‘46’
DEEMED PUBLIC COMPANIES FOLLOWING INCREASE IN CEILING OF AVERAGE ANNUAL TURNOVER CRITERION
    The Department of Company Affairs has clarified that a private company whose last of the three consecutive financial years ended on any date during the period November 23,1998 to February 22,1999 and its average annual turnover for three consecutive financial years was Rs.10 crores or more but less than Rs.25 crores, will not become deemed public company by virtue of Sub-Section 1(A) of Section 43A of the Companies Act, 1956.

    The clarification has been necessitated following raising of the ceiling criterion of average annual turnover for the last three consecutive financial years from Rs.10 crores to Rs.25 crores by a Notification issued on February 23,1999.

    Consequent on the upward revision of the average annual turnover criterion queries have been raised about the effect of the increase in the ceiling of average annual turnover with effect from February 23, on companies whose average annual turnover for three consecutive financial years was beyond Rs.10 crores or more but less than Rs.25 crores before it became a public company on the expiry of three months from the last date of the three consecutive financial years under the old criterion of Rs.10 crore ceiling.

    Under Sub-Section (1A) of Section 43 A of the Companies Act, 1956, the average annual turnover of a private company is not less than such amount as may be prescribed , the private company will become, on the expiry of three months from the last date of the period of three consecutive financial years during which the private company had the same average turnover , a public company. This ceiling of average turnover under Section 43(1A) is prescribed by the Central Government from time to time under Rule 4C of the Companies (Central Government’s) General Rules and Forms ,1956.
 
 

'15'
DUE DATE FOR SUBMISSION OF IT RETURNS EXTENDED IN CASE OF NON-CORPORATE TAXPAYERS
    The Central Board of Direct Taxes has extended the due date for submission of returns of income for the assessment year 1999-2000 from 31st August, 1999 to 30th September, 1999 in the case of non-corporate taxpayers having income from business or profession and not required to file audit report.

    The due date for filing of Wealth tax return is the same as specified under the Income-tax Act. Therefore, the above persons can also file their wealth tax return for assessment year 1999-2000 on or before 30th September, 1999.
 
 
 

‘23’
ICHR’S BOOK ON ‘RAILWAY CONSTRUCTION IN INDIA’ RELEASED
    The Chairman, Railway Board, Shri V.K. Agarwal today released three volumes of a book titled ‘Railway Construction In India’ at a programme held here. The book has been brought out by Indian Council of Historical Research (ICHR), an autonomous institution under the Ministry of Human Resource Development, Government of India. The book covers the history of railway construction from 1832 to 1900. Shri M.K. Kaw, Secretary, Department of Education in Ministry of Human Resource Development, Government of India presided over the book release function. Mr. Tom Macan, British High Commissioner (Acct.) and Professor S. Bhattacharya of Jawaharlal Nehru University were specially present on the occasion.

    Speaking on the occasion, the Chairman Railway Board, Shri Agarwal said that this publication will fulfill the long standing need for having a well documented history on the subject. He appreciated the ICHR for bringing out this excellent publication.Shri Agarwal suggested to take up a further follow up on the history of construction of Indian Railways for the period 1900-1950, as much more efforts are required to preserve the Railways’ interesting heritage and history. Mr. Agarwal felt that there is infact a very urgent need to record and document the entire process of the history of construction in India. Shri Agarwal said that Indian Railways, the biggest public sector enterprise in the country, has grown into the second largest networks of Railways in the world and is now set to enter the new millenium.

    In his remarks, Mr. Kaw said that these volumes would serve an important purpose in reconstructing the history of Indian Railways and in evaluating the impact of this venture on the economic situation as well as in integrating the sub-continent into a nation. The easy access to the most vital documents should encourage shcolars to attempt fresh interpretation of facts and add new chapter in writing the country’s history, he added.

    The publication has been brought out under the supervision of Shri S. Settar, General Editor, Shri Bhubanes Misra Editor, Shri M.P. Kanth and Shri A.G. Lal, Associate Editors. This is infact an outcome of seven long years of labour by a team of editorial associates under the Editor, ICHR, New Delhi. The project was drawn when Professor Irfan Habib was the Chairman of ICHR and was continued by his successor Professor Ravinder Kumar and the present Chairman Professor S. Settar. The source material for the present book has been taken from the National Archives of India, the Railway Board Library, the National Rail Museum, the British Council Library, the Asiatic Society Library, the State Archives and the India Office Library and Records (London) and many other important centres.