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Yesterday one of my good friends who is a highly qualified finance and governance professional with many degrees to his credit including fraud detection, proudly shared his pictures addressing at the ‘Vigilance Awareness Week’ of a well-known PSU.

It is festive time. As we celebrate Navarathri or Dasara, signifying the victory of good over evil, celebrations also have moved over from socialising, dancing, poojas, eating and making merry together as a community to splurging on materialistic things on the Big Billion Day Sales. No more just ‘buy 1 get 2 free’ offers.

A few days back my friend called me with a strange request. He said “I don’t know why this lady feels I can answer her but am sure you can. Can I share your number with her ? Can you please take her call ?” No sooner had I disconnected,

That must be the secret of his longevity. What ? the attitude that “I am a little bird that has broken out of the egg”. The sense of freedom. The sense of breathing fresh air. The sense of joy and breaking out. He didn’t say this. He didn’t ‘appear’ to live a life like this. On the contrary, he is known as a strict disciplinarian whose brilliance and toil earned him Bharat Ratna.

As my alma mater, the Institute of Company Secretaries of India hits half a century (1968 to 2018), I thought it is worthwhile sharing the following 10 commandments with our members and students, both young and not-so-young to be successful in the challenging

As we celebrate the 72nd Independence Day, the aspirations and hopes of our people soar like the ‘bird-machines’ in the sky. After all it is ‘freedom from’ a few things and ‘freedom to’ something. Not for a bit am I influenced by the tall claims of leaders speaking on this occasion.

Last Saturday at the monthly Pink Hope Connect Talk (a voluntary cancer survivors group programme), Dr. Kumaraswamy, a senior oncologist made a dramatic opening on the topic “How to reduce the chances of cancer recurrence ?”

Last week, as I finished a pleasant, satisfying walk along Kukkarahalli kere in Mysore, I found a lot of people heading towards a small dead end road.

Emailer Hi Folks The other day Vetrivel, my servant maid’s son came home with his resume. I was very happy to see a well-dressed, young engineer seeking a job. I have special affection for him since his father who is a mason, built our house 30 years ago. His parents have toiled for years to

Is it intriguing to see a cute, fat, little piggy on our 190th issue banner ? and that too with RBI making some announcements ? To whom, for what, on what ? Hold on. Last time I let out steam and for a valid reason.

Temporary suspension of issuance of allotment of new DINs for Designated Partners/Partners of LLPs is being extended till further notice.

“Mother’s Day” just went by. On 13th May, this year. Celebrated as always on the 2nd Sunday of May. The modern Mother’s day began in the United States, at the initiative of Ann Reeves Jarvis in the early 20th century.

There are so many ‘Days’ nowadays that a normal day with no special significance attached to it seems really special. April 15th was one such for a group of us.

Team SCS&A began this financial year with a short break to recoup, rejuvenate and refresh ourselves. We spent time in a neighbouring city that is known for palaces, museums, bird sanctuary, mother nature

It is the end of the day, end of the week, end of the month and end of the financial year. Some of you may have already headed towards cooler climes to beat the heat, thanks to the extended weekend.

Yet another Women’s Day came and went by on 8th March. This time the theme was “Press for Progress” with focus on ‘collaboration’ & ‘shared responsibility’.

For every issue, selection of the theme and banner picture is the biggest challenge since it has to be something different yet connected to the current.

It is exactly a fortnight since Budget 2018 was presented. Thought it would deliver some big bang reforms.

We are living in times of frugality…………….not of money, materialistic comforts, food or ideas (at least most of us if not the whole world).

As we enter the New Year 2018, LexSpeak is rechristened as “Samhita” meaning “Put together, Connected together, Joined” !!

The first issue of 2017 carried Prof. Vasanthi Srinivasan’s (IIMB) pointers towards What Future Ready Leadership Means

Mother’s Day is far away but this seems to be a Season for Mothers ! While Manushi Chillar, current Miss World 2017 from India paid her tribute to her mother saying “Mother’s job deserves the highest respect and highest salary”

Exactly a week ago, I celebrated Children’s Day after a very, very, very long time. Brought back all my school memories of march past, drill, dances, chocolates, sweets-namkeen, a long lecture in the hot sun by our school Principal and finally ½ day off for ourselves.

This issue is sandwiched between two Dhamakas – Diwali that went by and the DeMo anniversary that is just ahead (8th Nov). Thanks to cracker ban, voluntary No-to-Crackers by many children, GST issues and the long weekend, Diwali was a tad low this time.

The Institution that he belonged to turned 50 recently. He himself had turned 100, 2.5 years back. However he didn’t live to see the Golden Jubilee celebrations of the Institution. In July this year, he bid good bye at a ripe, grand age of 102 years, 5 months. Rarest of rare, isn’t it ?

On 30th January, Martyr's Day, I attended a gathering of senior citizens, some of them really senior who sang beautiful bhajans and patriotic songs in various languages. This was followed by a short discourse by the lead singer of the troupe, an octogenarian Gandhian who enlightened us about Acharya Vinobha Bhave, the spiritual heir of Gandhiji who started the Land

I am told August 19th is designated as World Photography Day. Objective is to “share photographer’s world with the world”. Do we really need a day for this in today’s world where every moment seems to be a photographer’s moment, what with selfies, facebook and instagram playing out our lives in the public.

Yet other major changes to the Companies Act, 2013 !!
Lok Sabha has passed the Companies Amendment Bill, 2016 which aims at ease of doing business, strengthening corporate governance standards and imposing strict action against defaulting companies.

Same Team. Same Services. Same Firm. Same Values. Proud to present it on a fresh, new platform www.sharadasc.com. Do check out and share your feedback. As a professional firm, we are in existence for 10 years now and are thankful to all our clients, employees and associates for the patronage received. We pledge to continue our value-based approach which is the DNA of our every team member.

June is significant for World Environment Day, Water Day, Music Day and so on. But this time it is GST all the way. Nothing can be more transformational than this single biggest Nation-wide Tax Roll-out that is set to impact the chaiwallah (Tea Vendor) on the road to the billionaire business tycoon in private jets. Ironically it required a Chaiwallah to take kadak (strong) decisions and actions to usher in GST and change the flavours of business !

When I started LexSpeak way back in 2009, the intention was to draw your attention to the regulatory updates and as a preamble to share my thoughts on few other issues as well. However over a period of time, my thoughts and observations seem to have become the focus area.

Times are changing – fast and furious. Old Guards are giving way to New Sentinels in new areas. FIPB is out. GSTN is in. FIPB, one of the last relics of the 1991 reforms is finally put to rest. GSTN (Goods and Service Tax Network), the backbone of the yet-to-be-born GST Act is firmly established and active.

“Tamasoma Jyotirgamaya”, in Sanskrit, means “May the light of knowledge remove the darkness of ignorance”. Starting from this edition, you will receive regular (weekly / fortnightly) news updates from the Lex Valorem Team. Along with the updates from the Government covering various notifications, circulars, amendments etc., encompassing the myriad of laws, we shall endeavor to demystify some of the legal phrases and maxims as also help you become a tax-compliant corporate citizen through our Tax Compliance Calendar.

We are back again with the 2nd issue of our Newsletter. This issue offers a fair balance of news updates and articles of topical interest, keeping in mind the diverse range of readers that the Newsletter is aimed at. Also look for an invite from one of our Business Associates “Write Concepts” who is conducting a Professional Writing Workshop on this Saturday, 12th December, 2009.

At the outset, we wish you a very Happy, healthy and prosperous New Year 2010. May it herald yet another year of peace, contentment and satisfaction in all that you have planned. As we move into the first year of the second decade of the new millennium, let us transition from the “Unknown to the known”, from “Ignorance to knowledge”, from “Darkness to light”, from “Lower truth to the higher truth”, for knowledge alone is power. Let us use the knowledge righteously, ensuring good governance in all that we do.

As we celebrate the 60th year of our glorious Republic of India, our destiny has been shaped by the epoch-making, bold decisions taken by our leaders in the post-independence era and in particular, the post-reforms era of the last two decades.

