Category Archives: Truth of Our Time

Time and Truth are 3- dimensional, we need to see all dimensions. Presenting another dimension with NO disagreement from other.

Spam Fraud (Nigerian Scam)

Posted on June 5, 2013 | Leave a comment

A Corporate Law Consultant or Practicing Company Secretary always subscribe for all kind of news alert and updates from regulatory authorities. Reserve Bank of India is one of the most fatal subscriptions. Oh no! They not send us virus but all fraudsters love to be their look – like.

Even though, I have all regular E – mail ids of Reserve Bank of India in my contact list. Therefore, I am able to delete all suspicious mail looking similar to that of Reserve Bank of India. Last year, I receive a mail form one such mail and opened. This was looking spam as they are asking some details which are not usually asked by authorities through E – mail but through Public Announcement using all media coverage.

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A GROUP WE-CHAT FOR WE-INDIAN

Posted on May 23, 2013 | 2 comments

Whenever I think to meet all person of my choice from human history and present, I always have a very long list on different aspect. Meeting a person may be to learn, to pay respect, to get photo opportunity and so on.  This is a time of technology. This classic question has since been changed after introduction of chatting.

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Drafting of Future Laws

Posted on May 21, 2013 | Leave a comment

By the time this write – up reach to your hand, you may have read Report of Financial Sector Legislative Reform Commission and draft Indian Financial Code. Now, there is a high focus on this proposed law and deliberations are in plenty.

I call your attention to Chapter 2.3 of the report! This is titled “Approach to Drafting” – a very good read for all student of drafting, which we are.

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(UN)HAPPY MAY DAY

Posted on May 1, 2013 | Leave a comment

International Workers Day is just another holiday for socialist and bad memories for capitalists; no care for labours – labour of unorganised sector which constitute majority of Indian Labour.

Unorganised labour and stray dogs are comparable – they should job (bark) when work – pressure come (thief) come and get some stale food thrown to them. They have no owner, brand, organisation, identity, address, region, religion, caste, or life. They are not stakeholders for corporate governance events and not responsibility for responsible business

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Company Secretary and “Microsoft Lync Online”

Posted on April 18, 2013 | 1 comment

I am company secretary by profession and write blogs as a passion. This was my dream profession, when I started my study to be a company secretary and still is. I love to look into not only law of lands affecting my clients but products which can help me professionally.

Recent time, there is a lot of talk about corporate governance and therefore board meeting to be conducted electronically (general meetings as well of course). Section 173 (2) clearly say, “the participation of directors in a meeting of the Board may be either in person or through video conferencing or other audio-visual means, as may be prescribed, which are capable of recording and recognising the participation of the directors and of recording and storing the proceedings of such meetings along with date and time.”

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Rajya Sabha adjourned

Posted on March 30, 2013 | Leave a comment

This is customary that Parliament take a break in budget session. This generates public anger in this time when we have active judiciary and inactive legislature.

On 22nd March 2013, I mailed to a group of company secretaries:

“Rajya Sabha adjourned till 22nd of April 2013. My glass is full of air and bubbles.”

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SOCIAL ACTION WITH SATISFACTION AND ENJOYMENT OF ROLLER COASTER RIDE

Posted on March 24, 2013 | Leave a comment

My early childhood memories start with remembrance of my late grandfather last days. He lived his whole life as widower, father, government executive and devoted religious person. I recall my very few incidents of interactions with him. Once, I gifted my broken toy to one fellow child and my grandfather told me that gift of knowledge and life are a real gift. After few months, on my 5th birthday (as per Vikrimi calendar) he died and I never understood his words, particularly gift of life.

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EMPLOYEES WELFARE IN PROFESSIONAL BODIES

Posted on March 22, 2013 | Leave a comment

Employee’s welfare is also a matter corporate social responsibility for all body corporate. During debate on corporate social responsibilities we heard a lot from all quarters.

