Sebi case law

SEBI vide its order dated August 19, 2015 imposed a penalty of Rs. 10 lakhs on the Director of Manappuram Finance Limited for breach of SEBI (Prohibition of Insider Trading) Regulations. The brief facts of the case are as follows :

1. The wife of the Directors sold shares of the Company without seeking pre-clearance from the Compliance Officer.

2. The Director submitted that 

(i) his wife was financially independent 

(ii) trading without pre-clearance was only a technically slip that would not warrant any penalty - an opinion from reputed law firm was also submitted to support these views.

 (iii) he had discussed at the board meeting of the Company about the intention of his wife to sell the shares of the Company.

3. SEBI observed and ruled that 

(i) financial independence is immaterial in case of spouse 

(ii) trading without pre-clearance is a violation of regulation and hence penalty would follow 

(iii) the discussion of the wife proposed trade at the board meeting is not substantiated with agenda or minutes of the meeting and 

(iv) penalized the Director for violation of Regulations and Internal code of conduct.

Key Take away : Personal Transaction Policy and SEBI Insider Trading norms need to be followed in letter and spirit. SEBI does not take into account any technicalities or intention of the parties. You may note that the Director in this case was about 90 years old retired civil servant without any blemish but still had been penalized for the unintentional error.

Legal profession is not a commercial Activity

Legal profession is not a commercial activity -

The Hon'ble Supreme Court of India had given a Judgement that " Running of office by an Advocate in a building cannot be termed as Commercial activity" in decided case between Chairman, M.P. Electricity Board and Ors. Versus Shiv Narayan and Anr. 

In the given case it is decided that Law practice is not a commercial activity or trade. Hence electricity rates fixed for Commercial user cannot be charged.

READ THE FULL CASE LAW HERE:

http://law.geekupd8.com/2015/03/Legal-profession-is-not-commercial-activity-Running-of-office-by-an-Advocate-in-a-building-cannot-be-termed-as-Commercial-activity-Electricity-rates-fixed-for-Commercial-user-cannot-be-charged.html?m=1

To be lucky

Good Research on  Definition of Lucky and Unlucky. Worth to read and re-read and re-read whenever we feel we are Unlucky...
                           

 Why some people have all the Luck ?  

Why do some people get all the luck while others never get the breaks they deserve?

A psychologist says he has discovered the answer.

Ten years ago, I set out to examine luck. I wanted to know why some people are always in the right place at the right time, while others consistently experience ill fortune. I placed advertisements in national newspapers asking for people who felt consistently lucky or unlucky to contact me. Hundreds of extraordinary men & women volunteered for my research & over the years, I have interviewed them, monitored their lives & had them take part in experiments.

The results reveal that although these people have almost no insight into the causes of their luck, their thoughts & behaviour are responsible for much of their good &  bad fortune. Take the case of seemingly chance opportunities. Lucky people consistently encounter such opportunities, whereas unlucky people do not.

I carried out a simple experiment to discover whether this was due to differences in their ability to spot such opportunities. I gave both lucky and unlucky people a newspaper, and asked them to look through it & tell me how many photographs were inside. I had secretly placed a large message halfway through the newspaper saying : "Tell the experimenter you have seen this and win $50." This message took up half of the page & was written in type that was more than two inches high. It was staring everyone straight in the face, but the unlucky people tended to miss it & the lucky people tended to spot it.

Unlucky people are generally more tense than lucky people, and this anxiety disrupts their ability to notice the unexpected. As a result, they miss opportunities because they are too focused on looking for something else. They go to parties'; intent on finding their perfect partner & so miss opportunities to make good friends. They look through newspapers determined to find certain types of job advertisements & miss other types of jobs.

Lucky people are more relaxed & open, and therefore see what is there rather than just what they are looking for. My research eventually revealed that lucky people generate good fortune via four principles. They are skilled at creating & noticing chance opportunities, make lucky decisions by listening to their intuition, create self-fulfilling prophesies via positive expectations, and adopt a resilient attitude that transforms bad luck into good.

Towards the end of the work, I wondered whether these principles could be used to create good luck. I asked a group of volunteers to spend a month carrying out exercises designed to help them think & behave like a lucky person. Dramatic results ! These exercises helped them spot chance opportunities, listen to their intuition, expect to be lucky, and be more resilient to bad luck. One month later, the volunteers returned & described what had happened. The results were dramatic : 80% of people were now happier, more satisfied with their lives & perhaps most important of all, luckier.

