SELL & PURCHASE AGREEMENT (BAYANA)

This Bayana agreement is made and executed at Delhi on 01.10.2011 between Mr. …………. S/o Sh. …………….. R/o…………………………., New Delhi – 110018 (here in after called the first party/seller.)

AND

Mr. …………………..S/o Sh…………………. R/o ……………………………..  (here in after called the Second party/Purchaser.)

Whereas the First party is the absolute sale owner of Bearing possession of Build up Property No. ABC, Gali No. 42, Ground Floor, …………………………New Delhi – 110059 (here in after called the property.)

And whereas the first party for their bonafide needs and requirements has agreed to sell all rights of the above said property to the second party and the second party has agreed to purchase the same for a sum of Rupees ……………../- (Rupees …………Only) out of which the second party has given a sum of Rs. …………./- ( Rupees ……… only) as a bayana money on dated 01.01.2012 to the First party and balance payment of Rs……………/- ( Rupees ……………. Only) will be paid by the second party to the first party on or before on Date 31.03.2012.

·         That the first party will hand over the said property in good and proper condition and also handover /bind to provide all documents/registry related to the said property with proper chain in complete to the second party.

·         That all the prior dues and demands and taxes arrears ( i.e. electricity, water or sewer other dues, liabilities, House Tax, demands of penalty) shall be paid and borne by the first party up to the date of execution of final documents regarding the said property and thereafter shall be paid and borne by the second party.

·         That the said property is free from mortgage, Encumbrances or any previous sale or any link or any other burden and any kind of liability. Assured by the First party.

·         That the first party will deliver all documents to the Second party at the time of execution of sale document and assure/bind to the second party and if any document found missing the first party will have to arrange the same at his own cost and will hand over to the second party or the second party will deduct the payment of the first party as decided by the advisor of the second party.

·         That in the case the first party backs out from the said transaction then the first party will pay the double amount of the Bayana Money to the Second Party and in case second party backs out of the purchase of said property then the bayana amount will not return to the second party.

·         That the Chimney & all pending works will be completed by the first party in above said property before handing over the proerty to the second party.

·         That Mr. Sunil Sondhi to provide the affidavit affirming that he has retained all the original previous chain of the title deeds/documents and will not misuse them and will distribute all the original documents proportionately among the purchasers of the floors once all the floors get sold.

·         That Mr………….. will provide the photocopy of sale deed dated 07.02.2011 in favor of Mr. ……………. executed by Mr………………. with endorsement about the sale of said property to Mr. ………….. as made on Original Sale deed.

·         That both the parties are bound to follow the terms and conditions of this agreement and the time are the essence.

In witness whereof both the parties have set their hands to this agreement at delhi, on the date mentioned above, in the presence of the under mentioned.

Witness : -

1.                                                                                                                            First Party

2.                                                                                                                            Second Party

SECTION 139 OF THE INCOME-TAX ACT, 1961 - RETURN OF INCOME - EXEMPTION TO SPECIFIED PERSONS FROM REQUIREMENT OF FURNISHING A RETURN OF INCOME UNDER SECTION 139(1) FOR ASSESSMENT YEAR 2012-13

NOTIFICATION NO. 9/2012 [F. NO.225/283/2011-ITA(II)], DATED 17-2-2012

S.O........... (E). - In exercise of the powers conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13, namely:-

1. Class of persons. -An individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,-

(A)  "Salaries";

(B)  "Income from other sources", by way of interest from a saving account in a bank, not exceeding ten thousand rupees.

2. Conditions,- The individual referred to in para 1,-

 (i)  has reported to his employer his Permanent Account Number (PAN);

(ii)  has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;

(iii)  has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;

(iv)  has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;

(v) has no claim of refund of taxes due to him for the income of the assessment year, and

(vi)  has received salary from only one employer for the assessment year.

3. The exemption from the requirement of furnishing a return of income tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.

4. This notification shall come into force from the date of its publication in the Official Gazette

DRAFT OF COMPLAINT UNDER THE CONSUMER PROTECTION ACT, 1986

Before the Hon’ble District/State Consumer Dispute Redressal Forum at…………

1.       Particulars of Complainant:          ( Full Name & address)

2.       Particulars of the Opposite party/Respondent: ( full name of dealer/shop and address)

3.       Particulars of the defective goods of deficient services complained of:

(a)    Details of goods/services:

(b)   Describe there the nature of the complaint: Whether the complaint relates to :

(c)    Any other details relevant to the complaint ( such as first time when defects in

 Goods or deficiency in services was noticed, steps taken to notify the Opposite Party of the defect /deficiency)

