Flag Hoisting on 15th August, 2010 at WIRC programme in Mumbai

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ICSI-WIRC’s AGM

Two Days Residential CS Conclave in Goa

Chapter Chairman Shailesh Kumath, Treasurer Ashish Karodia, Ret Col I S Gill, Padmshri Abhay Chhajlani, Padmshhri Babulal Ji Patodi, WIRC Member Ashish Garg

Shri Mahavir Lunawat, Secretary chairing the AGM and Next to him Shri Ashish Doshi, Treasurer, WIRC

CS Swati Rane, CS B Narasimhan, CS. V. V. Vachharajani, CS. Mahavir Lunavat, CS. Ragini Chokshi

Cultural program on cruise

Ms. Swatee Rane, Goa Chapter Chairperson

welcoming the delegates

Ms. Divya Pai Vernekar, Secretary & Treasurer, Goa

Chapter giving vote of thanks

Mr. V V Vachharajani

making presentation

Mr. V S Sundaresan, Chief General Manager, SEBI making his

presentation

Mr. Mahavir Lunawat making

presentation

Mr. K Fernandes, Vice Chairman,

Goa Chapter addressing

Mr. B Narasimhan making his presentation

Dr. S K Jain sharing his views

Attendees include Shri J. Shridhar, Past President, Shri B. Narasimhan, Shri S. N. Ananthasubramanian, Central Council Member, Dr. S. K. Jain,

Shri Gopal Challam, Dean CCGRT and Shri Kaushik Jhaveri

Secretary’s (WIRC) Visit in Goa Chapter

V V Vachhrajani, Chairman, Ms. Ragini Chokshi, PDC Chairperson, Mahavir Lunawat, Secretary, Naina Desai, former central council member

WIRC Chairman & Secretary with Goa Chapter members

Indore Chapter Programme on Independance Day Ladies Special

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From

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Editorial Board : CS Vivek S. Sadhale (Editor), CS Ashish Doshi, CS Vishvesh V. Vachhrajani, CS Mahavir Lunawat.

Dear Professional Colleagues,

I am reminded of a beautiful quote “Sea is common for all, some take pearls out of it, some take fishes out, while some go and make their foot wet and come out”. The World is common for all, it is upto us to choose what we should have? If I translate this beautiful quote into professional development parlance, it would be upto us as to how and what quality things we take, we grab, in this competitive professional environment. I am delighted to proclaim that the attendance at the professional development programs being held across the region during the year has been encouraging as compared to the yesteryears.

I would give full credit for this to the timely dissemination of information about the programs including repeated reminders. I would give a small example on the use of technology for dissemination of information on the recently concluded WIRC Annual Regional Conference, which resulted into attendance of 260 delegates. The Regional Conference per se is being usually attended by a good number of members but this time it was unprecedented. Both in terms of attendance in no. of members as well as collection of sponsorships and advertisement, the event have set new records. It is said that if you have a vision for one year - plant wheat but you have vision for ten years - plant trees. With this vision and mission of “Save environment”, we had adopted concept of offering “saplings” instead of flowers bouquets to the dignitaries which was very well appreciated by one and all. The entire conference was aimed at promoting the concept of going green.

Friends, I sincerely acknowledge the overwhelming response from the members across the region for the various professional development programmes organized at various places across the region. The success story could not have been written without creating awareness through technological support provided by The ICSI. I heartily welcome the appreciation from the large number of my professional colleagues and would like to thank my entire team and colleagues in the council who have extended support in organizing large no. of successful professional development programmes

Friends, you may recollect that in my first communiqué itself, I had conveyed that “please be prepared for the Vibrant 2010” and our efforts were focused towards that single goal. Our objective is dissemination and updation of knowledge and at the educational institutions this should be the only motive and I am sure, my beloved professional colleagues would take this in the right spirit. At the same time, I would sincerely apologize for the embarrassment, if any, caused to any one of us due to the reminders on the programs.

Friends, there is another heartening point to note is that in the Goa conclave, we could muster delegates hailing from the Southern Region and Northern Region also and this could happen only because they were being made aware of the program well in advance by the use of information technology. This is a beginning and WIRC, in the time to come, would not remain confined to the areas of professional development and will go global. We have set the ball rolling and I am sure all of us would take pearls out of it.

The Annual Regional Conference was inaugurated by the worthy hands of Shri H V Patel, IAS, Managing Director, Gujarat State Fertilizers and Chemicals Ltd. who was the Chief Guest on the occasion and Shri L. Chuaungo, IAS, Managing Director, Gujarat Industries Power Co. Ltd. was the Keynote Speaker. Their words of wisdom on the profession will definitely be the guiding force for all of us.

The Technical Sessions at the Conference were thought provoking and remained best in their class. As visualized, the delegates, certainly would have carried quality knowledge with them.

At this juncture, I acknowledge the Chief Guest, Keynote Speaker and all the Faculties who stood as torch bearers in the pursuit of professional excellence at the Conference.

Friends, I would be failing in my august duty if I do not acknowledge the contributions of the Vadodara Chapter and especially its team of Managing Committee and the student volunteers who have made the Annual Regional Conference, held on 6-7 August, 2010, a flawless event. I wish to add here the hard work that they have put in and the sleepless nights that they have given for the Annual Regional Conference logistics. I also wish to acknowledge the support and guidance that have been extended by my colleagues in the Regional Council for the success of this event. I am delighted to inform you all that this year the independence day celebrations was made differently and we had the flag hoisting ceremony at the study circle at mira Road on 15th August. Special compliments to all for this.

I am not acknowledging this just for the sake of an acknowledgement but I am acknowledging this as an eye-witness to the whole thing.

Friends, I am sure that I continue to get your valuable support and guidance, as I am getting till now from friends and colleagues of the profession. Believe me, this would make the WIRC-ICSI stride on acclivity.