The lucky people had become even luckier & the unlucky had become lucky. Finally, I had found the elusive "luck factor".

Here are Professor Wiseman's four top tips for becoming lucky: 

1) Listen to your gut instincts - they are normally right 

2) Be open to new experiences and breaking Ur normal routine 

3) Spend a few moments each day remembering things that went well 

4) Visualize Urself being lucky before an important meeting or telephone call. 

Have a Lucky day and work for it... "

The happiest people in the world are not those who have no problems, but those who learn to live with things that are less than perfect."

" There is a great difference  between "worry"  &  "concern", 

A worried person only sees the problem & a concerned person solves the problem..!"

TO BE LUCKY OR UNLUCKY - it is by  practice and choice.

****

The above articles is an excerpts of research By Professor Richard  Wiseman, University of Hertfordshire..

Secretarial Audit

Secretarial Audit for Big Companies is introduced Under Companies Act, 2013. Section 204 of the ACT Specifying the applicability of the Audit. Here is list  of first set of required documents from the client before the commencement of the Secretarial Audit :-

1.Latest Memorandum of Association & Articles of Association and Annual Report.

2.Notice of all the Meetings.  if notice is sent through electronic mode, email Copy sent to the Directors of the Company.

3.Minutes of the Board Meetings.

4.Minutes of the Audit Committee Meetings.

5.Minutes of the Stakeholder Relationship Committee.

6.Minutes of the Nomination and Remuneration Committee Meetings.

7.Minutes of Corporate Social Responsibility Committee.

8.Minutes of all other Committee Meetings, if any.

9.Minutes of Annual General Meeting as well as Extra Ordinary General Meetings.

10.Notice and Minutes of Resolutions passed through postal ballot process.

11.Notice and Resolutions passed through circulations.

12.All the Statutory Registers.

13.Any Disclosure Received from Directors in accordance with Section 184 of the Companies Act, 2013. (Form MBP-1 of all directors).

14.Auditors Consent for Appointment/Re-appointment.

15.Letters under Section 164(2) read with Rule 14(1) from the Directors(DIR-8).

16.Copies of Form CHG 4 (Satisfaction of Charge) and CHG 5(Memorandum of Satisfaction of Charge).

17.Correspondence file with the Registrar of Companies.

18.Correspondence file with the Stock Exchanges.

19.Correspondence file with the Directors of the Company.

20.Annual General Meeting File if any.

21.Details of Complaints received from shareholders.

22.Compliance of Clause 16, 17, 20, 35,35B, 41 and 49 of the Listing Agreement.

23.Statement of Account of Remuneration & other benefits  paid to the Directors.

24.Any Remuneration paid to any relative of Director as per Section 188 of the Companies Act, 2013

25.Statement of Account of Sitting Fees paid to the Directors.

26.Statement of Account of Loans and Advances given.

27.Statement of Account of Investment made.

28.Investments made/ Fixed Assets Purchased are they in Company’s name?

29.Statement of Account of Loans and Advances taken, whether secured or unsecured.

30.Details of Public Deposit Accepted, if any.

31.Details of surety or guarantee provided. if any.

32.Details of Amounts transferred to Investor and Education Protection Fund(IEPF).

33.Statements of Dividend Reconciliation.

34.Any Show Cause Notice received from ROC / Stock Exchanges / SEBI.

35.Details of Compliance of Code of Conduct in terms of the Insider Trading Including Closing of Trading windows.

36.Details of Compliance of Take Over code in terms of SAST Provisions.

37.Whether any Loan or guarantee given to foreign subsidiary or Joint venture company.

38.Details of Stock option given to the employees of the Company.

39.Details of Stock option Converted into equity shares of the Company.

40.Any issue of Capital (Right issue, Preferential Issue, Bonus Issue, IPO/FPO), Details of it.

41.List of Other Laws applicable specifically to the Company and Compliance Mechanism of the same.

42.Agreement between the Company and Registrar and share Transfer Agent.

43.The details of Compliance Mechanism of Labour Laws i.e. for examining and reporting whether the adequate systems and processes are in place to monitor and ensure compliance with general laws like Labour laws, Competition law, Environmental laws.

