How Businesses Can Safely Store Sensitive Documents

Depending on the nature of your business, there’s a strong possibility that you need to safeguard a number of important and sensitive documents. Whether it’s private information about the company, employees or customers, personal information falling into the wrong hands can be disastrous.

Below are some great suggestions for the safe and reliable storage of paperwork that needs to be well-protected.

Secure drawer

A drawer, cupboard or filing cabinet with a lock on it is a great place to keep private documents away from prying eyes. The benefits of this type of system is that you have all your paperwork on site which is convenient if you know you need to access it on a regular basis. The downside however is that if your office is broken into or subjected to fire or flooding, there’s a risk that your important documents could go missing or get damaged.

Online

It’s always a good idea to back everything up because at least if something goes wrong, you can recover any lost data. Storing documents online and in the cloud is a great idea because it means that as well as having a physical copy of everything you need, you also have a virtual copy.

If you are storing private information online, it’s very important to ensure that you have a very secure system to protect your business against hackers. It’s also recommended that you have a disaster recovery plan should your system crash and you need a way of recovering any data you have lost.

Self storage

If you would rather keep sensitive documents off-site, renting out a self storage unit is a great option.

Look out for facilities that provide your unit with a lock that only you have access to, CCTV and security staff who patrol the area after the usual staff have gone home.

An added benefit of keeping paperwork in a self storage unit is that it frees up space in your office for other things such as stock, office supplies or even more staff.

Use a shredder

If there are personal documents that you no longer need or you have transferred to online storage, make sure you use a shredder to destroy them. Simply throwing away bank statements, receipts with card numbers on them and customer information isn’t secure enough because criminals can and will rummage through rubbish.

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Important Details About A Servo Voltage Stabilizer

A Servo Voltage Stabilizer is an important device, which is most probably used to provide safety to appliances against voltage fluctuations and power cuts. These stabilizers help to maintain a proper voltage level and let the appliance do their work properly without facing any instability in voltage. There are so many things you should know about this device, which give so many benefits to you and your industrial equipment.

What Is A Servo Voltage Stabilizer?

A Servo Voltage Stabilizer is an electronic device, which performs its function with the help of its powerful servo motors that helps to maintain stability in the voltage and let your device perform its task hassle-free. Its main function is to stabilize the voltage and protect the electronic equipment from getting damaged. It also saves energy and reduces your utility bills because of its low power consumption feature.

What Is The Need Of A Stabilizer?

If you think that your industry get proper power and you don’t need any such device for the same function, so, you are absolutely wrong. It’s because in the absence of a voltage stabilizer your device can face the problem of over voltage and under voltage, which damaged it properly and stops your production. To provide a consistent amount of voltage to the device, your industry must install a stabilizer.

How To Select The Right Stabilizer For Your Application?

No doubt, different appliances need a different rate of voltage and, therefore, choosing the right of its type is necessary to take benefits from it. Its selection process is very easy and most probably based on its input and output voltage rating, KVA rating, type of load, voltage, cooling and protection required by your device. You have to understand them well before purchasing, or you can also contact Servo Voltage Stabilizer manufacturers that understand your needs and guide you the best product.

How Much It Will Cost?

It is a cost-effective device, which is effortlessly accessible in the market at a pocket-friendly price. Along with this, its installation, operation and maintenance cost is not so high, which in result saves your time, money and efforts. It will never cost you so high and can easily fit into your stipulated budget.

What’s more, are you looking for? All above points will definitely clear your doubts related to this product. So, you should invest in a Servo Voltage Stabilizer for the safety of your device, and manpower as well, which you cannot take for granted.

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Abusive Boss? Recover Your Power, Restore Your Health

Don’t let your abusive boss destroy your soul. Recover your power. Restore your health.

Why Your Abusive Boss Has So Much Power to Harm.

We humans are wired for relationship. We survive and prosper in community. Isolate and marginalize us, and we suffer.

Rejection is not only painful, it’s psychologically devastating if from someone important to us and we on whom we depend. This is why children, the ultimately dependent people, can be damaged for life by abusive parents.

So, being abused by a boss who can deprive us of our income and sense of dignity is particularly painful. If the abuse is daily, we may easily become depressed, anxious, and physically sick. That is why so many employees “go out on stress leave.” Place a bad boss in an already stressful work situation with too much work and too little help, and the situation can be toxic. The downward cycle is awful. We’re depleted, and therefore less resilient, and therefore the next day’s stress is even more difficult to bear.