4.       Give details and nature of attempts made to get the matter complained of settled and result thereof:

i)                    Reminder and follow up with specific individuals of the Respondent shop/dealer

ii)                   Written communication (attach copies of correspondence)

5.       Other rules/regulations applicable, if any in this case.

6.       Particulars of documents relied upon to substantiate the complaint and details of witness wherever applicable.

7.       Relief claimed:

8.       The forum/ State Commission has jurisdiction to entertain the complaint in view of:

-          a) Section 11(i)/Section 17 of the Consumer Protection Act

-          b) the extent of amount involved being Rs……

The cause of action having accrued at:          

PRAYER

It is therefore most respectfully prayed that ( here give details of prayer)……………………………………………………………………………………………………………………………………………………………………………………………………….Through Authorized Representative/Advocate/Attorney/Voluntary Consumer Association) give here names and addresses)

Place……………………                                                        COMPLAINANT

Date…………………….

VERIFICATION

 I, ……………………..S/o……………………resident of……………………………do solemnly declare and state that the particulars stated above are true to the best of my knowledge and belief and no part thereof is false and nothing material has been concealed therefrom. The annexure are exact copies/translation o their originals.

Verified at ………….this…………day…………..of……….2012.

                                                                                                                DEPONENT

BRIEF ON SOCIETIES REGISTRATION

SOCIETY FORMATION( As per Societies Registration Act, 1860)

S.No.	Particulars	Description
1	Membership	Seven or more than 7 people
2	Object	Literary, Scientific or charitable purpose, or for those purpose described in Section 20
3	Scope & Extent of activity	Describe and limited by charter of society or its Memorandum of Association
4	Registration	To register with the Registrar of Societies for legal identity
5	General Body	The duties include election of the Governing Body members, alteration of name, object, rules and regulations, if necessary
6	Governing Body	The members of the Governing body are entrusted with the management of the affairs of the Society.

FUNCTIONING

·         Funds to be applied for the object of the Society.

·         Accounts to be maintained and statement of income and expenditure to be prepared and filed with the Income Tax Authority as prescribed.

Filing of documents for Registration

I)                    Signed application of request by subscribers for registration ( under the Act) of Society

II)                  Memorandum of Association

III)                Rules & Regulation

IV)               Affidavit of President stating relationship of subscribers

V)                 Proof of registered office premises.

Other Requirement

To file list of names, addresses, occupations o the members of the Governing body once 

Brief on the General Circular No. 15/2011 dated 11th April, 2011, issued by the Ministry of Company Affairs on appointment of Cost Auditor

1.       Appointment of Cost Auditor will not require prior approval from the Central Government.

2.       Appointment of Cost Auditor – First point of Reference is Audit Committee (AC)

3.       Companies where Audit Committee (CA) not required by Law, Board of Directors (BOD) be the first point of reference.

4.       Audit Committee/Board of Directors to ensure such appointment is free from disqualification U/Sec 233B (5) & 224(3) & (4) of the Companies Act.

5.       Compliance form Cost Auditor & Audit Committee, on non violation of limits of U/ Sec 224 ( 1-B)

6.       Audit Committee/BOD to obtain Certificate form Cost Auditor certifying its independence.

7.       Company to file form 23C by 90 days of start if financial year along with: -

i)                    Board Resolution for appointment of Cost Auditor.

ii)                   Certificate from Cost Auditor – Compliance U/Sec 224(1-B)

8.       E-form approved by Central Govt. (CG) by 30 days. If not approved to be resubmitted as per details requested.

9.       Company to issue formal letter of appointment to Cost Auditor approved by the Board with in 30 day of approval of E-Form.

10.   Cost Auditor to file E-Form 23D within 30 days of appointment.

11.   Disclosure by Companies in Annual Return about Cost Auditor, Due & Actual date of filling of Cost Auditor Report.

12.   Contravention of provisions of this Circular: -

i)                    Companies – Punishable U/Sec 642(2)/209(5) & (7)/233B(11) of The Companies Act, 1956.

ii)                   Cost Auditor – Fine extended to Rs. 5000/-

·         FAQ on Cost Auditor Appointment

Simplified and revised procedure for filing of SOFTEX

Reserve Bank of India vide APDIR Circular No. 80 dated 15 February, 2012 simplified and revised the procedure for filing of SOFTEX Forms with Software Technology Parks of India (STPI) towards the export of software services. Initially this simplied procedure of filing of SOFTEX Forms shall be applicable for STPI units located under the jurisdiction of STPI Bangalore, Pune, Mumbai, Hyderabad and Chennai effective from 1st April, 2012. As per this circular, a software exporter having turn over of at least Rs. 1000 Crore or the Companies who are filing 600 softex forms annually are required to file the SOFTEX Forms within 30 days from the close of the month in which the invoice was raised are required to file a statement in EXCEL Format as per the details given in the Annexure to that circular.