Exemption of CA certificate for certain FEMA remittances

GOVT has recently modified the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Liberalized Remittance Scheme (LRS) for resident individuals for further liberalizing the existing guidelines. Accordingly, all resident individuals, including minors, are allowed to freely remit upto USD 2,50,000 (USD 1,25,000 earlier) per financial year for any permissible current or capital account transaction or a combination of both. These include the purposes of education or for maintenance of close relatives. Further, authorized dealers may allow remittances exceeding USD 250,000 based on the estimate received from the educational institution abroad or a hospital abroad. For small value remittances (upto USD 25,000), the documentation requirement is simpler and even PAN card is not insisted upon.

Currently, as per the provisions of the Income-tax Act, 1961 read with Income-tax Rules, 1962, no certificate from a Chartered Accountant is required to be obtained for certain remittances including sending money to students i.e., for remittances made under RBI's purpose Code “S0305-Travel for education (including fees, hostel expenses etc.)” and remittance towards personal gifts and donations i.e., for RBI's Purpose Code “S1302”. The complete list of payments in which no certificate from a Chartered Accountant is required to be obtained is given in explanation (2) to Rule 37BB of the Income-tax Rules, 1962.

This was stated by Mr Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha on Friday.

All About Banking in India

Important Banking Awareness Questions :

1. MICR code consists of how many digits?
Ans: 9 digits.
(First three digits denotes city, next three digits representing the bank and the last three digits representing the bank branch)

2. What is the minimum limit in RTGS system?
Ans: 2 lakhs (there is no upper limit in RTGS)

3. What is full form of CTS?
Ans: Cheque Truncation System

4. Under which service, customers may access their bank account and perform basic transactions from any of the member branch offices.
Ans: Core Banking Solution (CBS)

5. Exchange of cash flow in different currency is known as:
Ans: Currency Swap

6. Assets or loans which stop performing after 90 days is known as:
Ans: Non Performing Asset (NPA)

7. Who controls the Monetary Policy in India?
Ans: RBI (Reserve Bank of India)

8. Which card is issued by NPCI (National Payments Corporation of India)?
Ans: RuPay Card

9. Definition of Current Account deficit
Ans: A measurement of a country's trade in which the value of goods and services it imports exceeds
the value of goods and services it exports.

10. Full form IFSC ?
Ans: Indian Financial System Code

11. Commercial paper can be issued for a maximum period of ?
Ans: 365 days or 1 year.

12. The Mutual funds in India follow accounting standards laid by ?
Ans: SEBI (Securities and Exchange Board of India)

13. Minimum amount for Certificate of Deposit has been fixed at?

Ans: Rs. 1 Lakh

14. AML is a term mainly used in the financial and legal industries. Expand the term AML:
Ans: Anti Money Laundering

15. PIN is a number allocated to an individual and used to validate electronic transactions. Expand
PIN:
Ans: Personal Identification Number

16. What is Repo rate?
Ans: It is the rate is the rate at which RBI lends money to the commercial banks.

17. What is Stale Cheque?
Ans: A cheque which is presented to a bank after 3 months from date of issue is considered as stale
cheque and will often not be honored for cash or deposit at a bank.

18. What is Bancassurance?
Ans: The selling of life assurance and other insurance products and services by banking institutions.
19. The objective of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. What is the full form of KYC?
Ans: Know Your Customer (KYC)

20. Know Your Customer (KYC) guidelines are issued under?
Ans: Section 35A of the Banking Regulation Act,1949

21. In BSBDA (Basic Savings Bank Deposit Account) the credits in a financial year does not exceed
rupees:
Ans: Rs. 1 lakh

22. In BSBDA (Basic Savings Bank Deposit Account) the balance at any point of time does not exceed rupees:
Ans: Rs. 50,000

23. In BSBDA (Basic Savings Bank Deposit Account) the withdrawals and transfers in a month does not exceed rupees:
Ans: Rs. 10,000

24. At which rate RBI give loans to commercial banks?
Ans: Repo rate

25. Full form of CASA?
Ans: Current Account Saving Account

26. In what denominations Commercial Paper (CP) can be issued?
Ans: Rs. 5 lakh

27. What is the minimum denomination of Treasury bills to issue in India?
Ans: Rs. 25,000

28. Who cannot issue Certificate of Deposit (CD)?
Ans: Regional Rural Banks (RRBs) and Local Area Banks (LABs)

29. Expand ASBA:
Ans: Application Supported by Blocked Amount

30. Depositor Education and Awareness Fund (DEAF) is maintained with:
Ans: RBI

31. Cash Reserve Ratio (CRR) is the amount of funds that the banks have to keep with:
Ans: Central Bank (RBI)

32. What is the maximum amount per transaction NEFT limit for cash-based remittances to Nepal?
Ans: Rs. 50,000

33. What does CAR stands for?
Ans: Capital Adequacy Ratio

34. IFSC code consists of _____ alpha numeric
code.
Ans: 11 digits
(The IFSC is an 11 digit alpha numeric code, with the first four digits identifying the bank, fifth is
numeric (kept 0) and the last six digits represent the bank branch.)

