WEALTH’S INDUSTRIAL REVOLUTION

The Industrial Revolution was a historic period when humans learned how to leverage the
speed and efficiency of machine-based manufacturing. Manual labor was replaced in favor of
systems, an organized union of distinct parts that coalesced into a specific production outcome.
Long and arduous tasks manually handled by humans transformed into mechanization,
expelling most human labor out of the production equation. For that era, it was their version of
“Get Rich Quick.” Products that formerly took months to manufacture now took days.

Likewise, financial freedom via the Fastlane Roadmap is like an industrial revolution for wealth.
The default road to wealth is manual labor, a fight against time and intrinsic value. The rapid
road to wealth is to industrialize the wealth process, to systematize it like our ancestors
systematized production. The differences between the default road (the Slowlane) and the
shortcut (the Fastlane) are best demonstrated in an Egyptian parable.

THE PARABLE OF FASTLANE WEALTH
A great Egyptian pharaoh summons his two young nephews, Chuma and Azur, and he
commissions them to a majestic task: Build two monumental pyramids as a tribute to Egypt.
Upon completion of each nephew’s pyramid, Pharaoh promises each an immediate reward of
kingship, retirement amidst riches, and lavish luxury for the rest of their natural lives.
Additionally, each nephew must construct his pyramid alone.

Chuma and Azur, both 18, know their daunting task will take years to complete. Nonetheless,
each is primed for the challenge and honored by the Pharaoh’s directive. They exit Pharaoh’s
chambers ready to begin the long pyramid-building process.

Azur begins work immediately. He slowly drags large heavy stones into a square formation.
After a few months, the base of Azur’s pyramid takes shape. Townsfolk gather around Azur’s
constructive efforts and praise his handiwork. The stones are heavy and difficult to move, and
after one year of heavy labor, Azur’s perfect square foundation to the pyramid is nearly
finished.

But Azur is perplexed. The plot of land that should bear Chuma’s pyramid is empty. Not one
stone has been laid. No foundation. No dirt engravings. Nothing. It’s as barren as it was a year
ago when Pharaoh commissioned the job. Confused, Azur visits Chuma’s home and finds him
in his barn diligently working on a twisted apparatus that resembles some kind of human
torture device.

Azur interrupts, “Chuma! What the hell are you doing!? You’re supposed to be building Pharaoh
a pyramid and you spend your days locked in this barn fiddling with that crazy machine?”
Chuma cracks a smile and says, “I am building a pyramid, leave me alone.”
Azur scoffs, “Yeah, sure you are. You haven’t laid one stone in over a year!”
Chuma, engrossed and unfazed by his brother’s accusation retorts, “Azur, you’re shortsightedness
and thirst for wealth have clouded your vision. You build your pyramid and I will
build mine.”

As Azur walks away, he chides, “You fool! Pharaoh will hang you in the gallows when he
discovers your treason.”

Another year passes and Azur solidifies the base of his pyramid and begins the second level.
Except a problem arises. Azur struggles in his progress. The stones are heavy and he cannot
raise them to the pyramid’s second level. Challenged by his physical limitations, Azur
recognizes his weakness: he needs more strength to move heavier stones, and to do so, seeks
the counsel of Bennu, Egypt’s strongest man. For a fee, Bennu trains Azur to build bigger and
stronger muscles. With great strength, Azur anticipates the heavier stones will be easier to lift
onto the higher levels.

THE MILLIONAIRE FASTLANE: Crack the Code To Wealth and Live Rich for a Lifetime.
Copyright 2011: Unlawful distribution or reproduction is strictly prohibited.

Meanwhile, Chuma’s pyramid plot of land is still barren. Azur assumes his brother has a death
wish since, by all appearances, Chuma is violating Pharaoh’s mandate. Azur forgets about his
brother and his nonexistent pyramid.

