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Partners Column

Dear Friends! The month of October made every Company Secretary face the biggest challenge of completing the Annual Filings of the Companies within the due date.  While the government did give some “ sigh of relief”  to companies by passing an amendment on matters relating to Consolidated Financial Statement (CFS) which states that a company being intermediate wholly owned subsidiary other than a wholly owned subsidiary whose immediate parent company is a Company incorporated outside India is not required to provide CFS. Another amendment provided is that subject to any other law or regulation, a Company not having subsidiary or subsidiaries but has an associate or a joint venture, is not required to provide CFS statements in respect of its associate or joint venture companies for the year 2014-15. This has certainly reduced the burden which was laid on Companies by Companies Act, 2013. BJP romped home with a record win in the Lok Sabha elections 2014 promising ‘Ache Din Aane Wale Hain’. Such was the impact of the media campaign that today even a five-year-old can repeat the phrase without even understanding of what it means. So have the ‘Ache Din’ finally arrived? In order to ensure simplification of formats, ease of compliance, transparency in inspections and speedy redressal of grievances by labor departments, the Ministry of Labour & Employment has developed a single unified Web Portal namely Shram Suvidha for Online Registration of units, Reporting of inspections, submissions of Annual Returns and Redressal of Grievances. This is an achievement towards reforms. NDA Govt caught red-handed few businessmen holding illegal accounts Amid mounting opposition attacks of being soft on money laundering, the Modi-led government revealed names of 3 illegal account holders in Liechtenstein Bank of Germany, namely, Dabur India Chairman, Pradeep Burman, Rajkot-based bullion trader, Pankaj Lodhia and Goa-based mining baron Radha Temblo of Temblo P.Ltd., and its five directors. Proceedings have been initiated against them for tax evasion. Considering the uproar against black money, the Narendra Modi-led government has listed out the holders of Swiss Bank account (illegal accounts). The Union Government is committed to take action against the people who hold illegal money and work towards bringing the wealth to the National Exchequer as pledged during the election campaign. Loan Waiver Scheme The State of Andhra Pradesh has set up a Farmer’s Empowerment Corporation and has allocated a huge amount in favor of farmers and it really gives me an immense pleasure to  write that our R&A team  has assisted the Government in setting up this Corporation.  It is basically set up for channelizing various activities connected to farmers. Development of this scheme would help and bring cheer on the faces of all those who have been deprived. Yet another moment of pride is that the bifurcation of A.P. into two states has not hindered their development. Initially there were impediments to progress, but by implementing some innovative steps like payment to the farmers, as pledged by the politicians, by way of loan waiver for the amelioration of the farmers' society are bringing balanced development. K. Chandrasekhar Rao, the Chief Minister of Telangana, also announced the first installment of reimbursement for the well-being of farmers, last September. This gesture of Government connotes that “Ache Din Aane Wale Hain” have finally arrived. Make in India On the other hand, launching the government's ambitious project to make India a manufacturing hub, Prime Minister Narendra Modi promised effective and easy governance to help achieve high growth and creation of jobs. Kicking off the "Make in India" campaign, the government's focus will be on the creation of physical infrastructure as well as creating a digital network for making India a hub for global manufacturing of goods ranging from automotives to software, satellites to submarines and paper to power. As a concept of Corporate Governance, Prime Minister has also unveiled half a dozen schemes for “Effective Good Governance”. To make this campaign more effective many high-profile industrialists joined hands to give a collective thrust to manufacturing and seek greater foreign investment. Let all of us support and join hands to make this campaign more relevant and fruitful for the Nation!! With best regards Bhavani Partner
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