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Partners Column

Dear Friends,

Greetings to All!

The great Chanakya, Prime Minister during the Golden Age of Modern India also known as Kautilya or Vishnu Gupta had once quoted, “When the king becomes stronger and controls the nation, petty thief, terrorist and traitors feel the heat and complain of intolerance in the Society”. I would prefer to tweak it and cite that “If a leader of a nation is doing good, there will be unrest among the (pseudo) intellectuals and criminals”. Our country is witnessing this now from various corners. What is not digestible is that when the leader of the nation is trying to do some good things, expressing intolerance is absurdity. The recent incidents which occurred in JNU / Hyderabad Universities are unprecedented in the recent past and uncalled for and the response of the various political parties to this was undesirable. India is progressing in the global footprints and there are better forms of expressing, if there exists an intolerant situation. Unless this situation improves, it is difficult for the Country to progress.

Union Budget 2016 has unveiled a big focus on the rural development, providing good thrust for resurgence of farmers, the back bone of the nation. Jai Kisan …Jai Jawan…. is a deserving need of the hour. But some of the extreme measures proposed like taxing EPF interest, dividend received in excess of Rs. 10 Lakhs, etc. are not in the right interest. Overall union budget 2016 is a welfare budget.

MCA updates: As promised the Ministry of Corporate Affairs is taking aggressive measures to simplify / rationalise the Companies Act, 2013. It is seen that MCA is at an advanced stage of notifying the provisions related to NCLT. The various draft rules / regulation are put up on the site evidencing this act. Friends, NCLT is offering lot of new opportunities to the professionals. The following new areas would be major boost for the profession:

  • Change of Financial Year
  • Conversion of Companies from Public to Private and vice-versa
  • Adjudication of penalties
  • Merger or amalgamation between two small companies or between holding company and WOS.
  • Merger and amalgamation of a company with foreign company
  • Small company – Compliance
  • Summary liquidation
  • Appearance before NCLT
  • Class action suits
  • Insolvency & Bankruptcy
  • NCLT – Special Matters

There are abundant opportunities, the new Companies Act, 2013 is offering to the professionals and there is great need to gear-up to accept this challenge.

MCA has notified many rules viz. NCLT rules, Accounting Standards, etc. for public comments. Friends, these rules have far reaching implications and one can’t afford to skip reading them.

The apex court in the case of Chairman Sebi vs Roofit Industries Ltd has scrapped the SEBI’s discretionary power to levy lesser penalty. Minimum penalty of Rs. 1 lakh per day as prescribed by the court has rattled many promoters and investors. This ruling has far reaching financial implications and the listed entities need to be vigilant in ensuring the timely disclosure and reporting to the stock exchange (s).

We have witnessed mixed results for our people who have appeared for CS examination. While I sincerely congratulate all those who have cleared their exams either in all papers / partially, I wish those who missed this time, retry their luck without losing the confidence. I strongly feel that in the pursuit of acquiring professional degree, each failure is a stepping stone for the eventual success. So, do not lose confidence and try till you achieve your goal.

With best regards
CS R.Ramakrishna Gupta
Partner
www.rna-cs.com

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