Author: Business So Simple

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PUNE ROC Penalty order for violation of Section 177 (Audit Committee) of the Act in the matter of Precision Automation and Robotics India Private Limited

Posted on by Business So Simple in Company Law

Company Law Adjudication & Appeal

PUNE ROC Penalty order for violation of Section 177 (Audit Committee) of the Act in the matter of Precision Automation and Robotics India Private Limited

The applicant company and its officers, who have defaulted the provisions of section 177 of the Act as the company has defaulted in appointment of Independent Directors on the board and has failed to constitute proper balance of Executive and Non-Executive Directors on Board of the Company which resulted in default in constituting Audit Committee as per Section 177 of the Companies Act, 2013 r/w rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and are liable for penalties under section 178(8) of the Act w.e.f. 01st April, 2015 to till date.

Enhanced GST Registration Application user interface (UI) II GST updates 10th March 2022

Posted on by Business So Simple in GST

Enhanced GST Registration Application user interface (UI) II GST updates 10th March 2022

 User Interface (UI) with respect to the address fields in the Registration Application GST REG-01 has been enhanced as follows:-

  • Incorporation of a map tile along with a drag and drop facility of address pinhead on to the exact location of the applicant’s address.
  • Once selected, the details will automatically fill in the various address input fields given in the application.
  • Address fields have been linked so as to auto- fill other macro level address entry fields based on the entry in one of such fields particularly PIN Codes. For example; on entering the PIN code, the corresponding State and Districts will get auto- filled.
  • The user can also directly fill-up the address input fields which are now aided with suggestive address input dropdowns from which the user can select the appropriate/relevant address field(s). This action will reduce errors in the address texts and will also ease the filling up of the appropriate address input fields by the user.
  • The address fields have been segregated appropriately to reduce confusions while entering the relevant inputs under various address heads.
  • Based on the address entries given by the user, the Latitude/ Longitude of the address will get auto populated which is non-editable.

Venture capitalists play a pivotal role in the Startup ecosystem and in economic growth of the country

Posted on by Business So Simple in Business Consultancy, Entrepreneurship, Startups

Venture capitalists play a pivotal role in the Startup ecosystem and in economic growth of the country, says Shri Piyush Goyal


IVCA can act as a Golden bridge between the Government, Startups, market and consumers – Shri Piyush Goyal

“Venture capitalists can play a role in fast tracking self-reliance, creating an AatmaNirbhar Bharat”: Shri Goyal

Shri Goyal urges venture capitalists to focus on Tier 2, Tier 3 & Tier 4 cities and towns

Press Release posted Date:- Mar 09, 2022

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal today said the Venture capitalists have played a pivotal role in India’s Startup story and in economic growth of the country. Addressing the Indian Venture and Alternate Capital Association’s (IVCA) Conclave, he said they have been driving innovation and bringing new ideas to the fore that is legendary.

“Venture capitalists and Angel investors have a very important role to play in the Startup ecosystem. I remember the Prime Minister had once said that the current decade is going to be the ‘Tech-ade’ of India. And this will be a decade where technology & innovation will drive the future of Indian economy, whether it is UPI or Covin. Today we are showing to the whole world what Indian capabilities are and how we can leverage digital platforms from mass transformation of the lives of a billion plus people,” said Shri Goyal, in his Keynote Address delivered through video conference.

Shri Goyal said the IVCA can act as a Golden bridge between the Government, Startups, market and consumers and promote innovation.

“India has carved a distinct niche for itself in the Startup map of the world. We have over 60,000 Startups and I see it as the DNA of the future of India,” he said.

Urging venture capital funds to reach out to the Tier 3&4 towns, Shri Goyal said the Startup Advisory Council recognises there is a large pool of talent in the interiors of India. Domestic capital can play a huge role in the next wave of innovation, he said.

“Atal Tinkering Labs are a good example. The whole ecosystem is going to grow by leaps and bounds. Soon ideas will choose what funds to take. Many good ideas have been taken over by small ticket cheques for lack of alternatives. We must seriously look at some kind of instruments and a little more compassion towards these ideas,” he said.

Shri Goyal urged the investors & capital providers to focus on 4Fs:

  • Fostering Innovation & Future Technologies
  • Facilitate mobilisation of domestic capital
  • Fast tracking self-reliance: An AatmaNirbhar Bharat
  • Focus on Tier 2, Tier 3 & Tier 4 cities and towns

Shri Goyal said we are on the cusp of reaching the $400 bn merchandise exports mark.

“I wish our Startups contribute significantly as we move towards a trillion dollars of Goods and Services exports each,” he said.

