SG on Deloitte News ; ICL > SC on Jurisdictional Issue

SG
AO To Decide If Deloitte Haskins Is a Valid Partnership Firm



icl
Supreme Court on Jurisdiction Clauses

A recent decision of the Supreme Court, Swastik Gases v. Indian Oil Corp. (Civil Appeal 5086 of 2013, decision dated July, 3, 2013), examines the position of Indian law dealing with exclusive jurisdiction clauses.

......the maxim ‘expressio unius est exclusio alterius’ — expression of one is the exclusion of another — may be applied.

“ As regards construction of the ouster clause when words like ‘alone’, ‘only’, ‘exclusive’ and the like have been used there may be no difficulty. Even without such words in appropriate cases the maxim ‘expressio unius est exclusio alterius’ — expression of one is the exclusion of another — may be applied. What is an appropriate case shall depend on the facts of the case…

Gist: If out of the two jurisdictions one was excluded by clause 11 it would not absolutely oust the jurisdiction of the court and, therefore, would not be void against public policy and would not violate Sections 23 and 28 of the Contract Act.

ICL RTI, Good Governance, Drirectors' equal privilege to transarency, so on...

Directors’ Right to Information

A post on the The Columbia Law School Blue Sky Blog highlights the significance of this decision as follows:

On the substantive matters, the ruling shows that decisions taken without proper notice to a dissident, or otherwise not in accordance with good governance practices, will be subject to harsh judicial scrutiny, and that the courts will not hesitate to interfere with corporate action apparently designed to interfere with an electoral challenge or a transaction undertaken to thwart a dissident.  The episode reaffirms that while well-counseled boards can create significant leeway to respond to dissident directors, they must be careful to establish a record of open and informed deliberation that facilitates the ability of all directors to fulfill their fiduciary duties.

Some of these principles of transparency and equality of information to directors .....
Non-executive directors are particularly in an unenviable position as they are not involved in the day-to-day functioning of the company.

<> To share own random thoughts >

"....It seems unreasonable to impose fiduciary duties and responsibilities on directors if they do not have access to information that is necessary for them to discharge those in the required manner..."

Answer-ability, transparency and right of access to information, and its ilk, are all profound ideological concepts, or expectations, so inter-connected and inter-twined as to have an important role to play in 'good governance'. In other words, without a healthy bundling or blending of these and putting into practice, good governance can only be expected to remain an idler’s day dream as ever. Inability to or denial of access to any such in-house info. , is, if strictly viewed, not to be mistaken to be a valid defence available to anyone with a fiduciary function , just as a non-executive director, if and when were to be confronted with a charge of having failed to discharge his responsibilities in the manner required or enjoined. The fiduciary responsibilities are vested in and hence expected to be equally shared, fulfilled, and burden borne by all directors, not excluding non-executive ones. On that premise, in order not to dilute the essence of 'good governance’, in any event, if unsuccessful despite the individual having  been vigilant enough, the ultimate remedy or right recourse seems to lie in a like course of action as resorted to by the aggrieved director in the reported court case.

"KYC" ....Govt. / RBI formulated Mantra for Banks

Add-on

BL 

Dealing with bank failure

Burdening banks with raising capital beyond a point will hobble credit growth

The Reserve Bank of India’s move to identify domestic systemically important banks (D-SIBs) is a... »      2 comments

 

Editorial

A crisis of identity

There is no case for the new government to discard Aadhaar.

The Centre should make all attempts to recommence subsidised LPG cylinder sales through direct tr... »

 

BS

Oct 2

Govt draws a watertight case for Aadhaar Pulls out past Supreme Court orders that run contrary to the latest one

Reaction> Reading in between lines, it appears that, the SC's concern is primarily against mandating Aaadhaar uniformly and mindlessly for every one of the services under governmental control, - such as and inclusive of, provision of LPG, which has increasingly become one of the essential 'necessities' of daily life- for every family ,regardless of the class to which it belongs- lowliest to the richest. Presumably, the fear behind is is that by so mandating it should not lead to opening one more convenient route /floodgates for proliferation of 'fakes' and 'duplicates' - as, admittedly, has happened because of similar other mandates e.g. PAN. Further,even if looked at from a societal viewpoint, one thinks that, in the very nature of things, PDS made a mention of is a scheme with a comparatively limited coverage, unlike LPG. It is only hoped that any further steps would be taken by the government , yet again not hastily, but only after an insightful deliberation and proper home work, with a multidimensional approach and intelligent application of mind.




