)/founder(s) of the trust and the trustee(s)/manager(s) of the trust are to be stated in the form.
Amendment to Electronic Furnishing of Return of Income Scheme, 2007 includes Cost Accountants as qualified e-intermediaries for filing returns in addition to CA, CS, and Advocates.
MSMEs Development (Furnishing of Information) Rules, 2009 has been replaced with Rules, 2016. The information to be provided includes name of the unit, registration number, factory and product details, installed capacity, investment in plant & machinery, power load, major raw material used, product name and code, bank name and account number, use of solar energy, appreciation and awards received etc. The notification does not state the time limit for filing this information.

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