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Hi Folks




Recently I was on vacation. Up in the hills in Uttarakhand amidst pristine nature. The journey was both tough and soothing. Tough on the body (which has got spoilt with minimum exercise) but soothing on the mind (which over-exercises with unnecessary thinking). Joy of taking such trips is not just to reach A point as destination and exclaim with joy “Oh, wow, this is it. This is splendid !” but to soak in every moment of the journey itself, stop by, admire, introspect, seek, observe, share and enjoy the experience. Since it involved trekking in high altitudes in treacherous conditions and unknown pathways (no roads) we had to depend on the Nepalese porters who kept bugging us all through that we will not be able to go further. We must engage them. We did finally when we couldn’t walk any further.
Did we know who these guys were ? did we check their antecedents ? did we check their ID cards ? Aadhaar ? did we even know their names ? were we insured ? did we know if they knew the path ? what happens if they slip and fall ? what happens if they rob and abandon us ? what happens if they misbehave ? are they registered with some agency ? Did any of these questions cross our mind ? Not at all. WE JUST TRUSTED THEM AS THEY DO IN THE HILLS. Well, it is not that there is no background check at all. There is. With the hotel guys, with the tour guide, with the registration centre, with the check-post, with other porters themselves. It is trust all through. While there is room for better management of these porter services, the point I am making here is down in the plains we are paranoid about these security checks, frisking, CCTV cameras, entering in the visitors books multiple times in the same premises, antecedent verification, ID proof etc. etc. ……yet, we hear gory stories of molestation, exploitation, murder, robbery, kidnapping and what not of children, women, elderly. So much so that we are constantly living in fear, in mistrust, in anxiety, in anticipation of the worst to come. Unfortunately the incidents around us are vindicating these fears and apprehensions. I shudder to think how I just trusted my life with an unknown porter up in the hills at about 12,000 ft., piggy riding on his back with no one for company. Except the sound of the pitter-patter of the rain, gurgling of the streams, whirring of the insects, rustle of the leaves, the strange inexplicable, deafening silence of the majestic valleys and of course the thud-thud of the porter’s boots and his huffing and panting as he tried to steady his steps and speed down the slippery, wobbly cobbled pathway …………the surroundings were picturesque and out of the world, but I sat still and relaxed in the porter’s Pittu (the bamboo basket carried on the back), holding on to dear life. I JUST TRUSTED HIM LIKE GOD.
Even as our news channels are ‘breaking news for days (!!)’ about a young boy’s gruesome molestation and murder in an International School in Gurugram, my thoughts go back to the hills. The little ones that you see in this banner study in ‘Sky Public School’, a non-descript school up in the hills where they have to walk 4-5 kms every day. Parents are farm labourers who cannot drop their children to schools. The older children escort the younger ones but it was heart rending to see that as young as 4 years old, trudge up the winding mountain roads to school each day from villages around, come rain, come shine. The same roads that we travelled on a pittu or doli. No school buses ply on these roads. No fancy vehicles to ply them, no nutritious breakfast, no caring parents to wave them good bye, no drivers or conductors. They are all to themselves. What is their safety ? Are they children of lesser gods ? Are people in the hills more trust worthy ? Are we down here harping too much on safety ? Is it an issue of wealth asymmetry ? Is it an issue of migrant workers ? what is it that we see a dramatic rise in such heinous crimes ?
Well, there are several questions to ponder about including the illegal Nepalese porters whom we can trust completely. Back to the plains. Back to work. Back to another issue of Lexspeak. Do read the FDI Policy and other regulatory updates that this 174th issue carries. For our earlier issues do visit the Resource Centre at sharadasc.com

Happy Reading

In terms of the NCLAT Amendment Rules, 2017, the Central Government, the Regional Director or the Registrar of Companies or Official Liquidator may authorise an officer or an Advocate to represent in the proceedings before the Appellate Tribunal. Earlier the Rules specified professionals who could appear as authorized representatives of the parties.

W.e.f 6th September, 2017, Regional Directors (RD) at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad, and Shillong have been delegated powers to receive notice for every application made to NCLT for reduction of share capital of company and make representation to NCLT within a period of 3 months from date of receipt of notice.
Recently an amendment was made to the Appointment and Qualification of Directors Rules, wherein unlisted public company, being a joint venture, wholly owned subsidiary, or a dormant company will not be required to appoint Independent Director (ID). Joint Venture has been clarified as a joint arrangement with reference to control and rights to net assets, in line with the Accounting Standards.
DIPP has issued Consolidated FDI Policy, 2017 w.e.f 28th August, 2017.
Effective from 24th August, 2017, the above regulations lay down the manner of recruitment and termination of service of employees of the Board. Remuneration and other benefits, along with the procedure for claiming leave has also been given in detail. It is interesting to note the inclusion of Paternity Leave along with maternity and other kinds of leave.
Name of Return Period of Filing Extended Due date for filing / Remarks
GSTR-1 – For Turnover over Rs. 100 crores For the month of July, 2017 3rd October, 2017
GSTR-1 – For Turnover less than Rs. 100 crores For the month of July, 2017 10th October, 2017
GSTR-2 For the month of July, 2017 31st October, 2017
GSTR-3 For the month of July, 2017 10th November, 2017
GSTR-6 For the month of July, 2017 13th October, 2017
GSTR-3B For the month of July, 2017 Late Filing Fee waived
ICSI has revised the Secretarial Standards on Meetings of the Board of Directors (SS – 1) and General Meetings (SS – 2) and the same have been approved by the MCA on 14th June, 2017. W.e.f 1st October, 2017, the revised Standards shall be applicable. Major Highlights are as follows:
Secretarial Standards on Board Meetings:
  • Not applicable to OPC and Section 8 companies.
  • Board meetings can be held on National Holidays.
  • 4 Board Meetings in each calendar year to be held – per quarter not mandatory.
  • Statement on compliance of Secretarial Standards to be given in Boards’ Report.
Secretarial Standards on General Meetings:
  • Not applicable to OPC and Section 8 companies.
  • General Meetings, including meeting called by requisitionists shall be called only during business hours on a day, not being a National Holiday.
  • Minutes maintained in loose-leaf form, to be bound periodically at least once in every three years.
  • In case of resolutions put on vote through remote e-voting, and on poll on demand, proposing and seconding of such resolutions need not be adhered to.
For other major highlights, click on Download Notes.



In order to facilitate ease of compliances, CBDT has extended the due date for filing of income tax returns and other audit reports under the Income Tax Act, from 30th September, 2017 to 31st October, 2017.
 
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. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.
 

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