35. When money is lent or borrowed for one day or on overnight basis it is known as:
Ans: Call Money

36. When money is lent or borrowed for between 2 days and 14 days it is known as:
Ans: Notice money

37. When money is lent or borrowed for a period of more than 14 days, it is known as:
Ans: Term money

38. Treasury Bills and Certificate of Deposit are considered as the ____instruments.
Ans: negotiable money market

39. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a _____.
Ans: Promissory note.

40. What is the upper limit in Public Provident Fund (PPF)?
Ans: Rs. 1.5 lakhs

41. As per RBI guidelines, with effect from April 1, 2012, the validity period of Cheques, Demand
Drafts, Pay Orders and Banker's Cheques is _____.
Ans: 3 months

42. What is the time limit for an asset or loan to be declared as Non-Performing Asset?
Ans: 90 days

43. Deposit Insurance and Credit Guarantee Corporation (DICGC) does not cover:
Ans: Primary co-operative societies

44. RBI measure to liquidate the market?
Ans: Repo rate.

45. Full form of EFT:
Ans: Electronic Fund Transfer

46. Fastest mode of transaction:
Ans: RTGS

47. Alphanumeric code on cheque is known as:
Ans: Indian Financial System Code (IFSC)

48. Bank pays interest on savings account?
Ans: Daily Basis

49. What is the loan limit for education under priority sector for studies abroad?
Ans: Rs. 20 lakh (Loans to individuals for educational purposes including vocational courses upto Rs.10 lakh for studies in India and Rs. 20 lakh for studies abroad are included under priority sector.)

50. RuPay Card is an Indian version of credit/debit card is launched by which organization:
Ans: NPCI (National Payments Corporation of India)

51. Fixed Deposit (FD)Account may be opened for a minimum period of:
Ans: 7 days

52. What is the minimum amount required to open a Fixed Deposit (FD)?
Ans: Rs.1000

53. The Banks has converted all ‘no - frills' accounts’ into:
Ans: Basic Savings Bank Deposit Accounts

54. 'Pradhan Mantri Jan Dhan Yojana' is a Scheme for:
Ans: Financial inclusion

55. How much overdraft facility to be provided in 'Pradhan Mantri Jan Dhan Yojana' scheme?
Ans: Rs. 5,000

56. In CBS, C stands for:
Ans: Core

57. In CRAR, A stands for:
Ans: Assets (Capital to Risk Weighted Assets Ratio)

58. IMPS - Immediate Payment Service is an interbank electronic instant mobile money transfer
service through mobile phones in India, the facility is provided by:
Ans: NPCI (National Payment Corporation of India)

59. The Central Bank of India has adopted new measure of inflation:
Ans: Consumer Price Index (CPI)

60. When a cheque is torn into two or more pieces and presented for payment, such a cheque is
called:
Ans: mutilated cheque

61. How much fee charged to file a complaint under Banking Ombudsman? 

Ans: Banking Ombudsman does not charge any fee

62. Who is the appellate authority in BankingOmbusdsman?
Ans Deputy Governor of RBI 

63. If any customer is not satisfied by the decision of Banking Ombudsman, customer can appeal against the award before the appellate authority within how many days from the date of receipt?
Ans 30 days

64. ATMs or Cash Dispensing machine which are owned and operated by Non-Banking Financial
Companies are called:
Ans: White Label ATMs.