Another year passes and Azur’s pyramid construction slows to a disheartening crawl. It often
takes one month just to place one stone. Moving stones to the upper levels require great
strength and Azur spends much of his time working with Bennu to build greater strength.
Additionally, Azur is spending most of his money on counseling fees and the exotic diet
required for the training. Azur estimates at his current construction pace, his pyramid will be
completed in another 30 years. Unfazed, Azur lauds, “After three years, I’ve far surpassed my
brother. He hasn’t placed one stone yet! That fool!”

Then, suddenly, one day while hauling a heavy stone up his pyramid, Azur hears a loud
commotion erupting from the town square. The townsfolk, regular observers to his work,
abruptly abandon his plot to examine the celebratory fuss. Curious himself, Azur takes a break
and leaves to investigate.

Surrounded by a cheering crowd, Chuma trolls up the town square commandeering a 25-foot
contraption, a towering machine built from a twisted maze of gantries, wheels, levers, and
ropes. As Chuma slowly moves up the village street amidst the buoyant crowd, Azur fears the
explanation. After a short trawl to Chuma’s barren pyramid plot, Azur’s suspicions are
confirmed.

Within minutes, Chuma’s strange machine starts moving heavy stones and begins to lay the
foundation to his pyramid. One after another, the machine effortlessly lifts the stones and
softly places them side-by-side into place. Miraculously, the machine requires little effort for
Chuma’s operation. Crank a wheel attached to a rope and cantilever entwined by a gear system,
and bingo! Heavy stones are moved quickly and magically.

While Azur’s pyramid foundation took over a year to build, Chuma lines up the foundation to
his pyramid within one week. The second level that Azur so arduously struggled with is even
more shocking: Chuma’s machine does the work 30 times quicker. What took Azur two months
takes Chuma’s machine two days. After 40 days, Chuma and his machine accomplish as much
as Azur’s three years of toilsome work.

Azur was destroyed. He spent years doing the heavy lifting while Chuma built a machine to do it
for him.
Instead of honoring the machine, Azur vows, “I must get stronger! I must lift heavier stones!”
Azur continues the hard labor of pyramid building while Chuma continues to work the crank of
his machine.

After eight years, Chuma finishes his pyramid at age 26: three years to build the system and
five years to reap the benefits of the system. The great pharaoh is pleased and does as
promised. He rewards Chuma with kingship and endows him with great riches. Chuma never
has to work another day in his life.

Meanwhile, Azur continues to dredge away at the same old routine. Lift rocks, waste time and
money to get stronger, lift rocks, and get stronger. Sadly, Azur refuses to acknowledge his
flawed strategy and endures the same old process: Carry heavy stones until you can lift no more
. . . then get stronger so you can lift heavier stones.

This mindless prescription leads Azur to a lifetime of toil. He never finishes his pyramid
promised to Pharaoh simply because he decides to do the heavy lifting himself when he should
have focused on a system to do it for him. Azur has a heart attack and dies while on the 12th level
of his pyramid, just two levels from finishing. He never experiences the great riches promised
by Pharaoh.

Meanwhile, Chuma retires 40 years early in a crown of luxury. Sloshing in free time, Chuma
goes on to become Egypt’s greatest scholar and an accomplished inventor. He is entombed
alongside Pharaoh in the same pyramid he built.

THE FASTLANE IS A BUSINESS SYSTEM: THE SLOWLANE IS A JOB
The Slowlane is a job: your hard work traded for your employer’s cash. Azur’s struggles
resemble that of a Slowlaner; to get rich, you’re told to get stronger (spend money, return to
school, and earn more in the job market) so you can lift heavier stones. The Fastlane is about
building a better system, a better contraption, a better product, or a better “something” that
will leverage your work. In the Slowlane, you are the source of heavy lifting, while in the
Fastlane, you construct a system that does it for you.

On your wealth road trip, the Slowlane roadmap asks that you endure a long, tiresome walk to
wealth. The toil of wealth is the process itself. In the Fastlane, wealth is driven in a business
system you create—the toil is the creation and management of the system itself.

