Monday, January 21, 2019

Mind your words ...



One wrong word can negatively impact your entire message. Fair or unfair, it happens.  For example, if your Resume contains the word “Carrier Objective” instead of “Career Objective”, probably your chances of attending the interview itself is very less, while you may have the real talent and capability to be successful in the interview.

So mind your words.  Here are a few commonly confusing words.

Compliment and complement

Compliment is to say something nice. Complement is to add to, enhance, improve, complete, or bring close to perfection. 
I can compliment your staff and their service.
Your new app may complement your website.

Criteria and criterion

"We made the decision based on one overriding criteria" sounds pretty impressive but is wrong.
Remember: one criterion, two or more criteria, although you could always use "reason" or "factors" and not worry about getting it wrong.

Discreet and discrete

Discreet means careful, cautious, showing good judgment: "We made discreet inquiries to determine whether the founder was interested in selling her company."

Discrete means individual, separate, or distinct: "We analyzed data from a number of discrete market segments to determine overall pricing levels." And if you get confused, remember you don't use discreetion to work through sensitive issues; you exercise discretion.

Elicit and illicit

Elicit means to draw out.. Think of elicit as the mildest form of extract or, even worse, extort. So if one lucky survey respondent will win a trip to the Bahamas, the prize is designed to elicit responses.

Illicit means illegal or unlawful. I suppose you could "illicit" a response at gunpoint.

Farther and further

Farther involves a physical distance: “The distance between Chennai and Delhi is farther than the distance between Chennai and Bangalore.”

Further involves a figurative distance: "We can take our business plan no further."  Or, "I am not going to trust you any further."


Thursday, January 17, 2019

Interpretation of “Proviso”


A ‘proviso’ is a clause in a statute, which begins with the phrase Provided that.  Literally it means ‘on the condition or understanding that’.

A ‘proviso’ has one or more of the following three functions:

  1.  Exception to the main provision;
  2.  Condition to the main provision;
  3.  Additional requirement.


Sometimes, we get a doubt whether a ‘proviso’ should be interpreted along with the section or sub-section to which it is appended or should it be interpreted separately.

For example, Section 188 of the Companies Act, 2013 deals with Related Party Transactions.  The 4th Proviso of Section 188 (1) provides that “nothing in this sub-section shall apply to any transactions entered into by the company in its ordinary course of business other than transactions which are not on an arm’s length basis”.

Now the question is whether the sub-section (1) of Section 188 ends with 188 (1) (g) or it extends with further ‘Provisos’.  If it ends with Section 188 (1) (g), then the 4th Proviso exempts only the Board Approval.  Only if the sub-section (1) extends beyond 188 (1) (g), i.e. only if it extends to the further provisos, then the 4th proviso exempts shareholders’ approval also.

The cardinal Rule of Interpretation is, a ‘proviso’ must be interpreted harmoniously with the section or subsection to which it is appended. A ‘proviso’ qualifies the generality of the main enactment.

Unless the words of the ‘proviso’ indicate otherwise, the ‘proviso’ applies to the whole of the main part of the section or subsection under which the proviso has been inserted.  For example, the 3rd Proviso provides that “nothing contained in the second proviso shall apply to a company in which ninety per cent or more members, in number, are relatives or promoters or are related parties”. 

Again, if you see Explanation to Section 188 (1), it starts with the words – “In this sub-section” and explains the expression “arm’s length transaction”.  The said expression “arm’s length transaction”  is mentioned in the 4th Proviso to sub-section (1) of Section 188.  This clearly indicates that the “proviso is part of the sub-section or section to which it is appended.



IBBI (Insolvency Resolution Process for CPs) (Second Amendment) Regulations, 2019

IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 notified on 25 th July 2019 ·   ...