Monthly Archives: November 2020

Vodka Lemon

A poignant award winning Armenian movie “Vodka Lemon” which was that country’s entry to the Oscars in 2003. It won the best film at Venice and Newport International Film Festivals. Its a stark story of two individuals Hamo (Romen Avinian) and Nina (Lala Sarkissian) both of whom have lost their spouses. Its a bleak life where they live in Armenia, completely snow clad and hardly any occupation going by to earn their living. Hamo has three sons, one in France and another in Tashkent and third with him but not having any job. Nina has two daughters, one is married and settled in Kazakhstan and the second one is a pianist in a hotel club. But the reality of the second daughter is known only towards the end of the film. Both Hamo and Nina visit the graveyard daily to be with their loved ones in spirit. Both are deeply affected by the tragedies and slowly some romantic interest stirs between them. The name Vodka Lemon is the name of the store that Nina manages somewhere along the roadside, but the business is bad at the store and it looks likely to close down. Hamo starts selling his things one by one in order to make some money. Director Hiner Saleem has done a good job though the script is weak at times, he has controlled the pace of the movie quite admirably. The perennial sadness in Nina’s eyes gives way to some hope and glitter as the movie goes by. The movie marks the period just after the collapse of the Soviet Union and the bleak landscape of poverty and sufferings is a hark back to those terrible times during the USSR rule. Music and cinematography is fantastic, shot as it was in a snow blanket all around. Both Romen and Lala have good roles, others don’t have any major roles in the film.

Leave a comment

Filed under cinema

UPI mechanism for public issues

SEBI circular dated 23rd November, 2020 introducing Unified Payments Interface (UPI) mechanism whilst applying for public issues of securities upto Rs.200,000/- (Rupees two hundred thousand). This is in addition to the ASBA mechanism.

  1. SEBI Circular No. CIR/DDHS/P/121/2018 dated August 16, 2018 (hereinafter to be referred as ‘ASBA Circular’) lays down the process for payment for applications in public issue of debt securities through the facility of ASBA.
  2. Introduction of Unified Payments Interface (UPI) mechanism and an
    additional mode for application through online (app / web) interface in
    public issues of securities captioned above:
    2.1.After consultation with stakeholders, it has been decided to introduce the following in addition to the already specified modes under the ASBA
    Circular:
    2.1.1. Providing an option to investors to apply in public issues of debt
    securities through the app / web interface of Stock Exchange(s) with a facility to block funds through Unified Payments Interface (UPI) mechanism for application value upto Rs. 2 Lac;
    2.1.2. Permitting the UPI mechanism to block funds for application value
    upto Rs. 2 Lac submitted through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants).
  3. The process flow for applying through online interface of stock exchanges or intermediaries and availing the option of blocking funds though UPI mechanism is placed at Annex I to this Circular.
  4. New entities / mechanisms part of the public issue process using UPI
    4.1.National Payments Corporation of India (NPCI): NPCI, a Reserve
    Bank of India (RBI) initiative, is an umbrella organization for all retail
    payments in India. It has been set up with the guidance and support of
    the Reserve Bank of India (RBI) and Indian Banks Association (IBA);
    4.2.Unified Payments Interface (UPI): UPI is an instant payment system
    developed by the NPCI. It enables merging several banking features,
    seamless fund routing & merchant payments into one hood. UPI allows
    instant transfer of money between any two persons’ bank accounts using
    a payment address which uniquely identifies a person’s bank account.
    4.3.Sponsor Bank: Sponsor Bank means a Banker to the Issue registered
    with SEBI which is appointed by the Issuer to act as a conduit between
    the Stock Exchanges and NPCI in order to push the mandate collect
    requests and / or payment instructions of the retail investors into the UPI.
  5. Validation by Stock Exchanges and Depositories
    5.1.The details of investor viz. PAN, DP ID / Client ID, entered on the Stock
    Exchange platform at the time of bidding, shall be validated by the Stock
    Exchange/s with the Depositories on real time basis.
    5.2.Stock Exchanges and Depositories shall put in place necessary
    infrastructure for this purpose.
  6. Other requirements
    6.1.Stock Exchanges shall update demand data on working days on their
    websites which shall include all the UPI (accepted/pending) and ASBA
    bids; ‘Working day’ for this purpose shall be the working day of the Stock
    Exchange on which debt securities are listed.
    6.2.The additional text of data fields required to be included in the
    Application-and-bidding-form relating to UPI is placed at Annex II to this
    Circular. The roles of the Issuer, Registrar and Collecting Banks is given
    at Annex III of this Circular.
    6.3.The details of commission and processing fees payable to each
    intermediary and the timelines for payment shall be disclosed in the offer document.
    6.4.The intermediaries shall provide necessary guidance to their investors in use of UPI while making applications in public issues.
    6.5.All entities involved in the process shall co-ordinate with one another to ensure completion of listing of securities and commencement of trading by T+6 day.
    6.6.Stock Exchanges shall formulate and disclose the operational procedure for applying through the app / web based interface developed by them in order to apply in public issue on their websites.
    6.7.The Merchant Banker shall ensure that the process of applying through the app / web interface developed by the Stock Exchanges as well as the additional payment mechanism through UPI is disclosed in the offer document.
    6.8.All entities involved in the process are advised to take necessary steps
    to ensure compliance with this circular.
    Applicability of this circular
  7. The provisions of this circular shall be applicable to a public issue of securities under the captioned Regulations which opens on or after January 01, 2021. Stock Exchanges, NPCI, Sponsor Banks and Self Certified Syndicate Banks shall make required changes to implement the same from January 1, 2021. SEBI Circular no. CIR/IMD/DF-1/20/2012 dated July 27, 2012 shall stand repealed from that date