This was really a welcome move by RBI.

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7009&Mode=0

Purchase of Immovable Property in India – Reporting Requirement

RBI’s A.P. (DIR Series) Circular No. 79 dated February 15, 2012, wherein it has been clarified that, in terms of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000 (“Property Regulations”), declaration in the form IPI is only to be filed when a person resident outside India, who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business, excluding a liaison office, acquires any immovable property in India.

The Property Regulations do not prescribe any reporting requirements for transactions where a person resident outside India who is a citizen of India or a Person of Indian Origin (PIO) as defined in Regulation 2(c) of the Property Regulations acquire/s immovable property in India in accordance with the said provisions of the Property Regulations. Form IPI has been, accordingly, amended for greater clarity.

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7008&Mode=0

Export of Goods and Services - Simplification and Revision of Softex Procedure

RBI’s A.P. (DIR Series) Circular No. 80 dated February 15, 2012 (“Circular”), wherein considering the spurt in the volume of software exports from India in recent times, the complexity of work contracts involved, the voluminous nature of contract agreements and the duration involved in execution of each contract as well as the time-consuming process involved in the certification of SOFTEX forms, a revised procedure has now been finalized.

As per the revised procedure a software exporter, whose annual turnover is at least Rs. 1000 crore or who files at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format as per Annexure A of the Circular, giving all particulars along with quadruplicate set of SOFTEX form to the nearest STPI. STPI will then verify the details and decide on a percentage sample check of the documents in details. Software companies will submit all the documents on demand to STPI within 30 days of their advice or any reasonable/extended time at the discretion of the Director, STPI, at the request from the exporter. STPI will thus certify the statement and SOFTEX forms in bulk on the “Top Sheet” regarding the values etc. and will thereafter forward the first copy of the revised SOFTEX format to the concerned Regional Office of RBI, the duplicate copy along with bulk statement in excel format to Authorised Dealers for negotiation / collection / settlement, the third copy to the exporter and the last copy will be retained by STPI for its own record. Under the revised procedure, the exporters, however, will have to provide information about all the invoices including the ones lesser than US$25000, in the bulk statement in excel format.

The revised procedure for submission of the Softex form and other relevant documents are detailed in the Annex to the Circular.

The new procedure will be effective initially in STPI Bangalore, Hyderabad, Chennai, Pune and Mumbai with effect from April 01, 2012. Based on the success in these centers, it would be adopted by all the STPIs and SEZ/ EPZ/ 100% EOU/ EHTP/ DTA units by June 2012.

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7009&Mode=0

MANDATORY STATUTORY REGISTERS UNDER COMPANIES ACT, 1956

1.       Register of Investments not held by Company in its own name U/Sec 49(1)

2.       Register of Fixed Deposited under Acceptance of Deposit Rules, 1975

3.       Register of Securities bought back U/Sec. 77A

4.       Register of Charges U/Sec. 143

5.       Register of Index of Members U/Sec. 150 & 151

6.       Register of Debenture Holders U/Sec. 152

7.       Register of Beneficial Owner U/Sec. 152A

8.       Register of Foreign Members U/Sec. 157

9.       General & Board Meetings  (Minutes) U/Sec. 193

10.   Books of Accounts U/Sec 209

11.   Cost Records U/Sec. 209(1)d

12.   Register of Contracts in which Director’s are interested U/Sec. 301

13.   Register of Director’s, Manager & Secretary U/Sec. 303

14.   Register of Director Shareholding U/Sec. 307

15.   Register of Inter Corporate Loans & Investments U/Sec. 372A

16.   Register of Renewed & Duplicate Share Certificate.

NON - MANDATORY STATUTORY REGISTERS UNDER COMPANIES ACT, 1956

1.       Director Attendance Book.

2.       Shareholder/Proxy Attendance Book.

3.       Register of Sealed Documents.

4.       Register of Share Application & Allotment.

5.       Register of Share Transfer/Transmission.

6.       Register of Dividend.

7.       Register of Power of Attorney etc.

8.       Register of Dividend Mandate.

9.       Register of Bank Account Particulars.

10.   Register of Electrical Clearing Services.

11.   Register of Fixed Assets.

12.   Register of Form 24AA.

13.   Register of Proxies.

14.   Register of Nominations received.

15.   Register of Share Warrants.

OVERSEAS INVESTMENT BY INDIAN ENTITY

Direct Investment outside India

It means investment by way of contribution to the  capital or subscription to the Memorandum of Association  of a foreign entity or by way of purchase of existing shares of a foreign entity either by market purchase or through stock exchange (But Does Not Include portfolio investment).