Mere accumulation of information is not learning. At best it could be a Repository. But to make it meaningful and educative, one needs to unlearn a few things and make space to upload new information, new insights and new perspectives that are gathered through various sources.

We place before you a few important changes announced by the Government of India that require your attention before the onslaught of innumerable budget related notifications that are expected after the presentation of the Union Budget 2010-11 by the Finance Minister.

“Taxare” means to touch sharply. Once again the Union Finance Minister, Mr. Pranab Mukherjee has used the “tax tool” deftly to touch us sharply at times and also soothe us at times through exemptions and incentives. The Union Budget 2010-11 does not attempt any major tax overhaul. The various changes initiated have been captured by us under respective tax categories. Highlights of the Karnataka State Budget and a few important changes effected by RBI regarding ECBs are also included.

After a heavy-duty 7th issue loaded with Budget related news, we thought we will have little to share this fortnight. But surprisingly, the Government machinery is not one to stand still and watch things go by (at least in some areas !). They have issued notifications / clarifications / policy intents etc. on various matters and we have faithfully included most of them that seemed relevant. Some useful articles of topical interest that appeared in the print media as well as contributed by our in-house legal team are also featured in this issue. Hope you find them insightful.

With so many news items related to FDI, we might as well call this an FDI-SPECIAL issue! Indian Government machinery is active regulating foreign investment in the country in various sectors – consolidating existing rules, relaxing approval limits, considering higher investment ceilings, discussing opening up of hitherto barred sectors and mulling over FDI in newer forms of business.

The media is full of stories of greed, graft and grime – unfortunately of both kinds of people – the so-called watchdogs (regulators) and the watched (regulated). Integrity has been brazenly sacrificed at the altar of fame and name. Well, we are glad that the long arm of law is finally catching up with the offenders and there is hope for good governance.

Some of the important regulatory changes / updates / court rulings during the preceding two weeks have been compiled in this 11th issue of Lexspeak. Shortly all the earlier issues of this News Letter will be made available on our revamped website. Look out for the same !

Every day is a gift to be opened, to be enjoyed, to be celebrated and to be shared. There can be no better thing to share than sharing knowledge which multiplies when shared and diminishes when concealed.

Football fever is reaching a crescendo as almost the whole world is reverberating with the FIFA World Cup, 2010 song “Tsa mina mina eh eh, Waka waka eh eh”.

Whether it is a fiercely fought football match on the field or a strategically maneuvered business in the Board room, the rules of the game must be followed. Whatever positions you take, you need to strike with focus, teamwork and fairplay to score the goals.

The Football Series came to a spectacular end, with Spain snatching sweet victory from the Dutch at the finals of the sizzling FIFA 2010 that held sway over the minds and hearts of millions of fans across nations for days (and nights too for some of us) together. The sporting extravaganza was all about achieving greatness together which is also the spirit guiding this journey of constant sharing and learning.

Different strokes result in different positions. Nay, positioning the strokes differently makes all the difference from being a finalist to a winner. Yes, we are referring to the recently finalized Rupee Symbol designed by Mr. Udaya Kumar of IIT, the winner of the Rupee Symbol Design Contest of the Government of India. One of the talented 5 finalists of this contest was Mr. K.K. Shibin from Kerala whose Rupee symbol design is remarkably close to the winner’s as is depicted in the banner and elsewhere in an article in this issue of Lexspeak.

Freedom is neither a buy 1 get 2 free package deal nor a 3 in 1 shopping bag that we are so used to in the consumerist India that we are currently living in. It is a bundle of rights and obligations that we have bound ourselves to through the Constitution so that we may enjoy the fruits of the long struggle for independence with a sense of reverence to the old and responsibility to the young. Let us enjoy the freedom in a fiduciary capacity so that our future generations live in a country, free from materialistic and moral corruption.

As we celebrate Teachers Day on 5th September in India, as the birth anniversary of our 2nd President, Dr. S. Radhakrishnan, a great philosopher and thinker, we cannot help but reflect on what William Arthur Ward said “The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires.” Intent is to dispel darkness and spread the light around.

Hip, hop or skip or even pray to the universally popular Lord Ganesha, the remover of all obstacles – hurdles are bound to come in our way when we attempt something new, be it a new idea, new entity, new project or even a new legislation for that matter. It is therefore imperative that we deliberate and debate over the possible hurdles, pitfalls, objections, conflicts etc. – not with a view to stall the initiative but rather to anticipate and pre-empt such eventualities with a view to minimising the risks involved.

141 years have passed since the world s greatest apostle of peace, harmony and love was born. Less than an year has passed since Lexspeak was born ……in 2009. But we are glad we have great sources of inspiration like this apostle to draw our lessons in leadership from. Yes, we are referring to the Mahatma who was an epitome of purposeful action. There was eloquence in his silence as was action in his speech. He demonstrated leadership by example and led the entire nation by doing rather than just preaching.

Navaratri-Dussehra is a 9 nights-10 days package of festivity and celebration across India in various forms – durga pooja, display of dolls and dandiya. The 10 day festival is believed to culminate in the killing of the demon Ravana by Lord Rama which essentially stands for victory of good over evil, right over wrong. Sthree-shakti (woman-power) is upheld through the worship of the Goddess who personifies knowledge, valour and victory.

Diwali is a much awaited festival in India that ushers in a new accounting year for some, beginning of new businesses for some, lots of shopping, fun and family celebrations. It symbolises light dispelling darkness. Do we want to be the light that illumines or the glare that obscures? This is cardinal to the objective of knowledge sharing. In the journey of learning,we would rather be the light than the glare. Hope the fortnightly regulatory update throws enough light for you to seek more.

Wondering what the little ones are doing on our banner. Children are the world s most valuable resource and its best hope for the future. No wonder, even the President of the world s most powerful democracy, Mr. Barack Obama found time to interact with these future citizens of India during his maiden trip to the country.

With this 24th issue, Lexspeak turns ONE !! As we step into our 2nd year, we pledge to continue, to change and to grow even while retaining the basic essence of this newsletter which is knowledge sharing. The measure of our success is the value we add to you.

We may sound cynical but how ironical that certain set of people are literally plundering today for the gift as if there was no tomorrow. The reference is obviously to all the so-called newsmakers being reported day in and day out by our media who are grabbing our attention for all the wrong reasons. It is Christmas time – a time of festivities and festoons that is symbolic of giving and sharing.

We are at the threshold of a decade gone by – looking back to see what was good and what could have been better but more importantly on our toes, peeping into the 1st year of the 2nd decade of the millennium, determined to unlearn, relearn and learn anew. Don t panick, we shall not chronicle the events of the decade nor of the year that will draw to a close today – it is better left to the media and the fourth estate to rev up the good, bad and ugly and stoke the cinders of nostalgia in each of us.

This issue carries 3 interesting articles on 3 different topics – Taxation of LLPs, Title scrutiny & AP Microfinance Ordinance. Each of this represents knowledge sharing in different ways – first by listening to experts speak and sharing the insights, second by doing and sharing the learnings and third by introspection and analysis. Hope these will catch your attention in the melee of New Year & Sankranti greetings.

26th January, 2011 – India celebrated its 61st anniversary of becoming a Sovereign, Socialist, Secular, Democratic Republic that promised Justice, Liberty, Equality, and Fraternity to all its citizens, as enshrined in its Constitution. This was a historic move after we unshackled ourselves from the Empire.

Last editorial emphasized the need for a thorough due diligence before undertaking any transaction. This is true even for a seemingly simple task of opening a bank account, given the plethora of banks that have mushroomed today. We have heard of KYC by banks in respect of customers but why not KYB (know your bank)? It is advisable to know your bank, its service-levels, processes and most importantly the people manning the bank if you want a hassle-free banking experience.