Leave a comment

Filed under securities laws

unblocking of EWB facility

update on GST portal.

Online filing of application (Form GST EWB 05) by the taxpayer for un-blocking of E-Way Bill (EWB) generation facility

28/11/2020

  1. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is to be blocked, in case the taxpayer fails to file their returns in Form GSTR-3B or Statement in Form CMP-08, for two or more consecutive tax periods. For unblocking of this facility, taxpayer need to apply to jurisdictional Tax Official in Form GST EWB 05.
  2. A facility has now been provided to the taxpayers on the GST Portal, from 28th November, 2020 onwards, to file an application online for unblocking of their EWB generation facility (in Form EWB-05), in case their EWB generation facility has been blocked on the EWB Portal.

    Note: So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation facility and tax officials were issuing orders online on GST Portal, in Form GST EWB 06. Now this facility is being discontinued.
  3. To file an online application for unblocking EWB generation facility on GST Portal, a taxpayer need to:
  4. The application so filed is populated to dashboard of jurisdictional tax official. The tax official can issue a Notice for personal hearing to the taxpayer. Then the taxpayer can file their reply to the notice online, along with supporting documents.
  5. At conclusion of the proceedings, the Tax Officer can issue an order (in Form EWB-06) approving the taxpayer application for unblocking the EWB generation facility. After which their EWB generation facility will be restored for the duration specified in the order.
  6. If the Tax Officer rejects the taxpayer’s application vide order in Form EWB-06, the EWB generation facility will remain blocked and the taxpayer shall be required to file their pending returns (in Form GSTR-3B / Statement in FORM CMP-08, so as to reduce the pendency to less than two tax periods), for restoration of the EWB generation facility.
  7. Notice(s)/ Order issued by Tax Officer will be sent via SMS and mail to taxpayer and will be made available on the taxpayer dashboard (Services > User Services > View Additional Notices/Orders option).

Leave a comment

Filed under Uncategorized

life certificate under EPFO

https://pib.gov.in/PressReleasePage.aspx?PRID=1676719

In view of the ongoing COVID-19 pandemic and the vulnerability of elderly population to Corona Virus, EPFO has extended the time limit up to 28th February 2021 for submission of Life Certificate (Jeevan Pramaan Patra-JPP) in respect of the Pensioners drawing pension under EPS 1995 and whose Life certificate is due in any month till February 28, 2021. Presently a Pensioner can submit JPP anytime during the year upto 30th November,  which is valid for a period of one year from the date of issue.