Charge your cellphones now with slop of water

Swedish researchers have developed the world's first water-activated charger that can power your cellphone using just a puddle of ordinary water. 

Based on micro fuel cell technology developed at KTH Royal Institute of Technology in Stockholm, the MyFC PowerTrekk uses ordinary water to extend battery life for devices of up to 3 watts. 

Anders Lundblad, KTH researcher and founder of MyFC, says that the device can be powered by fresh or seawater. The water need not be completely clean. 

Lundblad said that their invention has great potential to accelerate social development in emerging markets,there are large areas that lack electricity, while mobile phones fulfil more and more vital functions, such as access to weather information or electronic payment. 

A USB connector attaches the compact PowerTrekk charger to the device. When plain water is poured onto a small recyclable metal disc inside the unit, hydrogen gas is released and combines with oxygen to convert chemical energy into electrical energy. 

The resulting charge is enough to power an iPhone to between 25 and 100 per cent of its battery capacity. 

Lundblad says the business vision behind MyFC is to commercialise fuel cell technology and contribute to the development of environmental technology. 

He says the charger is the first step toward building fuel cells in laptops. 

"The launch of our charger is a strategic move to gain wide acceptance of fuel cells throughout society. Our chargers may be considered expensive now; but in the longer term, as they reach a mass market, they would go down in price," he said. 

Fuel cells can already be found in electric cars, trucks and buses, and backup electrical power supply systems for hospitals and co-generation plants. 

The process by which fuel cells generate electricity is considered to be safe and environmentally-friendly, and the only by-product is water vapour. The fuel cell system is passive and has no fans or pumps. 

Lundblad says that fuel cell chargers are faster and more reliable than solar chargers. The main target groups for MyFC PowerTrekk are those who travel or live in remote areas of the world, outdoor enthusiasts and aid workers, he says. 

The charger is both a fuel cell and a portable battery, providing a direct power source as well as a storage buffer for the fuel. 

MyFC plans to open an on-line shop for its MyFC PowerTrekk product. The company has already sold the technology to users in China, Japan, the US and much of Europe.

You Are an Eagle, You Can Fly!

Intent of the Story:Like the Eagles, we are born for the sky. The Lord has called us to live with our eyes fixed on heaven, not on earth., yet too many of us are satisfied to live like chicken in barnyards, contentedly with the safety of our families, our finances, our careers and the comfortable crumbs of modern life.

The Story:
Once upon a time, walking through the forest, a farmer found an eaglet lying on the ground. It was wounded. It was dying. Out of pity, he picked it up and took it home. He kept it in the hencoop of his barn with the rest of his chickens. Very soon, the eaglet learned to eat chicken food and behave like a chicken.
Many days later, a bird-Naturalist happened to bump into that farmer’s hencoop. When he saw the eaglet eating worms and grain and living in the farm, full of surprise said to the farmer: "How come that there is an eaglet in your farm living with the chickens? The eagle is the king of birds. Eagles are meant to fly, not to live in farms and eat chicken food!"
The farmer replied: "What else could I do? I found it in the forest when it was very small, I felt bad for it. I picked it up and kept it in my barn. It grew here and it looks quite happy being like one of the chicks."
The Naturalist retorted: "My dear friend, you are mistaken; an eagle is an eagle. We have to teach this eaglet how to fly. He has to realize his potential, his qualities. Only by using them to the full, he will find true happiness and fulfillment."