The much awaited Union Budget 2011-12 was presented on 28th February, 2011 even as an exhilarated India woke up after a nail-biting Cricket match at Bangalore against the English on the 27th. The Budget was no match for the excitement that the game created. With most changes likely to come in through the Direct Taxes Code and Goods & Service Tax next year, the Budget did not make any drastic announcements.

It is 2011 and Corporate India is still awaiting passing of the Companies Bill, 2009 !!!!!! A few changes seem to be trickling in thanks to a deluge of Circulars and Notifications issued by MCA to promote e – filing, e – payment, delegation of powers etc. It even holds promise to incorporate Companies the Singapore way – one day approval.

This fortnight was witness to 2 New Years (4th & 14th April, 2011) celebrated in many parts of India, signalling the onset of spring with the cuckoo singing, mangoes ripening and freshly blossomed flowers setting the trees ablaze in a riot of colours. The fortnight also witnessed a blaze of a new kind, a new daring beginning to the voice of the people – Anna Hazare s famous fast against cancerous corruption wtih the entire nation rallying behind him.

May Day (1st May) known as Labour Day . It is only natural that I place on record my sincere thanks to and appreciation of my team which has labored diligently to bring to you this newsletter every fortnight since 2009. When sometime back we were faced with a “do-it-by-yourself” situation, they rose to the occasion and learnt the technical aspect of publication too to ensure that even with minimal external help, the initiative continues.

RBI and MCA seem to be in a neck-to-neck race in constantly issuing notifications/ circulars/ regulations all with an objective of simplifying/ liberalizing the existing regulatory scenario in the country. This issue of Lexspeak carries most of them that have been issued during the fortnight.

Whether technology owes an apology to ecology or not, we owe our thanks to Ministry of Corporate Affaris (MCA). Pending passing of the Companies Amendment Bill, the apex body regulating Corporate Affairs in the country has showered a series of circulars / notifications as part of its green initiative. The most significant one being, on holding Board and Shareholder meetings via video-conferencing subject to certain conditions.

Someone said ~ The drop of rain maketh a hole in the stone, not by violence, but by oft falling. It seems to be true with our most active regulator Ministry of Corporate Affairs often issuing edicts on corporate governance, green initiatives, e-meetings, business language reporting etc. as businesses move towards self-regulation and voluntary disclosures.

“Do you know why a Car s Windshield is so large & the Rearview Mirror so small ? Because your PAST is not as important as your FUTURE. Look Ahead and Move on.”

“What s in a name? that which we call a rose by any other name would smell as sweet”…. So said the Bard of Avon but the Babus (Government Officials) at MCA think otherwise ! So do entrepreneurs who want a unique name for their ventures – one that is catchy, unique, professional and can be branded well.

Someone said ~ The drop of rain maketh a hole in the stone, not by violence, but by oft falling. It seems to be true with our most active regulator Ministry of Corporate Affairs often issuing edicts on corporate governance, green initiatives, e-meetings, business language reporting etc. as businesses move towards self-regulation and voluntary disclosures.

Lex Valorem was born 1/2 a decade ago. As we complete our 5th year, we recall with pride and humility the significant role several of you have played during these formative years – as clients, as vendors, as business associates, as mentors, as employees and as well wishers.

Festivals always bring cheer and bonhomie not only for families but also the economy. They drive the economy with a splurge in spending and fortunately in India there is no dearth of festivals, given the multi-cultural and multi-religious society that it is made up of. This week will see celebrations on account of Eid, Ganesha Chathurthi and St. Mary’s Feast. Rains or Recession do not seem to dampen the festive spirit. It continues into the next week with ‘Teachers Day’ on the 5 th of September.

Wondering what the numbers are doing on our banner this time ? We as a firm do not take care of accounting or tax matters per se but September is all about number crunching for most corporates. 15th is the due date for advance tax while 30th is the date for filing Corporate Tax returns. Other dates are highlighted in our statutory compliance calendar. It is a reminder for all of us to be tax-compliant corporate citizens.

“Economy is too late when you are at the bottom of your purse. ” You don’t need to be a wise man to know this. Our purse seems to ‘bare’ it all what with the shooting inflation and falling rupee. It is the best and most reliable barometer of the economy. There is so much news about recession, gloom, austerity measures, job cuts, deficit etc. etc., that we consciously chose a bright ochre coloured procession of the kings of yore heading eastwards,as if to reflect the current
shift from the western economies. The streak of rainbow does carry hope for all of us, even as we celebrate the 10 day long Dussehra festival in India. This issue carries some important changes announced by RBI with respect to External Commercial Borrowings by corporates in keeping with the need of the hour.

“apples ” that changed the world ? Adam & Eve?s, Newton?s, Steve Jobs? !! Each of them has been a “revelation ” and a “revolution ” that has transformed mankind in inexplicable ways. So truly reflecting what someone said “An invention has to make sense in the world it finishes in, not in the world it started “. This calls for extraordinary courage to break the clutter, redefine boundaries, push the envelope, look beyond and “find ” ? not just seek !

This Diwali fortnight has ended with lot of “fire works “, each of a different kind bound to cast its “shadows ” or fling its light far and wide – fall from grace of an Indian corporate czar who had an incredible meteoric rise only to be trapped in an insider-trading case ? or the first ever Indian Grand Prix that has helped India vroom into the top racing circuits ? or the world’s 7th billion baby likely to be born in India?

If we want children to make history we must allow them to live today as children. Appreciate them for what they are, who they are and encourage them to become what they want to. In the mad rush for “catching them young “, are we depriving them of their freedom to enjoy, freedom to relax, freedom to be inquisitive, freedom to learn at their own pace, freedom from the burden of “onerous expectations “?

As Lexspeak turns 2 this November, we are infected with a different kind of energy. Energy that comes from entrepreneurs, from start ups, from business owners who could be freshly minted college graduates sporting a stubble or fairly seasoned corporate professionals beginning a new innings. It is time Bangalore, the Silicon Valley of India is rechristened as Entrepreneurial Valley of India.

The dice are rolled out. Numbers are clear. Or so it seems. With each passing day it is evident that we are no more insulated from the global morass other countries are in. Export figures are wrong (‘entry errors&339; as per bureaucrats)’ manufacturing output has slumped, rupee has tumbled, GDP is way below projections, borrowing rates are shooting up, inflation is high, economic reforms are on the ‘1 step forward 2 steps backwards’ mode even as citizenry activity is on the rise.

We are at the threshold of 2011…..looking back even as we look ahead into 2012. For a change, let us not focus on inflation, protests, figures, economy, corruption, governance, taxes et al.

Winston Churchill said “Kites rise highest against the wind – not with it “. Opposition and stiff conditions bring the best out of us. So very true. Despite the daunting economic conditions and confusing market signals from different quarters, it is heartening to see people not giving up, not succumbing to the doomsday predictions. Hope is the quintessential fuel for life ‘s engine.

12th January was celebrated as National Youth Day to commemorate the 150th Birth Anniversary of Swami Vivekananda. He is known for his inspirational talks and writings that are relevant even today, having transcended the realms of time. To quote “We are what our thoughts have made us; so take care about what you think. Words are secondary. Thoughts live; they travel far.” Need we say more ?

Last month witnessed 5 important days 1st January as New Year s Day, 12th as National Youth Day (Vivekananda), 15th as Sankranthi (harvest festival), 26th as Indian Republic Day and 30th as Martyrs Day (Gandhiji). This fortnight saw Valentine s Day celebrations across India and abroad on the 14th. With increasing spending on such special days our economy is definitely not complaining, though economists keep analyzing and predicting declining growth rates.

“For every minute spent in organizing, an hour is earned”. Just imagine what this would translate to if we set aside the entire day of 29th Feb (leap year day) for planning and organizing – 1440 hours extra. This would undoubtedly help us in “doing things right” and avoid “doing it over”. Instead of cribbing and cringing that “we are busy”, “we do not have time”, “don’t know how time flies” or “if only we had more hours in a day’, isn”t it worthwhile to make the best of what we have by staying better informed, better organized and better planned?

