Company Law has a long history. Company like institutions in India, date back roughly to 800 BCE but certainly during Mouryan Empire (322 BCE to 185 BCE). Of course the corporations were also in existence during Roman times. The company law under British Rule evolved with company law in rest of the common wealth countries.
The book on Company Law:
Corporate law in India is no less complex than any other country governed by Anglo Saxon laws. Parliament of India has enacted a new law called Companies Act, 2013 which has consolidated many previous laws into one code. It also recognizes many institutions which were in existence but were not recognized by previous law of 1956.
Companies Act, 2013 had received the assent of the President of India and is technically on the statute book for two years. Technically because all provisions had not been enforced. Now most of the Act is in force. After the Amendment Act of 2015 and numerous (15) clarificatory amendments Companies Act is on the roll. A fully amended kindle ebook of Bare Act is here for sale on Amazon.
Short Review of companies Act.
This is a bird-eye view type of review and not a hair splitting exercise. Not now. If the corporate lawyers in Delaware were having any sleepless night, they be rest assured that this Act is as nocturnal (or moonshine if you prefer that) as its predecessor and is merely an exercise to legalise the actions already underway by way of executive and regulatory acts.
One person company.
Better and better, bat together.
Match fixing, Betting and Cricket are now bedfellows. Except Cricket Board and Government of India, every person knows where to bet and how to set (fix). Fall out is simple: do not watch crucial matches. In long term, only solution to prevent the match fixing is to legalise betting. Transparent revelation of betting statistics would wipe out fixing and would also generate revenue. It will also add to GDP by billions. Guestimates are that it is to the tune of 400 billion per annum.
What acquittal means:
Acquittal of cricketers seems to have brought Diwali like celebrations on high hopes. First of all fraud in cricket match by under performance is inherently difficult to prove. There is no direct law covering match fixing. Secondly standard proof in criminal case is required to be ‘proof without reasonable doubt.’ It is a high standard.
Therefore for standard of proof required for civil right i.e. right to play is even less. It has to be shown on the pedestal of probability that playing by Sreesanth and other crickets is not in public interest and they should not play.
Four months ago I had written this article and saved it. Since then, as expected nothing has happened. Neither Sreesanth no any other cricketer made any representation to Cricket Control Board to lift the ban nor they made any public statement in this regard.
Everything is water under the bridge. Or may be they were waiting for new management ic CCB toi take over after the death of Dalmia. Who knows?
Unauthorised debit by Axis Bank and refusal to reply!
Axis Bank is a direct subsidiary of Reserve Bank and first private Bank in public sector. Well that is the dichotomy. It is therefore supposed to be fairer than private players but it appears, it is not.
A Bank account is like trust account. Banker is the trustee of customer’s money in the account. Axis Bank has been my Bank of choice for past decade. Recent tryst with Kotak Bank reaffirmed that choice. However of late Axis Bank is becoming the corporate monster that are many busy in stealing small funds from millions thereby making millions.
Charging for NEFT transaction:
NEFT is an acronym for National Electronic Funds Transfer (NEFT) which is an Indian system of electronic transfer of money from one bank or bank branch to another. As per my knowledge transfer of 2 lacs or two hundred thousand is made without any charges. However my account was debited with a miniscule amount towards NEFT charges, recently which surprised me. Hence I tweeted about it and as advised by Axis Bank’s twitter handler, I sent an email to Axis Bank.
My email to Axis Bank:
I have two issues:
1. The NEFT transactions are being delayed too much. I transferred Rs.899/- *** on xx Oct. 2015 but it has not been credited in beneficiary account till date. The beneficiary is my credit card account with *** Bank.
2. Neft has no fee. Some times in the past I have found small amounts of Rupee or two and odd being debited in my account as NEFT charges. Why?
Kindly revert ASAP.