Shri Goyal said the Startups will play a defining role in the Amritkaal i.e next 25 years, when India completes 100 years of its Independence.

CCI approves acquisition of 100% share capital of L&T Investment Management Limited by HSBC Asset Management (India) Private Limited (CCI Press Release 10th March 2022)

Posted on by Business So Simple in Competition Law

The Competition Commission of India (CCI) approves acquisition of 100% share capital of L&T Investment Management Limited (L&T AMC/Target) by HSBC Asset Management (India) Private Limited (HSBC AMC/Acquirer)

The proposed combination relates to acquisition of 100% equity share capital of L&T AMC by HSBC AMC from L&T Finance Holdings Limited (L&T Sponsor/Seller) and its nominees. The acquisition of equity shares of the Target falls under Section 5(a) of the Competition Act, 2002.

HSBC AMC / Acquirer

HSBC AMC is the asset management entity for operating the day-to-day functioning of HSBC Mutual Fund schemes (HSBC MF). It is responsible for managing investments of money pooled-in through investments in HSBC MF. HSBC AMC is a wholly-owned indirect subsidiary of HSBC Holdings PLC (HSBC Group) and belongs to the HSBC Group of companies.

L&T AMC / Target

L&T AMC is the asset management entity for operating the day-to-day functioning of L&T Mutual Fund schemes (L&T MF). It is responsible for managing investment of money pooled-in through investments made in L&T MF. L&T AMC is a wholly owned subsidiary of L&T Sponsor.

Detailed order of the CCI will follow.

CCI approves acquisition of Prione Business Services Private Limited by Amazon Asia-Pacific Resources Private Limited (CCI Press Release 10th March 2022)

Posted on by Business So Simple in Competition Law

The Competition Commission of India (CCI) approves acquisition of Prione Business Services Private Limited by Amazon Asia-Pacific Resources Private Limited

The proposed combination pertains to the proposed acquisition of Seventy-Six percent of the equity shares of Prione Business Services Private Limited (Target)by Amazon Asia-Pacific Resources Private Limited (Acquirer).

Acquirer is an indirect wholly owned subsidiary of Amazon.com, Inc. (ACI). ACI is the ultimate parent entity of the Amazon group. The Acquirer does not undertake any business activity in India. However, ACI, the ultimate parent company of the Acquirer, has certain indirect subsidiaries either registered in India or having business operations in India.

Target is an Indian owned and controlled company, and is controlled by Hober Mallow Trust (Hober Mallow). Seventy Six percent of the share capital of the Target is held by Hober Mallow. Acquirer already owns Twenty three percent of the share capital of the Target, and Amazon Eurasia Holdings S.a.r.l. owns One percent of the share capital of the Target. The Target offers a variety of services tailored to help small and medium businesses (“SMBs”) run their online businesses efficiently, inter alia, including digital cataloguing, advertising, training and consulting, advisory and value-added services, adopting digital payments, and other overall enablement services.

Target has a wholly owned subsidiary Cloudtail India Private Limited (CT). CT is engaged in B2C retail business in India, and currently offers for sale products to customers on the online marketplace, http://www.amazon.in operated by Amazon Seller Services Private Limited (Amazon Marketplace). CT is also engaged in wholesale (B2B) trading of products through online and offline channels.

Detailed order of the CCI will follow.

UPI123pay & DigiSaathi II RBI New Launching II 08th March 2022

Posted on by Business So Simple in Financial Prudence, RBI

Dear Sir,

Please find below YouTube video link on UPI123pay & DigiSaathi II RBI New Launching II 08th March 2022

🇮🇳 UPI123pay for Feature phones

🖋️ App-based Functionality

🖋️ Missed Call

🖋️ Interactive Voice Response (IVR)

🖋️ Proximity Sound-based Payments

🇮🇳 DigiSaathi

 (a) Toll-free number (1800-891-3333)

(b) A short code (14431)

(c) Website – www.digisaathi.info,

Refer extract of Press release

Reserve Bank of India launches (a) UPI for Feature Phones (UPI123pay) and (b) 24×7 Helpline for Digital Payments (DigiSaathi) (08th March 2022)

The Reserve Bank has launched two key initiatives today – (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi – a 24×7 Helpline to address the queries of digital payment users across products. While launching the two initiatives, RBI Governor Shri Shaktikanta Das highlighted the importance of these initiatives in enhancing the diversity, utility and transformational power of digital innovations in the country. These initiatives will further deepen the digital ecosystem and financial inclusion. The Governor also stated that the RBI stands committed to providing an enabling environment for this.