Last week saw the celebration of International Women’s Day on March 8th. Role of women today than ever before is being celebrated and encouraged all the more across society, across geographies, across economies. The world is perceiving the benefits in gender diversity and rightly so. Incidentally this issue of Lexspeak is an ‘all-woman production’ including the guest article on Chart of Accounts, in our Entrepreneur’s World series. As Diane Mariechild said “A woman is the full circle. Within her is the power to create, nurture and transform” and she does it all the time. What better example than our ‘Mother Earth’ ! This issue is a ‘light-read’ while the next one promises to be a loaded one with the Union Budget round the corner.

The Hon’ble Finance Minister of India, Mr. Pranab Mukherjee presenting the Union Budget 2012-13 quoted from Shakespeare’s Hamlet – “I must be cruel only to be kind”. However time and the endless notifications that have been issued and will eventually unfold during the year will tell the truth. But as of now the myriad changes in the direct and indirect taxes, some prospective and some retrospective / retroactive sure seem to be “the unkindest cut of all “

YES, Mother Earth is a common wealth all of us enjoy. It is our prime duty to protect and conserve her and not ravage her for “We do not inherit the earth from our ancestors, we borrow it from our children”. Mind you, borrowings beyond acceptable limits shall sound the death knell for mankind ! It may be fashionable to observe Earth Hour or Earth Day but what is required is ‘sustainable living’ – a way of life and not an ‘hour’ or ‘day’ !

‘Akshaya Tritiya’ was celebrated on 24th April, 2012 in many parts of the country under various names. Akshaya meaning ‘undiminishing’, ‘inexhaustible’, the day signifies abundance, plentitude, bountiful, growth and prosperity. While popular belief fuelled by commercial gimmicks increases purchase of gold on this day, if you want that proverbial ‘pot of gold’, go dig it yourself. Remember you are the architect of your life. Some people always throw stones in your path. It depends on you what you make with them, Wall or Bridge?

Whether a mother is a verb, noun, adjective or whatever; whether she is an archer or an air traffic controller; she is a leader no doubt.Being a mother is more of possessing certain traits than belonging to a gender. Mother s compassion is unbound and all encompassing and not limited to a particular day in a year like Mother s Day that just went by While you reflect on the above, do take time to keep yourself abreast of what changes the various Ministries have effected through Circulars and Notifications covering Service Tax, FEMA, Customs, Company Law etc.

After ‘Mother’s Day’, it is ‘Mother Earth Day’ i.e World Environment Day on 5th June, 2012. What kind of an environment are we all living in today ? Have we thrown so much around us recklessly that are we living in a world with ‘no future to throw away’ ?

This must be the policy of the Indian Government – allow the coalition partners to rein in blows, allow the economy to slip, allow inflation to zoom, allow markets to dampen, allow everyone but the leader to speak, follow the 3 monkeys-principle – NO SEE, NO HEAR, NO SPEAK !!! In short do everything to let the opportunities ebb away ………

Footprints on the sands of time or imprints in the minds of the readers…..,the Lexspeak journey continues as we reaffirm to deliver authentic, reliable and practical information, consistently !

“Integrity is doing the right thing even if nobody is watching “. Whether the world is watching, regulators are watching, shareholders are watching, customers are watching, employees are watching, competitors are watching, media is watching or not – it is not about who is watching. The moot question is ARE YOU WATCHING YOURSELF ? IS YOUR CONSCIENCE WATCHING YOU ??

“Citius, Altius, Fortius” is latin for “Faster, Higher, Stronger”, which is the Olympic motto coined by Baron Pierre de Coubertin, the founder of Modern Olympics way back in 1896.

As a nation, we celebrated 65 years of Independence on 15th August, 2012. From patriotic euphoria in the initial years to socialistic curbs in the ’70s and ’80s to the welcome reforms in the ’90s to the current despondency stemming from the widening gap between plentitude and penury – India and her people have seen it all.

Inaugurating the 2nd Corporate Governance Week programme at Bangalore on 27th August, former Chief Justice of India, Padmavibhushan Sri M N Venkatachaliah said India is going through a transformation and the series of corruption cases are rising like the scum. Hope there is clear water underneath (notwithstanding the decreasing potable water levels !).

Derived from the Latin “agito” or “I move”, the symbol of the Paralympic Games is composed of three ‘agitos’ coloured red, blue and green encircling a single point on a white background. ‘Spirit in Motion’ is the motto of the recently concluded games in London, 2012.

“Strength does not come from physical capacity. It comes from an indomitable will.” 2 of our national leaders epitomize this adage – M K Gandhi and Lal Bahadur Shastri, both of whom share their birthdays on 2nd October.

If the economy at the stratospheric level is fogged by thick layers of abused power, corruption and mis-governance, at ground zero it ain&339;t better, thanks to the ill – prepared and indecisive regulators.

India is a land of several ‘Cs’ – contradictions, complexities, comparisons, creativity, chaos, corruption , the last of which is being talked about far too much than the others of late.

As we cross the 70th issue mark, it is time to recall the premise on which we began the journey together 3 years back.

“Books are infinite in number and time is short; therefore the secret of knowledge is to take what is essential” said Swami Vivekananda.

“Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers.”

At times, the words “If” and “But” carry a negative connotation indicating doubt, skepticism, lack of confidence, finding an excuse etc. like in “if only I had this”, “if I could say it”; “but for this”, “I can take it up, but….”.

“We are responsible for what we are; and whatever we wish ourselves to be, we have the power to make ourselves.” – Swami Vivekananda.”.

In India, January marks 2 important dates – 26th, celebrated as Republic Day when we adopted the Constitution of India and 30th, observed as Martyrs Day when Mahatma Gandhi was assassinated. .

“There’s never time to do it right, but there’s always time to do it over.” – Murphy’s Law

Union Budget 2013-14 is already a week old – decoded, demystified and debated right from Saint Thiruvalluvar’s quote in the opening remarks to Swami Vivekananda’s message in the closing (of the FM’s speech) – of course with nothing saintly in between.

Colour, colour which colour do you see? back then, this was a favourite game that we played as children, guessing with eyes blindfolded. Can we afford to do that today even with eyes open ? Nothing seems to be as it appears to the bare eyes – there are always shades to people, events, organisations and even countries.

Last week saw New Year being celebrated on different dates, under various names in different parts of India, depending on whether the traditional solar or lunar calendar was followed. The oneness in diversity is best reflected in the kaleidoscope of festivals that is India!!

Wondering what this non-descript, octogenarian woman is doing on the banner of the 80th issue of a corporate newsletter? Don’t be fooled by her rustic looks. She has been lauded globally as a green-champion thanks to her tree-planting mission. While some of us rave and rant about the lack of something or the other,Thimmakka didn’t lament on her barrenness.

The tender coconut in the picture looks refreshing and inviting, promising to be a reprieve in this oppressive summer weather. The coconut vendor didn’t aggressively market her stock to my friend a couple of weeks back. She didn’t claim any special quality nor offer lower price nor entice him with a ‘buy 1 get 2 free’ offer. Not even a warranty replacement against a claim. What this simple, uneducated woman did was beyond that, a lesson in customer service and business ethics. Is the suspense increasing ?

Cancer we all know, strikes human beings and more often than not is in a ‘stealth mode’ until discovered. Invariably, even after discovery the affected person battles for long – sometimes with the disease and sometimes with the after-effects of the deadly, painful treatments. The approach is to sever the affected part, hoping that the almost invincible disease does not spread its tentacles elsewhere. If it is a human body, perhaps this ‘severing’ works or even a preventive transplant of the ‘Jolie’ kind. But does this work if the afflicted is a society at large ?

Leaders are of several hues and come in an array of shapes and sizes, ideas and imaginations, attitudes and aptitudes, inspirations and innovations, aspirations and actions, competencies and conflicts, expectations and eccentricities……. They could be a servant leader, an authoritative leader, an influential leader, an inspiring leader, a born leader, a made leader or the reluctant leader.