65. RBI gave in-principle for Banking license to:
Ans: IDFC and Bandhan

66. Minimum capital requirement for new banks in private sector is:
Ans: Rs. 500 crore

67. A Non-Banking Financial Company (NBFC) is a company registered under the:
Ans: Companies Act, 1956

68. Minimum capital requirement for Non-Banking Financial Company (NBFC) is:
Ans: Rs. 500 crore

69. The NBFCs are allowed to accept/renew public deposits for a minimum period of:
Ans: 12 months ( and maximum period of 60 months)

70. A NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI? What is
the present ceiling?
Ans: 12.5 per cent per annum

71. Minimum capital requirement for Foreign banks that want to set up operations in India is:
Ans: Rs. 500 crore

72. What is the minimum paid-up capital requirement of both small banks and payments
banks in India?
Ans: Rs. 100 crore

73. RBI extended the timeline for full implementation of Basel III norms till:
Ans: 31 March 2019

74. SLR ((Statutory Liquidity Ratio)is the amount a commercial banks needs to maintain in the form
of _______before providing credit to its customers.
Ans: cash, or gold, or govt. approved securities (Bonds)

75. _______ is the rate at which banks borrow funds overnight from the Reserve Bank of India
(RBI) against approved government securities.
Ans: Marginal Standing Facility (MSF)

76. Who issues Treasury bills (T-bills) in India?
Ans: Government of India

77. Treasury bills are available for a minimum amount of:
Ans: Rs. 25,000

78. Minimum & Maximum Limit of NEFT:
Ans: no limit

79. What is the rate of interest rate on provident fund for the current fiscal?
Ans: 8.75%

80. Govt. to implement GST (Goods & Services Tax) new indirect tax regime from:
Ans: 1st April 2016

81. RBI extends deadline for exchanging pre-2005 currency from June 30, 2015 to
Ans: December 31, 2015

82. How much amount RBI allows in 'Tap and pay' transactions without PIN?
Ans: Rs. 2000

83. RBI lifted a ban on carrying Indian bank notes of Rs 1,000 and Rs. 500 denominations to and
from:
Ans: Nepal and Bhutan

84. C stands for in "KYC":
Ans: Customer

85. Pension scheme for unorganized sector:
Ans: Swavalamban

86. Full form of REIT:
Ans: Real State Investment Trust

87. Forward Market Commission merge with:
Ans: SEBI

88. Purpose of starting Minor account for 10 years children:
Ans: Financial inclusion

89. Full form of CVV:
Ans: Card Verification Value

90. Bank of International Settlement headquarter:
Ans: Switzerland

91. Who appoints Banking Ombudsman officer?
Ans: RBI

92. IFRS full form:
Ans: International Financial Reporting Standards.

93. Corporate Social Responsibility committee headed is by 

Ans: Anil Baijal

94. Which is the Regulatory body for RRBs?
Ans: NABARD

95. RBI policy related to money laundering?
Ans: Know Your Customer

96. Mutual funds regulated by:
Ans: SEBI (Securities and Exchange Board of India)

97. What is the full form of MTSS?
Ans: Money Transfer Service scheme

98. How much amount of money can RBI lend to a bank?
Ans: 2% of NDTL

99. What RBI does to Increase its Monetary Base?
Ans: OMO Open Market Operations
100. Which rate does RBI Reduces to Increase liquidity in market?
Ans: Repo Rate

101. After completion of 15 years, Public Provident Fund (PPF) can be extended up to how many
years?
Ans: 5 years

102. Short term Money lending process is known as:
Ans: Call Money

103. Treasury bill tenure:
Ans: 91 days, 182 days, 364 days

104. Minimum limit for medium scale enterprises is Rs. 5 Cr. what is maximum limit?
Ans: 10 Cr.

105. Prime Lending Rate is replaced by:
Ans: Base rate

106. Banks cannot grant Loan below which rate:
Ans: Base Rate

107. If RBI reduces CRR, what happens:
Ans: Credit Supply increases, loans get cheaper.

108. Name the scheme to include every people under banking system:
Ans: Financial Inclusion

109. Special Drawing Right (SDR) is a monetary unit of:
Ans: IMF

110. Cheque which is not crossed is called:
Ans: Open cheque

111. Teaser rates are related to which type of loans:
Ans: Home loans

112. What is Teaser loan?
Ans: If a bank offers a slightly lower rate in the initial years and higher rate in later years, it is
called a teaser loan.

