Sunday, March 31, 2013

SG Audit/Auditors >>

Posted: 30 Mar 2013 11:40 PM PDT
Not resorting to any populist measures, the Government has not touched the direct and indirect tax structures in principle in the Union Budget 2013- 14; neither has it touched the middle class. Some of the experts have felt that they were expecting something more miraculous in the Budget that could...
Posted: 30 Mar 2013 01:29 PM PDT
Auditors List Updated on 30th March 2013 Orders of Hon’ble Commissioner Regarding Empanelment of Auditors Auditor Panel List Amravati Aurangabad Kolhapur Konkan Latur Mumbai Nagpur Nashik Pune

Saturday, March 30, 2013

EPIC card ? EC >>>


Indians vote like cattle and sheep, says Katju
DH File Photo

Press Council of India Chairman Markandey Katju on Saturday sparked off another controversy by saying that ''India is not a full-fledged democracy ...


EPIC just ID card, won’t enable you to vote: EC

...The year-long drive in 2012 to issue electoral photo identity cards (EPICs ) seems to have been a waste. Reason: it's not the Election Commission-issued EPIC but the voter's slip, handed out by the government and election agents, which will enable you to vote....

<> YESSSS; simply RIDICULOUS, why it is NOT?
Making a mockery of, and cutting at the very citizen's fundamental constitutional RIGHT TO VOTE; in turn, at the very concept of 'DEMOCRACY' ?!
EC owes to the PEOPLE of this great country his well-reasoned and commonly acceptable explanations/clarifications , in its complete sense, post-haste,  over this new found theory / revelation of what all that means, -before our country takes any more beating of this obnoxious kind of assault on the Right.
Aside: One may have to sit up and make a serious note of the sane practical advice, but with a different stroke,  from justice Santosh  Hegde (page 6 of today's TOI) ! Also deeply think of the disastrous consequences of deciding either way- sort of , on the 'horns of a dilemma'! - Figuratively,   to serve as the proverbial last most straw on the camel (democracy)'s back, imaginary or otherwise.
In short, one is left to pathetically keep wondering - where the nation is really heading; AND whither 'DEMOCRACY’ ?!

Key Note: On the aspect of wasteful expenditure, of an astoundingly  colossal magnitude any such stance entails, -nothing short of a daring day light robbery of its kind unleashed on the Echequer, -it is for the CAG, as the 'watch dog',  to wake up and take it on with all sincerity and seriousness as expected of him by the nation!

Friday, March 29, 2013

ICL > Is 'SE' the Barometer of...?

<> Yet another CIS scam? Further loss of 100s of crores of rupees by investors?

"Yet another CIS scheme is unearthed, by income-tax authorities who intimates the details to SEBI. SEBI investigates and passes an Order asking the Company to repay investors or face prosecution. ...."


Reflecting for a while (with borrowed thoughts)>
"Our values to day are drastically eroded, because too many men- with no more moral backbone than a chacolate e'clair-claim the freedom of... and action which results inevitably in increasing the numbers of violent criminals" -
in every field of activity ; more strikingly in that of economy.
For a bird's eyeview of the actual fact pervading life one may read-

Particularly, the answer to the intriguing question, -

"Is The Stock Market A Barometer Of The Nation's Economic Health"
"All I can say is I am happy I am not heavily invested. This way I can go broke slowly. This economy sucks."

Saturday, March 23, 2013

Zenith Case ; Super Regulatory Authority ON THE ANVIL !

One super regulator proposed; RBI to remain monetary authority

The Financial Sector Legislative Reforms Commission (FSLRC) headed by Justice (retd) B.N.Srikrishna handed over its final report* to Finance Minister P. Chidambaram at North Block today. ... »

*FSLRC Report
Posted: 28 Mar 2013 07:19 AM PDT

The report of the Financial Sector Legislative Reforms Commission, which has recommended elaborate reforms in the financial sector, is now available.

Volume 1 contains the findings and recommendations of the Commission, while Volume 2 contains a draft of the proposed Indian Financial Code, 2013.

Zenith Case>

Zenith SEBI Order - disturbing findings and curious SEBI Order

Requires to be intensively studied- in the context of the new corporate law and super regulatory authority ?!

Historically speaking,not refraining from looking back, it is absurd or perverse to even suggest, unwittingly or otherwise, that this is the first instance of its kind that the SEBI's findings could be faulted to be 'disturbing' or its resulting order be dubbed 'curious'.