With kind regards,

Vishvesh V. Vachhrajani, Chairman, ICSI-WIRC

Date : Place : Vadodara

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CASE LAW DIGEST by CS Ajay Kumar, MumbaiA Bird’s-Eye View : Recent Judgments on Company Law

1. AMALGAMATION

Petitioner-companies, i.e. transferor and Transferee-company, sought for sanction of scheme of their amalgamation. Board of directors of both companies unanimously approved proposed scheme. Meetings of shareholders and secured creditors had been dispensed with and unsecured creditors had approved proposed scheme. Regional Director as well as Official Liquidator did not object to proposed scheme. Since no objection was raised by Regional Director with regard to affairs of Petitioner-companies and no proceedings were pending under sections 235 to 251 against companies and no individual had objected to sanction of scheme, proposed scheme was to be sanctioned. – VA TECH HYDRO INDIA (P.) LTD. IN RE [2009] 94 SCL 317 (MP)

2. OPPRESSION AND MISMANAGEMENT

Petitioner had filed a Petition under section 397/398 against Respondent alleging certain acts of oppression and mismanagement. CLB passed an ex parte interim order dated 09.04.2009 to effect that there would be no board/general meeting without leave of CLB; that operation of bank account would be jointly by one from Respondent’s side and another from Petitioners side; and that there would be status quo in regard to shares/shareholding of company. Respondents filed instant application seeking dismissal of Petition or vacation of interim order on ground that Respondents had filed a suit in High Court wherein High Court passed an interim order dated 07.04.2009 restraining Petitioner from interfering with affairs of company and that order had been served on advocate of Petitioner on 09.04.2009 morning but Petitioner suppressed said order while seeking interim relief from CLB. Since ex parte interim order was obtained by suppression/non-disclosure of a material and vital fact, all interim reliefs granted in said order were to be vacated. – BIJAY KUMAR KAJARIA V. KAJARIA YARNS AND TWINES LTD. – [2009] 94 SCL 255 (CLB - KOL)

3. SCHEME OF COMPROMISE DESIGNED BY CREDITORS THEMSELVES, BENEFICIAL TO SECURED CREDITORS AND IN THE INTEREST OF REVIVAL – HOW FAR COURT IS BOUND TO SANCTION SCHEME – SECTION 391

Where a scheme of compromise, designed by the creditors themselves, neither oppressive nor unreasonable, and definitely beneficial to secured creditors and other creditors, being in the interest of revival of the company

employing a large number of workmen and employees, providing for settlement /restructuring of principal amount due to secured creditors, stands approved by secured creditors representing over eighty per cent in value of the total value of debts present and voting, the court is bound to allow the Petition under section 391 sanctioning the scheme of compromise. More so, where show cause notice issued to the company by the Board for Industrial and Financial Reconstruction also stands set aside by the Appellate Authority for Industrial and Financial Reconstruction. – MODERN DENIM LTD. IN RE., [2009] 89 CLA 49 (RAJ.)

4. PENALTY FOR EXCEEDING PRESCRIBED LIMIT FOR INVESTMENT IN SHARES OF THE INVESTEE-COMPANY WITHOUT PREVIOUS APPROVAL OF CENTRAL GOVERNMENT UNDER SUB-SECTION (4) OF SECTION 372 ALLEGING DEFAULT IN TERMS OF SECTION 374 – HOW FAR BARRED BY LIMITATION – SECTIONS 372 AND 374

Where in a complaint filed by the Registrar of Companies against violation of section 372 by exceeding prescribed ceiling of investment in shares of the investee-company it has nowhere been stated as to when the application for seeking sanction for the prosecution of the Petitioner was lodged before the Department of Company Affairs, the complaint would be barred by limitation in as much as for the propose of computing the time required for obtaining the sanction of the Government it is necessary for the Registrar of Companies to have specified the date on which the application was made for obtaining the consent/sanction for computing the period of limitation. – SUNAIR HOTELS LTD. V. REGISTRAR OF COMPANIES [2009] 91 CLA 208 (DEL.)

5. PETITION SEEKING DIRECTIONS FROM THE COMPANY LAW BOARD TO DIRECT THE RESPONDENT –COMPANY TO TRANSMIT 1,125 SHARES IN THE NAME OF PETITIONER, AND ALSO CONSEQUENTIAL DIRECTIONS – SECTION 111

Where there is no justification of the company’s not registering the transmission of shares of the deceased in the name of the legal heir, the Company Law Board shall issue directions for registering transmission of shares and also for giving all accrued benefits, if any, relating to the said shares. – MRS. L RANIAMMAL V. SHRI SHANMUGANANDA BUS SERVICE (P.) LTD. [2009] 89 CLA 578 (CLB)

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ROC COLUMNEasy Exit Scheme (EES) 2010 was launched on 26th May 2010 with scheme period commencing from 20/05/2010 till 31/08/2010. Uptill now, the response has not been very encouraging.

Over a period of more than 30 days, only 53 applications have been received. Therefore, Professional friends are requested to educate their client companies about pros and cons of the scheme so that the eligible companies may not miss this golden opportunity.

There are certain queries being raised regarding features of the Scheme. Easy Exit Scheme – 2010 is a special scheme formulated u/s. 560 of the Companies Act, 1956. It should also be borne in mind that the scheme is subject to the provisions

of the said Section. One of the common queries raised is regarding the existence of assets and liabilities in the company. The Scheme mandates that the companies having the following liabilities are not eligible :-

(a) Outstanding secured loan as on the date of the Statement of Account ;

(b) Outstanding public deposits as on the date of the Statement of Account ;

(c) Outstanding dues to Revenue Authorities, such as, Income Tax, Central Excise, Sales Tax, Statement Government, Municipal Authorities etc., as on the date of the Statement of Account ;

Apart from the above, all other companies having assets and liabilities are eligible to apply under the Scheme. If there are certain outstanding liabilities other than those mentioned above, the provisions of Clause – (a) of sub-section 5 of Section 560 of the Companies Act, 1956 would apply. If the company has outstanding assets as on the date of the Statement of Account, the provisions of Clause – (b) of sub-section 5 of Section 560 of the Companies Act, 1956 would apply. It is necessary to reiterate that Section 560 of the Companies Act is a code in itself and provides for all circumstances when a company is struck off from the Register of Companies pursuant to sub-section (5) of Section 560 of the Act.