113. The RBI policy rate which is purely an indicative rate used by RBI to signal long – term
outlook on interest rates is:
Ans: Bank rate

114. The term ‘pre – shipment’ finance relates to:
Ans: export credit

115. A receipt listed in India and traded in rupees declaring ownership of shares of a foreign
company:
Ans: Indian Depository Receipt (IDR)

116. With effect from July 2012, for calculating of lending rates, the RBI has advised banks to switch
over to the:
Ans: Base Rate systems

117. Mobile banking fund transfer limit in a day:
Ans: Rs. 50,000

118. The seed capital of Bhartiya Mahila Bank is:
Ans: Rs.1000 crore

119. “Lender of the Last Resort” by Banks is known as:
Ans: RBI

120. “Fixed deposit” is also referred to as:
Ans: Term Deposit

121. The holidays for the banks are declared as per:
Ans: Negotiable Instruments Act

122. In banking business, when the borrowers avail a term Loan, initially they are given a repayment
holiday and this is referred as:
Ans: Moratorium

123. Regulator of Micro, Small and Medium enterprises in India:
Ans: SIDBI (Small Industries Development Bank of India)

124. A worldwide financial messaging network which exchanges between banks and financial institutions is known as:
Ans: Structured Financial Messaging System (SFMS)

125. The term “Smart Money” refers to:
Ans: Credits Card

126. The maximum deposit amount insured by DICGC?
Ans: Rs. 1 lakh per depositors across all banks

127. With reference to a cheque which is the ‘drawee bank’?
Ans: The bank upon which the cheque is drawn

128. In which of the following fund transfer mechanisms, can funds be moved from one bank to
another and where the transaction is settled  instantly without being bunched with any other
transaction?
Ans: RTGS

129. Bad advances of a Bank are called:
Ans: Non – performing Asset

130. By increasing repo rate, the economy may observe the following effects:
Ans: rate of interest on loans and advances will be costlier

131. Increased interest rates, as is existing in the economy at present will:
Ans: mean higher cost of raw materials

132. The sole authority to issue and manage currency in India:
Ans: RBI

133. In India, one- rupee coins are issued by:
Ans: Govt. of India

134. Fixed deposits and recurring deposits are:
Ans: repayable after an agreed period

135. When a bank returns a cheque unpaid, it is called:
Ans: dishonour of the cheque

136. What is ‘Demat Accounts’?
Ans: Accounts in which shares of various companies are traded in electronic form

137. When the rate of inflation increases:
Ans: purchasing power of money decreases

138. Banks in India are regulated under:
Ans: Banking Regulation Act, 1949

139. Banking sector falls under which of the following sectors?
Ans: Service Sector

140. ASBA scheme is related to the purchase of:
Ans: IPO

141. In a bank, which of the following are the usual types of accounts?
Ans: Current accounts, Savings bank accounts and Term deposit accounts

142. The most powerful tool used by the Reserve Bank of India to control inflation is to:
Ans: raise interest rates

143. NEFT and RTGS in banking terminology speak of:
Ans: electronic fund transfer from bank to bank

144. The ownership of public sector banks rests:
Ans: jointly with the Government of India and the shareholders from the public

145. If a cheque is postdated, the bank on which it is drawn:
Ans: will not honour the cheque before the date of the cheque

146. Regulator of Capital Market in India:
Ans: SEBI

147. First Indian Bank to introduce credit card:
Ans: Central Bank of India

148. RBI nationalized in:
Ans: 1949

149. Loans of very small amounts given to low income groups is called:
Ans: Micro Credit

150. RBI established in:
Ans: 1935.

ANNUAL COMPLIANCE FOR SMALL COMPANIES

‘‘Small Company’’ means a company, other than a public company,(ONLY PVT CO )Paid-Up Share capital of which does not exceed fifty lakh  & Turnover of which as per its last profit and loss account does not exceed two crore rupees  Not applicable on a holding company or a subsidiary company;a company registered under Section 8; or a company or body corporate governed by any special Act
The status of a company as “Small Company” may change from year to year. Thus the benefits which are available during a particular year may stand withdrawn in the next year and become available again in the subsequent year. Capital & Turnover both conditions to be fulfilled.
 
ANNUAL RETURN  E- FORMS FILING REQUIREMENTS-
 
1.   Section 92 -E-form:MGT-7
Annual Return: EverySmall Company will file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31stMarch.
 
2.     Section 137 E-form:AOC-4
 
Financial Statement: Company required filing its Balance Sheet along with statement of profit and Loss account and Director Report in this form.
 
3.     Attachments:Balance Sheet, Statement of Profit & Loss account, Directors’ Report, Auditors’ Report and Notice of AGM.
 
