Private Committee Report - Passing Of Accounts: Fill & Download for Free

When possible—with a h/t to Stephanie V in that you can't always do so, especially with original bill language—you find amendments on Thomas.As she mentions, the base bill is crafted by staff. The staffers may vary, sometimes the office staff of the committee chair, sometimes the committee staff, and sometimes the office staff of another Member. Before a bill is formally introduced, it'll be circulated around, sometimes privately, or sometimes at a 30k foot view through a 'Dear Colleague' letter to build support and momentum prior to introduction.The negotiations that go into that base language are opaque without being in the room. From the Gang of Eight, I know which Senator (and more appropriately which staffer) ensured that startup visa language was included in the bill and which VC was the primary source of domain expertise for designing that language, but as it was part of the initial bill that dropped at 4 am Pacific time, that source is nowhere on Thomas.The Comprehensive Immigration Reform bill:The amendments list is populated as a database search, so it's impossible to directly link to the entire list. But here, you'll see each amendment as was filed after it passed committee and before the final floor vote.('My' amendment to this bill was No. 76, which would have improved the startup visa language in the bill)However, in committee, things are trickier. When a bill is passed out through a committee, it often—but not necessarily—will have a committee report produced. That committee report may have committee amendments listed, as was the case for S744 coming out of Senate Judiciary.You'll find the committee report on Thomas under 'committees,' then Senate reports. For S744, the section of 'amendments considered' shows the sponsors and votes.However, all of these approaches require you to know how each amendment affects the bill as it was originally proposed, rather than the obvious approach of starting with the final bill language and working your way backwards, which is why legislative librarians are so crucial for tracking down origins of various bits of language in Public Laws.Finally, once you've tracked down a specific bit of language being added through an amendment, you can then turn to the Congressional Record to see the speeches (if any) related to that amendment.Generally, base bill language is crafted to solve a policy problem, and while there are compromises, the most egregious bits of language are usually inserted through the publicly tracked amendment process, in my experience. Other than those amendments, elected officials vote up or down on the bill as a proposed policy solution, which seems sufficient public accountability to me, especially in context of the public getting one vote on a representative who votes thousands of times between each election.

Lets talk about IITs for a while. Here is an excerpt from the Kakodkar Committee Report from May 2011, the committee formed to look into ways to improve IITs (including how to make it financially autonomous)Funding for an IIT comes from the following sources:Plan grants from the Government: The Plan grant or Capital Grant covers the cost of buildings, laboratories, libraries and other infrastructure. These funds are used for non-recurring or capital expenditure. These are not accounted for in the operating revenues but are separately accounted.Non-Plan grants from the Government: The Non-Plan grant or Operations Grant covers operational expenses such as salaries, retirement benefits, estate maintenance, etc. Operational grants make up for about 82% of operating revenues for the IITs. These are disclosed as government receipts.Tuition fee: Tuition fee is earnings from the Undergraduate, Masters and PhD programmes. Tuition fee contributes, on an average, about 7% of the operating revenues for established IITs.Investments and endowment income: The return on endowments and investments, and donations from alumni is about 3% of the operating revenues for established IITs as against 10–40% for top US universities.Others/revenue from auxiliary enterprises and sales/services of educational activities: This source of revenue includes income from royalty, publications, seminars, workshops, sponsorships, examination fees, consultancy, and so onNow lets talk about BITS (now remember this is for all three campuses) The sources are (Page on Bits-pilani for 2009-10 and Page on Bits-pilani for 2008-09)In 2008-09, excess of expenditure over income (loss) was 1.28 L and in 2009-10 it was 2.04 Cr.Plan Grants are given by the Birlas not from a tax-payer's money. Infact the Birlas are investing about 1000 Cr. in BITS (this includes the 400 Cr. Parivartan) Source: BITS Pilani has big plans, with large batch sizesBITS gets some development grants from UGC as well. In 2009-09 it got 1.35 Cr. for Books, Journals and Equipment; 41 L for general development and 29 L for construction of a women's hostel. Thats about 2.04 Cr.I couldn't sum up all the research grants but that is a huge chunk of money I'm not sure where Profs are putting to use.IITs were charging about 45k p.a as tuition fee in 2008-09, now it is about 90k while the Kakodkar Commitee had suggested around 2-2.5 L p.a !!BITSians were coughing up 70k in 2008-09, 80k in 2009-10 and now 1.7 L. So while the fee at IIT became 2x in 4 years, it became 2.4x in BITS. Not that much right?Now, I know paying 1L per semester is too much, I guess even my parents/me can't afford it like so many others who won't be able to go join BITS because of the fee. But I think we as BITSians are smart enough to think rationally and understand why the fee is being hiked. (I'll be happy to take questions/criticism in the comments section)Here's what I think we should do.Not go out in the streets to protest without having a civil discussion with the adminTry to look at it from BITS' perspective as well, they can't possibly run the best private University in huge losses (especially at a time when they are already pumping in hundreds of crores)Ideate among ourselves, with alumni and with the admin to make our system leaner, more efficient and less costly.Again, I'd like to hear your opinion (just don't ask why we have to pay for PS 1 & 2, its already there on Quora). And I'm comparing BITS only to IITs because I don't think other private institutes run on a no profit no loss margin like BITS.UPDATE: I just got to know that the 400 Cr. might be passed down to students. Not sure about it though (till I see it on paper)