At present, efficient access to UPI is available on smart phones. UPI can be accessed through NUUP (National Unified USSD Platform) using the short code of *99#. But this option is cumbersome and not popular. Considering that there are more than 40 crore feature phone mobile subscribers in the country, UPI123pay will materially improve the options for such users to access UPI. UPI123Pay includes four distinct options as below:

  1. App-based Functionality: An app would be installed on the feature phone through which several UPI functions, available on smartphones, will also be available on feature phones.
  2. Missed Call: This will allow feature phone users to access their bank account and perform routine transactions such as receiving, transferring funds, regular purchases, bill payments, etc., by giving a missed call on the number displayed at the merchant outlet. The customer will receive an incoming call to authenticate the transaction by entering UPI PIN.
  3. Interactive Voice Response (IVR): UPI payment through pre-defined IVR numbers would require users to initiate a secured call from their feature phones to a predetermined number and complete UPI on-boarding formalities to be able to start making financial transactions without internet connection.
  4. Proximity Sound-based Payments: This uses sound waves to enable contactless, offline, and proximity data communication on any device.

The 24×7 Helpline – ‘DigiSaathi’ – provides a channel to obtain help on the entire gamut of digital payments. Automated responses on information related to digital payment products and services are available in Hindi and English through multiple options like – (a) toll-free number (1800-891-3333), (b) a short code (14431), (c) website – www.digisaathi.info, and chatbots. DigiSaathi will assist users with their queries on digital payments via website & chatbot facility and through toll-free calls where user can dial or call out the options / products for which the information is required. More interactive options and language choices shall be enabled going forward.

The above initiatives are envisioned to accelerate the process of digital adoption in India, by creating a richer and inclusive ecosystem that can accommodate larger sections of population.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1830

BE(A)WARE – A Booklet on Modus Operandi of Financial Frauds (07th March 2022)

Posted on by Business So Simple in Financial Prudence, RBI

BE(A)WARE – A Booklet on Modus Operandi of Financial Frauds (March 07, 2022) The Reserve Bank of India (RBI) has released a booklet, “BE(A)WARE” on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions. The surge in the digital modes of payments witnessed in the past few years gained further momentum during the COVID-19 induced lockdowns. The booklet released by RBI, aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions. The booklet emphasises the need for keeping one’s personal information confidential at all times, being mindful of unknown calls / emails / messages, etc., and also outlines the due diligence measures to be followed while undertaking financial transactions. For details:

https://m.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53372

Launching of digital platform (E-Marketplace) as part of digital tourism solution for IITFs / IITGs

Posted on by Business So Simple in Business Consultancy, Entrepreneurship

Tourism has immense potential in generating employment and business opportunities: Shri G Kishan Reddy

Press Release posted Date:- Mar 08, 2022

Union Minister of Tourism, Culture and DONER, Shri G. Kishan Reddy todsy launched the E-marketplace platform in an event organised at Indian Institute of Tourism and Travel Management(IITTM), Gwalior. Ministry of Tourism launched the digital platform (E-Marketplace) as part of digital tourism solution for IITFs / IITGs, to provide Web and Mobile App based interaction mechanism, which is to be used by the tourists and certified tourist facilitators/Tourist Guides. E-Marketplace portal under IITFC/IITG program of the Ministry would be more like the platforms of OLA, UBER etc., which would help IITFs/IITGs to get business opportunities and would work as a bridge between the customer and the service provider. Minister of Agriculture and Farmer Welfare, Shri Narendra Singh Tomar (virtually) Minister of Civil Aviation,Shri Jyotiraditya Scindia (virtually), Minister of State of Tourism & Defence, Shri Ajay Bhatt, Member Parliament, Gwalior, Shri Vivek Narayan Shejwalkar, Minister of Tourism and Culture, Govt. of Madhya Pradesh, Smt. Usha Thakur (Virtually)  also graced the event.

During his address Shri G Kishan Reddy said that India has great variety of tourism destinations and tourism has immense potential in generating employment and business opportunities. Shri Reddy added that Students at IITTM have several avenues in tourism sector and I am sure you will play a critical role in the growth of the tourism sector in the country. Under the guidance and leadership of Prime Minister Sri Narendra Modi ji, VIKAS is our only mantra and it is Vikas that will lead us to more tourism opportunities. Our government is working shoulder to shoulder with all states to develop tourism in the country, he added.

Minister of Tourism, Culture and DONER, Shri G. Kishan Reddy also visited Gwalior Fort along with officials of Ministry of Tourism and observed the tourist facilities at the monument. Thereafter, a review meeting was held with the officials of Ministry of Tourism, Ministry of Culture and Archaeological Survey of India (ASI) under his chairmanship. A detailed presentation was made by Principal Secretary (Tourism &Culture), Government of Madhya Pradesh on progress of various Tourism Infrastructure projects funded by Ministry of Tourism, Govt. of India.A newly built International Executive Guest House at IITTM Gwalior Campus was Inaugurated.