The second common query raised is regarding the pending applications of Form-61 “Under Process” in the Office of the Registrar of Companies. In such cases where ROC has already published the notices under sub-section 3 of Section 560 of the Act, the remaining process has to be brought to a logical end by ROC. However in all other cases where 560(3) notices have not been published, the companies will have to submit Affidavit, Indemnity Bond and Statement of Account in the revised format notified by the Ministry of Corporate Affairs vide Circular No. 2 of 2010 on 26th May 2010. In all such cases, it is advisable for the companies to withdraw the pending applications in Form-61 and apply afresh under EES – 2010. This has special advantages, as there is no obligation on the part of ROC to publish the Gazette Notification u/s. 560 (3) of the Companies Act, 1956 which will save considerable time in processing of application for striking off u/s. 560(5) of the Act.

The Professional friends are requested to spread the news of the Scheme to their eligible client companies and advise them to come forward to avail this one time opportunity to exit without any hassle.

(HENRY RICHARD) REGISTRAR OF COMPANIES MAHARASHTRA, MUMBAI

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ATTENTION MEMBERS

WIRC’S GROUP LIFE INSURANCE SCHEMEMaster Policy No. 61/692910

PART-I

THE SCHEDULE — ELIGIBILITY

ELIGIBILITY FOR HEMBERSHIP (a) The Members who are within the following category shall be eligible to join the Scheme:

All Members who are aged not less than 18 years and not more than 59 years nearer birthday and who have given the consent to join the scheme are eligible to join the scheme provided they are keeping good health and not suffered from/is suffering from any of the critical illnesses viz.,cancer,condition requiring open chest surgery, history of typical chest pain,kidney failure, brain stroke, or paralysis or having undergone major organ transplantation such as heart,Iung,liver or kidney.

(b) No member shall withdraw from the scheme while he is still an eligible member satisfying the conditions of Eligibility described above.

PART-II

THE SCHEDULE - BENEFITS AND PREMIUMS

I. PLAN OF ASSURANCE l An Assurance shall be effected on the life of each member under one year renewable term insurance plan for a sum assured equal to Rs. 10,00,000/- (Rs. Ten Lacs Only).-This assurance ha1l be held by the institute UPON TRUST for the benefit of the persons entitled to in accordance with these Rules.

2. RENEWAL OF ASSURANCE Renewal of Assurance shall mean every year paying a demand draft of rupees 2800/- in favour of WIRC of ICSI payable at Mumbai and sent to WIRC office at room no 13. Jolly Maker Chamber II, 1st Floor, Nariman Point, Mumbai-21. Last date for paying the fee is 15th September, of every year for renewing the policy from 4th October of every year.

3. CORPORATION’S RIGHT Evidence of insurability satisfactory to the Corporation in the form and TO RESTRICT ASSURANCE manner prescribed by the Corporation shall be furnished in respect of the Member before the Assurance or increase in Sum Assured under the Assurance is effected. If the evidence submitted in respect of the Member is not satisfactory or the Assurance on his life involves special risk or hazard of a medical or other nature, the Corporation shall modify the terms of the acceptance of the Assurance.

4. CONTRIBUTIONS A) The Institute shall pay to the Corporation in respect of each member on the entry date and on annual renewal dates, such contributions as are required to secure and continue the assurance on his life as described in these Rules. Rs. 280/- for a sum assured ofRs. I lac.

5. TO WHOM PAYABLE The Sum Assured shall be payable to the Grantees for the benefit of the Beneficiary of the Member. -

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6. HOW PAYABLE The Sum Assured in respect of the deceased members shall be paid up in lump sum.

7. WHEN THE The Assurance on the life of the Member shall terminate on the happening ASSURANCE TERMINATES of any of the following events: (a) On discontinuancel ceasing of membership of the WIRC OR (b) On completion of 60 years of age.

8. SURRENDER AND The Term Insurance effected hereunder carries no Surrender or paid-up PAID-UP VALUES values.

9. THE POLICY WILL BE If the premium received during any period of the year from members. ISSUED ONLY W.E.F. 4th October 2010.

10. Members interested in joining the group may fill up the attached form and forward the same to Mr. C. V. S. Mani, Desk Officer, WIRC of ICSI, 13 Jolly Maker Chambers No. 2, First Floor, Nariman Point, Mumbai-400 021 alongwith a demand draft for Rs. 2800 drawn in favour of “WIRC of ICSI” payable at mumbai and sent to WIRC office on or before 25th Sept, 2010. For Renewal also please send Rs. 2800/- by Cheque or demand draft in favour of WIRC of ICSI on or before 25th September, 2010.

ATTENTION MEMBERS

LIFE INSURANCE CORPORATION OF INDIA P & GS DEPARTMENT MUMBAI D.O.I

NEW MEMBERS INVITED TO APPLY IN THE FORMAT GIVEN BELOW (Last date 25th September 2010)

Group Insurance Scheme for Members of the Western India Regional Council of The Institute of Company Secretaries of India

Form of Declaration to be completed and signed by the Life to be Assured.

1) Full Name of Member b) Sex

c) Date of Birth d) Membership No.

e) Address

I hereby declare that I am in good health and am not suffering or have suffered from any critical illness or condition requiring medical treatment like cancer, AIDS, condition requiring open chest surgery, history of typical chest pain, kidney failure, brain stroke or paralysis or having undergone a major transplantation such as heart, lung, liver or kidney as on date.

I declare that the above information given by me is true and I have not withheld any material fact which is within my knowledge i consent to Life Insurance Corporation of India seeking medical information from any Doctor who has attended me at any time concerning my mental or phycal health or seeking information from any person for verification of the details given above and I authorisze the giving of such information or any changes in the same.

I understand that this declaration shall be the basis for my admission to the Group Insurance Scheme for Members of the Western India regional Council of The Institute of Company Secretaries of India.

Date ___________________

Signature of Witness

Occupation & Address (Signature of Life to be assured)

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ANNEXURE

(Required to be lodged with Life Insurance Corporation of India under the Group Life Insurance Scheme)

Name of the Scheme : Group Life Insurance

Master Policy No. : OGI-692910

Name of the Member :

Date of Birth :

Occupation :

Date of entry into the scheme :

Are you in good health : (Yes / No)

Name and address of the beneficiary to whom the money should be paid, in case of unfortunate death:

Name :

Address

I declare the above information is true and correct to the best of my knowledge.

