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Partners Column – September, 2016

September 9, 2016
Congratulations to P. V. Sindhu, Sakshi Malik and Dipa Karmakar for their excellent performance at the Rio Olympics 2016.  While it indeed is a matter of pride for having won the medals but it is also a time introspect on how we can further improve our training facilities as well as coaching so that Indian sports persons can compete shoulder to shoulder with the other international competitors in many more events and won far more laurels for the country. If two can do it many more can too!!! The Good and Service Tax Bill has been described as a reform measure of great importance. With 17 states having ratified the bill, the government is hopeful to roll it out with effect from 1st April 2017. However, there is still scepticism on the rate, policy makers in some quarters of the government are in favour of a goods and services tax rate of around 16% to make the reform more acceptable and also ensure it does not add to inflationary pressures. The buzz is that the rate will be in the range of 17% to 18% but it does make sense for the Center and the States to settle for a lower GST rate when all taxes are collapsed into one if one has to ensure a positive impact on the economy. The National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) has been constituted with effect from. 1st June, 2016 and are already functional to take up cases earlier dealt with CLB as well as class action suits and cases under the insolvency and Bankruptcy Code 2016. The said constitution of the NCLT has opened newer areas of service for the practicing company secretaries as they are authorized to appear and present the case before NCLT and NCLAT. I would urge all the members to capitalize on this great opportunity and prove our capabilities in the corporate world. As I end, I would like to share from my experience that when you live for a strong purpose then hard work is not an option it becomes a necessity and that there is no substitute for hard work. I would encourage all of you to work hard in silence and let success make all the noise. May Ganeshji usher in good health, loads of wealth and successive successes as we celebrate his homecoming in great fervour and humbleness. Best Regards, Rashida Adenwala Partner


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