Monthly Archives: July 2018

10k race in mindspace

Ran a 10K race at Mindspace, Malad, organised by BIG 3D Run on 15th July, 2018150718

It was very humid to start with, but with very heavy head winds, later on at about 7 kms or so, it rained like a sleet coming down diagonally from left to right. Shoe laces came off twice in the last couple of kms, slowing my pace down. Came in 62.01 mins for distance which was 10.12 kms. It was a straight flat track in two loops.

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Hangman’s Song

Hangman’s Song by Jess Shelton, set in the 1840s wild west America is a story of a redemption & revenge by the young kid who lost his mother to a hangman’s noose, when he was only 7. He thought his father will come to release her, but that did not happen. Still he kept hopes on meeting his father and asking him why? In an ambush, he is rescued by another family, who take him to their house, though reluctantly by many members of the family. There he grows up, grooms, becomes a sharp shooter and sets out to find his father in the wild west. Lots of adventures follow this trail and make up the rest of the story.

Goodreads 3/5

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The High Bright Sun

The High Bright Sun by Ian Stuart Black is set in the Cyprus in the 60s. American Juno is visiting Cyprus for some research and staying with her father’s best friend Dr. Andros. There is uprising going on in Cyprus at that time and Juno witnesses the death of two British soldiers and trouble starts for her from then onwards. Juno realises that local fugitive Skyros is friendly with her Dr. Andros and that’s when she becomes a liability. Her attempt to escape from the clutches of the local gang, murders, become the rest of the plot. She is in the meanwhile on and off engaged in a relationship with local British intelligence officer McGuire. The narrative is fast paced and thrilling.

This book was made into a movie starring Dirk Bogarde, Susan Strasbourg among others.

Rating 5/5

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Death of a Bogey

Death of a Bogey by Douglas Warner is a brilliant, fast paced, riveting story about the death of a detective’s son who is a budding policeman and the father’s quest to seek revenge on the gangsters who did this. He manages to bring them to the court, but the absence of a key witness spoiled the case and they manage to walk away scot free. This book is set in the 40s London underground with gangsters looking to wrest control from each other. One of the gangs then bust a bank cash van with gold bullions and stash it away somewhere. How Detective Paul Raven, wrecks his revenge on both the gangs and busts the mobs and recovers the money is the rest of the story. The narrative is quite brilliant and fast moving.

Wikipedia does not give any entry for Douglas Warner, but the book cover says  he was a journalist in 1932 and since 1954 he has been writing and travelling with occasional journalism in many countries including Italy, Spain, Australia and Ghana. Back in England in 1959 he met Detective Superintendent  John Gosling and collaborated with him in a study of vice in London, called Shame of a City. His previous experience as a journalist among crooks and prostitutes helped him enormously when he came to write his highly successful thriller novels.

Sad that his books are out of print, and not much is known of him as a writer, no entry anywhere, but would love to get more of his books to read.

 

 

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Corporate bond market

SEBI has issued a consultation paper on 20th July, 2018 seeking to develop and deepen the corporate bond market. Pursuant to the implementation of IBC, time is ripe to develop the corporate bond market, which is at nascent stage in India due to various reasons. SEBI is proposed light touch regulation with compliance by top corporate borrowers in phases with a “comply or explain” approach in the initial stage. In the initial stage, it would be a nudge approach to the large corporate borrowers to go to the corporate bond market for 25% of their borrowing requirements, which later on could be a small monetary penalty of 0.2 to 0.3%.

The consultation paper is available at this link.

https://www.sebi.gov.in/reports/reports/jul-2018/consultation-paper-for-designing-a-framework-for-enhanced-market-borrowings-by-large-corporates_39641.html

 

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Purchaser’s name on demand drafts.

Gist of RBI circular dated 12th july, 2018 follows:

Incorporation of Name of the Purchaser on the Face of the Demand Draft

In order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, it has been decided that the name of the purchaser be incorporated on the face of the demand draft, pay order, banker’s cheques, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018.

Accordingly, Section 66 of the Master Direction on KYC dated February 25, 2016, as amended on April 20, 2018, has been amended and following paragraph has been added:

Further, the name of the purchaser shall be incorporated on the face of the demand draft, pay order, banker’s cheques, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018.