Dated at the day of 200

(Signature of the Member)

FCS/ACS No.

LM No.:

(To be filled up by office)

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FULL DAY SEMINAR ON CORPORATE GOVERANNCE

WIRC organized a Full Day Seminar on Corporate Governance in Hotel Kohinoor Park in Dadar (W) on 17th July 2010. Faculty members were Shri Ram Malla, Partner of Mallar Law, (Retd.) Executive Director, Johnson & Johnson Group of Companies & Ex-Senior Vice President o f Johnson & Johnson, Shri Khushroo Panthaky, Senior Partner, Walker Chandiok & Co, Dr. S.K. Jain, Practicing Company Secretary, Shri N.P. Pandya, Assistant General Manager, BSE. Addressing the delegate on satyam scam, Shri Ram Mallar, with several anecdotes explained how corporate governance, being pluralistic in nature, unfortunately conceded to individualistic style of Ramalingam Raju, whose sole intension was to divert fund for his own gain. The fundamental framework of corporate governance was defeated by an dominant psyche to appease Raju, who was then known for his business genius. Shri Khushroo Panthaky elaborated the roles and responsibilities of the audit committee. Dr. S K Jain, sharing some of the cases from his practical experiences, explained the framework for corporate governance. Finally, there was a special session on investor awareness by Shri N P Pandya, AGM, BSE, who provided several tips for investors, including how to track own fund. The programme was attended by 45 members and around 55 students.

Shri mahavir Lunawat, secretary WIRC and Smt Ragini Chokshi, PDC Chairperson coordinated the inaugural session.

Regional Conference in Vadodara on 6th & 7th, August, 2010

The regional conference 2010 of wirc of icsi commenced at 9 am on 6th August, 2010 at Hotel Surya Palace in Vadodara. In the inaugural session, CS V V Vachrajani, Chairman WIRC, CS Neeraj Trivedi, chairman, vadodara chapter of ICSI-WIRC, Shri H V Patel, IAS managing director, GSFC, Shri L Chaungo, IAS managing director, GIPCL, CS Mahavir Lunawat, secretary WIRC, Shri Keyoor Bakshi , past president, ICSI, Smt Ragini Chokshi, PDC chairperson of WIRC and Smt Reema Mehta, shared the dais.

The Chairman of Varoda chapter Shri Neeraj Trivedi, as well as past chairman, Shri Samdani proudly greeted ICSI-WIRC’s decision to organize the conference in Vadodara. The Chairman of WIRC, Shri V V Vachrajani, welcomed the delegates in the conference and emphasized the topical relevance of the theme of the conference, with his anecdotes in the welcome address. Shri L Chaungo, IAS, Managing director, GIPCL elaborated corporate ethics in today’s business place, and according to him, ethically running organization would develop its intrinsic value, which may be appreciated by society at large and shareholders and public in general. Shri H V Patel, IAS managing director, GSFC congratulated the chapter for organizing the conference in such a grand manner. According to the speaker, the exemplary role of the company secretaries in various organizations would strengthen and deepen its well entrenched position in the corporate.

Shri Mahavir lunawat, secretary, conducted award distribution ceremonies for the rank holding students. Further there was felicitation for Shri Ajit Jain & Shri Mahesh Natani, two past chairmen of indore chapter for their outstanding role in revising basic process of interest rate calculation of commercial banks. In his vote of thanks Shri Mahavir Lunawat complimented the members for gathering in such a large number.

In the first technical session, Shri Hemal Uchhat executive director PWC, Mumbai elaborated M &A from the Tax angle, with the help of cases. Shri Makarand Lele, Vice Chairman of the chapter was present on the dias. In the second technical session, Shri Saji Cherian, head corporate services and business development MCX-SX discussed about listing of SME and corporate governance framework and also elaborated currency future. Shri Omprkash Bagdia, chairman Accounts and Finance committee and Shri Atul Mehta, past chairman of wirc shared the dais.

In the second day discussions took place regarding NCLT and the role of CS members which were addressed by CS UK Choudhury, past president and senior advocate and counsel. Sessions on stress management and art of living were conducted by Ms. Meera Sampat and Kartik Meghraj. Besides, there was a special session on new dimensions of CS profession – what is there inside. Shri Keyoor Bakshi past president, ICSI & company secretary in practice, Mumbai led the discussion on multifarious facets particularly the emerging dimensions for the profession.

In the valedictory session, CS Reema Mehta, secretary, Vadodara chapters of ICSI-WIRC proposed a vote of thanks.

Report on AGM of ICSI-WIRC held on 30th July, 2010

The annual general meeting of ICSI-WIRC was held on 30th July, 2010 as per the notification sent to the members of ICSI-WIRC.

NEWS FROM WIRCAND CHAPTERS

In the absence of the Chairman and Vice Chairman, the Secretary of ICSI-WIRC chaired the meeting as mandated by the members present. Shri Ashish Doshi, Treasurer was also present.

There was a noteworthy presence of Shri J Shridhar, past president, Shri S N Ananthasubramanian, and B Narasimhan, Central Council Members of ICSI-WIRC, Shri Gopal Chalam, Dean, CCGRT and kaushik Jhaveri, Member, PDC of ICSI-WIRC.

Shri J. Sridhar expressed his views on placement of members and suggested that structured efforts need to be put in for making the placement services of WIRC effective. Shri Sridhar also stated that AGM should be attended by all regional council members. Shri Kaushik Jhaveri expressed his views on website updation, WIRO employee reward etc. The Chairman of the meeting noted all suggestions and replied to the queries raised by members. Shri B Narasimhan and Shri S N Ananthasubramanian also shared their views with the members present.

All the resolutions were passed unanimously by the members present. The meeting concluded with a vote of thanks.

WIRC organized Programme on Ladies Special

WIRC organized Programme on Ladies Special on 10th July 2010 at Maharashtra Chambers of Commerce, Oricon House, 6th Floor, 12 K. Dubhash Marg, Fort, Mumbai. Ms. Shailashree Bhaskar, Ms. Ragini Chokshi, Ms. Naina Desai, Mr. Kaushik Jhaveri, Dr. S.K. Jain, Mr. B. Narasimhan, Mr. V.V. Vachhrajani, Mr. Mahavir Lunawat were present on the occasion.