Following direct investments are permitted without permission of RBI, if investment is as per prescribed conditions.

·         Direct investment in JV/WOS abroad.

·         Investment in Agricultural operations overseas directly or through overseas office.

·         Portfolio investment in equity or rated bonds of registered overseas. Such investment shall not exceed 50% of Indian Company’s net worth.

·         Investment in Financial Service Sector, subject to prescribed conditions.

In other cases prior approval of RBI will be required. Investment in real estate business or banking business abroad is prohibited, without prior approval of RBI.

Investment in JV/WOS abroad

Investment through Special purpose Vehicle (SPV) in JV/WOS abroad is permitted under automatic route if Indian party is not under RBI’s caution list or in list of defaulters of Banks or under investigation.

AUTOMATIC ROUTE FOR INVESTMENT IN JV/WOS

·         The total financial commitment of the Indian party can be upto 400% of the net worth of India party as on the date of last audited balance sheet.

·         The limit does not apply for investment made from balances in EEFC account or out of proceeds of ADR/GDR.

·         Investment in excess of 400% of net worth is permitted in energy and natural resources with prior approval of RBI.

·         No investment is permitted in Pakistan under automatic route. The direct investment should be made in bonafide business activity. And the ceiling of 400% would include contribution to capital of JV/WOS, loans to JV/WOS and 100% of value of guarantee issued to or on behalf of JV/WOS by promoter Group Company.

IF INDIAN ENTITY DOES NOT FULFILL ABOVE REQUIREMENTS, IT HAS TO APPLY TO RBI FOR PERMISSION IN FORM ODI part I.

·         Proprietorship firm or unregistered partnership firm can invest in JV/WOS abroad if it is recognized as Star Export House, with prior approval of RBI.

·  Navaratna PSU, ONGC and Oil India Ltd. Are allowed to invest in overseas unincorporated entities in oil sector which are approved by the Government of India, without any limit of 400% of net worth. This facility has been extended to the other Indian entities also, but with prior approval of RBI and not under automatic route, reporting in form ODI is required.

·         Registered trust and societies engaged in manufacturing/educational/hospital sector can make investment in same sector in JV/WOS outside India, with prior approval of RBI. The application should be forwarded in form ODI – Part I through Authorized Dealer, to CGM, RBI Mumbai.

Investment in Bhutan in convertible currencies but not in Nepal.

Investment in Bhutan in freely convertible currencies is permitted in existing facility of making investment in Indian rupees. Subject to all dues receivable on such investments, as well as sale proceeds should be repatriated to India in freely convertible currency only. Investment in Nepal can be on Indian rupees only.

Investment in Agriculture operations overseas can be done by resident corporate and registered partnership including purchase of land incidental to this activity either directly or through their overseas office with the overall limit available for investment overseas under automatic route.

The software companies can receive 25% of value of their export to an overseas start-up software company in form of shares, without entering in to JV.

FUNDING OF INVESTMENT

The investment under this regulation may be funded out of one or more of the following sources.

1.       Drawl of foreign exchange from an authorized dealer in India not exceeding 100% of net worth of Indian entity.

2.       Capitalization of exports and other dues.

3.       Swap of shares.

4.       Utilization of proceed of ECB/FCCB

5.       In exchange of ADR/GDR issued to foreign company as per guidelines.

6.       Balance held in EEFC account

7.       Utilization of proceeds of foreign currency funds raised through ADR/GDR.

8.       ECB in conformity with parameters of ECB.

·         If the investment is entirely funded out of balance in EEFC account and/or proceeds of foreign currency funds raised through ADR/GDR issue, there is no monetary limit for investment abroad.

OTHER CONDITIONS FOR DIRECT INVESTMENT

1.       Party should not be defaulter or on caution list.

2.       The Indian entity should route all transactions relating to investment through one branch of authorized dealer.

3.       The Indian party should receive share certificate within six months from date of remittance of date when amount is capitalized. RBI can extend this period.

4.       All dues like dividend, royalty, technical know-how fee etc. shall be received within 60 days from which they fall due.

5.       The Indian entity should submit ANNUAL PERFORMANCE REPORT (APR) in form ODI part III. The report should be submitted within 60 days from date of expiry of statutory period within which annual accounts of JV/WOS are to be submitted in the host country.

REPORTING REQUIREMENT

The Indian party should submit form ODI Part 1&II, duly completed, to the designated branch of an authorized dealer for onward transmission to RBI. On receipt of form ODI form AD Category I Bank, RBI will issue Unique Identification Number (UIN) to each JV/WOS. This should be quoted in all correspondence with RBI.