Accountancy
Needless ritual?
ARE the annual accounts of a company, required to be placed before the annual general meeting (AGM) of a company in terms of Section 210 of the Companies Act, 1956, further required to be passed by the shareholders thereat? It may be noted that all that
Section 210 asks of the board of directors is to lay before the company a balance-sheet as at the end of the financial year as well as the profit and loss account for the financial year. Of course, the shareholders would have had access to annual account
s as well as to the auditor's report thereon at least 21 days prior to the date of the AGM.
T Rex
THE ancient profession of accounting has at last turned its attention to an ancient occupation -- agriculture. The International Accounting Standards Committee (IASC) decided about six months back to finalise its standard, IAS 41, on `agriculture', to de
al with the accounting for agriculture produce and the biological assets. Helpfully, the ICAI has carried in its latest issue a write up on IAS 41. Soon, the Indian Institute too would be issuing its own standard, to keep up with the Joneses, altering co
mmas and full stops, to give it the local touch.
Corporate
Debenture-holders in the dock
THE Companies Amendment Act, 2000 has, in addition to the existing Section 117 on debentures, added three more Sections -- 117A, 117B and 117C. This amendment came into force with effect from December 13, 2000. Before the amendment, listed companies had
to follow only the SEBI (Disclosure and Investor Protection) Guidelines, 2000, which deal with appointment of debenture-trustee, trustee's duties and powers, creation of security and debenture redemption reserve, and the SEBI (Debenture Trustees) Rules a
nd Regulations, 1993, which outline the various functions of a debenture-trustee. The new amendments are applicable to both listed and non-listed companies.
Economy
Rural incomes vs industry demand -- The blurry beanstalk
AS FAR as Budget 2001 goes, the Finance Minister, Mr Yashwant Sinha, has, given the constraints, done what best he could -- granting additional reliefs worth Rs 1,000 crore and making minor modifications to the Finance Bill.
Editorial
VAT countdown
A THREE-WEEK DEADLINE is ticking for States and Union Territories which have been delaying two things: The implementation of uniform floor rates of sales tax, and the withdrawal of sales tax incentives for industrial investment.
Management
Extending the learning curve -- How B-schools benefit by sharing knowledge on the Web
DEVELOPMENT and sharing of knowledge have been a continuous process ever since man learnt to speak and write. Indeed, the first turning point in knowledge sharing came when man learnt to write, enabling future generations to access the knowledge of earli
er generations.
Miscellaneous
Policeman's lot
THAT the arrest of the former Tamil Nadu Chief Minister, Mr M. Karunanidhi, and two Union Ministers, Mr Murasoli Maran and Mr T. R. Baalu has shown the Tamil Nadu Police in a bad light is putting it mildly. Viewing the video footage, the public felt disg
ust at their brutal treatment of an elderly, ailing person. These images have been etched so vividly in the viewers' minds that it will be difficult to forget them for a long time.
Vajpayee-Musharraf meet -- Media in overdrive
THE Vajpayee-Musharraf summit is on everybody's lips and it has not even begun. Ms Zain Verjee, CNN's new Q&A presenter, is in India for the big event, so Ms Tumi Makgabo is filling in for her and mercifully talking about something else -- sex. Mr Rajdee
p Sardesai is on STAR News talking about the ``storm in the tea cup'' over the invitation that was sent out to Hurriyat representatives. Someone at BBC World, Delhi, tells me that there is only one thing the television industry is talking about right now
-- how to get the best footage of the meeting.
Politics
Kashmir: To the summit without sherpas
PROACTIVE on Jammu & Kashmir (J&K), reactive on other issues.
