May 3, 2023

Section 128 of Companies Act 2013

Companies Act 2013 / /

(1) Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting: Provided that all or any of the books of account aforesaid and other relevant papers may be kept at such other place in India as the Board of Directors may decide and where such a decision is taken, the company shall, within seven days thereof, file with the Registrar a notice in writing giving the full address of that other place: Provided further that the company may keep such books of account or other relevant papers in electronic mode in such manner as may be prescribed. (2) Where a company has a branch office in India or outside India, it shall be deemed to have complied with the provisions of sub-section (1), if proper books of account relating to the transactions effected at the branch office are kept at that office and proper summarized returns periodically are sent by the branch office to the company at its registered office or the other place referred to in sub-section (1). (3) The books of account and other books and papers maintained by the company within India shall be open for inspection at the registered office of the company or at such other place in India by any director during business hours, and in the case of financial information, if any, maintained outside the country, copies of such financial information shall be maintained and produced for inspection by any director subject to such conditions as may be prescribed: Provided that the inspection in respect of any subsidiary of the company shall be done only by the person authorised in this behalf by a resolution of the Board of Directors. (4) Where an inspection is made under sub-section (3), the officers and other employees of the company shall give to the person making such inspection all assistance in connection with the inspection which the company may reasonably be expected to give. (5) The books of account of every company relating to a period of not less than eight financial years immediately preceding a financial year, or where the company had been in existence for a period less than eight years, in respect of all the preceding years together with the vouchers relevant to any entry in such books of account shall be kept in good order: Provided that where an investigation has been ordered in respect of the company under Chapter XIV, the Central Government may direct that the books of account may be kept for such longer period as it may deem fit. (6) If the managing director, the whole-time director in charge of finance, the Chief Financial Officer or any other person of a company charged by the Board with the duty of complying with the provisions of this section, contravenes such provisions, such managing director, whole-time director in charge of finance, Chief Financial officer or such other person of the company shall be punishable 1[with imprisonment for a term which may extend to one year or] with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees 1[or with both]. Amendment 1. Omitted by the Companies (Amendment) Act, 2020. Notification dated 28th September, 2020 Amendment Effective from 21st December 2020

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AHDF KCC Campaign

Economy / /

As part of AazadiKaAmritMahostav, Union Cabinet Minister for Fisheries, Animal husbandry and Dairying, Shri Parshottam Rupala will officially launch the Nationwide AHDF KCC Campaign for 2023-24 through virtual mode on 03rd May 2023 at 9:30 AM and interacted with beneficiaries of AHDF-KCC connected through CSC and State Animal Husbandry Department. This step will further help in extending KCC facility to all small landless farmers engaged in animal husbandry and fisheries activities. In order to expand the benefit of Kisan Credit Card to all eligible animal husbandry, dairy and fishery farmers in the country, Department of Animal Husbandry and Dairying, in association with the Department of Fisheries (DOF) and the Department of Financial Services (DFS), is organizing a “Nationwide AHDF KCC Campaign” from 1st May 2023 to 31st March, 2024. The circular conveying the detailed guidelines for organizing this campaign has been issued to States on 13.03.2023. The necessary instructions to banks as well as State Government have also been issued by D/o Financial Services. Ministry of Fisheries, Animal Husbandry and Dairying in association with Department of Financial Services are organizing various campaign since June 2020 for providing Kisan Credit Card facility to all eligible Animal Husbandry and Fishery Farmers.  As a result, more than 27 lakh fresh KCC were sanction to Animal Husbandry and Fishery Farmers thereby provided organizational credit facility to them to meet their working capital requirement. The last Nation-wide AHDF KCC Campaign has been held during 15.11.2021 to 15.03.2023. During this Campaign, District Level KCC Camps were organized in every week by KCC Coordination Committee coordinated by Lead District Manager (LDM) for on-the-spot scrutiny of applications sourced by the officials of State Animal Husbandry and Fisheries department from the farmers. Around 1 lakh farmers joined the awareness program virtually from Common Service Centers.

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Rail Vikas Nigam Limited (RVNL) granted Navratna Status

Business / /

RVNL was incorporated as PSU on 24th January, 2003, with the twin objectives of implementation of projects relating to creation and augmentation of capacities of rail infrastructure on fast track basis and raising of extra budgetary resources for SPV projects. The company began its operation in 2005 with the appointment of Board of Directors. The company was granted Mini-Ratna status in September 2013. The authorized share capital of the company is Rs. 3000 Crore, with paid up share capital of Rs. 2085 crore. RVNL has been assigned the following functions: Undertaking project development and execution of works covering full project life cycle. Creating Project specific SPVs for individual works, if required. On completion of a Railway project by RVNL, the concerned Zonal Railway will undertake its operation and maintenance. The grant of “Navratna” status to RVNL leads to enhanced delegation of powers, more operational freedom and financial autonomy which will give huge impetus to RVNL’s progress, particularly so, when RVNL is extending its footprints in sectors beyond Railways and even in projects abroad.