All such pensioners can submit Life Certificate till February 28, 2021. Multiple modes for submission of JPPs including 3.65 lakh Common Service Centres (CSCs), Branches of Pension Disbursing Banks 1.36 lakh post offices, Postal Network of 1.90 lakh Postmen and Grameen Dak Sevaks under the Department of Post can be availed by pensioners.

Pensioners can use link for locating the nearest CSCs (https://locator.csccloud.in/) and link for placing online request to Post Offices for submission of JPPs from comfort of their Home or elsewhere (http://ccc.cept.gov.in/covid/request.aspx).

Leave a comment

Filed under Uncategorized

7.18 kms in mindspace

7.18 kms in Mindspace, Bombay. With this i crossed 600 kms for the year, its been a tough year for running with 4 months completely gone due to covid. Happy Guru Nanak Jayanti folks!!

MRR (Mumbai Road Runners) is raising funds for Bhumi, an NGO which is one of India’s largest independent youth volunteer non-profit organisations. Bhumi as a platform will enable over 12,000 volunteers in more than 12 cities across India for causes like education, environment, animals and community welfare. Bhumi is the recipient of the ‘Leader in Volunteer Engagement Award’ conferred by iVolunteer. Request to please contribute generously to this cause. The link is given below:

https://www.unitedwaymumbai.org/tmm-fundraiser-15414

Leave a comment

Filed under running

Failing to Succeed

This is undoubtedly one of the best business books that i have read for a long long time. K. Vaitheeswaran’s story of founding India’s first ever e-commerce company Fabmart.com which later became Indiaplaza.com, its true success and its subsequent failure. Vaitheeswaran has written the book with as much emotions and integrity as he put into building the business. Very nice flowing narrative with lot of stories with a little dash of humour here and there. This is a first class primer on how to set up an e-commerce company, a true e-commerce company based on profitability i.e. not on insane valuations that we are seeing these days, the soonicorns, unicorns and the gonicorns. Vaitheeswaran is scathing in his indictment of the fake start up culture in India, i.e based on sky high valuations and some funny metrics, high cost employees having zany designations, deep discount strategy etc. He says “several unicorns have pursued the LMS (Last Man Standing) strategy so far with enthusiasm by raising humongous amounts of capital, pricing their products and services well below cost that pushed several competitors out of business.” Another gem “the purpose of business is to make money, not raise money” and another one “Entrepreneurs must treat their start-ups like children” alluding to the investors’ craze to create pop-bubble valuations which are again based on crazy metrics like head count to the detriment of creating a profitable sound business. The most important of all traits for an entrepreneur is integrity, he says in page 195 “at a start up event, when asked what would be the one thing i would look for in any entrepreneur, i said integrity” Vaitheeswaran’s angst is mostly on the investors who let him down time and again and badly too. They just left him in the lurch, and it was sad to read the latter part of the book which deals with the failure of his portal and the severe problems that came with it. And this for a person who is virtually the founder of an industry – e-commerce, was founded by him and friends with nothing to learn from – even programmers did not know how to write codes for creating an e-commerce web site. Fabmart was a pioneer in India in those days when nobody knew anything about e-commerce. This book should be made must read in all MBA syllabus in the country – must read for all the wannabe capital advisors, entrepreneurs alike – it has so much of wealth of information you will not find in any text book on business. Goodreads 5/5

1 Comment

Filed under readings

The Motorcycle Diaries

Iconic movie about the iconic Argentine Marxist revolutionary leader, writer, guerilla leader, physician Ernesto Che Guevara, based on his best selling book “The Motorcycle Diaries”. This is the trip that Guevara took across the South American continent, traversing from Argentina to Chile, Peru, Colombia, Venezuala. A trip that he took with his best friend Ernesto Granado and which opened his eyes to a lot of things that South Americans were going through repressed as they were by the colonialists and imperialists. He saw with his naked eyes, the suffering of the poor people just as Mahatma Gandhi undertook his famous train journey across the length and breadth of the country to understand real India. The trip became a significant moment for Guevara as became a different person as when he started off. The movie with Gael Garcia Bernal playing Che Guevara and Rodrigo de la Serna playing Granado takes the viewers through almost the same route and journey that Guevara and his friend undertook in 1952. The trip across Argentina was mostly fun but it was only when they entered Chile that he started seeing the suffering and the plight of the poor people – being forced off their land, no work, no dignity, inhumane treatment. The Mayan ruins at Machhu Pichhu made him realise that such a beautiful civilization was ousted for the cramped urban surroundings of Lima, Peru. The seeds of marxism guerilla revolutionary movement were fused into Guevara on this trip across the continent. Both Bernal and de la Serna have played good roles along with the other characters. The script has been kept as not too serious with lots of charm and laughter along the way. Music and cinematography was breathtaking to say the least. Unfortunately the movie ends with his trip in Caracas and I guess there must be other movie to cover Guevara’s later exploits in Cuba and the African jungles leading to his murder by the CIA in 1967.

