Wednesday, February 23, 2022

METAVERSE

Buzzword Metaverse

Buzzwords in tech come and go. But some of them stick around. Artificial intelligence, virtual or augmented reality, crypto, blockchain — the list goes on and gets bigger by the day as technology makes bigger strides and evolves faster.

Meet the latest buzzword that’s here to stay: The Metaverse.

Technology is ever-changing and the evolution of the metaverse is just one recent development in the world of technology, but one that will have a huge impact on the human experience as we know it.

The term formally entered the mainstream realm when Facebook rebranded itself to Meta Platforms Inc. (now widely referred to as Meta) in October 2021 in an effort to leap beyond its social media roots and signal a broader agenda around “the next chapter of the Internet”.

Brief introduction about Metaverse, this will include a breakdown of what it means and a look at both its current and future states.

What is the Metaverse?

The word “Metaverse” was first coined in a 1992 dystopian sci-fi novel, Snow Crash, written by Neal Stephenson.

But what exactly does it mean? Let’s breakdown the word for easier understanding. The suffix “Meta” comes from ancient Greek, which means “beyond”, “after” or “behind”, it can even mean “transformative”. The “beyond” sense of meta still lingers in words like metaphysics or meta-economy. The second half of the word, “verse”, derives from the word "universe" and describes either a specific sphere or area or a fictional world. As a whole the word “metaverse” generally refers to a virtual world that lies beyond, on top of, or is an extension of the physical world.

Let’s mention an example to make it clearer. Imagine that your dream is to visit the Taj Mahal, walk its stunning hallways and see its majestic gardens. To live this Mughal experience, you will probably need money. So, you need to pay for transport, accommodation, food, and all the other details of your trip.

However, you also need time. Therefore, you not only need money, but also time to travel. Now, what if you could have a very similar experience, but right away? That’s where the Metaverse seems to have its forte.

You could take a trip to the Taj Mahal almost instantly, and you can enjoy it almost as if you would, in real life. Through the Metaverse way, you could see the details of the monument with your own eyes. Thanks to virtual reality technology, one of the supports of the Metaverse, you will believe that what you are seeing is real.

Who is Building the Metaverse?

Facebook is one of the loudest voices for the creation of a unified Metaverse. This is particularly interesting for a crypto-powered Metaverse due to Facebook's Diem Stable coin project. Mark Zuckerberg has explicitly mentioned his plans to use a Metaverse project to support remote work and improve financial opportunities for people in developing countries. Facebook’s ownership of social media, communication, and crypto platforms give it a good start combining all these worlds into one.

Other large tech companies are also targeting the creation of a Metaverse, these include:

1. Epic Games:

Epic Games, the company behind the popular immersive game Fortnite, was always perfectly poised to build the Metaverse.

It formalised its intentions this year, announcing a $1 billion funding round to fuel growth opportunities for the Metaverse.

Niantic:

Niantic’s Pokémon Go was among the first immersive experiences to blur the lines between real and virtual.

Now the company has raised $300 million to build its own Metaverse, one that will be an alternative to the original notion of the Metaverse as a “dystopian nightmare”.

Nvidia:

While Nvidia isn’t directly building a Metaverse of its own, it will be a key enabler.

In 2021, it announced Omniverse Enterprise where creators can collaborate on 3D modeling, design, and simulation. Omniverse combines 3D graphics with AI and supercomputing, laying the foundations of the Metaverse.

Microsoft:

Microsoft, meanwhile, is looking to build a work-focused Metaverse that connects its hugely popular offerings in a digital environment called Mesh.

Inside Mesh, you’d be able to use Microsoft Teams, Windows, and other services in VR.

Decentraland:

Decentraland was among the early movers who explicitly mentioned the Metaverse as their core product.

Since its inception in 2017, Decentraland has steadily gained momentum – a piece of real estate inside its VR world recently sold for a record $2.4 million.

Apple:

Apple could be a surprising dark horse in the race towards the Metaverse. It is currently working on advanced VR gear that could revolutionize the Metaverse experience.

Morgan Stanley went as far as to say that mass-market adoption of the Metaverse hinges on Apple, much like smartphone and tablet markets before it.

The Future

Currently the Metaverse isn’t fully in existence, but some platforms contain Metaverse -like elements. Certain video games, like Second Life and Fortnite, currently provide the closest Metaverse experience on offer by bringing together multiple elements of our lives into online worlds. While these applications are not the Metaverse, they are somewhat similar.

When the COVID-19 pandemic raged across the world and grounded economies, it was the internet and the resulting Work from Home (WFH) technology aids that helped companies stay afloat, and arguably, even expand rapidly. Various sectors like education have radically changed post-pandemic and have become more technology-intensive.

The Metaverse will potentially alter these sectors further by introducing virtual reality (VR) based wearables. These wearables will introduce the users to an alternate virtual world from the confines of their homes. People will be able to interact without the need to undergo long commutes, breathe in polluted air or even dress up for different occasions. Children will be able to study various subjects and modules at their own pace and expand their horizons beyond what is currently possible with traditional syllabi.

