Jaycee Herald 2016 Edition 01
Index
Editorial President’s Report for the month Company Secretary’s Corner
Jc Manoj KV JCI Senator Ranjith Kollannur Jc CS Ramachandran TM
Editorial
It is a new year and a new beginning. Jc Ajaykumar KA and team have done an excellent job the past year re-launching the LOM Bulletin and attracting viewership. When it was initially re-launched the Bulletin had two objectives – 1) To increase the awareness and involvement of our members with our activities. 2) To be the best Bulletin in the Zone. We have been successful in our first objective. We have fifty one very active citizens in our LOM and we can be confident JCI Trichur has been able to create a positive impact in some form or the other in our daily life. We also has started the use of Whatsapp for more prolific discussions making way for continuous involvement of our members in our activities. Moving forward, we plan to bring the LOM Bulletin as a means to showcase our talent. It needs to go beyond being a late message board for our activities. The best way to become a better Jaycee is to participate in our activities and Jaycee Herald will run from now on fully on the participation of its members. So, if you want anything to be showcased, write into jayceeherald.tcr@gmail.com
President’s Report for January January is a slow month for JCI Trichur. But, it is a time for festivals and celebrations. We have had an excellent past two year in JCI winning the Outstanding LOM of Zone XX consecutive times. It will be a difficult task surpassing my predecessors, but with your support I am sure we can become the Outstanding LOM of JCI India. We had limited programmes for January. Your CGB met on 6th January 2016 at Hotel Palace Tower to discuss various things ranging from hosting of JJ / Jayceerette Conference and Annual Programme Planner (APP). Jc Sharmila Sanoj and team have been doing an excellent job in searching venues. However, we have so far been unable to select a venue that comes within our budget and meet the standard expect from JCI Trichur. The team has so far visited: 1) Vimala College – Request accepted, but rate beyond our budget. 2) Don Bosco – Status pending, but it will be difficult given the entire school has smart classrooms. 3) Chaldean HSS – Rejected due to lack of sufficient stage capacity. 4) St Pauls, Kuriachira –Request rejected. 5) St Aloyisus, Elthuruth – Request accepted but only stage will be provided. No facility for green rooms. Rate beyond our budget as well. 6) Paramekkavu Vidya Mandir – No positive response yet, though it has been over two weeks. 7) Deva Matha – Status awaited 8) Govt Law College – Request rejected due to construction that may hinder the programme. I commend the excellent work Jc Sharmila, Jc Ajay, Jc Vinitha, Jc Sajith, Jc Tony, Jc Sanoj Alappat and Jcrt Jain have put it the past month to coordinate the search. I would like to thanks Jc John Paul also for the guidance given. APP and Budget will come for approval in the next General Body and from there on I expect everyone to have a very active Jaycee year. In the meantime, the Jayceerette Wing has continued outperforming the Jaycees with another programme at Pope Paul Mercy Home. I commend Jc Betty Thomas, Jc Lakshmi Ajaykumar and the entire Jayceerette team for their performance. We also had an excellent LOM Officer’s Training Seminar at Royal Residency, Kakkanad with twelve participants and ignited our activities for 2016 with Prathibha Puraskar at JPE Higher Secondary School, Koorkanchery. I thank Jc Sanoj Alappat for coordinating participation at LOTS and Jc Benjamin Franklin for conducting the Prathibha Puraskar successfully.
RBI proposes changes in time frame for share issuance on receipt of Foreign Direct Investment (FDI) T.M. Ramachandran. BBS, LLB, MBA, FCS Company Secretary in Practice
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The Reserve Bank recently came up with draft norms on timelines for issuance of shares on receipt of FDI and reporting the same to the central bank in an attempt to align provisions of the Foreign Exchange Management Act with the Companies Act, 2013. As per draft norms, an investee company receiving FDI should issue shares within 60 days of receipt of foreign investment and file the report with the Reserve Bank. Timeline under FEMA is 180 days of the receipt of FDI. The report needs to be filed with the Reserve Bank within 30 days of the receipt of the FDI and within 30 days of the issuance of shares. Under the proposed regulations, an investee company will be required to submit a certificate from a company secretary or chartered accountant to the effect that provisions of the Section 42 of the Companies Act, 2013, have been complied with. As per the Section 42, an Indian company is required to issue shares within 60 days from the date of receipt of share application money, RBI said, adding that this provision is applicable to a company receiving share application money from foreign investors as well. "In view of the specific and express provisions under the Companies Act, 2013, it was felt that there is no need to have a separate and different timeframe for these purposes in FEMA provisions," the central bank said and has sought public comments by February 22 on the draft. The draft also stipulates that delay in filing of report with RBI should attract a minimum penalty of Rs 5,000 and maximum Rs 5 lakh per month or part thereof for the first six months of delay and twice that rate thereafter. The RBI is also proposing to introduce similar penalty structure for other mandatory reporting requirements under FEMA.
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