COMPANIES ACT 2013Reason behind new law?The promulgation of the new law is a step towards globalization and is a successful attempt to meet the changing environment and is progressive and futuristic duly envisaging the technological and legal developments.Increase in number of Companies from approximately 30,000 in the year 1956 to 11,00,000 in the year 2013.IntroductionThe Act comprises of 29 chapters, 470 Clauses with 7 Schedules as against 658 sections and 14 Schedules in the Companies Act, 1956.Substantively a law based on Rules (as may be prescribed).In 470 Clauses the word “as may be prescribed” has been used at around 336 places.New Definitions:Some of the definitions introduced in this Act are already in usage. Now, by defining more clarity is given. The new definitions interalia covers, Auditing Standards, Associate Company, Authorized Capital, Books of Accounts, Called up Capital, Charge, Chartered Accountant, Chief Executive Officer, Chief Financial Officer, Company Liquidator, Control, Cost Accountant, Deposit, Expert, Financial Institution, Financial Statement, Global Depository Receipt, Independent Director, Indian Depository Receipt, Interested Director, Issued Capital, Key Managerial Personnel, Notification, One Person Company, Ordinary or Special Resolution, Paid up share capital, Postal Ballot, Previous Company Law, Promoter, Public Financial Institution, Register of Companies, Related Party, Remuneration, Serious Fraud Investigation Office, Small Company, Subscribed Capital, Tribunal, Turnover, Unlimited Company, Voting Right, Whole Time Director.HighlightsIncorporation of Company:Incorporation of a One Person Company has been permitted. One person can form a private limited company.Numbers of permissible members in private company has been raised to 200 as against existing limit of 50 members.Limit of number of members in an association or partnership (without incorporation) to be increased up to 100Small company is introduced for lesser regulatory frameworkObjects clause in the Memorandum of Association of a company not required to be divided into main, ancillary and other objects. Only the objects for which the company is incorporated along with matters considered necessary for its furtherance to be mentioned. The company cannot provide for other object clause.Share Capital and Debentures:Shares, other than sweat equity, cannot be issued at a discount.Reduction of share capital is subject to the approval of Tribunal.A company may issue preference shares redeemable after 20 years for infrastructure projects as may be specified and redeemed as may be prescribed on an annual basis at the option of such preference shareholders.Buyback provisions eased. Companies can buy back its shares even if it has defaulted in repayment of deposit or interest payable thereon, redemption of debentures or preference shares or payment of dividend to any shareholder or repayment of any term loan or interest payable thereon to any financial institution or bank, provided that such default has been remedied and three years have lapsed after such default ceased to subsist. This was not the case in the Companies Act, 1956.Debenture trustee to be appointed only when a company issues prospectus or makes an offer or invitation to the public or to its members exceeding five hundred for subscription to its debentures.Acceptance of Deposit by Companies:NBFC’s not to be covered by the provisions relating to acceptance of deposits. They will be governed by the Reserve Bank of India rules on acceptance of deposits.Deposit insurance is required to be provided as prescribed.Deposits can be secured and unsecured.The concept of small depositors is dispensed with.The Tribunal may allow further time taking into consideration the financial condition of the Company to issue directions for repayment of the deposits or interest thereon in case of default in such repayments.Management and Administration:Forms & CertificationE-Governance proposed for various company processes like maintenance andinspection of documents in electronic form, option of keeping of books of accounts inelectronic form, financial statements to be placed on company’s website, holding ofboard meetings through video conferencing/other electronic mode; voting throughelectronic meansFor all the companies (except one person companies and small companies) with prescribed paid up capital and turnover, whether private or public, listed or unlisted, annual return has to be signed by a company secretary in practice.MeetingsOne Person company is not required to hold any Annual General MeetingNotice of general meeting need to be sent to all the directors of the CompanyFor special business to be transacted in the General Meeting, explanatory statement should comprise of specified informationCompany should follow that secretarial standards are folled while making mintuesSecretarial AuditAll Listed companies to annex secretarial audit report obtained from a Practicing Company Secretary to the Board’s report.Board to respond to qualifications, made by the Secretary, in the Board’s report.Annual DocumentsRequirement of compliance certificate done away with and in its place scope of annual return has been enlarged.The annual return, filed by a listed company or, by a company having such paid-up capital and turnover as may be prescribed, shall be certified by a company secretary in practice in the prescribed form, stating that the