From Intern To Employee

PLEASE CLICK ON THE LINK -

http://www.forbes.com/2009/04/27/intern-hiring-employee-leadership-careers-job.html

BSNL to Shut Down Telegram Service from July 15

One of the last remaining bastions of thetelegram, India, has announced it is ceasing telegram services on July 15, inthe wake of the rising popularity of smartphones, texting and email.

Telegrams – called “taar” in India —  began circulating in the 1850s. Thesigns of the taar’s demise were already clear; the system was privatized when Indian telecommunications company Bharat Sanchar Nigam Ltd. took over from the postal system in the 1990s, and two years ago raised the price from three or four rupees for 50 words) to 27 rupees for 50 words. In March 2013, BSNL announced the cessation of all international telegrams.

BSNL said it decided to cease telegram services after asking the Department of Posts to take thefailing service back.

Source : http://taxguru.in/finance/bsnl-shut-telegram-service-july-15.html

SEBI – Enhancement in Foreign Investment limits in Government debt

 

CIR/IMD/FIIC/8/2013    CIRCULAR        June 12, 2013

To

All Foreign Institutional Investors

through their designated Custodians of Securities

The Depositories (NSDL and CDSL)

Sir / Madam,

Sub: Enhancement in ForeignInvestment limits in Government debt

1. The Government of India has enhanced the Government Debt Limits by USD 5 billion (equivalent to approximately INR 29,137 cr converted at the RBI reference rate of 1 USD = INR 58.274 as on June 12, 2013).

2. It has been decided that the aforesaid enhanced limit of USD 5 billion shall be available forinvestments only to those FIIs which are registered with SEBI under the categories of Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks.

3. To begin with, the amount of USD 5 billion together with the unutilized limit of INR 29,812 cr (equivalent to approximately USD 6.2 billion) as on May 31, 2013 (due for auction on June 20, 2013) will be made immediately available for investment on tap by these investors mentioned in Para 2 above.

4. The amount not utilized as on June 18, 2013 (out of the presently unutilized limit of INR 29,812 cr) will be put on auction on June 20, 2013. Similar exercise shall continue every month.5. With regard to those FIIs which have exhausted their reinvestment limits, as a one time measure, a special window of upto USD 250 million per FII shall be available till the date of the next auction i.e. June 20, 2013 subject to the aggregate investments in Government debt by all FIIs/QFIs being limited to USD 25 Billion (i.e. the limit other than the limit of USD 5 billion earmarked for investors mentioned in Para 2 above).

Such investments made by FIIs using the special window shall be subject to a lock-in of 90 days. Moreover, these investments will not be eligible for re-investment facility.

This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities

and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Yours faithfully,

S MADHUSUDHANAN
Deputy General Manager
Tel No.: 022-26449614
Email: smadhu@sebi.gov.in

Conversion of a firm into a Limited Liability Partnership – Clarification

General Circular No 09/2013 – Dated 30.4.2013

Subject: Conversion of a firm into a Limited Liability Partnership –Clarification.

The Ministry has been examining some of the issues raised by stakeholders with regard to clarifications on theprovisions of the Limited LiabilityPartnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP. The issues relate to clarification with regard to (i) conversion of multiplepartnership firms (including audit firms) into a single LLP and (ii) manner in which appointee company shall take note of the change in thestatus of auditor once the relevant CA audit has got itself converted into a CA audit LLP as per therelevant provisions of the LLP Act, 2008.

(2) The relevant issues have been examined in the Ministry in consultation with the ‘Expert committee on LLP Issues’ set up in the Ministry and following clarifications are conveyed for theguidance of concerned stakeholders:-

(i)  The provisions of sections 55 and 58 of the LLP Act, 2008 read with Second Schedulethereto, inter-alia, provide for requirements in respect of conversion of a single partnership firm into a single LLP. The LLP Act, 2008 does not provide for conversion of two or more firms into a single LLP.

(ii) The provisions of section 58(4) (b) of the LLP Act, 2008 provide that on conversion of a firm into an LLP, as per the provisions of the said Act all property, assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of thefirm shall be transferred to and shall vest in the LLP without further assurance, act or deed. Accordingly, if a CA audit firm, being an auditor in a company under the Companies Act, 1956,gets converted into an LLP after complying with the relevant provisions of the LLP Act, 2008, then, such an LLP, in accordance with the provisions of section 58(4) (b) of the LLP Act, 2008 would be deemed to be the auditor of the said company. Reference is also drawn to thenotification number SO 1152(E) dated 23^rd May, 2011 and General Circular 30A dated 26^thMay, 2011 of the Ministry in this regard. The relevant appointee company may take note of such change in status of the auditor through a resolution of the Board.

3. The concerned stakeholders, Registrar of Companies, appointee companies should take note ofthe above clarifications and comply accordingly.

 Yours Faithfully,

( J N Tikku)
Joint Director

On Conversion of Company into LLP, Auditor of the company deemed to be auditor of LLP

Ministry of Corporate Affairs’ latestCircular which provides important clarifications on the provisions of theLimited Liability Partnership (LLP) Act, 2008 with regard to conversion of apartnership firm into LLP.

It has been clarified that the LLP Act, 2008 does not provide for conversion of two or more firms into a single LLP.

Clarifying further, the MCA has said thatthe provisions of section 58(4) (b) of theLLP Act, 2008 provide that on conversion of a firm into an LLP, as perthe provisions of the said Act, all property, assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed. Accordingly, if a CA audit firm, being an auditor in a company under theCompanies Act, 1956, gets converted into an LLP after complying with the relevant provisions of theLLP Act, 2008, then, such an LLP, in accordance with the provisions of section 58(4) (b) of the LLP Act, 2008 would be deemed to be the auditor of the said company. The relevant appointee company may take note of such change in status of the auditor through a resolution of the Board. I call uponthe CA firms and members concerned to take note of the above clarifications and comply accordingly.

Source-

 ICAI President’s Message – June 2013