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Rent Agreement Format: A Comprehensive Guide to Executing a Rental Agreement

Legal Documents and Agreements / /
rent agreement

Introduction Renting a property is a common practice in today’s world. As a landlord or a tenant, it is essential to have a clear understanding of the terms of the rental agreement. A rental agreement is a legal document that outlines the terms and conditions of the tenancy. It is a contract between the landlord and the tenant, and it is crucial to execute the agreement correctly. Rent Agreement Format A rental agreement is a written contract that establishes the relationship between the landlord and the tenant. The rent agreement format should include the following details: Names and addresses of the landlord and the tenant Property details, including the address and the type of property Rental amount and payment details Security deposit amount and refund policy Maintenance and repair responsibilities Renewal and termination clauses Other terms and conditions, such as subletting, pets, and smoking policy Rent Agreement Online With the advancement of technology, creating a rent agreement online has become more accessible than ever. Online platforms offer templates that can be customized to fit your specific needs. Here are the steps to create a rent agreement online: Find a reliable online platform that offers rent agreement templates. Select a template that suits your requirements. Customize the template with the necessary details, such as names, addresses, and property details. Review the document carefully to ensure all details are correct. Download and print the document. Sign the document in the presence of witnesses. Executing a Rental Agreement Executing a rental agreement involves signing the agreement in the presence of witnesses. Here are the steps to execute a rental agreement: Both the landlord and the tenant should sign the rental agreement in the presence of at least two witnesses. The witnesses should also sign the rental agreement. The landlord should provide a copy of the rental agreement to the tenant, and vice versa. The landlord should keep the original copy of the rental agreement in a safe place. Terms of Rental Agreement The terms of rental agreement include the details of the tenancy and the responsibilities of the landlord and the tenant. Here are some essential terms of a rental agreement: Rent amount and payment details: The rental agreement should state the monthly rent amount and the payment details, such as the due date and the payment method. Security deposit: The rental agreement should include the security deposit amount and the refund policy. Maintenance and repairs: The rental agreement should specify the responsibilities of the landlord and the tenant regarding maintenance and repairs. Renewal and termination: The rental agreement should state the renewal and termination clauses. Subletting: The rental agreement should include a subletting clause if the tenant is allowed to sublet the property. Pets and smoking policy: The rental agreement should specify the policy regarding pets and smoking. Lease Agreement A lease agreement is a type of rental agreement that involves a long-term tenancy. A lease agreement is typically for a year or more, and the rent amount is usually fixed for the entire lease term. A lease agreement also includes the renewal and termination clauses. Rental Agreement or License Agreement A rental agreement is a contract between the landlord and the tenant, whereas a license agreement is a contract between the licensor and the licensee. A license agreement is typically used when the landlord is not leasing out a property, but rather granting the tenant a license to use the property for a specific purpose. A license agreement is commonly used in commercial real estate, such as for office spaces, retail stores, or storage units. FAQs Q: Is a rental agreement the same as a lease agreement? A: No, a rental agreement is a type of lease agreement, but it is typically for a short-term tenancy, whereas a lease agreement is for a long-term tenancy. Q: Can I create a rental agreement without a lawyer? A: Yes, you can create a rental agreement without a lawyer by using online templates or hiring a document preparation service. Q: What should I do if the tenant violates the rental agreement? A: If the tenant violates the rental agreement, the landlord can terminate the tenancy and evict the tenant. However, the landlord must follow the legal eviction process and cannot take any self-help measures, such as changing the locks or shutting off utilities. Supreme Court on Rent Agreement In the case of Lourdes Society Complex Co-operative Housing Society Ltd. v. Dilipkumar Sashikant Thorat, Supreme Court held that the tenant had violated the terms of the rent agreement by using the flat for commercial purposes, and therefore, the appellant was entitled to seek eviction of the tenant. The court observed that a rent agreement is a legal contract between the landlord and the tenant, and both parties are bound by its terms and conditions. The court further stated that a tenant has no right to use the property for any purpose other than that specified in the rent agreement. The court also held that the landlord has the right to seek eviction of the tenant if the tenant violates the terms of the rent agreement. However, the court clarified that the eviction can only be sought through the legal process prescribed under the law and cannot be done through any self-help measures. Conclusion Executing a rental agreement is a crucial step in the renting process. A rental agreement is a legal document that outlines the terms and conditions of the tenancy, and it protects both the landlord and the tenant. The rent agreement format should include the necessary details, such as the names and addresses of the landlord and the tenant, property details, rental amount and payment details, security deposit amount and refund policy, maintenance and repair responsibilities, renewal and termination clauses, and other terms and conditions. Creating a rent agreement online has become more accessible than ever, and it offers a convenient and cost-effective option for landlords and tenants. However, it is crucial to review the document carefully and ensure all details are