A Coffee table book on the theme Temple Iconography named “Temple Heritage of India” was released, which covers 75 plates on Indian Temples at 75 years of India’s Independence. A letter of intent was awarded to Bird Academy for collaboration with the Ministry of Tourism (MoT) for soft skill training, for IITFC program participants. More than 3000 participants were handed over with Digital Certificate for completing IITF/ IITG Course.

Keeping in view the significant role of women in shaping the countries’ pride, a 3-day program celebrating the spirit of ‘Azadi Ka Amrit Mahotsav’ was also launched on International Women’s Day. The event was concluded with the mesmerising cultural performances and a drama on “Ahilya Bai” by the students of IITTM.

Story of India and its vibrant Startups & Entrepreneurs – a result of PM Narendra Modi’s policies since 2014 – is a real, exciting & durable one

Posted on by Business So Simple in Entrepreneurship

Story of India and its vibrant Startups & Entrepreneurs – a result of PM Narendra Modi’s policies since 2014 – is a real, exciting & durable one: Mr. Rajeev Chandrasekhar at IGF


Inclusion of youth from all parts of India to the growing phenomenon of entrepreneurship and innovation is a mission for Narendra Modi Govt

Digital opportunities shouldn’t be concentrated in few cities. They must spread to tier 2 cities
Posted Date:- Mar 08, 2022

Union Minister of State for Skill Development and Entrepreneurship and Electronics and Information Technology, Rajeev Chandrasekhar spoke about the New India Inc driving the AtmaNirbharBharat vision of PM Shri Narendra Modi. The Minister affirmed that the India story, it’s vibrant Startups & entrepreneurship, are a result of PM Narendra Modi’s policies since 2014 – is a real, exciting & durable one. He also mentioned that the next wave of Digitization needs to ensure that Digital opportunities should further spread to tier 2 cities as Inclusion of youth from all parts of India to the growing phenomenon of entrepreneurship and innovation is a mission for Narendra Modi Government.

Highlighting the need for projecting the India story at the global forums, the Minister stated that there is a need to pitch India’s story in the global arena as this is the inflection point in the Indian tech space & more and more global investors must know about New India’s growth story. Pitching how technology is being embedded in governance and lives of people at a rapid pace, Mr Rajeev Chandrasekhar added “ Next 2-3 years shall witness deeper and wider expansion of innovation – unprecedented in the history of India.”

The Minister at the concluding session also gave an advice to the budding entrepreneurs –  “Try & discover the skills & abilities you have aside from the textbooks, it is necessary to develop that. There is no formula that works without determination and passion”, he added.

The Minister attended the 2 day India Global Forum 2022, organized in Bengaluru for the very first time. The earlier editions have been organized at London and Dubai. He participated in the sessions – The New India Inc, The Unicorn Round Table, The Global Supply Chain, Education & Skills Boardroom and addresses the concluding session at the Forum.

The morning breakfast roundtable session saw participation of around 30 CEOs and founder of Unicorns. The Minister, ever since he has joined office, has been meeting Startups all across the country.

Speaking on International women day the Minister mentioned “ There is a sense of confidence and aspiration post Covid that inspires both women and men in India to aim high.

There is a mood today in India where women believe they can achieve anything.”

The forum was attended by Smt Nirmala Sitharaman, Hon Finance Minister, Smt Meenakshi Lekhi, Hon Minister of State, Ministry of external affairs and Culture, and host of dignitaries from the industry, Government of Karnataka, media amongst others.

About IGF: IGF is the agenda-setting forum for international business and global leaders. It offers a selection of platforms that international corporates and policymakers can leverage to interact with stakeholders in their sectors and geographies of strategic importance. Our platforms range from large global events to invite-only, intimate conversations and analysis, interviews and thought leadership through our media assets.

GSTN new features -Geo location of address for new & amendment in exiting registration

Posted on by Business So Simple in GST

GSTN enabled a new feature of Geo-location for new registration and amendment of address for existing registration The Goods and Services Tax Network (GSTN) has enabled new feature of Geo-location for picking address for new registration and amendment of address for existing registration.

Map Location must for GST Registration

1) GSTN has made ‘map location’ mandatory for new registrations under GST law as well as for amendment in address in case of existing registration on the GSTN common portal.

2) Assessees seeking registration or amendment in registration will have to mention or enter exact location of premises to be registered as per ‘google’ map location.

3) This is to curb the practice of registration of non-existent premises or premises with fake addresses.