DIRECTORS’ REPORT SECTION 134
 
Directors’ report shall be prepared by mention of all the information required for Small company to be signed by Chairman or two directors.
 
CIRCULATION OF FINANCIAL STATEMENTS SECTION 136
Company will send to the Members of the Company approved financial statement, Directors’ report and auditors’ Report at least 21 clear days before the Annual General Meeting.(Except in case of AGM is called on Shorter Notice)Notice as per section 101 .
 
YEARLY DIRECTORS DISCLOSURE TO COMPANY
Every year director shall disclose his interest  in other entities  & and his non Disqualification as per section 184A, 164(2) & 143 (3) G.

Tribute to Kalam ji

DD Podhigai telecast an interview with Mr P M Nair retired IAS officer who was the secretary to Dr Kalam Sir when he was the President. I summarise the points he spoke in voice choked with emotion. Mr Nair had authored a book titled "Kalam Effect" .

1. Dr Kalam used to receive costly gifts whenever he went as it is customary for many nations to give gifts to the visiting Head of state. Refusing the gift would become an insult to the nation and an embarrassment for India. So, he received them and on his return, Dr Kalam asked the gifts to be photographed and then catalogued and handed over to the archives. Afterwards, he never even looked at them. He did not take even a pencil from the gifts received when he left Rashtrapathi Bhavan.

2.  In 2002, the year Dr Kalam took over, the Ramadan month came in July-August. it was a regular practice for the President to host an iftar party. Dr Kalam asked Mr Nair why he should host a party to people who are already well fed and asked him to find out how much would be the cost. Mr Nair told it costs around Rs. 22 lakhs. Dr Kalam asked him to donate that amount to a few selected orphanages in the form of food, dresses and blankets. The selection of orphanages was left to a team in Rashtrapathi Bhavan and Dr Kalam had no role in it. After the selection was made, Dr Kalam asked Mr Nair to come inside his room and gave him a cheque for Rs 1 lakh. He said that he is giving some amount from his personal savings and this should not be informed to anyone. Mr Nair was so shocked that he said "sir, I will go outside and tell everyone . People should know that here is a man who not only donated what he should have spent but he is giving his own money also". Dr Kalam though he was a devout Muslim did not have Iftar parties in the years in which he was the President. 

3. Dr Kalam did not like "yes sir" type of people. Once when the Chief Justice of India had come and on some point Dr Kalam expressed his view and asked Mr Nair, "Do you agree?"/ Mr Nair said "No sir, i do not agree with you". The Chief Justice was shocked and could not believe his ears. It was impossible for a civil servant to disagree with the president and that too so openly. Mr Nair told him that the President would question him afterwards why he disagreed and if the reason was logical 99% he would change his mind.

4. Dr Kalam invited 50 of his relatives to come to Delhi and they all stayed in Rashtrapathi Bhavan. He organised a bus for them to go around the city which was paid for by him. No official car was used. All their stay and food was calculated as per the instructions of Dr Kalam and the bill came to Rs 2 lakhs which he paid. In the history of this country no one has done it. Now, wait for the climax, Dr Kalam's elder brother stayed with him in his room for the entire one week as Dr Kalam wanted his brother to stay with him. When they left, Dr Kalam wanted to pay rent for that room also. Imagine a President of country paying rent for the room in which he is staying. This was any way not agreed by the staff who thought the honesty was getting too much to handle !!!.

5.  When Kalam sir was to leave Rashtrapathi Bhavan at the end of the tenure, every staff member went and met him and paid their respects. Mr Nair went to him alone as his wife had fractured her leg and was bed ridden. Dr Kalam asked why his wife did not come. He replied that she was in bed due to an accident. next day, Nair saw lot of police men around his house and asked what had happened. They said that the President of India was coming to visit him in his house. He came and met his wife and chatted for some time. Mr Nair says that no president of any country would visit a civil servant's house and that too on such a simple pretext.

I thought I should give the details as many of you may not have seen the telecast and so it may be useful.

Delisting of securities

FAQs released on delisting of securities:-

What is meant by delisting of securities? The term "delisting" of securities means permanent removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange. 2. What is the difference between Voluntary delisting and Compulsory delisting? Compulsory delisting refers to permanent removal of securities of a listed company from a stock exchange as a penalizing measure at the behest of the stock exchange for not making submissions/c  [….] 

Read more at:

http://www.sebi.gov.in/faq/faqdelist.html