The zenith's episode, as one can well imagine, may prove a specimen for a purposeful 'case study'; more so, for the experts' purpose of analyzing and examining in-depth whether the lately brought in new corporate law is, or how far it is going to prove, foolproof enough so as to effectively plugging in the deficiencies in or improving upon the replaced law, as widely acclaimed, all in the name of protecting and preserving the rights and interests of the 'stake holders'. Do so, having in the backdrop the recently rebooted idea of a 'super regulatory authority'.

Cross refer:
Editorial pg. 10>

Simplify The Rules

Push reforms by reducing the number of regulators in the financial sector (The recommendatin of the Financial Sector Legislative Reform Committee - FSLRC) to prune the number.... 
Not a single day passes without an anouncement proposed announcement of this type; hardly any mind or time left to make a conscious note of its purport or effect ...

Friday, March 22, 2013

TOI portal Magic Bricks/ open house, et al


Expert Answer

As per the government’s recent notification, a builder is supposed to charge solely on the carpet area. However, this notification has not been effected as yet, and the current prevailing practice is still to charge on the super built-up or sellable area.
Going by the nature given faculty of common sense, rather not being prepared to stoop down to the level of stupidly offending one's own common sense or basic intellect, one would have thought that, in real life situation, to believe that the promoter/seller would ever pass on and in turn buyer would ever get the corresponding benefit of the referred govt.'s move is nothing but self-deception / a mirage.
Think for a while of what invariably happens what a trader or manufacturer does, soon after the govt. announces in its budget (or otherwise) any reduction in rate of a levy such as sales tax, service tax, excise duty, so on - is the benefit ever passed on to the consumer, that too fully?
In the recent past , what happened when the govt. freshly imposed a 15% levy of service tax on so called 'deemed service' ?  That came to be regarded, though wrongly, as embedded even in a pure and simple ‘sale’ of property e.g. flat or apartment ! Is not the levy actually passed on / sought to be eventually passed on to only buyers?

In the ultimate analysis, does not every one of these instances make for simply a 'ploy'- an eye wash or a brain wash, to which the gullible  buyer/consumer , being ignorance personified, becomes a helplessly willing victim?

To understand in proper light, what happens when any 'clearance sale' is announced ! Common man being enticed or blithely misguided is tempted to fall a prey, rushes to catch or tongue the bait - not knowing or realizing more often than not that  reduced price is one that has already been wriggled by the gimmick of  'mark-up'!!
(left unedited)    

All Imp. INFO.

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Thursday, March 21, 2013

ICL - A Novel Concept of 'NAL' - Creation tailored for SEBI ?

Acquisitions Beyond 75% Shares in a Company: SEBI’s No-Action Letter

"N-AL' -  Guideline leaving open a 'discretion' to the SEBI Dept. Recommend Action OR No Action !
What then is the purpose or objective of it ?



Broadly speaking, the impression gathered is that ‘no action letter’ (NAL) is not conclusive by itself; for, it is left to the ‘discretion’ of the Departmental authority to decide whether or not to recommend any action in accordance with the guidelines contained therein.  
On that premise, anyone having a concern even remotely, is most likely to be left bewildered,-
as to what really is the concept of ‘ no action letter’ or its intended useful purpose?; and

in any view,  why it is supportable on moral or ethical grounds ?

On a quick reaction, one is driven to believe that this is one of those bizarre instances, commonly come-across in other regimes e.g. the law on income-tax, where the deciding authority is vested with the so-called ‘discretionary power’; creating a sort of ‘cat-on-the wall’ situation. Going by one’s experience, instances have not been wanting in which any such discretion, if not ‘justly’ exercised, have led to socially unpalatable consequences- (intend to add on).

Hopefully, the learned author of the write-up, knowledgeable in such SEBI related matters, should be able to throw more light / air his views, on following:
 Desirability or acceptability of the concept of ‘NAL’ itself; and
in any event, will not, depending on the final decision taken, that be appealable to the Board or the tribunal?

Open to be corrected, in case the implications of the concept of NAL and/or its ramifications have to be understood from a different perspective!


It is high time that the ongoing practice, for long, of vesting an authority with discretionary powers, is thoroughly reviewed; and, to the extent feasible, needs to be eschewed.  

Why so ? Ref.>