Volume 3 Issue No. 40 / 2011 Lexspeak August, 2011
Thought for the day
It doesn't matter where you go in life, what you do....... it's who you have beside you.

News from the Govt
MCA
CBEC
Court Judgement
Know Thy Laws
           Labour Laws
Name: Factories Act, 1948 read with respective State Rules

Effective Date: 1st April, 1949
Objective: To regulate  labour in    factories   and   to provide protection  to    the    workers  including     improvement     of working   conditions within the factory premises.
Applicability: Whole of India

Registration  of Premises        engaged  in manufacturing activities wherein:
(i) 10 or more workers are employed with use of power

(ii) 20 or more workers are employed without the use of power

(iii) Less than 10 workers, if activity is notified by the State Government. 
Statutory Compliance Chart
August 2011
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30  31      
Reminders
05 Aug - Service Tax     Payment
05 Aug - Excise Duty Payment
07 Aug - TDS/TCS Payment
10 Aug - Excise Returns Monthly
15 Aug - PF Payment
20 Aug - VAT Payment
20 Aug - PT    Payment
21 Aug - E.S.I.C Payment
25 Aug - PF Return
31 Aug - Annual Information Return              to Income Tax department

Any tax is a discouragement and therefore a regulation so far as it goes.
 

Hi All

Lex Valorem was born 1/2 a decade ago. As we complete our 5th year, we recall with pride and humility the significant role several of you have played during these formative years - as clients, as vendors, as business associates, as mentors, as employees and as well wishers. Each one of you has been a partner in progress in our 'valorem' (value) - based journey as we continue our steps of confidence, commitment and responsive communication. Thank you for being beside us, year after year.

Lex Speak was born 40 fortnights ago. As we continue to share news updates, regulatory changes, insightful articles, important dates and demystify certain legal and commercial terms, with this issue we begin to introduce you to the 'Laws of India' - as they say ignoratia legis non excusa (ignorance of law is no excuse).

To read the earlier issues and articles Click Here

Sincerely
Lex Valorem Team


Company Law Settlement Scheme (CLSS), 2011
After the great success of CLSS, 2010, Ministry of Corporate Affairs (MCA) has again introduced Company Law Settlement Scheme, 2011. Under this scheme, companies can regularize their filings by paying only 25% of the Additional Fees for delayed filing. But, unlike CLSS 2010, the current scheme covers only Annual filing documents (i.e. e-form 23AC & ACA, 20B, 21A and 66).

Hurry the scheme is open only from 12th August, 2011 to 31st October, 2011.

............and you thought discounts are only during promotional offers or stock-clearance sales!!
Download Circular >
Prosecution of Directors - Role of ROC
ODI rings a bell in our minds - Overseas Direct Investment if you are a businessmen or professional and One Day International, if you are a cricket buff. Heard of "OID"....Officer in Default?

Well, MCA has issued a Master Circular on director as "Officer in Default" under the Companies Act, 1956. Though this is a detailed checklist of verifications to be made by Registrar of Companies (ROC) while deciding a Director as "Officer in Default", entrepreneurs, professionals and others who flash fancy business cards designated as "Director" would do well to read this thoroughly. The emphasis is on "Board Process" which is unfortunately missing in many corporates leading to mis-governance and scams.
Download Circular >
No entry for Indian rice
You cannot carry rice either as passenger baggage or despatch by courier from India to your loved ones in the US in view of the new phytosanitary regulations of U. S. Department of Agriculture. This is effective from 30th July, 2011.
Download Circular >
Waiver of Bank Guarantee for EOUs - Clarification
Central Board of Excise and Customs (CBEC) has clarified that in simple cases of issue of show cause notices for procedural violation against 100% Export Oriented Units (EOUs), they will not be denied exemption from furnishing bank guarantee at the time of import or for sending goods on job work in Domestic Tariff Area (DTA).
Download Circular >
Right to Answer Sheet
From "Right to Education" to "Right to Answer Sheet", the Supreme Court has the last word.

Until now students knew how many marks they have secured in an examination. Thanks to the Supreme Court of India, they now have access to "how the marks have been awarded". In a far reaching judgment, the apex court has upheld Kolkata High Court decision that students aggrieved by the marks awarded to them in the exams can now make an application under Right to Information Act, 2005 to obtain their evaluated answer sheet.
Read More >
 
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www.lexvalorem.com Phone : +91 80 25534374 , +91 80 25536618 Email: info@lexvalorem.com