Leave a comment

Filed under cinema

Working Girl

What a beautifully tragic Antiguan film “Working Girl” (2009) directed by Nigel Trellis. Lotus (Terry Ann Price) is a school girl in a sad family background. Her mother is a prostitute and they are badly off. Lotus has a boyfriend who is rich but does not know her situation. Lotus’s mother is dying of lung cancer and they have no money to provide for her medicals. So Lotus sets out to sell herself but can’t bring herself to do it first time around. In the meanwhile, her house electricity is cut off due to non payment of dues, so she has to look around for other places to study. She goes to her boyfriend place, but his father drives her out. Then she is out hitchhiking, when she gets a lift from an old man, but that guy tries to be too cozy to her. The school master also tries to seduce her into his bed. But the girl is unable to do anything. Exams come and she tops not only in the school but the entire country. She comes home to tell her mother the good news but unfortunately her mother has already passed away by then. The funeral guys ask for lot of money in order to bury her. Again she sets off to do business in the night. Lot more suffering and tragedy in the end. Terry Ann Price has done a magnificent role as the sad, miserable girl who has no hopes for the future. The cinematography and music are very good.

Leave a comment

Filed under cinema

list of creditors – insolvency

IBBI has vide its circular dated 27th November, 2020 created an online website for the list of creditors to be uploaded on it for the benefit of the stakeholders. Interim Resolution Professionals or Resolution Professionals have anyways to update the list and submit it to the Adjudication Authority and upload it on the website of the corporate debtor. Now vide this mechanism, the list of creditors will be made available on a public website for perusal by the stakeholders.

This requirement is applicable to every corporate insolvency resolution process ongoing as on 13th November, 2020. The format of list of creditors is given in the Annexure to the said circular.

This has been bought about vide an amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016.

For more details you can click on the following link

https://www.ibbi.gov.in/

Leave a comment

Filed under insolvency law

BIS standards for 2 wheeler helmets

https://pib.gov.in/PressReleasePage.aspx?PRID=1676466

The Ministry of Road Transport and Highways through S.O. 4252 (E) dated 26th November 2020 has issued the ‘Helmet for riders of Two Wheelers Motor Vehicles (Quality Control ) Order, 2020.’Protective Helmets for Two Wheeler Riders have been included under compulsory BIS certification and the publication of the Quality Control Order.

As per the directions of the Supreme Court Committee on Road Safety for considering lighter helmets in India suiting the country’s climatic conditions and that for ensuring compliance amongst citizen to wear the helmets, a Committee wasformulated. The Committee had experts from different fields, including expert doctors from AIIMS and also from BIS. The Committee in March 2018 after detailed analysis in itsreport recommended lighter helmetsin the Country, and Ministry accepted the report.

As per the recommendations of the Committee, the BIS has revised specifications through which it is expected to make lighter helmets.With good competition in the Indian markets and with numerous helmet manufacturers, now it is expected that the competition would enable for good quality and lighter helmets demand.

The total number of two-wheelers being manufactured in India annually is nearly 1.7 crore.

QCO would mean that only BIS certified two wheeler helmets would be manufactured and sold in the Country for two wheelers. This would help in avoiding sale of low quality two wheeler helmets in the Country which would in turn help in protecting citizens involved in two wheeler accidents from fatal injuries.