Sept 25

Keeping Aadhaar

Don't throw baby out with bathwater

Govt begins Aadhaar rescue after SC rap

UID Bill might be pressed in next session of Parliament; question marks on changed shape of direct subsidy transfer

n view of the categorical reply and implied commitment to the court by the Centre, being the prime architect , nay the only empowered authority, this again should not be made an issue, or a fond or fancy topic for a conflict or confrontation for any State with the Centre. In other words, in one's perceptive understanding, any sort of compulsion or obligation any State may think of resorting to and imposing on the public, for any purpose whatsoever, would prima facie be unconstitutional. Incidentally, the rationale or logic behind the a recent decision of the Centre, with which the process has been given a start all over, to make 'aadhaar' a MUST and to have it linked to LPG supply at a concessional price , comes to surface. The main object, as is commonly understood, being simply to check illegal connections and thereby save the country from the 'outgo' (foregn exchange)  attributable thereto, it is for the Centre to deliberate and come out with any possible but less cumbersome alternative solution. Hope the concerned Ministers would mind to lend the ears, and come out with a favourable solution, before it is late !

Subject to well considered views of the others, - around the corner or as always the case, habituated to sit smugly on the fence for the final moment to arrive !

Incidentally, it is observed, a overwhelming majority of alert readers have opted to say 'yes' to the subject welcome development.

BL
sEPT.. 24

Centre to apex court: Aadhaar card optional, not mandatory

The Centre on Monday told the Supreme Court that securing Aadhaar cards was optional and not mandatory.The apex court, hearing a batch of pleas against decisions of some States to make Aadha... »

SG

PM Releases Fourth Volume of RBI History (1981-1997)

BL

Aug 5

State-run banks soft targets for fraud


Banks use social media to woo youth

<previous

OPINION

A confused, enigmatic RBI

<previous

Our FDI policy is a circus

 Link.

<>If perceptively , or perspectively, observed, it is not just the one – the FDI poilicy , but everyone of such other policies conceived of, gone ahead with mindlessly or recklessly , to the end of receiving the final 'nod' from the so-imagined 'omnipotent' of the com-mortals,  in the recent years, could be more fittingly likened to a puppet show !

< related

Committee raj

<previous

SG

24th

RBI prescribes Periodicity of KYC document updation

A mindless Prescription of norms - tragically IGNORED IS THE reality that after all 'client' is a mortal; and his midset is so nebulous and ever changing; nor more or less sense than requiring a 'alive certification' once in 3 years !

<Eearlier

BL

Does taxman know you’ve moved?

Some simple steps can go a long way in avoiding hassles at a later stage. »

 

<> Sharing A Random Thought

The way suggested how to make the taxman know that 'you have moved ' may be one way anyone can readily think of. But taxpayer can have to go extra miles for following that cumbersome way. Instead, now that the Revenue claims to have a foolproof nationwide networking, should not a much easier way be found by the Revenue itself, for achieving the same result , may be by going  that one extra mile.

That is this: As is commonly known and made to believe, PAN is the 'AADHAAR” for a taxpayer; and is supposed to  be a 'permanent'  tracking/tracing  handy tool. Further, if one is not mistaken, disclosure of the individual's bank account details and mobile number in the tax return has been rendered more or less compulsory. Perhaps, what needs to be explored is make them mandatory for all, so as to using those as the route for all communications, just as already being done for several other similar matters, without having to bother about the address change,

<previous

BL

EDITORIAL

Stung into action

"....A fundamental reform of the regulatory architecture that relies more on automated internal systems rather than on any human instinct for self-preservation is the need of the hour."

The burden of the song as narrated is, in one's sincere view, not pleasing to the ears or eyes of mortal’s common sense ; on the contrary, is rather founded on prima facie unsound and fundamentally faulty  logic. Suggestion to the effect that “automated internal systems”  by themselves could be more reliable and provide the necessary but extremely wanting comfort for the industry and its stakeholders  cannot  be sanely accepted to carry any courage of conviction. Unless and until it is made foolproof by a matching “automated internal controls” , apart from due diligence and non-stop monitoring. Expectation of any such basically misconceived measure like ‘KYC ‘ bringing about a change or improvement in the presently muddled up scenario , even remotely significant or otherwise, to say the least, goes to offend the wisdom of common men; if not of the economic or banking experts.

