Very few takers for One Person Company

Data provided by the Ministry of Corporate Affairs revealed that only few takers for One Person Company, which is introduced as a new business ownership concept by virtue of the Companies Act, 2013. The statistics on number of entities such as public companies, private companies, OPC and LLPs registered from 1^st April, 2014 to 26^th August 2014 revealed that the number of OPCs registered is lower than Private Companies and LLPs. It can be stated that the number of sole proprietorships concerns started within this period of time will definitely outnumber the OPCs. There were mere 430 OPCs registered during this period of 147 days. This will be less than 5% of the sole proprietorships started all over India within the period. OPC may not be the choice of traders. In India trading businesses contributes more revenue by VAT, CST, etc., Due to limiting annual turnover of OPCs by two crores, the traders prefer sole proprietorship. The OPC may attract the traders if its annual turnover limit is extended at least for the non-manufacturing entities. 

It’s the need of the hour to make appropriate changes in the limitations imposed on the OPCs on annual turnover. This may be achieved by two methods:

1) The government may increase the limitation on annual turnover for every financial year or for a fixed time limit (for every 3 or 4 financial year). This will check the influence of inflation.

2) Or the government may increase the limit on the basis of performance of the entity. This may be based on the assets and liabilities of the entity. It may be like a bank increasing overdraft facility for a current account holder.

 A budding solo entrepreneur who wishes to operate the business with limited liability and corporate identity may prefer OPC as a form of business if the limitations were revised as per the changing global economy and business trends.

'Learning the Law' in Government Law College, Coimbatore... Pros & Cons

Legal education in Tamil Nadu is under several limitations. The number of Law Colleges in the state is very low when compared to other states. Normally the applicants wish to opt for GLC Chennai (due to its High Court connection and metropolitan status) and GLC, Madurai (due to the presence of High Court Bench in the City). Coimbatore is a city which is developed by means of private contribution. Due to the lack of private Law colleges, the GLC is the only source of legal education for the districts of Coimbatore, Tiruppur and Nilgiris. Here are some pros and cons of the College,

Pros...

• The college has a huge library with all leading books available.
• The college has hostel facilities for both girls and boys.
• The college was approved "permanent" status for its infrastructure by the Bar Council of India.
• The city has a combined Court complex which consist of Courts of all jurisdictions which will serve as a lab for the students.
• The climate of the city will be pleasant for students, this is one of the reasons for the presence of numerous educational institutions in the city.
• The students can easily find a part-time job to make up their accommodation and cost of studies.

Cons...

• The College is in lack of proper drinking water facility.
• I never recommend the hostels due to lack of proper mess for the inmates. Students were advised to arrange accommodation outside the campus on their own.
• There is less importance to the extra-curricular activities. Only sport meet of Tamil Nadu Dr.Ambedkar Law University will be paid attention. This leads to non selection of some talented athletes and players due to less in-take
• Students have to attend Inter College Culturals, sport meets and Moot Court competitions on their own risk.
• The distance between the Combined Court Complex and the College is nearly 15 Kms, students who wish to attend Courts has to spend more time in travel.
• Cost of living in Coimbatore city has gone high due to the presence of huge number of educational institutions and IT companies.

Quasi Judicial bodies in India... need of public awareness...

The long pending cases in the Courts and unnecessary delay in disposition had degraded the reliability of Law in our country. This led for the formation of several quasi-Judicial bodies in India. The complainant can himself file the complaint without the aid of an Lawyer. The orders of these bodies were passed in shorter time as compared to the Courts. The aggrieved parties can appeal in the Courts.

Some of the quasi Judicial bodies are...

1. National Human Rights Commission
2. State Human Rights Commission (established at each state)
3. Central Information Commission
4. State Information Commission (established at each state)
5. National Consumer Disputes Redressal Commission
6. StateConsumer Disputes Redressal Commission (established at each state)
7. District Consumer Disputes Redressal Forum (established at each district)
8. Competition Commission of India
9. Appellate Tribunal for Electricity
10. State Electricity Regulatory Commission (established at each district)
11. Railway Claims Tribunal
12. Income Tax Appellate Tribunal
13. Intellectual Property Appellate Tribunal
14. Central Excise and Service Tax Appellate Tribunal
15. Banking Ombudsman
16. Insurance Ombudsman
17. Income tax Ombudsman
18. Electricity Ombudsman
19. State Sales tax Appellate Tribunal