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Old standards, new amendments to secretarial standard - SS-1 & SS-2

After due deliberations, the Institute of Company Secretaries of India (ICSI) has amended Secretarial Standard (SS-1) & Secretarial Standard 2 (SS-2), and they are to come into effect from 1st October 2017. This got necessitated because of a slew of amendments and clarifications which further prompted a need to bring the standards in alignment with provisions of the Act and the recent changes thereon. Here’s a look at some of the changes brought in SS1 & SS2 SS-1 Section 8 companies and OPC have been exempt from the applicability of the Standards Only the committee of the board constituted by the Act is considered as committee for SS As per revised SS-1, an adjourned Board meeting as well as adjourned Board meeting can be held on a National Holi...

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Consultants to Business

Owning a business and monitoring its function is a difficult task. Business has to be regulated frequently, updating it by the market terms and status. One simply doesn’t become a successful business magnate, until and unless he is fully equipped with the study of the business statistics and its competitors. With the increasing competition, it becomes hardly possible for business monitors to keep a watch on each and every aspect of the competitors’ business. In order to make this task possible for the businesses, business consultants come into picture, where they study the market for the business and give out a valuable solution, helping the business to gain roots. Consultants are the one who have expert knowledge in the field and who analyse and predict the future of the company in...

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Conversion of traditional firms to Company-LLP – A Strategic tool for growth

In today’s scenario, there are many who derive business opportunities not only through e-platforms or mobile applications, but also through the conversion of traditional forms of businesses through partnership/sole proprietary firm into more organized forms like the Company/LLP. This Conversion not only helps in having better branding, goodwill of the company; but also helps the liquidity of funds as well as working capital requirement; as Banks/ Financial Institution give more margin money and CC limit to the corporate as compared to firms and the company can have raised money through Venture Capital/Seed funding. Such conversions are a part of business strategy and used to further the objectives of business. Before planning to convert the company into a LLP, it is necessary tha...

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Advice for SMEs and MSMEs

How often have we heard of a Start up or SME with a very promising business model and a great start to their business, but only to find them in a huge debt trap few years down the line? Promoters end up staring at a business deadlock and face the prospect of poor ratings/scores due to impending NPAs. Many SME/ MSMEs go through phases where they are not able to service their loans and that loan becomes NPA to the bank. Our experience and analyses of various SMEs has revealed that SMEs/MSMEs take term loan for a specific purpose, which may generate enough profit to service the interest of loan - however they fail to generate adequate returns to pay off the principal amount and eventually they go for further borrowings and end up getting into the debt trap. This can be furth...

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India’s Fight against Black Money goes International

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Recently India & Singapore have amended a decade old double tax avoidance agreement (DTAA) to allow the income tax department to impose tax on capital gains (tax) on investments routed through island nation & avert misuse of benefits. Earlier, Government of India managed to get Mauritius and Cyprus to amend tax treaties to impose capital gain tax & avoid round-tripping of funds into the country some of which was said to be black money. The above measures aim to reduce revenue loss, prohibit double non-taxation, consolidate the flow of investment and also trigger the interchange of knowledge between the two countries. It is also anticipated to reduce unpredictability in the market, by possibly intimidating non serious investors. Such amendment shall tackle the long ...

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