Tactics to Cope With an Abusive Boss

Here is a list of some counter-tactics. Note the tactics all focus on you, not your boss. You can’t change your abusive boss. You can change your own actions and thoughts. Despite the stress, imagine the options, and use them:

1. Depending on the severity of your situation, don’t wait for a complete meltdown. Take medical leave now. Give yourself some time away to recover and reorient.

2. Tune in. Your body is being effected by the stress, but you’re likely pushing on, ignoring the symptoms. Eventually the symptoms will overwhelm you. So, take a hint.

3. Practice mindfulness meditation. This practice is mental training. It teaches detachment and observation, and allows emotional distance from disturbing events.

4. Pray, if you have any foundation of belief in a higher power. Prayer produces results. The source of those results can be debated, but persons of faith cope better.

5. Stay off sugar, caffeine and alcohol. Never use illegal drugs. Use prescribed drugs as needed to transition through a negative time. Prescribed drugs can take the edge off an stressful situation, but they are not a solution. You are the solution.

6. Difficult though it be when you’re the target, realize it’s not personal. Your boss is generally abusive, and seeks out the weak for more bullying. You’re not bad, and you’re not the cause of the attacks. Your abusive boss needs to bully for his own sick personal reasons. He’s in dance, and you’re the partner called “victim.” You could be anybody.

7. There are those who give, and those who take away. Connect with the givers to compensate for the abusive boss who is depleting you. Reach out to the energizers. Spend social time with people who enjoy laughter, good meals, or fun activities. Find people who share the activities you enjoy, and make time with them to share those activities. Let yourself laugh again. Enjoy the feeling of letting down your guard. Create and use these opportunities with the same routine you would take a prescribed anti-depressant.

8. Get more sleep. It helps to exercise, even if just a brisk walk of 15 minutes, a few hours before going to bed.

9. Take rest breaks mentally and physically throughout the day. Get up from your work, and take a walk. Breath deeply. Stretch. Generally, develop a host of 1 minute interludes to replenish and renew. Develop a little mental repetition of a positive phrase of hope. Repeat it silently throughout the day.

10. Be patient. You’ve been under stress so long your body is in a nearly continuous stress response mode. You’re likely hyper-vigilant and reactive, and unaware that this negative state has become your “new normal.” It takes time to unwind from the pattern. Just stay with the recovery plan.

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Three Must Haves in Your Next Meeting Space

Planning a large event can be overwhelming for a few reasons. There are many things to prepare, including the agenda, the guest list, and perhaps most importantly, finding the right meeting space! The venue itself often can present a few challenges when considering a location. After all, the types of rooms available, the technology needed, and the cost of the venue are just a few of the questions you’ll need to answer. Here are some often overlooked elements for you to consider as you get ready to select your next meeting space.

The Facility

The quality of the facility will be directly tied to the success of your meeting. What type of event are you hosting, and what kinds of resources are needed? Do you require large rooms for keynote addresses or collapsible walls for creating smaller spaces for breakout sessions? What about monitors, projectors, and microphones? Even just having the right technology available to use can go a long way towards ensuring a smooth experience for you and your guests.

As you will quickly find, there might only be a small amount of available local venues that meet your criteria. As you get started with the event planning, be sure to consider the type of facility needed before beginning your search.

The Staff

Just as important as the physical facility is the support staff. No matter how well you plan and prepare, there are bound to be things that arise over the course of the event. In those moments, it is imperative that the facility staff is friendly, supportive, and ready to meet your needs in a timely manner.

An excellent way to ensure a positive relationship is to spend time visiting the site and getting introduced to the facility’s staff. Most times, a facilities coordinator will be assigned to your group. During your site visit, try to get a sense of what experience they have and how well they address common issues. By establishing a positive rapport during the first interaction, you should be able to get a sense of if the staff will be right for you and your event.

The Transit

Often, great real estate will trump almost any other decision. If a meeting space is located centrally, many planners will seek it out. But remember, this event is for your guests, so you’ll need to consider their perspective. Will they be driving? If so, is there ample parking? If not, is public transit available?

There are many angles to consider when choosing the ideal venue for your next gathering. Taking the time to consider the facility, its staff, and its location can help you find the best meeting space for you and your guests!