Immediately, the Naturalist picked the eaglet in his hands and tried to teach him to fly. But, all in vain! The eaglet would not even open his wings. He was afraid of flying. He did not even know that he could fly!
Again, the Naturalist lifted the eaglet from the ground. This time he kept him high above his head. Patiently, he kept saying: "You belong to the sky, look at the heavens, look up there, open your wings, and begin to fly."
The eaglet was confused and scared. When the eaglet saw- the chickens eating their food on the ground, he dropped heavily to the ground and joined them. The naturalist did not give up. He knew that in spite of all the evidence, inside that bird there was an eagle’s heart throbbing for greatness, longing for excellence.
The next day, at sunrise, the Naturalist took the eaglet and went to the top of a small mountain nearby and patiently, began encouraging the frightened bird to fly. He kept telling the bird: "Fly, fly, dear eaglet. Open your wings. Climb the heights, forget the chicken barn below. Fly! Fly!” And without more ado, he flung the bird upwards towards the sky.
The eaglet, unaware of his unknown self and afraid of the height, shivering with fear allowed himself to drop down. There, he was now on the cliff of the mountain still gazing at the faun house down below in the valley!
Then the Naturalist made the eaglet lace the rays of the rising sun; lovingly, he kept telling him: “Realize your greatness, you are not a chick, you are an eagle! You can fly. The sky is your fatherland. The heights are calling you. You are not meant for the earth. Open, open your wings and dare fly!"
Finally, the eaglet stared at the brightness of the rising sun. Its ardors caressed his wings. Its piercing brightness stabbed his heart. Something awoke in his soul. All of a sudden the eaglet trembled, he shook all over, slowly his wings expanded; then, they fluttered.
Finally, with his eyes glued to the radiant sun, the eaglet majestically, rose from the ground and started flying. He hastened and hastened his speed, soared and soared, higher and higher, till regally, he reached the inaccessible heights of the heavens!
(Adaptation of the Story, "The Eaglet” of Nancy Missler)
Points for Reflection and Discussion:
1. Why so many of us do not try to climb the heights, but prefer to behave like chicks enjoying the security the farmhouses?
2. Do you really believe that there is an eagle deep down in your heart longing to be set free? What have you done about it?
3. At home, at school, and in college, have you been brought up and treated like a chick or like an eagle? What effect had that on you?
4. At your place of work, in life as a whole, have you been behaving like a chicken or like an eagle? Explain.
5. Have you ever found in your life a "naturalist" who helped you to discover your true self? What did he do to you? What difference did it make in your life?
6. In the way you behaved towards people at home, and with others in general have you been like the "fanner" or like the “naturalist"? Give instances.
7. How can we be "naturalists" and help others to discover their hidden greatness? Explain give instances.
8. Mention the names of some persons who have been real eagles in the history of the world. In what way were they eagles?
Explain or Discuss the Following Statements:
a. A person's "potential self” is richer than his "actual self".
b. Believe you are an eagle, act like an eagle and you will be one.
c. Don’t look at what you are, look at what you can be.
d. Each one is a mixture of great unknown strengths and of tiny known weaknesses.
e. Even in the smallest seed, there is a tree that wants to bloom.
f. Every eagle needs a "naturalist” to discover what he is.
g. Every person in his own unique way is born an "eagle"
h. Great oaks have been tinny acorns.
i. The glory of God is a man fully alive.
j. There is a "naturalist" in your heart, don’t silence him
k. To overcome your weakness, believe in your strengths’
l. Treat people according to what they "can" be, not according to what they think they are.
m. We are born for the heavens, not to crawl on earth.
n. We carry treasures in earthen vessels.
o. All of us are priceless gifts of God to the world, enveloped in simple wrappers.

Tata Sons considers 2-tier board for continuity during transition

With a virtual revamp at the top deck at Tata Sons, the holding company of India's largest industrial group, a fundamental change in the management structure of the board is expected soon.

A two-tier board structure is an option being considered. The option, unlike the UK or US model is popular in European countries including Germany and Austria where an executive board will include all the executive directors while an overarching supervisory board comprising non-executive directors will be at the apex. According to sources close to the development, a dual structure has become necessary on account of the fact that the entire set of executive directors on the Tata Sons board are set to retire over the next couple of years moving into a non-executive capacity.