In the present fast paced world, where we talk of burn outs and exhaustion leading to frequent job-hopping and pre-mature retirements in the quest for the ‘missing family-work life balance’, it was interesting to read about Dr. S Padmavati, India’s first woman heart specialist who at the ripe age of 96 is perhaps the oldest practicing doctor too ! There seems to be no slowing-down or shifting gears for the Padma Vibhushan awardee who works for 12 hours a day, 5 days a week.

Gone are the days when opening a bank account was easy. All that you had to do was to submit a simple, hand-filled form to the Manager of your neighborhood bank with 2 existing account holders signing to confirm that ‘you’ are ‘YOU’. Thanks to technology, bank websites now scream that it is even simpler – just click a button and the Relationship Manager will be there at your doorstep like a genie to complete the seemingly simple but elaborate

The green signal for formation of a separate Telangana State from the existing Andhra Pradesh is no doubt THE NEWS, apart from the sundry other political and business announcements which clamour for our attention. Amidst all this, do spare a thought for Friendship Day (1st Sunday of August) – to celebrate that priceless relationship that each one of us enjoys. It is not about saying good things or gifting something for someone you care.

Undoubtedly the passing of the long standing Companies Bill, 2012 by the Rajya Sabha on the 8th of August, 2013 is the most prominent news for both the professionals as well as the corporates, hailed as it is as a panacea for many of the ills plaguing the corporate world ??!! Whether it is or it isn’t, it surely calls for a lot of unlearning and learning for many of us along with wide opportunities.

On the occasion of World Photography Day (19th August, 2013), it seems rather unusual that we have chosen to communicate through ‘words’ rather than ‘pictures’. A picture speaks a 1000 words. Well, words are no less powerful as the pictures above reveal. Reflect as you read the few news items we have compiled this fortnight.

“It is a mark of an educated mind to be able to entertain a thought without accepting it.” said Aristotle. What sort of a mind is it that neither accepts nor rejects a thought? For that matter, is there a thought at all in some minds? The minds that thoughtlessly take refuge in God GOOGLE when besought with a question and reproduce are surely not educated minds. Education is not merely being able to read, access information from publicly available resource.

‘Kar Lo Duniya mutthi mein’ (get the world in your fist) was a slogan coined by a leading Indian Telecom company in the last decade when they launched mobile services and vowed to empower every Indian with connectivity. From ‘around the world in 80 days’ to anywhere in the world in less than 80 seconds, technology has brought the world to our fingertips.

Life is full of ups and downs – much like our Bangalore roads made interesting or worse (as you see it) with unexpected one-ways, traffic clogged intersections, fly-overs with signals, abrupt dead-ends, blockades due to some social or political events, broad crosses and narrow mains, unwanted humps et al. This is so true of so many other Indian cities as well.

The journey may be long, destination unknown and the darkness unfathomable. But light shines. Hope beckons. Not necessarily at the end of the proverbial tunnel. All along the way, there will be flickers to notice, to guide us, to illuminate our path. It is for us to slow down and receive the light, the revelation that is in store for us so that our lives may be enriched.

“Believe. Become.” is the tagline of a cricket gear, clothing & accessories company (SG) in India that caught my attention. My cricket-enthusiast son had proudly displayed it on his Whatsapp. With Sachin’s life and times being all over the place on social media as well as print and television, I couldn’t help but reflect on whether he ‘became’ what he is only because he ‘believed’ or was there something else in between.

Our first woman Prime Minister, Indira Gandhi’s birthday was celebrated on 19th November. The same day the first BharathiyaMahila Bank was inaugurated. Ironically the same day we had shocking videos of the attack on a woman bank employee in an ATM counter in Bangalore. As if this wasn’t enough, during the entire month, we have been horrified by the news of sexual harassment of women by men in places of power and position across judiciary, media and politics.

“When a man has put a limit on what he will do, he has put a limit on what he can do.” – Charles M Schwab.
We talk of political freedom, religious freedom, economic freedom, gender freedom, freedom from corruption, freedom from discrimination, freedom ‘from’ and freedom ‘to’ many things.But have we ever thought what are we doing with the freedom that we already have ? We are curbing it many a times, because we are imprisoned in our own limitations, perceptions, narrow understandings and shallow thoughts of boundaries, boxes, circles

A couple of days back, I met a senior citizen walking in to an Ayurvedic therapy centre for a body massage. Nothing unusual ? An older body needs it the most ? You will be surprised to know that he was a grand old man, not just a senior citizen. He walked erect with no support, was well attired, did not have dentures or spectacles. He even refused help to cross the road. He threw a challenge at me to guess his age.

“Children must be taught HOW TO THINK, not WHAT TO THINK” – Margaret Mead. Unfortunately the schooling system in our country is woefully inadequate on several fronts. Not only does it discourage thinking it also punishes children who are inquisitive and challenge the teacher. Thanks to the marks / grade based assessment, it encourages students to resort to rote learning and vomit the same without understanding the concepts.

“The strongest oak of the forest is not the one that is protected from the storm and hidden from the Sun. It’s the one that stands in the open where it is compelled to struggle for its existence against the winds and rains and the scorching Sun.” I read these lines against a beautiful backdrop in a cancer hospital recently. It is so very true. You can be a ‘victim’ of cancer or a ‘victor’ of cancer – it is all in the mind, the attitude and approach. Mind power is most important to overcome any crisis in life, however big or small.

On 30th January, Martyr’s Day, I attended a gathering of senior citizens, some of them really senior who sang beautiful bhajans and patriotic songs in various languages. This was followed by a short discourse by the lead singer of the troupe, an octogenarian Gandhian who enlightened us about Acharya Vinobha Bhave, the spiritual heir of Gandhiji who started the Land Reform Movement in 1951 called ‘Bhoodan’. He travelled by foot across the country asking rich landlords to gift land to the poor peasants.

100 issues of Lexspeak, fortnight after fortnight over the last 51 months is a milestone in our journey. It has helped us reaffirm that it is not the end but just another benchmark for us to breach. It has helped us reaffirm that it pays, sharing knowledge consistently, with or without tangible results.

After scoring a century, a batsmen heaves a sigh of relief as well as raises his bat in jubilation and acknowledgement to the crowd. He knows that the crowd maange more!

“The King is dead, long live the King!” Why this traditional, monarchial phrase when the election fever has gripped this democratic nation?

In the last issue, we welcomed the King of corporate legislations, the new Companies Act, 2013 but little did we know that the established democratic and consultative process of engaging with the various stakeholders was not followed in its introduction.

I may seem obsessed with the Companies Act, 2013 but I cannot be blamed, what with every passing day increasing the anxiety about what will be left for Company Secretary’s profession and what new restrictions will come up for business transactions.

Nothing can be bigger or more important than the world’s largest election results today. Everything will be dwarfed and muted. It would be futile to attempt catching anyone’s attention with anything else on this landmark day.

Elections and Cricket have gripped the nation over the last couple of months. If BJP and NaMo have emerged victors routing everyone else that came in their way, we need to wait and watch which IPL team will be crowned King on 1st June as the ‘sportainment’ comes to an end.

After IPL, it is football ‘night fever’ that is adding to the rising temperatures. Another reason could be that we as citizens of the Earth are not conserving water enough. While water is the beginning and end of life, we are taking it for granted, assuming it is a perennial source that will not just dry up. Over 75% of Earth is covered with water but how much of it is potable and supports life ?

The spate at which MCA has begun issuing clarifications, Lexspeak may as well be called ‘MCAspeak’ ! This issue is testimony to that.

Brazilian fans were numbed with their team’s colossal 1-7 loss to Germany at FIFA, 2014. At times, we professionals are no better than football, kicked around by not just 2 teams but several Departments & Ministries hurling heaps of notifications, amendments, clarifications, circulars etc. at us.

It is raining, it is pouring… … … … really ? At least, the drenched, dripping white petals say so.Alas, the reality is starkly different.