annual return discloses the facts correctly and adequately and that the company has complied with all the provisions of this Act.Directors responsibility statement shall include additional statement realted to compliance to all applicable laws and in case of listed companies, it shall include statement related to internal financial control.Benefit of private companies to file their balance sheet and profit and loss account separately has been withdrawn.Appointment and Variations regarding Directors & Key Managerial Personnel:AppointmentCertain Companies, as may be prescribed, to mandatorily appoint company secretary.Appointment of at least one women director on the board of prescribed classes of companies has been made mandatory.Appointment of at least one director resident in India, i.e., a director who has stayed in India for at least 182 days in the previous calendar year, is made mandatory for all companies.Key Managerial PersonnelCompany Secretary included within the definition of Key Managerial Personnel.No company can have both Managing Director and Manager at the same time.Every company belonging to such class or description of companies as may be prescribed, to have managing director, or chief executive officer or manager and in their absence, a whole-time director, company secretary and chief financial officer.Individual limits for remuneration enhanced in the ActStatus of Independent DirectorNominee director cannot be regarded as Independent Director.Maximum term of Independent Director has been restricted to five years at once subject to a maximum of two such terms.The independent director is not entitled to stock option and may receive remuneration by way of fee and profit related commission as approved by members.Role or functions of independent directors is expanded.DirectorshipsMaximum number of directors has been increased from twelve (12) to fifteen (15) directors. Further no Central Government approval is required to increase the maximum no. of directors beyond fifteen (15). Shareholders of companies may do so by passing a special resolution.A person can hold directorship of up to 20 companies, of which not more than 10 can be public companies.Meeting of Board and its Powers:A notice of not less than 7 days in writing is required to call a board meeting. The notice of meeting to be given to all directors, whether he is in India or outside India by hand delivery post or electronic means.Certain powers which earlier can be exercised by the Board with the approval of general meeting by way of ordinary resolution under section 293 of the Companies Act 1956, shall now to be passed by special resolution.Every Listed Company and such other company as may be prescribed shall have an Audit Committee.The central government permission under section 295 and section 372A of Companies Act, 1956 is dispensed with.Following committees of the Board made mandatory for listed and prescribed classes of companies:Audit committeeStakeholder relationship committeeNomination and Remuneration committeeCorporate Social Responsibility committeeAccounts & Audit:Books of accounts can be kept in electronic form also.The term balance sheet & profit and loss accounts are collectively termed as financial statement.The Act provides for re opening or re casting of Books of Accounts at the instance of regulatory authorities. The financial statements can be revised at specified situations.No listed companies shall appoint.an individual as auditor for more than one term of five consecutive years, andan audit firm as auditor for more than two terms of five consecutive years.Shareholders are at liberty to decide by passing resolution that audit partner and the audit team, be rotated every year.Auditor shall not provide directly or indirectly the specified services to the Company, its Holding and subsidiary companies.No approval of central government is required for appointment of cost auditorFinancial year will be uniform for all companies i.e., April-March.Related Party TransactionsScope of related party transactions has been widened and definition of relatives has also been enlarged and replaced with definition of “related party”.Clause 188 of the Act which carries provisions regarding related party transactions, combines existing sections 297 and 314.Central Government Approval has been done away with. Every related party transaction to be disclosed in Board’s report alongwith the justification.Approval in the Board is mandatory and also require prior shareholders approval for specified share capital and prescribed amounts.Inspection & investigation:The provision for establishment of Serious Fraud Investigation Office (SFIO) by the Central Government is another significant feature of the Act.SFIO is empowered to arrest in respect of certain offence involving fraud.Corporate Social Responsibility (CSR):Formation of CSR Committee has been made mandatory for a company having net worth of Rs. 500 crore or more, or turnover of Rs.1,000 crore or more or net profit of Rs. 5 crore or more during any financial year.Such company shall spend, in every financial year, at least 2 % of the average net profits of the company made during three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy (CSRP).Compromises, Arrangement and Amalgamation:The Act allows cross border mergersSeparate provision for merger between two small companies or holding and wholly owned subsidiaryAny valuation of shares / assets etc. required to be performed by a Registered ValuerNational Company Law Tribunal (NCLT) :NCLT replaces the High Court, CLB. The same shall consists of Judicial and Technical members, as Central Government may deem necessary, to exercise and discharge the powers and functions conferred including approval of merger,corporate reorganization, capital reduction, extension of financial year etcEvery proceeding presented before the Tribunal shall be dealt with and disposed of within 3 months from the date of commencement of proceeding before the tribunal.