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Increase Your Revenue by Investing in Plastic Cards and Key Tags

Any company facing tough competition in the open market will do whatever it can do increase their sales and revenue and what better way than to launch plastic cards and key tags. Any identity card given by a retailer to a customer as part of a scheme or for certain special benefits as part of a loyalty programme and such cards are usually in the form of plastic cards and key tags.

These cards usually put the customers at an advantage and allow them to enjoy certain special benefits be it discounts, accumulation of points to redeem later, cash-back offers and the like.

Kinds of Loyalty Cards:

• Business Cards
These carry the details of a person and are used primarily in official exchanges to convey personal information and contact details.

• Membership Cards
These are given to members of a specific sports or social club to avail their facilities and services round the year.

• VIP Cards
These allow the recognition of clients who are important to the organisation to establish a good rapport.

• Discount Cards
These give customers a chance to avail special offers and discounts during promotion periods.

• Plastic Key Tags
These are nothing but plastic tags which can be keyed on to any key ring with the sole purpose of it not be lost as well as being carried at all times.

Features of Plastic Cards:

• Frosted Cards
These are business cards with an attractive frosted look to it. This does not get affected by wear and tear easily.

• Magnetic Cards
These have a magnetic strip which allows specific data to be saved. These are used in banks as well as in the transport sector.

• Embossed Cards
These emboss the names and details of a customer on plastic cards which gives a personal touch to it and makes it more sophisticated to look at. This is seen in all Debit and Credit Cards provided by banks.

• Smart Cards
These are known as a ‘chip cards’ or ‘an integrated circuit card’ which functions as a microprocessor as well as a memory card. They can be used to store data as well as for authentication purposes.

• Metallic Cards
It offers a stylish and smart look to any business card and the customers will be more than happy to own one. This too is made of plastic (PVC) but gives a metallic look to the card.

• Die Cut Cards
These give a chance to the retailers to customise their cards according to their own designs, specific to their choice of colour, shape and pattern.

In this way, business establishments as well as retailers can lure and attract customers who feel privileged to be part of programmes which offer these cards and in turn remain loyal to the organisation. Key Tags are the latest innovation in the sphere of plastic cards where the risk of it being misplaced or lost is far less, at the same time making it easily accessible to the customers.

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Importance Of Appointed Date & Effective Date in Restructuring

Introduction:

In the case of merger and demerger, two dates are crucial, the “Appointed Date” and secondly the “Effective Date”. Corporate managers spend a lot of time to plan the exact timing of these dates. ‘Appointed Date’ is normally arranged to secure the interests & objects of the respective companies. And ‘Effective Date’ is finalized by High Court depends on upon filing of a final order of High Court with Registrar of Companies.

Importance of ‘Appointed Date’ & ‘Effective Date’:

Any scheme of compromise or arrangement should identify a date in the scheme itself as ‘Appointed Date’. This ‘appointed date’ is crucial for arriving at values of assets and liabilities appearing in the books of Accounts both for the purpose of the transfer to the Transferee company and also for arriving at the value of shares for the transferor and transferee company viz. exchange ratio. Generally, the first day of a month or the first day of a financial year is identified as the ‘appointed date’, though the Court has the discretion to decide any date as ‘transfer date’.

The ‘Effective Date’ on the other hand is the date on which the transferee company files the order of the High Court sanctioning the scheme with the Registrar of Companies for registration and when the order has so filed the amalgamation or arrangement becomes effective or having come into force from the ‘Appointed date’. The effective date is subsequent date and the company has no control over it.

Issues regarding ‘Appointed Date’ & ‘Effective Date’ and their effects on Various Aspects of Restructuring:

1. Identification of Assets & Liabilities of Transferor Company:
As per the requirements of Section 391 to 394 of the Companies Act, 1956 the Transferor company should identify and quantify the assets and liabilities which are sought to be transferred to the transferee company under merger or demerger. This identification & quantification of assets and liabilities should be done as on Appointed Date.

The details of such assets & liabilities may be annexed as a schedule to the scheme. This identification gives certainty to the scheme, as members of both the companies get a clear idea about what is going to be transferred?

2. Changes in the name/status of the company after Appointed Date:
There could be some changes in name, address or status of the company after the appointed date. Normally such changes do not affect the sanction of the scheme before High Court unless they adversely affect the rights & interests or obligations of the company and/or its members and creditors.

3. Accounting Treatment:
Normally the Transferee Company should, upon the Scheme coming into effect on effective date record the assets and liabilities of the Transferor Company vested in it pursuant to the Scheme, at the fair values thereof at the close of business of the day immediately preceding the Appointed Date.