Principle 3 of National Voluntary Guideline on Social, Environment, & Economic Responsibilities of Business issued by Ministry of Corporate Affairs say, ”Businesses should promote the well being of all Employees.” On page 17 of this guideline, it is mentioned that “…strongly believe that addressing health issues significantly contributes to the sustainability of their business operations and especially the health and welfare of their employees.” There is separate guideline issued by Government for Central Public sector Enterprises.

As a stakeholder, we have interest in measures taken by professional bodies under Ministry of Corporate Affairs. It is noteworthy to note, these professional bodies are very instrumental to spread awareness about corporate social responsibilities on behalf of government. I filed applications under three professional bodies and asked same questions:

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Posted in Company Secretary, CorpGov, CSR, Governance and Responsibility, Institute of Company Secretaries of India - ICSI, Truth of Our Time

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Ring The Bell – stop violence against women

Posted on March 6, 2013 | 1 comment

“Rape” do not ring a bell in our mind, horrify us, or create disgust in our mind.

In our society, a victim is considered responsible for crime, if it is a woman. Be it eve teasing or rape.

We claim, utmost respect to ladies but only if she is “bhartiya nari” (Indian Lady) of our thinking. Oh! We claim, if she is “sati” (chaste) she could not have been raped. We claim, without her co-operation she could not be raped.

We claim no clap with single hand. But we fail, when single hand slap.

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RAILWAY PENALISE ITS VICTIMS

Posted on February 25, 2013 | 9 comments

Yes. I claim; Indian Railway penalise its victims. This is being done openly in broad day light under nose of our Parliament and active judiciary without anyone, including victims noticing it. I first time in 2008 noticed that innocent Indian are being penalised for a wrongful act primarily by railway.

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AishMGhrana: Annual Report 2012

Posted on December 31, 2012 | Leave a comment

The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.

Here’s an excerpt:

600 people reached the top of Mt. Everest in 2012. This blog got about 2,300 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 4 years to get that many views.

Click here to see the complete report.

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DELHI GANG RAPE: QUESTIONS ON ESTABLISHMENTS

Posted on December 28, 2012 | 2 comments

Huge crowd itself explains public anger in pictures published in Media and telecasts on news channels.  Crowd gathered its own without any invitation or call, demand for justice, law, law and order, public security, security for women. When you read about all these on any international newspaper, language will make you clear, they are talking about an undeveloped third world country. The crowd was without leader but not leaderless; completely disciplined until some political interests infiltrated in.

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Rajiv Gandhi Equity Saving Scheme, 2012

Posted on December 14, 2012 | 5 comments

A new Section 80CCG has been inserted into Indian Income Tax Act by the Finance Act 2012 with effect from 1st day of April 2012. This means this action is applicable for previous year 2012 – 13 and assessment year 2013 – 14.

This Section 80CCG of Indian Income Tax Act, 1961 allow a deduction of fifty percent of amount invested in equity shares up to amount of Rs.  50,000.oo (Rs. Fifty thousand only) in a previous year as par a scheme called Rajiv Gandhi Equity Saving Scheme, 2012. Even though this law and scheme is targeted to attract small investors to capital market, political analyst think timing of this scheme aiming for next general election scheduled to be held in year 2014.

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Name Availability Guideline

Posted on November 23, 2012 | 4 comments

Name Availability Guideline, 2011 issued by the ministry of Corporate Affairs on 8th july 2011 with effect from 24th July 2011 and related Form 1A was also introduced on that date. The Fees for filing this form is Rs. 1000/-.

[UPDATE: Rule 8 of the Companies (Incorporation) Rules, 2014 replaces these guideline with effect from 1st April 2014. Rules 8 Discussed in another post.]

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KEEP CONSCIENCE AWAKEN: BLOW WHISTLE

Posted on October 26, 2012 | 1 comment

Law gives legal status to Company Secretary but not business feasibility for the appointment of a Company Secretary in employment of an organisation. Business feasibility could be measured in term of value addition to the organisation not legal addition to the organisation. The value addition may be in form of increased profitability, wealth creation or confidence building among its stakeholders. These stakeholders measure success not in financial terms but through confidence towards an organisation amongst them.