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Photography allowed within monuments

PIB press release dated 12th july, 2018 follows:

The Archaeological Survey of India, an organisation under the Ministry of Culture, Government of India, in an order issued today, decided to allow photography within the premises of all centrally protected monuments/sites (except 3). However, the 3 monuments/sites in which the photography would not be permitted are Ajanta Caves and LehPalace having paintings, and Mausoleum of Taj Mahal, Agra.

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Committee to review offences

PIB press release dated 15th july, 2018 follows:

The Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine ‘de-criminalisation’ of certain offences.

The MCA seeks to review offences under the Companies Act, 2013 as some of the offences may be required to be decriminalised and handled in an in-house mechanism, where a penalty could be levied in instances of default. This would also allow the trial courts to pay more attention on offences of serious nature. Consequently, it has been decided that the existing compoundable offences in the Companies Act – 2013 viz. offences punishable with fine only or punishable with fine or imprisonment or both may be examined and a decision may be taken as to whether any of such offences may be considered as ‘civil wrongs’ or ‘defaults’ where a penalty by an adjudicating officer may be imposed in the first place and only consequent to further non-compliance of the order of such authority will it be categorised as an offence triable by a special court.

It is also required to be seen as to whether any non-compoundable offences viz. offence punishable with imprisonment only, or punishable with imprisonment and also with fineunder the Companies Act, 2013 may be made compoundable. The Committee shall submit its report within thirty days to the Central Government for consideration of its recommendations.

The terms of reference of the Committee are as follows:

  1. To examine the nature of all ‘acts’ categorised as compoundable offences viz. offences punishable with fine only or punishable with fine or imprisonment or both under the CA-13 and recommend if any of such ‘acts’ may be re-categorised as ‘acts’ which attract civil liabilities wherein the company and its ‘officers in default’ are liable for penalty;
  2. To review the provisions relating to non-compoundable offences and recommend whether any such provisions need to be re-categorised as compoundable offence;
  3. To examine the existing mechanism of levy of penalty under the CA-13 and suggest any improvements thereon;
  4. To lay down the broad contours of an in-house adjudicatory mechanism where penalty may be levied in a MCA21 system driven manner so that discretion is minimised;
  5. To take necessary steps in formulation of draft changes in the law;
  6. Any other matter which may be relevant in this regard.

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Amendments Proposed to Central Motor Vehicles Rules

PIB press release dated 17th july, 2018 follows

Ministry of Road Transport and Highways has notified draft amendments to the Central Motor Vehicles Rules, making FASTags and Vehicle Tracking System device mandatory for all commercial vehicles obtaining national permit. The front wind screen of the vehicle will have to be affixed with a sticker confirming fitting of the Fastag.  The draft amendments also stipulate other additional conditions for obtaining national permit that include display of the words “National Permit or N/P” in the front and rear of the vehicles in bold letters. In case of trailers, the words “N/P” will have to be inscribed on the rear and left side of the vehicle. The body of a tanker carrying dangerous or hazardous goods has to be painted in white colour and display the prescribed class label on both the sides and rear of the tanker. The vehicle will be affixed with reflective tapes at front and rear.

The proposed amendment also provides that no fitness certification shall be required at the time of registration for new transport vehicles sold as fully built vehicles. Such vehicles will be deemed to be having certificate of fitness for a period of two years from the date of registration. It has also been proposed that fitness certificate of transport vehicles will be renewed for a period of two years for vehicles up to eight years old and for one year for vehicles older than eight years.

The proposed amendment also provides that Driving License and Pollution Under Control certificates can be carried in physical or digital form.

All goods carriage vehicles will be required to carry goods in a closed body of the vehicle or container. If it is necessary to carry goods in open bodies, goods will be covered by using appropriate cover like tarpaulin or any other suitable material. However, goods of indivisible nature, not capable of being carried in a closed body or being covered, may be carried without cover.

Detailed notification in this regard is available on Ministry of Road Transport and Highways’ website http://www.morth.nic.in. The Ministry has invited suggestions and objections to the proposed amendments,  to  be sent to the Joint Secretary (Transport), Ministry of Road Transport and Highways, Transport Bhawan, Parliament Street, New Delhi-110001 or email at js-tpt@gov.in by the 11th of August this year.

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