It is all about perception. Whether you see a beautiful flower against a thorny fence or a thorny fence with a flower resting on it is all one’s perception. Whether we perceive our country to be dirty, large, corrupt, over-populated, loud, poor, unhealthy, or diverse, colourful, young, inclusive, challenging, warm, open-hearted is how we look at it.

Let me begin this issue seeking the blessings of the Elephant-headed God Ganesha who will be welcomed home tomorrow with joy and gaiety. He is worshipped before we commence any new task so that there are no obstacles in the way.

Shakespeare may have stated that it is in ourselves to hold our destiny but you think the victims of the unprecedented floods in J&K will agree to this ? Was it possible for them to prevent this calamity ? Was it possible to see it coming ? Was it possible to safeguard themselves from this?

“Make-in-India, Mangalyaan, Madison Square, Modi” – the M word seems to be the flavor this festive season. But the Moment of Truth will arrive when the ambitious announcements made by the PM actually become a ground reality.

Recently an associate of mine and I were listing down the number of registrations, permissions and licences a manufacturing unit has to obtain while setting up business in India.

October is significant for many reasons – 1st week for the ‘Joy of Giving Week’, 31st for ‘National Unity Day’ in commemoration of the Iron Man of India, Sardar Vallababhai Patel and the entire month for Breast Cancer Awareness.

One of my ex-colleagues had once narrated to me a small anecdote revolving around happiness of children. He had accompanied his boss (an expatriate) and his boss’s boss (again an expatriate) for some project site visit in central India.

It is a good time to recall what Neil Armstrong said when he landed on the moon “That’s one small step for (a) man, one giant leap for mankind.” For us at Lexspeak, we cannot claim any significant achievement as landing somewhere but yes, when we started 5 years back, it was a small effort but today, crossing the 5 year landmark with 118 issues, fortnight after fortnight,without a break is no mean effort.

Is it enough if laws are simplified or reduced to ease doing of business ? What about clarity and availability of competent people to explain them ?

The Uber rape issue may seem a stray, unfortunate incident in the calendar of events that has hogged the limelight during 2014. This is not to take away the seriousness of what happened, rather what should not have happened at all.

Companies engaged in the production of goods and services including Foreign Companies under Sec. 2(48) of CA 2013 having overall turnover from their products and services of Rs. 35 crore or more shall be required to maintain cost records.

There are a number of things that hogged the limelight this 2nd fortnight of January, 2015 – Resplendent Republic Day celebrations, the ‘so-called’ camaraderie between the Heads of States of the world’s oldest democracy and the world’s largest democracy, the media going tizzy about their every single movement and gesture, strategic announcements that followed, mannki baat – a rare radio chat show between the two leaders

I think the new-age entrepreneurs are living every bit of Premji’s advice. While people may laugh at some of their audacious goals, they are laughing their way to the bank, given the eye-popping valuations. Nobody is complaining as long as the economy is fuelled with growth.

Every Feb 28th, the Finance Minister of India has a date with its countrymen. So was it this year also. The first full-fledged budget of the NDA Government was presented with a flavor of ‘Make in India’, ‘Ease of Doing Business’, ‘Digital India’, ‘Getting ready for GST’ and many more. The date as expected had mixed reactions.

The banner for this 125th issue of Lexspeak was chosen quite some time back…much before Saina was crowned Badminton No.1, long before the men in blue went down to the men in yellow, much before the AAP disintegrated and some crazy pilot took the young lives of others because he was depressed. Anything is possible, you see ! Of course I didn’t tell you why we chose this ‘Anything is possible’ caption. Well, read on and you will know…

Save-the-internet campaign, IPL ecstasy, our PM’s Vijay Yatra (victory trip) to Germany & Canada, mind-boggling stipends to interns by talent-hungry start-ups, who has gobbled whom in the mad corporate race to numero uno position, the irony of the unseasonal rains killing the crops and clogging our roads – all these and more hogged the limelight this fortnight, amongst other important happenings.

“Wat’s in a name? that which we call a rose by any other name would smell as sweet”….So said the Bard of Avon but the Babus (Government Officials) at MCA think otherwise ! …………our July, 2011 issue carried this in the light of new name availability guidelines issued by the Government then. Now it is all about numbers.

This is the board exam results month. In India the entire family gets involved in a child’s exam preparation and the results. Sometimes it is anxiety while more often than not it is encouragement… .moral support and the assurance that ‘we are there’.

My last editorial said service tax is still 12.36% until the date for the new rate of 14% is announced. Little did I know that the very same day (19.06.15) the notification for the increased rate had been issued. Such is the number and frequency of regulatory changes that the news becomes obsolete by the day if not by the hour. The spate of announcements by the various ministries and statutory bodies over the last one month can only be matched by the incessant rains in Bangalore.

The saga of MCA notifications continues unabated…………….just as we sat back carrying the 1st Amendment Act to the 2013 Companies Act, exemptions to private limited companies, not-for-profit companies and government companies have been issued relaxing several provisions that were hindering smooth business. It is yet to be gazetted to become effective. We can expect more to follow what with the clamour for roll back / exemptions / exceptions / complete overhaul of the Companies Act,

At a recently held conference of Company Secretaries, two eminent speakers on the dias, one an industry veteran and the other a seasoned bureaucrat cried hoarse that India is over-regulated. Both of them expressed concern that in the name of governance we are moving from ‘licence raj’ to ‘regulation raj’. So much so that wannabe entrepreneurs who are aplenty nowadays are shifting base to outside India albeit serving customers here.

Not doing anything. Just lost in thoughts. Dreaming. Gazing. Imagining. Wondering… … all these activities seem to suggest that a person is not productive. Not working. Not utilising his time well. Not efficient. Infact it has become a luxury to be able to NOT DO ANYTHING AND JUST DREAM. Just laze around. In this millennium of constant activity, 24 hours connectivity, 360 degree feedback, end to end information, back to back communication where is the time for a worthless thing like not being connected,

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.

“Don’t wait for someone to bring you flowers. Plant your own garden and decorate your own soul.”
This is what we have done at office. The flowers you see in the banner are not photographs from the Independence Day Flower Show in Lalbagh or downloaded from Google. Yes, they are real flowers grown in our terrace garden overlooking the office.

The last 3 weeks were marked with several celebrations or ‘Days’ as they are called. 5th September was ‘Teachers Day’ commemorating our former President, Dr. Radhakrishnan’s birthday. 8th September was World Literacy Day and 15th September was Engineers Day in the memory of Sir M Vishweshwariah, the doyen of Indian Engineering. 17th was celebrated as Ganesh Chathurthi, the Lord of Learning ……

Sometime back I had wondered if there was a lull to be followed by a storm. Looks like it. I am referring to the annual filing season for Company Secretaries. The Ministry had more than 1 year to design and come up with e-form for filing the audited financial statements. For reasons best known to them, form AOC4 and form MGT7 were released late last month and the entire Corporate Inc has just 1 month to understand the form, fill the data, attach scanned documents and upload on the MCA portal by end October.

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.

Highlight of this 6th anniversary issue of Lexspeak is no doubt news about the FDI reforms announced by the Government of India last week. Detailed Press Note is enclosed which gives sector-wise relaxation and changes that is bound to unshackle the economy and also bring in many new players in various sectors. Government of Karnataka has announced a Start-up Policy for 5 years upto 2020 and is the first State in the country to do so.

In a yesteryear Bollywood hit, the hero crooned to the heroine “yeh uthe subah chale, yeh jhuke shaam dhale” romanticising the lifting up and down of her beautiful eyes to the breaking of dawn and setting of dusk… reminds me of 2015 which seemed to have gone by in the batting of an eyelid !!