We have completed many stages; clerk, manager, general manager, decision maker, managerial personal, Key managerial personnel and next step the conscience keeper.  Every height we gain always stands on a solid foundation of a concrete mix customised for individual need. So we need to look into basic foundation of our profession. The litmus test to judge strength of basic foundation of any profession is not its education, crowd of its student, number of its members, this and that legal recognition, written ethical value codes and International codifications but confidence put by its real paymaster, the stakeholders.

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Memories of 40th National Convention of Company Secretaries

Posted on October 12, 2012 | Leave a comment

The Institute of Company Secretaries of India organized its annual ritual called national convention on October 4, 5 & 6, 2012 at Aamby Valley, District Pune, Maharashtra on theme “Vision 2020: Transform, Conform and Perform”.  This was my second national convention. I am very happy to note that my article “Keep Conscience Awaken: Blow Whistle” was published in the souvenir of the convention. My enthusiasm could be reflected from my delegate number 203 out of 1200 registered delegates while I already have more than 40 credit hours of continuing professional education program.

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Experience with electronic governance under MCA21

Posted on September 28, 2012 | 2 comments

E-Governance is application of Information and Communication Technology (ICT) for delivering government services, exchange of information communication transactions, integration various stand-one systems and services between Government-to-Citizens (G2C), Government-to-Business(G2B), Government-to-Government( G2G) as well as back office processes and interactions within the entire government frame-work. [i] E-Governance is beneficial to provide a corruption free administrative service to citizens and other stakeholders. The essence of E-governance is to serve intended person easily and faster. There should be an auto-response system to support the essence of E-governance, whereby the Government realizes the efficacy of its governance. Best form of E-governance cuts down on unwanted interference of too many layers while delivering governmental services.

There are many electronic governance projects run by government of India. The target users of all these projects come from different segment of public and have different education standards. When these e-governance projects target grassroots level, its success depend not only designers and developers of such electronic governance projects but much upon cooperation and understanding of its end users. Such project always faces critical evaluation by its users and scholars.

The Ministry of Corporate Affairs (MCA), Government of India, has initiated the MCA21 project, which enables easy and secure access to MCA services in an assisted manner for corporate entities, professionals, and general public. The MCA21 project is designed to fully automate all processes related to enforcement and compliance of the legal requirements under the Companies Act, 1956 Government within a day’s time.[ii] Majority of stake holders of this project are professionals and business houses.

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CONFLICT OF INTERESTS AMONG STAKEHOLDERS IN 2G ALLOCATIONS

Posted on September 1, 2012 | 1 comment

There is a clear conflict of interest among promoters, shareholders and other stakeholders of company. The conflict of public shareholders and stakeholders put them in very interesting position.

In the recent cases on 2G scam in India, the government often quoted the cost-effective services to end-user of these service and product as one reason of allocation of resources at such cheap prices. Ministers claim that at CAG suggested prices of the spectrum, call rates would be higher than present rates and become unaffordable to most of the users. Sometimes, it is also suggested that present information revolution may not be happened in India if spectrum allocation were happened according to CAG suggestions.

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CSR : Company Secretarial Responsibility

Posted on June 1, 2012 | 2 comments

In one programme on Corporate Social Responsibility organised by some Chamber, one renowned Company Secretary claim that Corporate Social Responsibilities are primary responsibility of a Company Secretary. Within no time, some other members negated this fresh liability with “we have enough” attitude.

The basis definition of CSR says “doing business responsibly”.

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Introducing: AishMGhrana Governance Professional

Posted on May 25, 2012 | Leave a comment

The Institute of Company Secretaries of India has its Continuing willingness to present itself as a world leader as professional body of Corporate Governance professionals. This is a welcome transformation of Company Secretary from a mere clerk to Corporate Governance professional. The ICSI said as a member of CSIA it will ask the World Trade Organization (WTO) to include corporate governance and related areas in its mode of business classification.

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