Leave a comment

Filed under Uncategorized

The Andorra Hustle

Deadly and most explosive documentary on how Spain tried to subvert the Catalonian independence movement and in the process bringing down a reputed Andorran bank and its customers and employees and owners who all lost their monies and the employees many of whom are still facing prosecution and possible jail terms. Banca Privada D’ Andorra was charged with money laundering under section 311 of the US FINCEN Act which was enacted post 9/11. Multiple levels of money laundering accusations were thrown at the bank – from the Russian mafia, Venezuelans. The Big Four accounting firm was roped in to cook up stories while the main reason for the charge was to make the bank hollow and sell it to a US buyer for a pittance. But the real impetus for the action came from Spain which has been thwarting the Catalonian independence movement for more than 7 decades. The film maker very deftly maneuvers through the dubious machinations of the politicians, the corrupt judges who give lopsided judgements, and others to give a very explosive account of the real reason why a running, working, profitable bank was bought down. In the world of politics, nothing bars them from implicating anything and anybody under any law and sending multiple prosecutors one after another to indict a person. We have seen that happen in India as well. Very well researched and thoroughly meticulously made documentary. The Big Four, big banks, the US authorities, Spanish authorities are all complicit in this.

Leave a comment

Filed under cinema

Tomka and his Friends

What a wonderfully cute Albanian movie “Tomka and his friends” (1977) directed by Xhanfise Keko. Tomka and his little friends in a small Albanian village like to play football in their village playground. All that changes when Germans come to occupy their village and set up camp in their playground. Tomka and his friends continue to play football in whatever is left of the playground. They are a bunch of cute little kids patriotic to their fellow country men and angry at the fascists. Tomka is a little older and wiser for his age. Tomka and his friends are called up to do small little things to help the Albanians in their fight against the Germans, like finding out where the canal ends in the German camp, feeding poison to the German dog etc. All very lovely young kids with their enthusiasm and playfulness combined. All of them have acted wonderfully in the movie. It is a tribute to Xhanfise Keko that he has been able to get such lovely acting from the kids in the movie. The cinematography, camera work, music, story, direction, photography and all are top class. Not much of complications in the movie, a simple movie of daring do by young kids against fascist forces. Must watch for the true movie connoisseur. It is available on youtube with English sub titles.

Leave a comment

Filed under cinema

4.61 kms in mindspace

4.61 kms an evening run/ walk with daughter and then a short walk with the missus. Evening runs are more difficult than morning runs because of the heavy traffic on the roads. One has to be extra alert in navigating the roads because the motorists don’t care a damn whether they knock down a pedestrian and scoot away!! Happy Thanksgiving Day for my American friends and Happy Constitution Day for my Indian friends!!

MRR (Mumbai Road Runners) is raising funds for Light of Life Trust, an NGO which is registered under the Bombay Public Trusts Act, 1950, works towards realising untapped potential of India’s rural communities and empower them through its 2 verticals – Project Anando (Education) and Project Jagruti (Community Development). In order to contribute generously for this cause, request people to go to the following link.

https://www.unitedwaymumbai.org/tmm-fundraiser-15411

Leave a comment

Filed under running

amendments to guidelines for preferential issue of units by a listed InvIT

https://www.sebi.gov.in/legal/circulars/nov-2020/amendments-to-guidelines-for-preferential-issue-and-institutional-placement-of-units-by-a-listed-invit_48182.html

  1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2019/143 dated November 27, 2019 providing guidelines for preferential issue and institutional placement of units by listed InvITs. The said circular stands modified as under:
    1.1.Clause 4.1 of Annexure I is modified as under:
    “4.1. Preferential issue of units shall not be made to any person who has sold or transferred any units of the issuer during the six months preceding the relevant date.
    Explanation: Where any person belonging to sponsor(s) has sold/ transferred their units of the issuer during the six months preceding the relevant date, the sponsor(s) shall be ineligible for allotment of units on preferential basis.”

The highlighted portion i.e the explanation has been added by this amendment.

The earlier circular can be found here

https://www.sebi.gov.in/legal/circulars/nov-2019/guidelines-for-preferential-issue-of-units-and-institutional-placement-of-units-by-a-listed-infrastructure-investment-trust-invit-_45089.html

Leave a comment

Filed under securities laws

session on e-invoicing

Update from GST portal

Leave a comment

Filed under Uncategorized