I was just reading what I wrote exactly a year ago. It is indeed a Sankranthi time (harvest) for entrepreneurs. 2015 saw not only many Indian start ups, a tsunami of investments, a couple of unicorns (billion dollar companies) but also many also-rans, many more that fell on the wayside including laid-off employees and dissatisfied customers. However all this has not dampened the quintessential entrepreneurial spirit. Each day there are more and more enterprises taking shape. There is lot of expectation from the Start Up India, Stand Up India initiative of the Government of India to be launched on 16th January, 2016 by PM Narendra Modi. He is expected to announce the action plan of the government to promote start ups. It is expected that life will be simpler for start ups with innovative business ideas – lesser compliances, less regulatory intervention, tax exemptions perhaps and faster turnaround time. I am as eager to know as any entrepreneur is.

Last time I had written “Different doors need to be opened. Simply widening the existing doorway will not do !“ This was with reference to the liberalisation for Start Ups. A fortnight later, on reviewing the Start Up Action Plan and watching the Startup India, Standup India programme on 16th Jan, 2016, I can say to a large extent different doors are being opened.

When we were looking for an appropriate theme for the banner 4 dates popped up – World Cancer Day on 4th Feb, Abraham Lincoln’s birth anniversary on 12th, Valentine’s Day on 14th and Youtube founding day on 15th Feb. Each date signifies entirely different events but all converge on hope, courage, life and creation. What Lincoln said centuries ago about predicting future by creating it is what exactly Youtube creators did in 2005.Today not only is Youtube accessed and used by millions but it has also created a new career option-Youtuber.

With the much awaited Budget round the corner, I know none of you will be interested in anything but taxes – especially if the income tax rates are down or tax slabs are up or new exemptions are created. I am not privy to any such scoops and so nothing much to expect other than wait for 29th Feb for the Finance Minister to present the Union Budget 2016-17. But yes, before the budget fever catches on and you are flooded with budget snippets, figures, statistics, analysis, interpretations et al, the most important announcement that has caught the attention of entrepreneurs is the definition of a ‘STARTUP’.Is it a different animal ?

Budget 2016-17 was presented on the 29th Feb, 2016. Enough and more has been said about it. It has been analysed, dissected, discussed, torn apart, appreciated and some provisions even withdrawn. Is it done and dusted ? Not yet, because the implications are ongoing. Infact some of the provisions are to take effect only in April, some in June and some when the Finance Bill gets passed. We have carried the highlights for a quick read.

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 ?

This issue of LexSpeak is pretty long with 14 news updates. Therefore, I will keep my thoughts short and focussed. I can’t help but rant about the functioning or non-functioning of the MCA website which is being managed by Infosys, the so-called torch-bearer of Corporate Governance in India. Since the upgradation from 28th March, www.mca.gov.in, the portal that corporate India uses extensively and is a repository of crores of India Inc data has collapsed. E-forms are constantly being revised or replaced because of ‘technical glitches’ or is it tech goof-ups by the service provider ? Company master data.

In the last issue, I vented out my ire against Infosys and MCA for the inefficient functioning of the premier portal of India, being used by all corporates and professionals. This time let me talk of a great human being who could have kept venting out her ire against God and the entire humanity for the state she is in – she is wheel-chair bound and has undergone not less than 36 surgeries in her life so far. Instead of doing that, she has not only stood on her own but is also providing shelter and empowerment to similar specially abled boys through her ‘Mathru Foundation’.

This is what is exactly happening with start ups. The company is incorporated, website is created, technology is developed, people are hired, marketing is done and customers acquired. However no compliance process is put in place. In most cases, no share certificates are issued for long even to the founders. Money is infused into the business from time to time – only the founders do not know whether it is coming in as share capital or loan and from whom.

Out of the long list of updates that we are carrying in this issue, the most impacting one is the Krishi Kalyan Cess (KKC) of 0.5% from 1st June, 2016. The tiny % cess has kicked up a storm already. Well, as it stands, if you got an invoice which is unpaid, you will have to shell out KKC from 1st June onwards though there was no KKC at the time of receiving the invoice. Now, service tax is all of 15% including Swach Bharat Cess and KKC. Have a choice ?

Lexspeak started its journey in November, 2009 with an intent to share knowledge with all the stakeholders – employees, associates, professionals, layman, clients, vendors, students. “Tamosama Jyotirgamaya” which in Sanskrit means “May the light of knowledge remove the darkness of ignorance” were the first lines in the very 1st issue.

Brexit shook the entire world. Next it could be Grexit, Departugal, Italeave, Czechout, Oustria, Finish, Slovakout and Byegium. Only Germain & Turk-In, joked people on a lighter note on this historic event. Rexit news is still raging. Messixit news stunned football fans ! Amidst all this is celebration of “DAYS” !! Dad’s Day, International Yoga Day, World Music Day, Chartered Accountant’s Day & Doctors Day. My pick is World Music Day (21st June)….and a reflection on Music and Management.

19th July is celebrated as Guru Purnima in India and Nepal. Guru is the One who dispels the darkness of spiritual ignorance in humanity and bestows upon them spiritual experiences and spiritual knowledge. On a more earthy level, we tend to equate Guru with Teacher, Preacher, Master or Mentor. He is none of them. Infact he is much beyond all of them with no exact equivalent in the English language.

25th anniversary of LPG – Liberalisation, Privatisation & Globalisation of the Indian economy, July, 1991. 25 years hence, we have witnessed another history being created by way of the Rajya Sabha passing the GST – Goods & Services Tax Bill, heralded as One Nation, One Tax ! From then to now, the nation has changed unrecognisably.

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.

Taking off from where I left last…….’marks-for-sports’. How is ‘ marks-for-study’ working ? yes, it works but there is a flaw here too. Rather than understanding the concepts and enjoying the learning process, focus is on cramming and gaining marks so that you get into colleges …..again not to study and learn but to enrol for a coaching class or clear some exam ! There is a mad rush to score more and more marks, so much so that even 100% is not enough for some of the country’s so-called elite colleges. Can you believe this rush is more from the parents rather than the children ? The other day I was speaking to my neighbour who is a home-tutor.

Thanks to several client board meetings and Annual General Meetings scheduled during this month, especially as we are nearing the due date of 30th September, there is little time left to write. Actually little mind-space left. I will keep my dialogue short.It is hard not to notice the frayed tempers – over Cauvery water sharing issue, over dengue deaths and over our soldiers’ sacrifice. The same water that bonded people across the States during the Chennai flood havoc in 2015 is now causing strife and misery.

Amidst the maze of numbers and texts in sections and legal provisions, we miss out on the beautiful things around us. Hence picked this rangoli – free hand floral design – drawn by my cousin for the just concluded Navarathri festival. A series of rangolis coupled with the colourful chrysanthemums blooming in our office garden was a treat to the senses. Thank God for the festive breaks !

There are so many incredible happenings around us that we forget today is Childrens Day. Let us not forget the child in us. Life will be so much more enjoyable. Am sure all of you will relate to this beautiful message…

Demonitisation, long queues, yester-year images of queues for rice-kerosene-sugar-oil, maara-maari in parliament, aakrosh divas, tears of patriotism, rationed cash, restricted gold, fake currencies, cashless ATMs, biased media reporting, naked truth from social media, people’s resilience & hope for better days, better life….

Main zindagi ka saath nibhata chala gaya, Har fikr ko dhuein mein udata chala gaya…..” is a popular Mohammed Rafi song from the film Hum Dono. Translated it goes like this “I just kept going with the life, Kept on blowing every worry like smoke..

Let me begin by wishing you all a happy, prosperous, peaceful & fulfilling New Year 2017 ! It is already the 2nd week of January and am sure the spate of new year wishes has subsided by now. As I look back on what I focussed on during 2016, it seems a myriad of things – right from the incredible way in which the Government of India announced the

If you don’t stand for something, you will fall for anything”, said someone. Today the so-called world leaders stand for something so low and abysmal that they cant fall any further. They already are in the pits and trying to drag the world citizenry into a morass. It is no brainer to guess who this Axis of Evil is. The question is from where is the next Mahatma going to rise from ? will it be a single individual ? a group ? a country ? a community ? the youth ? women ? people with a purpose but with no specific identity ?