4. Increase in share capital & Appointed Date:
The shares are allotted only after the scheme is sanctioned by the court and not before. Further, the increase of authorised share capital is always upon sanctioning of the scheme. Hence any objection to the scheme on the ground that on appointed date the share capital of the Transferee Company was not sufficient to give effect to the scheme cannot be sustained.

5. Nature of Business:
From the Appointed Date and till the Effective Date transferor company should act as a trustee of a transferee company.

The Transferor Companies should carry on all their respective business and activities and should be deemed to have held or stood possessed of and should hold and stand possessed all the said Assets for and on account of and in trust for the Transferee Company.

All the profits or income accruing or arising to the Transferor Companies or expenditure or losses arising or incurred by the Transferor Companies should for all purposes be treated and accrued as the profits and income or expenditure or losses of the Transferee Company, as the case may be.

The Transferor Companies should carry on their respective business activities with reasonable diligence, business prudence and should not alienate, charge, mortgage, encumber or otherwise deal with the said assets or any part thereof except in the ordinary course of business or pursuant to any pre-existing obligation undertaken by the Transferor Companies prior to the Appointed Date except with prior written consent of the Transferee Company.

The Transferor Companies should not, without prior written consent of the Transferee Company, undertake any new business.

The Transferor Companies should not, without prior written consent of the Transferee Company, take any major policy decisions in respect of the management of the Company and for the business of the Company and should not change their present capital structure.

6. Employee Transfer:
Normally in any merger/amalgamation, all employees of the Transferor Company in service on the Effective Date could become employees of the Transferee Company on such date without any break or interruption in service and on terms and conditions not less favorable than those subsisting with reference to the Transferor Company as on the effective date. The main object of transfer of any undertaking under the scheme is to see the continuance of business, at that undertaking, under the control of Transferee Company. So the transferor company should arrange to maintain the cadre and number in service on the effective date who are willing to get transferred to the transferee company

7. Declaration of Dividend: Transferee Company
Dividend declared by the transferee company, after the Appointed Date, is payable to members of the transferor company also. And this does not violate the provisions of section 205 of Companies Act, 1956. While it is true that unless court sanctions the scheme, it would not become effective, but once the court accords its sanction, it would become effective from the Appointed Date. So the shareholders of Transferor Company become shareholders of Transferee Company from ‘Appointed Date’ itself. Hence they are entitled to any dividend declared by Transferee Company after ‘Appointed Date’.

Record Date:

As this is a sensitive issue to the shareholders, any ambiguity in this regard could be avoided by providing a clause in the Scheme stating that the transferor company’s shareholders should be entitled to such dividend, rights and other benefits as and from ‘Record Date’ to be fixed by the Board of transferee company upon scheme becoming effective as per the court sanction..

8. Dividend, Profit And Bonus/Rights Shares: Transferor Company
The Transferor Company should not without the prior written consent of the Transferee Company declare any dividend, whether interim or final, for the financial year ending on or after the Appointed Date and subsequent financial years.

The Transferor Company should not issue or allot any Bonus Shares or Right Bonus Shares out of it’s Authorised or unissued Share Capital on or after the Appointed Date.

Normally, the profits of the Transferor Company from the appointed date should belong to and be the profits of the Transferee Company and will be available to the Transferee Company for being disposed of in any manner as it thinks fit.

The Transferor Company should not, except with the written consent of the Board of Directors of the Transferee Company, alter its paid up capital structure by making a preferential allotment of shares or otherwise, once the Scheme is approved by the Board of Directors of the Transferee Company.

9. Tax Liability:
The basic principle behind deciding cut-off dates for direct or indirect tax liability can be explained as under,

For day to day activities, the liability shifts only upon effective date and for any other activity such as annual assessment etc., the cut-off date will be appointed date.

10. Indirect Tax Implications:
Indirect taxes are generally levied upon activities like services, manufacturing/production of goods, a sale of goods etc. After the ‘appointed date’; though these activities are concerned with ‘transferred undertaking’, their ultimate effect on financial position will normally be shown in the books of account of Transferee Company only after the effective date. So for an indirect taxes cut-off date is ‘Effective date’. Till effective date, Transferor Company is liable to pay the indirect taxes if any.