@ dr tvg

<not-so- unrelated
Internal Controls >

Firms Fortify Fraud Defenses Trending in Accounting blogs.wsj.com · Thousands of companies world-wide are planning to update systems and policies that act as their first line of defense against...

http://blogs.wsj.com/cfo/2013/07/23/firms-fortify-fraud-defenses/

<Xcerpts
Monitoring electronic systems daily and monthly, reconciling accounts, occasional on-site visits, and test counts are ways that J. Stephen McNally, a controller at Campbell, says he can ensure the company’s internal controls.
“Someone else may have that day-to-day control,” he said, “but the company still has ultimate accountability.”

 

Thinking of Newer Ways to Think > A Different Stroke

Bus.Std Unambiguous communication from RBI vital: Shubhada M Rao

An Entrepreneur's Most Important Tool: Self-Delusion A.J. Jacobs on LinkedIn · It’s one of the greatest inventions in human history. Right up there with the wheel, the steam engine and the waffle maker. I’m..

Xcerpts >

Millard Fuller – the founder of Habitat for Humanity – summed it up gorgeously. He said: “It’s easier to act your way into a new way of thinking than to think your way into a new way of acting.”

This is not pseudo-scientific blather spouted bunkum-filled books like The Secret. The idea that your actions alter your thoughts is one of the foundations of cognitive-behavioral psychology and has been studied since the 19 century (both William James and Charles Darwin wrote about it).

Force your face into a smile, you will be happier. Sounds creepy, but it works.

History Repeats Itself (on its own)- not to be misunderstood to imply making history to repeat, not minding to learn a lessin from the past is permissible or excusable. of more relevance, if it is legislative history one is talng about - hence the rule of interpretation that...

Learning from the Past:

1. Quotes About Experience (450 quotes) - Goodreads

   

   www.goodreads.com/quotes/tag/experience‎
   

   
   

2. Experience Quotes - BrainyQuote

   

   www.brainyquote.com/quotes/topics/topic_experience.html‎
   

   
   

   Share the best experience quotes collection with funny, wise and inspiring ... A man who carries a cat by the tail learns something he can learn in no other way.
3. 
   

   Learning From Past Experience Quotes

   

   www.searchquotes.com/search/Learning_From_Past_Experience/‎
   

   
   

4. Experience Quotes and Sayings - The Quote Garden

   

   www.quotegarden.com/experience.html‎
Jul 8, 2012 - Quotations about experience, from The Quote Garden. ... ~Proverb Human beings, who are almost unique in having the ability to learn from the ...

1. Experience Quotes

   

   www.notable-quotes.com/e/experience_quotes.html‎
   

   
   

   A collection of quotes on the subject of experience. ... it is to derive useful lessons from past errors, and for the purpose of profiting by dear bought experience.
2. 
   

   Quotes About the Value of Experience - Inspirational Quotes

   

   www.inspirational-quotes.info/experience.html‎
   

   
   

   Read some great quotes from great minds on the subject. ... Experience keeps a dear school, but fools will learn in no other, and scarce in that; for it is true we ...
3. 
   

   Experience Quotes - Famous Top 100 - Wisdom Quotes

   

   wisdomquotes.org/experience.php‎
   

   
   

   Information about famous top 100 experience quotes and proverbs including famous and most used ... You can say them to your friends or you can just learn from the wisdom they teach. ... I know no way of judging of the future but by the past.
4. 
   

   Experience Quotes - Page 2 - WorldofQuotes

   

   www.worldofquotes.com/topic/Experience/2/index.html‎
   

   
   

   Experience quotes, quotations, sayings and proverbs with author and subject indexes.... I've learned from experience that the greater part of our happiness or misery .... We read the past by the light of the present, and the forms vary as the ...
5. 
   

   15 quotes to live and learn by - Quotes - Fanpop

   

   www.fanpop.com/clubs/quotes/articles/16514/title/15-quotes-live-learn‎
   

   
   

   {what this says to me is "whats the point of dwelling on the past there is no changing it"... {you learn from experience and from that you fix your future mistakes} 8.
6. 
   

   Learning quotes - Think Exist

   

   thinkexist.com › Topics › L‎
   

   
   

   I Like this quote I dislike this quote “God allows us to experience the low points of life in order to teach us lessons we could not learn in any other way. The way ...

(<To Tag to Critique on S !94 IA>)