WIRC organized Investor Awareness Programmes

WIRC organized Investor Awareness Programmes from 12th to 17th July 2010 at difference locations in Mumbai. On 12th July at Sydenham College and on 13th July at WIRC premises and the guest faculty was Shri B. Narasimhan. On 15th July the IAP was held at MKES College, Malad, Mr. Sudipto Pal, Joint Director addressed the participants. On 16th July the IAP was held at CCGRT where Shri B. Narasimhan addressed the participants. last of the series of investor awareness programme was held in Kohinoor Hotel, where Shri N P Pandya, AGM, BSE addressed the delegates.

WIRC organized a Study Circle Meeting on ICDR and IPO

WIRC organized a Study Circle Meeting on ICDR and IPO – New Process at Bhavan’s College, Andheri, Mumbai, Shri B. Narasimhan, Central Council Member and Vice President, Karvy Computershare Pvt. Ltd. was the guest speaker. Shri Mahavir Lunawat, secretary of WIRC conducted the programme in active cooperation of the co-ordinators of the study circle Shri Kaushik Jhaveri and Rajkumar Tiwari.

ICSI WIRC jointly with Goa Chapter organized CS Conclave in Goa

ICSI WIRC jointly with Goa Chapter organized CS Conclave in Goa covering the topics SEBI Law, Capital Market Development & Statutory Compliance on 23rd & 24th July 2010 at Hotel Fidalgo, Goa. S/Shri B. Narasimhan, Central Council Member and Vice President, Karvy Computershare Pvt. Ltd., V.S. Sundaresan, Chief General Manager, SEBI, V. V. Vachhrajani, Chairman, WIRC and Company Secretary & Deputy General manager (Legal & Industrial Relations), Gujarat State Fertilizers & Chemicals Ltd., Mahavir Lunawat, Secretary and Senior Manager (Tax and Regulatory Services), Pricewaterhouse Coopers were the guest speakers of difference technical sessions during the Conclave.

WIRC organized a study circle meeting on Foreign Direct Investment

WIRC organized a study circle meeting on Foreign Direct Investment on 30th July 2010 at WIRC premises. Shri Harsh Gautam, Assistant General Manager, RBI was the guest speaker during the meeting.

A Study Circle Meeting on Corporate Borrowing, Investment, Loans and Deposits

A Study Circle Meeting on Corporate Borrowing, Investment, Loans and Deposits was organized by WIRC on 31st July 2010 at AV Hall, Gurukul School, Tilak Road, Ghatkopar, Mumbai. Shri Suresh Thakur Desai, Past Chairman, WIRC was the guest speaker.

A special felicitation to Shri Ajit Jain and Mahesh Natani, two past chairmen of Indore Chapter:

WIRC chairman Shri V V Vachhrajani during the inaugural session of the regional conference, held on 6th & 7th August in vadodara, specially felicitated Shir Ajit Jain and Shir Mahesh Natani , two past chairman of Indore chapter for their outstanding contribution in revising the RBI policy of interest rate calculation of savings bank. Speaking on the occasion Shir Ajit Jain explained how his sutained involvement with RBI could help them revise their policy. Shri Ajit Jain came from Indore to accept the honour.

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INDORE CHAPTER OF WIRC OF ICSI

Indore chapter of ICSI jointly with Madhya Pradesh Stock Exchange successfully organized a full day seminar on “SEBI ICDR Regulations 2009 and SEBI Prospected Takeover Code Regulations” on 31st July 2010 at Hotel Lemon Tree, RNT Marg Indore.

The programme was started with registration and kit distribution. After that all the members and students presented their took lunch. After lunch the formally programme was started with garlanding of Maa Sarswati and lighting of lamp.

CS Ashish Garg gave the welcome speech and introduced all the guests presented there. There after CS Ashok Mehta Ex Chairman of WIRC of ICSI and MPSE introduced theme of the programme and its usefulness. Shri Santosh Muchhal , Director of MPSE was the chief guest of the programme. The mementos were presented to the speakers as the memory of the programme. CS Ashish Karodia gave vote of thanks to chief guests.

First technical session was started at 2.30 pm. CS Shruti Jain, Executive Director of MPSE presented her presentation on “MOU with NSE & BSE under section 13 of Securities Contract (Regulation) Act, 1956”. In her presentation she covers MOU highlights including advantages & disadvantages to companies listed with MPSE.

Second technical session was started at 3.15 pm. In this session CS B Narasimhan, Central Council Member and Vice-President of Karvy computershare Pvt. Ltd, Mumbai stared his deliberations by giving a wonderful presentation on SEBI ICDR Regulations 2009. He said that SEBI’s regulations will be implemented uniformly over all types of companies. He also said that companies willing to raise capital through IPO, FPO or ESOP have to follow SEBI ICDR Regulations 2009. At last he said that SEBI’s regulations are made to protect the interest of investors.

After that the last technical session was started at 5.00 pm. CS Ashok Mehta in his address mentioned about Proposed SEBI Takeover regulations. He said that takeover is an effective means of restructuring and is a faster route for growth and expansion of the business. Takeover, Mergers, Acquisitions etc. have assumed significant importance in the present era. So companies should have to follow SEBI Takeover Regulations. Mr. Mehta exhaustively dealt with SEBI’s Proposed Takeover Regulations.

CS Ashish Garg gave vote of thanks to the prominent speakers. 165 students and members attended the seminar. Lastly Ashish Garg requested the participants to attend the entire Programme being organized by Indore Chapter from time to develop their knowledge.

PUNE CHAPTER REPORT

1. INTERACTION WITH CS MEMBERS ON EASY EXIT SCHEME WITH REGISTRAR OF COMPANIES, PUNE.

Pune Chapter of WIRC of ICSI jointly with the Office of the Registrar of Companies, Pune had organized a discussion session followed by an interactive session with Shri Vishnu P. Katkar, Registrar of Companies, Pune, Maharashtra, on Thursday, June 24, 2010 at Pune Chapter Premises from 6:30 pm to 8:00 pm, with a view to have a greater clarity on the two New Schemes launched by Ministry Of Corporate Affairs, New Delhi (MCA) viz. Company Law Settlement Scheme, 2010 - giving opportunity to the defaulting Companies to enable them to make their default good by filing belated documents with concessional late fees and to become a regular compliant in future and the Easy Exit Scheme, 2010- giving opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956.

