PGC NEWSLETTER25th, April 2014 1
25th, April 2014
THOUGHT OF THE DAY
“ The palest ink is better than the best
• Corporate giants American Express, PepsiCo, Microsoft, PwC and the
Tata Group are bringing 31 of their top women leaders under a common
mentoring and training programme.
• India’s food safety regulator is having Starbucks Coffee in a bit of froth.
The Food Safety and Standard Authority of India (FSSAI) has blocked a
consignment of syrups meant for the US-based coffee chain’s local joint
venture, prompting Tata Starbucks to approach the Bombay High Court
for relief as the items rot in a port warehouse in Mumbai.
CORPORATE LAW UPDATES
• A division bench headed by Chief Justice Bhaskar Bhattacharya has
ruled that a 2005 amendment to in the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interests (SARFAESI) Act, 2002 was illegal, unconstitutional and
contrary to the object of the Act.
• The Securities and Exchange Board of India has revised norms
governing the incentives that stock exchanges can provide members for
trading on their platforms. The new norms allow exchanges to provide
incentives for a maximum period of three years.
RBI / TAX LAW UPDATE
• RBI :. RBI/2013-14/571DNBS (PD) CC. No. 38/SCRC/26.03.001/2013-
14 April 23, 2014The Reserve Bank of India (RBI) prescribed uniform
accounting standards for asset reconstruction companies(ARCs) for m
acquiring non-performing loans, recognising revenue and management
fees to ensure common treatment for firms.
• IT: Govt. notifies revised Form 'A' for 8% savings (taxable) bonds,
• IT: CBDT Issues Detailed Guidelines for Laying Down Standard
Operating Procedure for Verification/Correction of Arrear Tax Demand.
MCX CRUDE OIL
Dow Jones Industrial
PGC NEWSLETTER25th, April 2014 2
Every company shall prepare a return (hereinafter referred to as the annual return) in the prescribed form containing
the particulars as they stood on the close of the financial year regarding—
(a) its registered office, principal business activities, particulars of its holding, subsidiary and associate companies;
(b) its shares, debentures and other securities and shareholdings pattern;
(c) its indebtedness;
(d) its members and debenture-holders along with changes therein since the close of the previous financial year;
(e) its promoters, directors, key managerial personnel along with changes therein since the close of the previous
(f) meetings of members or a class thereof, Board and its various committees along with attendance details;
(g) remuneration of directors and key managerial personnel;
(h) penalty or punishment imposed on the company, its directors or officers and details of compounding of offences
and appeals made against such penalty or punishment;
(i) matters relating to certification of compliances, disclosures as may be prescribed;
(j) details, as may be prescribed, in respect of shares held by or on behalf of the Foreign Institutional Investors
indicating their names, addresses, countries of incorporation, registration and percentage of shareholdings held by
(k) such other matters as may be prescribed.
Under present law, this is a notable change that all particulars are to be filed as on closing of the financial year not as
on date of Annual General Meeting.
The Annual Return shall be signed by a director and the company secretary of the company. Annual return may be
signed by any director authorized by the Board not necessarily by managing or whole time director. This is also a fact
that under present act, all companies may not be required to employ a company secretary and where company has no
company secretary of the company then; annual return shall be signed by a company secretary in practice.
Please note, where company is required to have accompany secretary in employment but do not have one, is also an
offence under this Act.
Filing of Annual Return: Every company shall file with the Registrar a copy of the annual return, within sixty days from
the date on which the annual general meeting is held or where no annual general meeting is held in any year within
sixty days from the date on which the annual general meeting should have been held together with the statement
specifying the reasons for not holding the annual general meeting, with such fees or additional fees as may be
prescribed, within the time as specified, under section 403.