Having a two-tier structure in this transition period could ensure continuity while also bolstering leadership across the group by drawing upon the combined experience of the senior team. Yet it will allow the space for the new crop of executive directors to steer the ship of the 145-year-old Tata Group.

Responding to a query from The Indian Express, Mukund Govind Rajan, Brand Custodian, Tata Sons Ltd said: "We will communicate leadership changes as and when they happen, and will not comment on speculation regarding future leadership structures. Suffice it to say that the Tata group has sophisticated processes to identify and nurture talent, and is blessed with a strong leadership pipeline."

Few corporate analysts, because of the sensitivity of the issues involved were willing to come on record. Lalit Kumar, partner at J Sagar Associates, one of India's largest corporate law firm said the Tata Group has a rich experience of demonstrated leadership, "so it could be possible for them to use this structure, deciding to include the necessary number of independent directors at both levels". Tata Sons is an unlisted entity. The Companies Act does not however specify any minimum number of independent directors for such companies.

Corporate governance norms vary between countries, especially when it comes to board structures. Countries such as the US and India favour a one-tier board system while in Germany, the two-tier board system is the norm for public companies. In a single-tier board, all the directors (both executive directors as well as non-executive directors) form one board, called the board of directors. In a two-tier board there is an executive board comprising all executive directors and a supervisory board having all the non-executive directors. German corporation law, the 'Aktiengesetz', requires all public companies to have two boards: a management board called a 'Vorstand' and a supervisory board called an 'Aufsichtsrat', with the supervisory board, in theory, intended to provide a monitoring role.

Research papers on dual board structures by OECD and others show no sharp differences in company performance compared with one tier boards, the only difference coming from the presence or absence of independent directors.

At present, apart from the 44-year-old Cyrus Mistry, the Tata Sons board consists of RK Krishna Kumar (74), Arunkumar R Gandhi (69), Farrokh K Kavarana (68), R Gopalakrishnan (66) and Ishaat Hussain (65). Two years back, in 2011, the Group had fixed the retirement age for executive directors at 65 and also brought down the retirement age for non-executive directors to 70 years from 75. However, those directors who crossed the age of 70 were mandated to continue till they are 75 years. This would mean that most of the venerable old men, including Kumar, Gandhi, and Kavarana are all set to move out of an executive role.

Over the last three years, the Tata Sons board saw one resignation and three retirements, with Alan Rosling leaving in 2009, Noshir A Soonawala, vice-chairman of Tata Sons and chairman of Tata Investment Corporation, retiring a year later and JJ Irani retiring in 2011. Kishor Chaukar stepped down as managing director of Tata Industries in August 2012.

Dual structure

* As per the dual structure an executive board will include all executive directors while a supervisory board comprising non-executive directors will be at the apex

* The structure has become necessary as the entire set of executive directors on the Tata Sons board are set to retire over the next couple of years moving into a non-executive capacity

How to Do an SEO Audit of Your Website

Because search engine optimization (SEO) best practices and procedures change all the time, business owners should conduct periodic assessments to determine whether or not adjustments need to be made. If a business website isn't properly optimized for search, it's most likely missing out on a significant amount of traffic from the search engines, including from potential customers.

To properly audit your site for SEO, carry out the following steps at least once or twice a year:

1. Check on-page tag optimization.
One of the easiest ways to quickly improve your website's SEO is through on-site changes. While it can take time to build high-quality backlinks, another hallmark of good SEO performance, on-site tweaks require just a few hours of effort.

Begin your SEO audit by asking the following questions. Identifying weaknesses in this area could provide an easy place to begin future website improvements:

• Are my title tags (headlines) written to appeal to both website visitors and search engine visitors, or are they "keyword stuffed"?
• Do my title tags contain relevant SEO keywords and brand mentions?
• Are my title tags no longer than 65 characters?
• Do my meta description tags (which display a preview explanation for a page in search results) provide interesting content that will appeal to viewers of search engine results?
• Does each page on my website contain a naturally written, keyword-rich <h2> tag (headings within posts)?
• Does each page on my website include high-quality, original content?
• Do my pages contain internal links to facilitate visitor and search engine robot movement throughout my site? Are my images optimized according to current SEO best practices?