The Meeting was conducted by Shri Vishnu P. Katkar, Registrar of Companies, Pune, Maharashtra and CS Makarand Lele, Vice Chairman, WIRC of ICSI and which was attended by more than 90 members and interested participants. The Meeting started with a brief introduction of the Schemes by CS Makarand Lele and also pinpointing on the highlights of the Scheme and how the same are beneficial to the defunct companies and also to such companies who have not been able to comply with the rules and regulations under the Companies Act, 1956 until date.

Shri Vishnu P. Katkar emphasized that this was an unique opportunity for all the companies who have not carried on business on or before April 1, 2008 to exit out of the judicial proceedings which otherwise is not possible under the routine Section 560 process under the Companies Act, 1956. Shri Katkar also emphasised on the considerable monetary relief offered through the Company Law Settlement Scheme to such companies who have been defaulting on filing the documents with the Registrar of Companies. He also further highlighted the process of securing the immunity certificate immediately after the Scheme was over.

The question answer session that followed had almost all the members raising various queries pertaining to the Scheme which were satisfactorily answered by Shri Katkar. The meeting ended with a vote of thanks to Shri Katkar and the Office of the Registrar of Companies, Pune for extending their whole hearted cooperation in making this

attempt to educate and further propagate the benefits of the Schemes to the CS Professionals who in turn would be instrumental in advising the general business class to reap the intended benefits of the Schemes so promulgated by the Ministry of Corporate Affairs.

The meeting concluded with High Tea.

2. STUDY CIRCLE MEETING ON “BASICS OF IFRS”

A Study circle meeting was conducted on Saturday, June 26 , 2010 on “Basics of IFRS” to discuss and understand issues which will be involved in implementation of IFRS in India . The faculty for the meeting was CA Anant Govande Director, Offshore Accounting and Taxation Services Private Limited, Pune. Around 113 participants were present for the Study Circle Meeting.

3. 2ND EXECUTIVE DEVELOPMENT PROGRAM [EDP]:

Pune Chapter had organized 2nd EDP program from 1st July to 9th July 2010 for CS Students who cleared their Intermediate/Executive program level for imparting 15 months training. Total 116 Students attended the program at Pudumjee Hall, Maharatta Chamber of Commerce, Industries And Agriculture (MCCIA), Tilak Road, Pune. CS Shridhar Kulkarni Chairman Pune chapter inaugurated the program. Campus Interview were also organized for the students for 15 months training.

4. CHAPTER LEVEL ROUND OF 8TH NATIONAL MOOT COURT COMPETITION 2010

Chapter level round of 8th National Moot Court Competition 2010 on the topic of ‘Overseas Mergers & Acquisitions By Indian Enterprises’ was organized at Pune chapter premises on Tuesday 13th July 2010 at 06:30 pm. CS Kamaljeet Kaur, Company Secretary, City Corporation Ltd., Pune was the Judge for the competition. Two students selected from this round will represent the Pune Chapter in Region level round at WIRC.

5. JOINT SEMINAR ON “CORPORATE ADVOCACY”

Pune Chapter of WIRC of ICSI had organized Seminar on “Corporate Advocacy” Joint with ICIS-CCGRT, Mumbai at Hotel Kailash Parbat, Lonavala on 17th July 2010. Around 65 delegates attended the program. Dr. K.R. Chandratre, Past President ICSI; CS Mahesh Athavale, Past President ICSI; Adv. Aniket Nikalje, Practicing Advocate, Pune and Adv. Haresh Jagtiani of Haresh Jagtiani and Associates (Oasis Counsel and Advisory) Mumbai, were the faculties for the program. CS Shridhar Kulkarni Chairman Pune chapter and CS Devendra Deshpande, Treasurer Pune Chapter were present during the program. CS Shridhar Kulkarni Chairman Pune chapter inaugurated the session.

RAIPUR CHAPTER

Raipur Chapter of WIRC of ICSI, celebrated its 12th Foundation Day on Sunday, 1st August, 2010. The President of the Institute, CS Vinayak S. Khanwalkar; Secretary of WIRC, CS Mahavir Lunawat; Member of WIRC, CS Atul Mehta and CS Om Prakash Bagadiya; and Treasurer of Bhopal Chapter, CS Amit Jain, had come from different places to attend the programme. The programme was attended by more than 150 delegates. It was a full day programme which started with a Blood Donation Camp in the morning at Medical College Hospital, Raipur, in collaboration with Red Cross Society followed by Breakfast and Registration; Inauguration Session; Speech by dignitories; Moot Court Competition; Open House Quiz Competition; Extempore Speech Competition; Press Conference; Open House Discussion with the President; and Cultural Evening. The President in his speech enlightened the delegates about the growing importance of the profession of Company Secretary, Vision-2020, Memorandum of Understanding with Central Board of Excise and Customs, International Association of Chartered Secretaries, knowledge portal, importance of Company Secretary under the Companies Bill, 2009. The participants of moot court competition were Shalinee Awasthi, Khushboo Jeswani, Aditya Bhattacharya, Monalisa Patni, Anshul M. Anand, CBK Shweta, Jayanti Pal Choudhary, and Sheenam Pitroda. All the participants were felicitated for their participation. The Participants of Extempore Speech Competition were Himanshu Malik, Navisha Chhabra, CBK Sweta, Zeeshan Baig, Priyanka Raghav, G. Aditya, Mayuri Lal, Deepraj, Khushboo, Preeti Varma, K. Pushpavati, Neelima, Amit Garg, Sigma Upadhyay, and Apurva Antarkar. CBK Shweta – Professional Student, was the winner of Extempore Speech Competition. The open house quiz competition conducted by Prashant Samantrai was very actively participated by the delegates. Reporters from various Newspapers and TV Channels including Dainik Bhaskar, Nav Bharat, Nayi Duniya, Haribhoomi, Hitavada, Central Chronical, National Look, and Zee Chhattisgarh etc. were present for the Press Conference. The Open House Discussion with the President was very interactive and all the queries raised by members and students were answered by the President. The cultural evening was very colourful and attended in large number by the students, members, and their family. The programme concluded with Dinner. The members and students who had put in special efforts in organizing the foundation day celebration included CS Y C Rao, CS S K Batra, CS Ravi Mall, CS Sanjay Mohta, CS Praveen Kanungo, Prashant Samantrai, Himanshu Malik, Khushboo Jeswani, Aman Verya and Sheenam Pitroda.