Post-work routines like watching movies or social interactions with friends will have their alternatives in the virtual world without the hassles involved in the physical world. In short, the possibilities with the Metaverse are endless.

The Metaverse will be driven by augmented reality, with each user controlling a character or avatar. For example, you might be able to take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all inside the Metaverse.

Pros and Cons of the Metaverse

The Bright Side of the Metaverse:

We believe the core advantage of the metaverse is the identification and realization of novel applications that would revolutionize the way individuals use the internet and other related digital communication technologies. Similar to the advantages of Web 2.0 and social media, the concept will bring forth new value-creating digital products and services with practical applications.

We believe following are the specific advantages of the Metaverse:

1. Expansion of Social Media beyond Web 2.0,

2. Innovative Communication for Work and Education,

3. New Opportunities for Businesses,

4. Bring people together,

5. Further promotion of Virtual Economy.

The Ugly Side of the Metaverse

Big Tech companies that are promoting the creation of the Metaverse are essentially aiming for people to live in this digital realm.

However, the idea does not sit well with other industry players and critics. They have raised several issues and concerns regarding the creation and applicability of the Metaverse. Of course, if these problems remain unsolved, the metaverse will simply inherit them and in certain scenarios, will make them worse.

We believe following are the specific disadvantages of the Metaverse:

1. Require advanced digital Technologies,

2. Erode Human Relationships and generate addiction,

3. Privacy and Security issues,

4. Over stimulate your senses,

5. Separate you from the real world and make you lose track of time.

Closing Thoughts

While a single, united Metaverse is likely a long way off, we already can see developments that may lead to its creation. If we will ever really reach the point of a Metaverse in this decade, is unsure. But in the meantime, we can already experience Metaverse-like projects more into our daily lives.

The metaverse is for sure the next big thing, the normal evolution of the internet. Just as computers were in the 80s, the internet was in the 90s, smartphones were after 2000, or the cryptocurrencies were in the last decade.

How it will impact our lives, depends a lot on us, on how we will use it. I bet that it will happen just like with the other innovations. Some will use the metaverse for good and others, for bad things.

We are experiencing the beginning of the next step in our history. Let’s embrace it!

-By Dishank Pawar
(Article)

DISCLAIMER
The information shown in above blog/ article is from North Pole Management LLP. We believe that the information put forward are in sync with applicable laws & regulations prevailing at present. Any discrimination, if found by reader they can directly reach out to the management of the company on the email ID of contact@northpolemanagement.in
One always welcome you for any assistance, help or for advisory services in relation to the above mentioned topic or this article or any related topics relevant to us

Monday, February 21, 2022

Sec 73 of Companies Act: Prohibition on acceptance of deposits

Deposits are a means through which companies generally acquire funding. The provisions concerning deposits are covered under Sections 73 to 76 of the Companies Act, 2013, which are generally read with the prescribed Rules. As per the Companies Act, 2013, a deposit is any money that is received, either by means of a deposit or a loan or any other form as may be prescribed, but does not include certain classes of transactions.

List of exempted deposit:

Section 73 to 76 of the Companies Act 2013, and the companies acceptance of Deposits Rules, 2014 shall apply to all companies Excluding:-

Ø Banking Company

Ø Non-Banking Financial Company registered with RBI

Ø Notified company by the Central Government in consultation with the RBI.

Company can accept the deposits from the members as well as from public (Sec. 73 to 76)

*Conditions for Private Company:

Company which is not associated or subsidiary with any other company.
The borrowing of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or Rs. 50 cr. Whichever is less.
Company which has not defaulted in the repayment of such borrowing subsisting at the time of accepting deposit u/s 73.

**Specified IFCS Public Company:

An unlisted public company which is licensed to operate by RBI or SEBI or IRDA from the International Financial Services Centre located in an approved multi services SEZ set up under the Special economic Zones Act, 2005.

***Eligible Companies:

I. A public company having a net worth of not less than Rs.100 Crore or

II. Turnover not less than Rs. 500 Crore

****Other Companies:

I. A public company other than

II. Specified IFSC Public Company

III. Eligible Company

ROC Forms need to be filled for Acceptance of Deposit:

DPT-1- Circular in the form of announcement inviting deposits

DPT-2- Deposit Trust Deed

DPT-3- Return of Deposits

DPT-4- Statement regarding deposits existing on the Commencement of the Act.

North Pole Management LLP

North Pole Management team has deep subject information database ability which is the reason we comprehend the specific idea of your business' monetary prerequisites. We provide our clients with business analysis, advisory and consulting services, backed with statistics and most importantly the right direction.

Friday, February 18, 2022

THRESHOLD OF Rs. ONE CRORE

Whether Principal and Interest amounts be clubbed together?

Underlying Case with summary of facts

1. Operational creditor, CBRE had initiated Corporate Insolvency Resolution Process under section 9 of the Insolvency and Bankruptcy Code, 2016 against the M/s United Concepts, the Corporate Debtor.

2. Operational Creditor claimed a principal amount of Rs. 88.50 L along with the interest of Rs. 51.34 L segregating to Rs. 139.84 L.

