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Partner’s Column

September 24, 2015
Dear Friends, As the whole country mourns the sudden loss of our most favorite and beloved President Dr. A P. J Abdul Kalam, I too would like to pay my respect and homage to him by taking an oath to imbibe some of his valuable principles of life:
1) Be Active AlwaysAt 80+, when most of the people suffer from isolation and purposelessness, Dr. Kalam inspired all by launching his very mission for Indian youth called “What Can I Give Movement” that was themed on defeating corruption. 2) Never bow down to adversity Dr. Kalam is an excellent example of the immense success that you can achieve if you never bow down to adversity. Life is not fair always and there would be challenges at almost every step but bravest are the ones who do not succumb to the troubles and work to find their way towards grand success. 3) Always be Humble One of the most important things that Dr. Kalam taught is to never lose out on your humble self even if you are the head of an entire nation. He was a true great personality who was one of the brightest epitomes of ‘simple living and high thinking’ 4) Follow your Dreams Dr. Kalam was always a firm believer in this maxim that if one has this tenacity to work hard to fulfill ones dreams, no challenge can prevent them in shaping their destiny- just the way one prefers it to be. In his own words “Look at the sky. We are not alone. The whole universe is friendly to us and conspires only to give the best to those who dream and work”
We all have a lot to learn and be inspired from Dr. Kalam’s incredible life. The Missile Man was a scientist par excellence, loved politician, philanthropist, teacher and above all a great human being. Dr. Kalam has always taught his students never to lose hope and that success is always waiting out there for those who never give up. We salute you sir, and will always be remembered. Regulatory Updates: Now, coming to the regulatory side, the Secretarial Standard on Meetings of the Board of Directors (SS1) and Secretarial Standard on General Meetings (SS2) as approved by the Central Government and issued by the Institute of Company Secretaries of India were finally made effective from July 1, 2015. The Ministry of Corporate Affairs has issued a circular dated July 21, 2015 in relation to circulation and filing of financial statements under sections 101, 136 and 137 of the Companies Act, 2013 (details have been covered under our updates and amendments section). On the other hand, SEBI Board has approved SEBI (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015 to put in place a framework for public issue of debt securities by municipalities, listing and trading of such securities. The said regulations will enable the municipalities across the country to mobilise financial resources from capital market. Further RBI has issued four important circulars in relation to: (i) issue of shares under Employees Stock Options Scheme and/or sweat equity shares to persons resident outside India, (ii) Foreign investment in India by Foreign Portfolio Investors and (iii) Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs) and (iv) Returns to be submitted by NBFCs (asset size below Rs. 500 crore). On a very different note, the Department of Telecommunications (DoT) on July 31 requested internet service providers (ISPs) to block around 857 websites as the content hosted on these websites relates to morality and deceny as given in Article 19(2) of the Constitution of India. It is understood that the ban is temporary – an apex court is due to review the case on August 10. Last but not the least, I would like to conclude my column by sharing a good news. In Hyderabad, we have moved to a new and better office premises. Looking forward to your continued support and good wishes. Cheers!!! Rashida Adenwala Partner
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