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Partner’s Column

June 4, 2014
Dear All, Our Country has witnessed a thumping victory of Bharatiya Janata Party led by Hon’ble Sri Narendra Modi in the recently concluded Loksabha elections with unprecedented majority to form the government solely on their own. This was the first time that the entire country erupted in celebrations on seeing the results. On this occasion, I wish to share an extract from a highly motivating message which I recently came across: This success of Hon’ble Sri Narendra Modi  is a result of years of austerity, magnificent hard work and unimaginable daily sacrifices. We are all celebrating Narendra Modi's success. But his real success would be when each and every Indian gets committed to his own work with this kind of unprecedented fervour. Democracy is of the people, by the people, for the people. Our responsibility is not over because we voted him to power. Our responsibility has begun now. We have complained for decades that we don't have an able leader. Today we have an ideal leader. Let us now be ideal players. For next 5 years, if NaMo, you and i keep the hardwork going, India will be unstoppable. Let's do it again people. Work extra hours in office, show extra-ordinary results, do more than your seniors expect, perform better than your job demands, deliver before the deadline, expect no follow-ups, go out of your way for your duties, be nobler than the law needs, love more than the world asks, help more than you are being helped, serve better than you can even imagine service to be, learn more than you require to learn, exercise daily, be incredibly disciplined. In short, be like Narendra Modi! Then, we will truly MODIfy India. Congratulations to the people of Telangana for being a part of new 29th State in the Union of India. Hope the states of Telangana and Andhra Pradesh will have enough opportunities to grow together. On the regulatory front, it is more than 60 days since the notification of most of the operating sections of Companies Act, 2013 and the rules by the MCA. The rules were notified in a hurried manner throwing practical challenges in complying. As there are a lot of new concepts which are time bound, lack of clarity on the compliance requirements is becoming complicated and at times becoming expensive due to heavy penalties and additional fees prescribed. Also, there is a lot of criticism from many professionals that the new Companies Act, 2013 has over reacted to recent scams ignoring the honest.  MCA should seriously think to have an informal guidance mechanism to clarify and resolve the issues being faced by the Corporate’s and Professionals. While the new Government is expected to push forward an economic agenda for greater stability, growth and good governance, there are a lot of expectations that they will also consider the opinion of various stakeholders on the ambiguities and complications on Companies Act, 2013 and address them at the earliest. One should remember that the new CA, 2013 was the outcome of tremendous effort put in for almost more than a decade by various agencies with a view to make India globally competitive in attracting investments from abroad, by suggesting systems in the Indian corporate environment which are transparent, simple and globally acceptable. The success of implementing this new law lies on all the stakeholders and all those who are connected should do their bit to see that the new law in implemented in letter and spirit. Also there is a great need to empower the stakeholders through continuous learning exercises. We at R & A have taken the initiative to hold in-house knowledge sharing sessions on every Saturday for the benefit of each and every member of R & A family. In our efforts to enrich our clients, associates and friends on the changes brought in by the new Companies Act, 2013, we have planned a seminar –‘Companies Act, 2013- Everything You Need to Know’ on 6th June, 2014 at K L N Prasad Auditorium FAPCCI between 3 p.m. to 7 p.m. The details of the seminar are contained elsewhere in this newsletter. A separate invitation is being sent to all. I take this opportunity to invite you all and request you to register yourself for the same. With best regards CS R.Ramakrishna Gupta 3rd June, 2014  
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