Operational Creditor’s Claim:

Operational Creditor claimed a principal amount of Rs. 88.50 L and levied interest of Rs. 51.34 L totaling to Rs. 139.84 L from Corporate Debtor. According to the Operational creditor, the Corporate Debtor obligated to pay the principal amount along with the interest as per the terms of Fee Letter and also invoice carried the terms that if amount not paid within 7 days then same is subject to levy of interest of 2% per month. Since Corporate Debtor did not pay the outstanding interest was thus charged by the Operational Creditor. Therefore, the total amount (Principal amount along with the interest) is above the minimum threshold of Rs 1 Crore for initiating the case under section 9 of IBC, 2016.

NCLT Verdict:

The NCLT examined various provisions of the IB Code along with the Section 5(21) which defines Operational Debt and Section 5(8) which defines Financial Debt and came to the conclusion that interest can be claimed as a financial debt but there is no provision to include interest in the Operational Debt. They also examined the case law of Chandigarh Bench M/s. Wanbury Ltd. Vs. M/s. Panacea Biotech Ltd to support their views.

CONCLUSION:

The bench held that the Application was not maintainable under Section 4 of IBC, 2016 and was accordingly, dismissed.

DISCLAIMER

The information shown in above blog/ article is from North Pole Management LLP. We believe that the information put forward are in sync with applicable laws & regulations prevailing at present. Any discrimination, if found by reader they can directly reach out to the management of the company on the email ID of contact@northpolemanagement.in
One always welcome you for any assistance, help or for advisory services in relation to the above mentioned topic or this article or any related topics relevant to us

Thursday, February 17, 2022

Companies (Registration of Foreign Companies) Rules.

Particulars relating to directors and Secretary to be furnished to the registrar by foreign companies:

1. Personal name and surname in full

2. Any former name or names and surname or surname in full;

3. Father’s name or mother’s name & spouse’s name;

4. Date of birth;

5. Residential address;

6. Nationality

7. If the present nationality is not the nationality of origin, his nationality of origin;

8. Passport no., date of issue & country of issue;

9. Income tax & PAN number, if applicable;

10. Occupation, if any;

11. Whether directorship in any other Indian company

12. Other directorship or directorship held by him

13. Membership number

14. Email ID

Financial statement of Foreign Company:

Audit of accounts of Foreign Company:

1. Easy foreign company shall get its accounts, affecting to the Indian business operations prepared in accordance with the requirement of clause (a) of sub-section (1) of Sec. 381, rule 4, audited by a practicing Chartered Accountant in India or a firm or limited liability partnership of practicing chartered accountants.

2. Audit and Auditors and rules made thereunder, as far as applicable, shall apply.

List of places of business of foreign company:

Every foreign company shall file the registrar along with the financial statement in form FC 3 Annual Return: Every foreign company shall prepared file within 60 days, to registrar annual return in Form FC 4

Office where documents to be delivered and fee for registration of documents:

1. Companies incorporated Outside India and these rules shall be constructed accordingly.

2. The fee to be paid to the registrar for registering any document relating to a foreign company shall be such as provided in the companies rules, 2014.

Certification:

If the company is incorporated in a country outside the commonwealth-

1) The copy aforesaid shall be certified as a true copy by-

An official of the government to whose custody the original is situated; or
A Notary of such country; or
An officer of the company.

2) If the company is incorporated in any part of the commonwealth, the copy of the document shall be certified as a true copy by-

An official of the government to whose custody the original of the document is committed; or
A notary in that part of the commonwealth; or
An officer of the company, on oath before a person having authority to administer an oath in that part of the commonwealth.

3) Any altered document delivered to the Registrar should also be duly certified in the manner mentioned above

4) If the company is incorporated in a company falling outside the commonwealth, but a party to the Hague Apostille Convention, 1961.

Authentication of translated documents:

1) All the documents registrar by the foreign companies shall be in English language.

2) Any translation made outside India, it shall be authenticated by the signature and the seal if any, of-

(a) The official having custody of the original; or

(b) A notary of the company where the company is incorporated:

3) Where such translation is made within India, it shall be authenticated by-

(i) An advocate, attorney a pleader entitled to appear before any high court; or

(ii) An affidavit, of a competent person having, in the opinion of the registrar, an adequate knowledge of the language of the original and of English.

Documents to be annexed to prospectus:

Any consent to the issue of the prospectus required from any person as an expert.
A copy of contract for appointment of managing director or manager and in case of contract not reduced into writing, a memorandum giving full particulars thereof;
A copy of any other material contracts, not entered in the ordinary course of business, but within 2 years;
A copy of underwriting agreement; and
A copy of power of attorney, if prospectus is signed through duly authorized agent of directors.

DISCLAIMER

North Pole Management LLP

Sunday, February 13, 2022

Action Point for Conducting Board Meeting

Board meeting is a meeting of a company’s board of directors, held usually to discuss company-wide policies or issues. The board of directors determines the overall business strategy of the company, and the directors are either elected by shareholders or by members of the organization.

This will vary depending on what the board needs to accomplish during the meeting, but typically includes