Twarit Law Co

09/01/2016

Intellectual Properties

We at TWARIT make you understand in a simplified manner all the legalities and procedures involved in the registration and protection of Trademarks, Patents, Copyrights & Designs that will be beneficial to your overall business.

Trademarks
Patents
Copyrights
Designs
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09/01/2016

The Negotiable Instruments (Amendment) Bill, 2015 Notified

The Negotiable Instruments (Amendment) Bill, 2015 has been notified. It focuses on clarifying the jurisdiction related issues for filing cases for offenses committed under Section 138 of the Negotiable Instruments Act.

The Negotiable Instruments (Amendment) Act, 2015 is focused on clarifying the jurisdiction related issues for filing cases for offenses committed under section 138 of the Negotiable Instruments Act, 1881.

The Negotiable Instruments (Amendment) Act, 2015, facilitates filing of cases only in a court within whose local jurisdiction the bank branch of the payee, where the payee delivers the cheque for payment through his account, is situated, except in case of bearer cheques, which are presented to the branch of the drawee bank and in that case the local court of that branch would get jurisdiction.

The Negotiable Instruments (Amendment) Act, 2015 provides for retrospective validation for the new scheme of determining the jurisdiction of a court to try a case under section 138 of the Negotiable Instruments Act, 1881. The Negotiable Instruments (Amendment) Act, 2015 also mandates centralization of cases against the same drawer.
Earlier, the Hon’ble Supreme Court, in its judgment dated 1st August, 2014, in the case of Dashrath Rupsingh Rathod versus State of Maharashtra and another (Criminal Appeal No. 2287 of 2009) held that the territorial jurisdiction for cases relating to offenses of dishonor of checks is restricted to the court within whose local jurisdiction such offence was committed, which in the present context is where the cheque is dishonoured by the bank on which it is drawn.

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TWARIT is a full service law firm based in Noida, India, offering years of experience and expertise to corporations, individuals and international entities across the globe offering a spectrum of legal services including civil & criminal litigation, intellectual property, company law, consumer law,…

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Patent is a statutory right to the inventor or the applicant by the government for his invention which is either a new process or product. It is for the limited period of time (Twenty Years) and is…

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We at TWARIT make you understand in a simplified manner all the legalities and procedures involved in the registration and protection of Trademarks, Patents, Copyrights & Designs that will be b…

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01/03/2014

Summarised position of various compliances that would be required to be ensured as per the preliminary reading of the provisions of the new Companies Act, 2013:-

• Changes in nomenclature of Committees
Action Point: The nomenclature of Remuneration Committee and Investor Grievance Committee would be changed in order to realign with the requirements of the provisions of the New Act.
• Additional Disclosures to be made in Directors Report and Annual Return
Action Point: The Company would be required to make additional disclosures as required under the Act once the provisions of the act are notified.
• Report on Annual General Meeting
Action Point: The Company would be required to make a report to Registrar of Companies within 30 days from the date of Annual General Meeting on the matters as prescribed under the Act.
• Quorum for General Meeting
Action Point: The Company would need to ensure that requisite quorum of atleast 30 person present in person is there at every General Meeting once the section is notified.
• Report on changes in shareholding of promoters and top ten shareholders
• Action Point: The Company would be required to report such changes to Registrar within 15 days once the relevant provisions of the Act are notified.
• Every company shall get is name, address of its registered office and the Corporate Identity Number alongwith telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, bill heads, letter papers and all its notices and other official publications;
Action Point: It is suggested that all such documents printed in future should contain such information. Necessary instructions for same shall be passed on to admin/commercial department once approved by your good office.
• Secretarial Audit/Application of Secretarial Standards to PI
Action Point: The Company would be required to comply with Secretarial Standards once they are rolled out and notified. As of now the Secretarial Standards have not been rolled out by Ministry. Further Secretarial Audit on annual basis shall be required to be carried out in compliance with the provisions of the New Act.
• Code of Conduct for Independent Directors to be laid
Action Point: Draft code of conduct for Independent Directors has been laid down as provided under Schedule IV and as per Sec 149(8), Company and Independent Directors need to abide by aforesaid schedule.. The section is not yet notified. The Board may take on record and approve the Code of Conduct in its meeting scheduled to be held in February, 2014 since it is expected that all sections would be in force by 31st March, 2014.
• Depreciation method to be changed as per useful life of the asset
Action Point: The Company would be required to change the method of depreciation and the exercise for same has already started and the asset code and depreciation keys are being revisited in order to ensure that company complies with the new depreciation rates when the same is notified.
• Auditor appointment
Action Point: The present auditors M/s S.S. Kothari Mehta & Co, Chartered Accountants have already completed 10 years and as per the Act, the auditors shall not hold office for more than 2 terms of 5 years. However, there is a transition period of 3 years given in the Act to comply with these provisions and accordingly company would be required to look for appointment of new firm. As deliberated by Audit Committee members, the company would look out for new firm of auditors to be appointed as Joint Auditors for next financial year.
• Fixed Deposits
The Company would need to stop accepting fresh deposits and further company needs to look out for credit rating and insurance firms in order to get its rating and deposit insurance done once the provisions of the new Act in respect of deposits are notified.
• Appointment of Chief Financial Officer
• Related parties to be defined for PI
Action Point: A complete list of related party shall be prepared and same shall be updated in SAP with a control check that if any transaction is entered, the same would be required to be referred to Company Secretary and Finance Head to ensure the compliance with the related party provisions. The payments shall be released in SAP (accounts) only once the same is approved by Company Secretary/r Finance Head.
• Articles of Association of the Company to be changed in accordance with new law.
Action Point: The Company would be required to make necessary changes in its existing Articles of Association in order to realign them with the requirement of new provisions of the Act.
• Whistle Blower Policy to be prepared
Action Point: The Board needs to adopt the Whistle blower policy and the same needs to be placed on website of the company.
• Signing of Financial Statements
Action Point: The Company shall ensure that Financial Statements shall now also be signed by CEO and CFO of the Company.