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Press Clips of WIRC Programme

CONGRATULATIONSPersistent Systems Ltd.’s Legal,

Corporate Secretarial and Investor Relations department received ISO 9001:2008 certification in July 2010.”

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S.G. GOKHALE Office : A,103, Varadlaxmi, Gokhale Road, B.Com. (Hons), LL.M., F.C.S., F.I.I.I. Mulund (East), Mumbai 400 081. Advocate & Legal Adviser. Resi : 401-A, Mangal Shrishti, P. Gujar Marg, Off. V.B. Phadke Marg, Neelam Nagar Phase-I Area, Mulund (East), Mumbai 400 081. Mobile : 98214 67264 E-mail : gokhalesg@rediffmail.com

Date : 10/6/2010.

To, The Editor, FOCUS, ICSI-WIRC Mumbai.

Violation of Companies Act, 1956 vis-à-vis Payment of Gratuity to Working Directors.

1) The director of the Company can be appointed as Managing Director or Whole time Director

for a term not exceeding 5 years at a time. The appointment is contractual for specified period

and terms of remuneration including gratuity are applicable to that specified period. In most

of the cases the persons are re-appointed from time to time for further terms and the gratuity

is not drawn at the expiry of every term but is drawn when the person is finally retiring. By

that time few more terms of 5 years each get over. At this stage the Directors are paid gratuity

for the period of all the terms based on the salary of the last term.

2) The correct position in regard to payment of gratuity is as under.

a) Upon expiry of each term, the gratuity should be paid based on the salary of that term.

b) If gratuity is to be drawn /paid at the time of final retirement, gratuity amount should be

calculated separately for each term based on the salary of each such term separately.

3) The payment of gratuity for all the terms together on the basis of salary of the last term is

clearly in violation of the provisions Companies Act, 1956. When the payment of gratuity is

authorized by the shareholders, amongst others, for a specific term then it is obviously with

reference to the salary of the said term. Just by deferring the payment to some future date,

salary applicable to future term cannot be applied to the earlier terms.

S. G. Gokhale

Advocate

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No Date Name of School/ Address of School / Member (s) / Total No. of College College Officials involved participants

1 13th June Sukh Sagar Institute 205 sukh sagar Bldg Mr. S. N. Ananthasubramanian Approx 500 2010 Hughes Road, Chowpatty, (Central Council Member- Opp Raj Travels, ICSI) , Mr. Kaushik Jhaveri, Mumbai – 400 007 Mr. Raj kumar Tiwari & Mr. Sudipto Pal (JD–WIRO)

2. 20th June 2010 Sukh Sagar Institute Ghatkopar Sudipto Pal 75

3 29 June 2010 Gogate Jogalekar Near District Court, Ms. Anagha Karambelkar (ACS), Approx. 250 College Ratnagiri, Maharashtra Ms. Lachhmi Bhatt (DO), Ms Archana (Jr. Asst.)

4 29 June 2010 Gogate Jogalekar College Near District Court, Ms. Anagha Karambelkar (ACS), Approx 130 Ratnagiri, Maharashtra Ms. Lachhmi Bhatt (DO), Ms Archana (Jr. Asst.)

5 30 June 2010 Shriman B.V. Gangan Ratnagiri 415612 Ms. Anagha Karambelkar (ACS), Approx 250 Arts, Commerce junior Ms. Lachhmi Bhatt (DO), college Ms Archana (Jr. Asst.)

6 30 June 2010 Shriman B.V Gangan Ratnagiri 415612 Ms. Anagha Karambelkar (ACS), Approx 69 Arts, Commerce Ms. Lachhmi Bhatt (DO) , junior college Ratnagiri 415612 Ms Archana (Jr. Asst.)

7 30 June 2010 Phatak high School Subhash Road Ms. Anagha Karambelkar (ACS), Approx 80 Ratnagiri 415612 Ms. Lachhmi Bhatt (DO), Ms Archana (Jr. Asst.)

8 30 June M.S.Naik High school & Dhanji Naka Ratnagiri , Ms. Lachhmi Bhatt (DO), Approx 400 junior College Near city Police tation Ms Archana (Jr. Asst.) Dr. Ambedkar Marg Ratnagiri 415612

9 21 July 10 ACHARYA & N.G.ACHARYA MARG, Mr. Sudipto Pal (JD) & MARATHE COLLEGE CHEMBUR (E), Ms Lachhmi Bhatt (DO) 365 MUMBAI-400 071

10 21 July 10 KENDRIYA VIDYALAYA ORDNANCE ESTATE Ms. Priti sheth jayant (PCS) 58 AMBARNATH POST & Mr. Mani (DO) THANE DISTT. MAHARASHTRA, 421502

11 22 July 10 S.M.D.L College kalamboli Sect - 3 / E Ms. Lachhmi Bhatt(DO) & 289 (FY Cidco Colony Navi Mr. Neeraj (Attendar) +SY) mumbai 410218 Ph -

12 23 July 10 KENDRIYA VIDYALAYA Aol Streer Road Air Mr. M.P.Sharma(PCS)& 58 Force Station, Thane (W), Ms. Archana (Jr. Asst) Sandoz Bag 400607.

13 23 July 10 KENDRIYA VIDYALAYA N A D KARANJA POST Ms. Lachhmi Bhatt(DO) & TAL-URAN RAIGAD DIST. Mr. Neeraj (Attendar) 58 (XII)

14 23 July 10 KENDRIYA VIDYALAYA N A D KARANJA Ms. Lachhmi Bhatt(DO) & 49 (XI) POST TAL-URAN Mr. Neeraj (Attendar) RAIGAD DIST.