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Startup20

Startups / /

Startups have become the engine for innovation-fueled economic recovery, reorientation, and growth for nations around the world. Startup20 is the first of its kind official engagement group initiated under the Indian presidency of the G20 2023. The engagement group would act as the voice of the global startup ecosystem bringing together varied stakeholders on a common platform. Startups need a thriving and favorable environment to scale rapidly; policies, frameworks and regulations at the national and international platforms need to keep pace with innovation. The Startup20 Engagement Group would create a global narrative for supporting startups and enabling synergies between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders. Startup20 is an official engagement group, established under the G20 India Presidency 2023. It acts as a dialogue forum with the global startup ecosystem stakeholders and intends to represent the global startup ecosystem to raise the macroeconomic concerns and challenges faced by entrepreneurs with G20 leaders. This would function as any other G20 engagement group, supported by G20 India Sherpa initially along with the Startup20 secretariat. Startup20 will work towards bringing forward key topics for discussion and formulating recommendations against each priority area. Through a consensus-based approach, we will corroborate the final recommendations to the G20 Presidency for discussion at the G20 Summit. We will seek to advance important subjects for discussion and develop recommendations for each priority area using a consensus-based methodology. This will be followed by confirming the final recommendations before submitting them to the G20 Presidency for discussion at the G20 Summit. Startup20 India Startup20 India will operate through Task Forces which are structured to develop key priorities and bring forward the topics in which recommendations would be formulated to support the startup ecosystems globally. Such recommendations would be conveyed through a communique to the G20 India presidency and taken up during the G20 Summit 2023.

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UPAJ A festival of Innovation in Arts

Business / /

Startup20, Atal Innovation Mission, the Controller General of Patents, Designs, Trade Marks and the Pandit Jasraj Cultural Foundation launched “UPAJ: A festival of Innovation in Arts” On the occasion of World IP Day, Dr. Chintan Vaishnav, Chair Startup20, G20 along with Ms. Durga Jasraj founder of Pandit Jasraj Cultural Foundation launched the “UPAJ: A Festival of Innovations in Arts” on Tuesday, April 26th April 2023 in NITI Aayog, New Delhi. The event was a segment of the larger World IP Day celebration organized by the Office of the Controller General of Patents, Designs, and Trademarks. The inauguration began with the G20 Sherpa, Shri Amitabh Kant addressing the audience via a video message, saying “This work will inculcate the awareness of the importance of the IP and copyrights for India’s rich cultural heritage.” Simultaneously, Atal Innovation Mission, NITI Aayog hosted a panel discussion on the Importance and Challenges of Protecting Innovation in Performance Arts. Various stakeholders working in different areas that relate to this topic participated in the discussion, ranging from artists, innovators, Intellectual Property Rights experts, ecosystem builders, and policymakers. The discussion was moderated by Dr Chintan Vaishnav where the participants were: Ms. Durga Jasraj, Founder, Pandit Jasraj Cultural Foundation; Mr. Neeraj Jaitly, Founder, Pandit Jasraj Cultural Foundation; Maestro Niladri Kumar, Musician, Sitar and Zitar; Dr. Dinesh Patil, Deputy Controller of Patents and Designs and Head of Office (Technical); Dr. Prithpal Kaur Sidhu, Deputy Registrar of Trade Marks and G.I, Head – Copyrights Office, Delhi; Prof. Amogh Dev Rai, Executive Director, Sanrachna Foundation; and advocate Saveena Bedi Sachar, Founder and Managing Partner – Lawhive Associates. Speaking during the event Dr. Chintan said; “When it comes to Art and Culture, India is a powerhouse. The platform we have launched today is born with the intention of celebrating artistic expression and creating an ecosystem to support those who are innovating in the field of art. While introducing the festival he also pointed to the dichotomy where “at one level originality and creativity is existential for arts to exist, but at another level purity and authenticity is what we value of the art forms.” He said, “This field is evolving with time and experimentation, and like with other fields, arts is also transformed by technological evolution. A forum like this hopes to celebrate those people who are advancing the field with their innovations.” Speaking at the panel discussion Ms. Durga Jasraj expressed how “Innovation goes hand in hand with art. It is because of technology that artists across the lengths and breadths of the country are able to find their voice. Further digital forums play the crucial role of taking art to the masses.” Maestro Niladri Kumar, whose imagination gave birth to Zitar, also shared his views, “Intellectual Property Rights not only ensure that the originality of artists’ work is recognized, but also incentivize innovation in the industry by providing a legal framework for us artists to protect & profit from our work” Discussing the Intellectual Property angle, Dr. Dinesh Patil, Deputy Controller of Patents and Designs expressed that “Art is directly connected to copyrights if the artist wants to safeguard the art, and there are laws providing maximum protection”. The UPAJ festival is planned for the first week of July when the G20 Startup20 summit meeting is planned. About Atal Innovation Mission (AIM): AIM is the Government of India’s endeavor to promote a culture of innovation and entrepreneurship. Its objective is to serve as a platform for the promotion of world-class innovation hubs, grand challenges, start-up businesses, and other self-employment activities, particularly in technology-driven areas.

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