Sales Tax Deferral Scheme:

Where the transferor company which was enjoying a deferral scheme, transferred as a unit the whole business without obtaining prior permission from the prescribed authority, the transferee is not entitled to continuation of deferral. As such deferral schemes are created for specific areas or for specific industries with certain pre-conditions so it is necessary that prior approval from the concerned authority may be obtained. Further for a continuance of such deferral scheme the transferee company should fulfill all the requirements for such continuance.

1. Excise Duty:
On amalgamation, on effective date Transferee Company takes over the manufacturing activity of Transferor Company and therefore, the transferor company has to surrender its registration under Excise Rules. Further Transferee Company is required to apply and obtain fresh registration of the premises for carrying on manufacturing activity. On sanction of a scheme, any credit on inputs availed by the transferee company on or after Appointed Date, which may be either lying in stock or may be contained in the work in progress. On sanction of a scheme, such credit is also to be transferred to the transferee company. Such transfer of credit is allowed only if the stock of inputs or work in progress is also transferred along with the factory to the new site or new ownership. The basic condition is that the manufacturing unit remains intact and continues to manufacture the same goods with the very same inputs.

2. Liability for evasion of Excise Duty:
Normally the liability for penalties would remain the liability of those who committed the offense as a manufacturer and cannot be transferred in law to a successor. So any liability for evasion of Excise Duty after Appointed Date and till Effective Date should be discharged by the manufacturer under the control of Transferor Company.

3. Re- assessment and refilling of assessment:
During the intervening period from Appointed Date to Effective Date, both transferor & transferee company would have filed various declarations for prices and classifications, assessment of tax liabilities, claimed exemptions and so on as independent entities. These declarations may not remain so on scheme becoming effective. The Supreme Court in the case of Marshall Sons & Co. (India) Ltd. vs. ITO (1997 [223] ITR 809) has held that the date of amalgamation/transfer is the date specified in the scheme or the date specified by the Courts. Therefore, as soon as the formalities are completed, the transfer becomes effective and related back to the date of transfer specified by the parties/court. A logical corollary of this is that the activities of both the entities would be clubbed effective from that date and as a result, there may be a change in facts. Hence these earlier declarations would have to be re-determined.

Though it is not legally binding on the companies, the concerned departments should be informed about such proposed Arrangement or Amalgamation well in advance. In the event of omission of such notice of amalgamation, the department may allege the company for suppression of facts with an intention to evade duty and invoke extended period of five years for assessment.

4. Income Tax Issues:
Quite often on the basis of the ‘appointed date’ the rights and liabilities of the transferor and transferee are segregated. This date is the date on which the merger takes place for the purposes of the Income Tax Act. So while computing assessment of Income Tax cut-off date is ‘appointed date’. So till effective date ‘TDS’ is the responsibility of Transferor Company.

The decision in Union of India v. Ambalal Sarabhai (55 Comp. Cas. 623) clearly illustrates the significance of the ‘appointed date’ of the merger. In this case, the appointed date in the original scheme of amalgamation of two companies was July 1, 1981. Under the modified scheme the appointed date was shifted to April 1, 1980, which was also the first day of the accounting year of the transferor company. The IT department objected to the scheme on the ground that by shifting the date the transferee company was seeking to set-off, by circumventing the provisions of S.72A, the losses of the transferor company for the accounting year 1980-81 against the profits of the transferee company. The High Court, dismissing the objections of the Income Tax department, held that, “It is true that incidentally as a result of shifting the date, the transferee company will get the advantage of setting off the loss but that could hardly be considered good or sufficient ground for refusing to sanction the modified scheme. When the transferee company is taking over liabilities along with the assets of the transferor company there is nothing if the transferee company evolves a scheme so as to take as much advantage as possible as may be permissible according to law.”

So the companies should consider their objectives from the scheme and then decide the actual date on which the merger should take effect.

5. Stamp Duty Assessment:
As in other cases of conveyance, the duty is levied on the basis of true market value on the date of execution of the instrument. But in the cases of merger/amalgamation of listed company stamp duty is levied with reference to the market value of shares on appointed date. For unlisted companies, it may be either appointed date as mentioned in the scheme or date of an order of high court or date of registration of the order.

Though market value as on appointed date is to be referred for assessment of duty, the companies may rely on the Supreme Court’s judgment in Marshall case and may ask for the values as on date of valuation which may be much after appointed date. The companies may also argue and refer to the effective date to claim more depreciation especially in the market value of the immovable properties.

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