Early bird catches the worm” is an old adage. It is so true for very many things. So also for the Union Budget 2017-18 which was advanced by a month and presented on the 1st of February for the very first time. This definitely leaves both the Government and the governed (read individuals and businesses) with clear 2 months to understand the impact of the budget changes and plan accordingly for the ensuing financial year.

At a recently held Vision Summit, the keynote speaker referred to how Indians find frugal ways of innovation to solve issues. He gave an example of how his apple iphone died on him suddenly on the day he had to travel overseas and how the authorised apple store wanted a week to resolve the issue. However, much to his surprise and joy, the owner of a small non-descript store in Koramangala, Bangalore fixed it in a few minutes.

At an event recently, a senior professional introduced the woman speaker, a True Woman Leader, as below : “She is so Strong that she can be Gentle; She is so Educated that she can be Humble; She is so Fierce that she can be Compassionate;

Since the time Modi Government has taken charge, lot of sweeping changes have been introduced. Some have swept people off their feet, some have swept the opposition off their seats and dumped them into oblivion, some have shaken the bureaucracy out of their slumber, some have stirred the imagination of young minds and propelled them into entrepreneurship, some have wiped off several of their ill-gotten wealth,

I receive bouquets sometimes for my editorial but I deserve to get brickbats too for delaying the release of LexSpeak. One of the reasons for delay is difficulty in choosing an appropriate topic or concept for editorial which is timely, relevant and interesting. So also the banner picture which has never been repeated so far in the last 8 years !

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LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. It is becoming popular day by day. When it was introduced in 2009.... Read More

Who is Promoter in Control of a Company

The term Promoter is common in the corporate sector and also common parlance. However it is to be noted that the term Promoter has not been defined under the Companies Act, 1956 (Act) and other legislations relating to corporate affairs. It is also to be noted that although the term.... Read More

Share Holding in New Corporate Entity

Given the conducive business environment more and more new entrepreneurs are emerging in the corporate sector. Among all the business entities, the most conducive business entity/organization is a corporate entity incorporated under the provisions of the Companies Act, 1956.It is also to be notice.... Read More

Charter Documents for Corporate Entities

A Corporate entity is incorporated under the Companies Act, 1956 (Act) and is governed by the provisions of the Act. Notwithstanding the binding force of the Act, every corporate entity be it private limited company, public limited company or the recently introduced Limited Liability Partnership.... Read More

Forms of Business Ventures

There has always been a slight confusion in the minds of first time entrepreneurs on the distinction between a proprietorship firm, a partnership firm and a company. Invariably, most entrepreneurs who have established their business as proprietorship concerns or partnership firms refer their entity.... Read More

A Limited Liability Partnership (LLP)

Commercial ventures are established invariably as a partnership firm, incorporated entities, unincorporated business ventures or as proprietorship firm. A new concept which is a hybrid between a partnership firm and a company incorporated under the Companies Act, 1956 has been introduced for the fir.... Read More

Winding Up of Limited Liability Partnership (LLP)

Of late we have witnessed emergence of a new form of business entity named Limited Liability Partnership which is a hybrid of a company and a partnership firm and is governed by Limited Liability Partnership Act, 2008 (Act). Whereas all the procedures for incorporation and management of a LLP were.... Read More

The Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)

1. IntroductionThe Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 on June 16, 2006 which came into effect from October 2, 2006 with the intention of facilitating the promotion and development as well as enhancing the competitiveness of micr.... Read More

Shareholders Agreement

SHAREHOLDERS AGREEMENT Every business or commercial venture undertaking in whatever form would require additional funding at one point of time or the other. Additional funding invariably cannot be generated by the promoters of the commercial venture and external funding must be procured which al.... Read More

Non Disclosure / Confidentiality Agreement (NDA)

In the world of today s commerce all information relating to business of such entity is specific and to be exploited by the commercial entity owning the specific information. Any disclosure of such confidential specific information would enable any third party to commercially exploit the same to the.... Read More

Lease Arrangements

All of us at one point of time or another have entered into some kind of Lease agreement/arrangement for a residential, commercial, business and other purposes. Most of us enter into a adhoc lease agreements without really examining the implications of such agreements. It to be noted that all transa.... Read More

Charter Documents of a Company

A Corporate entity is incorporated under the Companies Act, 1956 (Act) and is governed by the provisions of the Act. Notwithstanding the binding force of the Act, every corporate entity be it private limited company, public limited company or the recently introduced Limited Liability Partnership (LLP), the business, management, shareholder rights etc. are governed by.... Read More

Conversion of Partnership Firm

In most instances commercial ventures are started amongst friends and associates in an adhoc manner and invariably as a Partnership firm. As the business grows the Partnership firm is unable to cope and then there is a necessity for a corporate entity to meet the expansion requirements of the business.... Read More

Registration / Non Registration of a Partnership Firm

In terms of the Indian Partnership Act, 1932, (Act), the only criterion to commence business as a partnership is the finalization and execution of a Partnership Deed between the Partners. The Act does not require the Partnership Deed/Partnership Firm to be registered and in other words does not requ.... Read More

Demystifying Title Scrutiny

DEMYSTIFYING TITLE SCRUTINY Any immovable property, rural or urban, must be scrutinized as to its ownership before purchasing the same. The title of the owner is derived from various deeds relating to the property. The title deeds vary from property to property, depending on whether it is urban or.... Read More

Title to Immoveable Property

An immoveable property can be residential, commercial or any other property including buildings thereon. The person who is the owner of the immoveable property derives his ownership for the property from various documents and deeds relating to the property establishing his ownership and title to the.... Read More

NRI Investment in Real Estate

When one thinks of investment the primary investment is in real estate. Non Resident Indians (NRI) are always on the look out to establish their link with the country of their origin, India by acquiring real estate. The Regulations for such acquisition and transfer of immoveable property is governed.... Read More

Gift under Transfer of Property Act, 1882

Any moveable or immovable property can be conveyed by way of Gift. The Transfer of Property Act, 1882 provides for the rules and conditions governing such Gifts.... Read More

Proposed GST System in India

You all are aware that the new Indirect tax system namely Goods & Services Tax (GST) would replace the present Central Excise Duty, Service Tax at the Central level and State VAT, Central Sales Tax, Entry Tax at the State Level, in the near future (exact date of implementation of GST is yet to be.... Read More

The Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Ordinance, 2010 (Ordinance)

THE ANDHRA PRADESH MICRO FINANCE INSTITUTIONS (REGULATION OF MONEY LENDING) ORDINANCE, 2010 (ORDINANCE) The Micro Finance Sector was conceived with the main objective of ensuring financial inclusion of the sub prime sector of the Society. In other words, banks and financial institutions did not an.... Read More

Key Take Aways From Half Day Seminar on FDI & FEMA

The Bangalore Chapter of the Institute of Company Secretaries of India (ICSI) had organized a half day seminar on Anita Bhattacharya, Deputy General Manager, Reserve Bank of India, Bangalore gave the Key Note Address followed by an interactive session on the seminar topic led by Mr. S.M.Hiremath, M.... Read More

Foreign Inward Remittance Certificate (FIRC)

1. IntroductionForeign Inward Remittance Certificate (FIRC) is a document that provides proof of inward remittance to India. It is treated as documentary evidence by most of the statutory authorities for confirming the validity of the foreign money received by the beneficiary. 2. PurposeW.... Read More

Real Time Gross Settlement System (RTGS)

Introduction Real Time Gross Settlement System (RTGS) is a fund transfer mechanism where transfer of money takes place from one bank to another on a real time and on gross basis.How it worksRTGS is the fastest possible money transfer system through the banking channel. Settlement in real.... Read More

Establishment of JV/WOS/Representative Office by Indian entities abroad

In the globalised scenario where the Indian business houses export/import products and/or execute projects abroad, it is inevitable for them to have their presence in foreign countries.... Read More

Merchanting Trade simplified

In common parlance, international trade denotes import by a buyer in one Country from a seller in another country and re-sale in his own country or export to a buyer in a third country,involving movement of goods.... Read More

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