2. Check for broken links or dead pages.
Avoid broken outbound links or links to internal "dead" pages that have since been deleted from your site. They can be detrimental to your site's SEO performance, so be sure to identify such problems.

If your website runs on a content management system (CMS) or an e-commerce platform, you may be able to install a tool that can check this automatically. For example, if your site runs on WordPress, installing the Broken Link Checker plugin can notify you whenever broken links are detected.

Alternatively, simply navigate to a site like BrokenLinkCheck.com and run the service's free link check to identify any issues on your site that need to be resolved.

3. Make sure your site can be indexed by the search engines.
Beyond making sure that broken links don't trip up the search engine robots while they're on your site, it's also important that these automated programs can access your site in the first place.

Any number of issues -- from improperly installed code files to hacked site content -- can prevent the search engines from reading your content correctly. To determine whether or not this is occurring on your site, head over to WebConf's free Search Engine Simulator and enter your site's URL. If you can see your content displaying correctly as text, the search engines can as well.

4. Examine your link profile and compare it to competitors.
Once you've finished with on-site elements, check the state of your site's backlink profile. The number and quality of links pointing at your site play a major role in your content's performance in search engine results.

To do this, use a link explorer tool like Majestic SEO (free version available, with paid plans starting at $49.99 per month) or the SEOMoz Open Site Explorer (free version available, with paid plans starting at $99 per month) to view a list of all the links pointing at your site. Pay particular attention to:

• The types of links that your site has received, such as directory links, press release links, social media links and more.
• Whether or not the sites sending you links are reputable.
• Whether or not the sites sending you links are related to your site's content.

Then, run this same assessment on your competitors' websites. This process could turn up backlink building opportunities for your future off-site SEO efforts, as well as uncover link-building patterns in your industry that you should be paying attention to.

5. Test your site's speed.
Examine your site's average speed and page load times, as Google has unequivocally stated that it intends to prioritize site speed as a ranking factor in its natural search algorithms.

To find out whether your site is fast, slow or somewhere in between, head over to Google's Page Insights tool and enter your URL. This tool will then analyze your site's load times and provide suggestions on making improvements. You can either make changes on your own or enlist the help of a developer if they require technical expertise.

These steps should give you a general overview on how well your website is performing from an SEO standpoint. If you go through the steps, make changes but still don't get the search results you'd like, consider working with an SEO expert to improve your site's natural search performance.

One Person Company- A New Business Concept

The Companies Bill 2012, passed by the Lok-Sabha introduces a new form of Company by the name of “One Person Company” (OPC). Its concept is parallel to the existing concept of Sole-proprietorship whereas it shall be recognized as separate legal entity distinct from its promoter and proprietors. This form is already prevalent in some of the developed countries in the world namely, China, USA, Singapore, and many countries in Europe and shall pave its way in India after bill is passed by Rajya- Sabha.

What is One Person Company?

Section 2(62) of the bill defines One Person company as the name suggests, it means a company which has only one person as a member and where legal and financial liability is limited to the company only and not to that person. (i.e. liability is limited). This paradigm shift from the existing concept of Companies Act, 1956 where minimum two members are requires floating private as well as public company.

Status: Section 2(68) of The Bill provides for the definition of privation company to include OPC. This implies that all the provision of the Act applicable to private company shall also beapplicable to OPC unless otherwise excludes from the compliance. Also sec. 3 of The Bill, further clarifies the fact that OPC shall be treated as private company for all legal purpose with only one member.

Name clause: The Name of Company shall include word OPC ‘One person Company’ within bracket below the name of the Company, wherever its name printed, affixed or engraved.

