Proactax

02/06/2022

Financial year end is coming!

Le: Our Client after choosing us their accounting & tax partner!

31/12/2020

#2020 has been an unprecedented year for everyone around the globe albeit with some silver linings and completely transforming some aspects of our lives.

Despite the difficult times, we have become stronger and moving towards sustainability from survival. We thank everyone who has directly or indirectly contributed to our initiation and the growth. To many more years ahead!!!!

Here is wishing you a better #2021

Wishing you health, happiness and prosperity.

Happy New Year 2021!!

13/11/2020

Wishing you all a very happy Dipawali and Chhait!!

May This Festival Of Lights Brighten Your Life and Bring Happiness , Joy And Prosperity For You And Your Family!!!

Stay safe and spread happiness!!!

22/10/2020

देश विदेशमा रहनु भएका सम्पूर्णलाई बडा दशैँ २०७७ को हार्दिक मंगलमय शुभकामना तथा सुस्वास्थ्यको कामना !!!

Wishing everyone across the globe a very Happy Dashain!! May this dashain make you happier, healthier and more prosperous!

For Better, Easier, Smarter and Timely Corporate Legal Solutions Lex Advise is always there.

Thank you for your support!

11/10/2020

♻Expired products: Can they be relabeled and sold again?

📚What does the law say?

⁉Over the last few days, the news about the changing the labels on the wrappers of expired chocolates and supplying them back to the market has spread like wildfire and a well known conglomerate like Vishal Group , along with a few other entities’ were alleged to have been involved.

💡Shedding the light on the organized big scale operation of selling food products past their expiry dates by relabeling them, the news raised a lot of concerns over its impact on human health.

🛒The retailers/wholesalers are required to return the expired products to the manufacturers which are to be eventually destroyed.

Advocate Mamata Paudel analyzes the prevailing legal provisions for your easy understanding of the issue.

Over the last few days, the news about the changing the labels on the wrappers of expired chocolates and supplying them back to the market has spread like wildfire and a well known conglomerate like Vishal Group, along with a few other entities’ were alleged to have been involved. Shedding the lig...

07/10/2020

📢 MAKING YOUR VOICE HEARD!

The Ministry of Industry, Commerce and Supplies recently issued a notice seeking suggestions and commentaries regarding any drawbacks on the existing laws or the need to amend the existing provisions in order to simplify the FDI related processes in Nepal.

We, at Lex Advise in collaboration with Lex Advisers, one of the leading law firms on Nepal, are conducting a survey to present a detailed report, in line with the feedback and suggestions received, to the Ministry.

It's high time we stop complaining about the policies and start reforming them. So, fill up this survey and play your part in framing the Policy that Concerns You and Your Investment!

https://bit.ly/34AyBfi

29/09/2020

⚠Compliance Alert: Annual Filings by Industries⁉

✔Section 13 of the Industrial Enterprises’ Act, 2020 (hereinafter referred to as the “Act”) mandates registered industries, after the commencement of commercial production or transaction, to submit the prescribed details to the authority of industry registration within 6 months from the end of each fiscal year. 🕓🕓

✔Additionally, in the event of failure to comply with this provision, the Act legislates the authority to levy fines for such industries as provisioned under section 43(5) of the Act. The fine amount is stipulated differently for the different types of industries, providing Rs. 1000 for micro entrepreneurship, Rs. 5000 for cottage and small industries, Rs. 10,000 for a medium industry and a large sum of Rs. 25,000 for large industries.

For details, please refer to the following link.

Section 13 of the Industrial Enterprises’ Act, 2020 (hereinafter referred to as the “Act”) mandates registered industries, after the commencement of commercial production or transaction, to submit the prescribed details to the authority of industry registration within 6 months from the end of ...

12/08/2020

or in Nepal

In 2017, alleging Pragyan Securities for involving in malpractice that resulted in insider dealing, SEBON barred Pragyan Securities from stock trading after the brokerage was found leaking confidential information to its clients.

Company was alleged of sharing the information about securities that was not yet made public. As per sec 101 of Securities Act, 2063, Pragyan securities was made liable to pay RS 75,000 fine.

This is just one of the instances of insider trading: highly sensitive yet least discussed topic in Nepal.

So what does the law provide to protect the investors at large and strengthen the capital market of Nepal?

Rakshya Khanal has put her efforts to analyse the basic legal provisions and also some actions taken with respect to insider trading.

What do you think should SEBON focus on while finalizing the Insider Trading Regulation?

Follow Lex Advise for similar legal analysis esp. in the are of corporate law in Nepal. You may also submit your legal analysis to us or suggest relevant topics at [email protected]

Black’s Law dictionary defines insider trading also known as insider dealing (the terms are used often interchangeably throughout the article) as “the use of material nonpublic information in trading of the shares of the company by a corporate insider or any other person who owes a fiduciary dut...

26/05/2020

Companies’ Act, 2063 and Company Directives 2072 lays down the required legislation to be abided by in carrying out voluntary liquidation of a company.

Under section 126 of the Companies’ Act and section 64 of the Directives, any company may undergo voluntary liquidation under following circumstances:

a. If a company is able to fully pay off its debts or other liabilities,

b. If there exists no situation where an application for review of insolvency is pending, or where the company would be subject to insolvency proceedings,

c. If the directors of the company have after due inquiry made a declaration stating that the company is able to pay off all of its debts and other liabilities, or that the debts and liabilities to be paid on behalf of such company can be paid up or fully settled in any other process within one year from the date of the adoption of the resolution to liquidate the company.

d. If the written declaration made by the directors was presented in the Special General Meeting (SGM) called to discuss on the liquidation matter, or it was made at the time of GM called to discuss matters on liquidating the company.

More details in the article.

Huge thanks to Advocate Mamata Paudel for the information.

In the plainest sense, liquidation refers to liquidating all the assets of the company, thus bringing the business to an end. Voluntary liquidation is when a company decides to end its existence deliberately as opposed to when the company has become insolvent.