Eligibility for the formation of OPC: Although the exact rules are not clear, the following rules have been proposed –
a. Firstly, the person is to give a separate name and legal identity to the Company, under which all the  activities of the business are to be carried on. This ensures that a separate legal entity is formed.

b. Secondly, Section 3 of The Act, provides that at the time of incorporation of OPC, the memorandum of OPC shall include the person has to nominate a name with that person’s written consent as a nominee to the OPC. This person will be the default and ad hoc member in case of the existing sole member’s death or disability. The consent of nominee shall be in prescribed written format and shall also be filled with Registrar along with MOA & AOA.

c. Provided also that the member of One Person Company may at any time change the name of such nominate person by giving notice in such manner as may be prescribed to intimate company the change, if any, in the memorandum and the company shall intimate the Registrar any such change within such time and in such manner as may be prescribed.

d. On the death of member, nominee have title to all the shares and entitle to same rights and divided to which sole member of company was entitle or liable, on becoming member such nominee will nominate other person as nominee with his consent.

Relaxation given to OPC

Number of Directors: Although bill restricts number of director one in case of OPC, there is no constraint to recruit more than one with subject to maximum 15.

Appointment of Director: There is no separate provision for appointment of first director in article of company, an individual being member shall be deemed to be its first director.

Board Meeting/ AGM: If there is only one director, there is no such compulsion to conduct Board Meeting. In case of more than one director, at least one board meeting twice in the year and gap between two meetings would not be less than 90 days. Notice, Quorum, passing of resolution made applicable to OPC also.
Section 122(1) provides that the provision of section 98 and section 100 & 111(inclusive) are Not APPLICABLE to OPC, i.e. Provision related to General meeting, Extra-Ordinary General meeting, Notice convening to general meeting is not hold good for the company.

Alternative if business which is required to be transacted at GM & AGM by means of ordinary or special resolution it shall be sufficient if the resolution is communicated by sole member to company and note it down in minute’s book and signed and dated by the member, it shall be consider as effective date.

Due date of filling Return: U/s 92(1) OPC shall required filing with Registrar of companies, a copy of financial statements, along with form 23AC, 23ACA, and 20B within 180 days from closure of financial year except form 60.

Signing of Financial Statement and Annual Return: The Financial Statement Signed by only one director and also, annual return should be signed by Company secretary, else by the director of company.

Contract by One Person Company: Where One Person Company limited by shares or by guarantee enters into a contract with the sole member of the company who is also the director of the company, the company shall,unless the contract is in writing, ensure that the terms of the contract or offer are contained
in a memorandum or are recorded in the minutes of the first meeting of the Board of Directors of the company held next after entering into contract:

The company shall inform the Registrar about every contract entered into by the company and recorded in the minutes of the meeting of its Board of Directors under sub-section (1) within a period of fifteen days of the date of approval by the Board of Directors.

Conclusion:
According to company experts, the step will help in bringing the unorganized sector of proprietorship in to the organized version of a private limited company. This will open the avenues for more favorable banking facilities, especially loans to such proprietors.

With this number of small and medium enterprises will enter into the corporate domain. This will help in boosting foreign funds to Indian market also.

Under the option, an OPC could be formed by subscribing the name of person to the memorandum and complying with the requirements of the Act in respect of registration.

Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company over the coming year, Google announced on Friday.

Schmidt will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the U.S. Securities and Exchange Commission.

The plan, which Google said would give Schmidt "individual asset diversification and liquidity," allows Schmidt to spread trades out over a period of one year to reduce the market impact.

Schmidt, who served as Google's Chief Executive until 2011, currently owns roughly 7.6 million shares of Class A and Class B common stock. The shares represent 2.3 percent of Google's outstanding stock and roughly 8.2 percent of the voting power of Google's stock.

Shares of Google, which finished Friday's session at a new closing high of $785.37, were down $2.21 in after hours trading.