15 24 July 10 P N Doshi Cama Lane SNDT Ms. Lachhmi Bhatt(DO) & 520 GHATKOPAR(W) women’s College , Mr. Neeraj (Attendar) Mumbai - 86

16 24 July 10 KENDRIYA VIDYALAYA Mankhurd B Camp Mr. Sudipto Pal (JD) & 58 Opp Narmadashwar Mr. Neeraj (Attendar) Temple.

17 26 July 10 SNDT College Dombivli S.V.Joshi High School Mr. Yogesh Dinanath (PCS) & Compound Middle Bldg Mr. Mani (DO) 130 Ganesh Mandir Road Dombivli (E)

18 30 July 10 KENDRIYA VIDYALAYA 3 NEWNAVY NAGAR Lachhmi Bhatt (DO) & 58 COLOBA MUMBAI, 400005 Mr. Bharat (Sr. Attender)

19 30 July 10 KENDRIYA VIDYALAYA 3 NEWNAVY NAGAR Lachhmi Bhatt (DO) & COLOBA MUMBAI, 400005 Mr. Bharat (Sr. Attender) 46

20 05 Aug 10 STERLING COLLEGE PLOT NO.43,D.G.WALSE Ms. Bharat Upadhaya(PCS) , 360 OF COMMERCE PATIL MARG, Ms. Lachhmi Bhatt (DO) & SECTOR-19,NERUL(E), Mr. Dinesh (WIRO) NAVI MUMBAI-400 706

21 06 Aug 10 STERLING COLLEGE PLOT NO.43,D.G.WALSE Ms. Bharat Upadhaya(PCS) , 120 OF MANAGEMENT PATIL MARG Ms. Lachhmi Bhatt (DO) & SECTOR-19,NERUL(E), Mr. Dinesh (WIRO) NAVI MUMBAI-400 706

CAREER AWARENESS PROGRAMME

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Wanted A Company Secretary

A Private Limited Company providing financial services require a qualified company secretary having 1-2 years post qualification experience. Freshers who have obtained practical experience prior to qualifying may also be considered on merits.

Interested candidates may apply within the next 15 days to .

Head of HR,

ANZ Capital Pvt. Ltd.

Unit No. 63, 6th Floor, 2nd North Avenue, Maker Maxity, Bandra Kurla Complex,

Mumbai-400 051. Email ID : Anoobha.Sehgal@anz.com

Wanted A Company Secretary

A Public Limited Company engaged in business of Hotel invite application for the incumbent of “Company Secretary”. Interested Candidates having experience of 2-3 years in related area may send their CV to

Contact :

Mr. Pradeep Jain

H. S. India Limited, C/o. Lords Plaza, Ring Road, Surat - 395 003.

Ph.: 0261-3066666 (Ext. 41-42) Email : pradeep@lordshotels.com

WIRC Programmes with Chapters in September, 2010

Place Date Jointly With

Bhopal 12th September, 2010 Bhopal Chpater

Shridi 18th September, 2010 Nashik & Aurangabad Chapter

Nagpur 19th September, 2010 Nagpur Chapter

CCGRT 25th September, 2010 Jointly with Navi Mumbai Chapter & Thane Chapter and CCGRT.

PCH: 4 hour and PDP: 8 hourProgramme Structure will be Announce in Due Course

STOP PRESS

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Lighting the lamp: V. V. Vachhrajani, Chairman WIRC, Others in this Photograph L to R: Neeraj Trivedi, Keyoor Bakshi, Mahavir Lunavat, Ashish Doshi & Ragini Chokshi

Shri Vivek Sadhale, Members WIRC & Shri U. K. Choudhury, Advocate and Past President

S N Anantasubramanian giving momento to Kartik Meghraj

Cultural Programme

Group photograph during the Valedictory session

The inaugural session : CS V V Vachhrajani, Chairman addressing the delegates, others: CS Samdani, CS Neeraj Trivedi, CS Keyoor Bakshi, Shri H V Patel, Shri L Chuango, CS Mahavir Lunawat, CS Ragini Chokshi, CS Reema Mehta

S N Anatasubramanian, central council member, V V Vachhrajani, Chairman WIRC, Kartik Meghraj, B Narasimhan, central council member, and Ms. Reema mehta, Secretary, varoda Chapter

Umesh Ved, Past Chairman, WIRC

Omprakash Bagdia, Member WIRC

Makarand Lele, Vice Chairman, WIRC, Vikash Khare, Past Chairman WIRC, Hemal Uchhat, Executive Director, PWC

Release of Souvenir : Samdani, Neeraj Trivedi, Keyoor Bakshi, V. V. vachhrajani, H. V. Patel, L. Chuango, M. Lunawat, Ms. Ragini Chokshi, Ms. Reema Mehta

Technical Sessions

Regional Conference in Vadodhara on the Theme : Emerging Dimensions of the Profession

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Date of Posting

Printed and published by Mr. Sudipto Pal, Joint Director for and on behalf of Western India Regional Council of the Institute of Company Secretaries of India, 13, Jolly Maker Chambers No. II, First Floor, Nariman Point, Mumbai-400 021. Tel.: 22021826/22844073/22047569/22047580/22047604. Fax No.: 22850109 Email : wiro@icsi.edu and printed at Finesse Graphics & Prints Pvt. Ltd., 309, Parvati Industrial Premises, Sun Mill Compound, Lower Parel, Mumbai-400 013. Tel. Nos.: 24961685/24961605 Fax No.: 24962297 and published at Mumbai.

To

If undelivered, please return to :

WIRC of the Institute of Company Secretaries of India, 13, Jolly Maker Chambers No. II, Nariman Point, Mumbai - 400 021. Tel.: 2202 1826 • Fax : 2285 0109

Views expressed by contributors are their own and the Institute/WIRC does not accept any responsibility.

Space for Address

V V Vachhrajani, Chairman WIRC

L Chuango, IAS, Managing Director, GIPCL

H V patel, IAS, Managing Director,

GSFC

Neeraj Trivedi, Chairman,

Vadodara Chapter

Saji Cherian, Head corporate service,

MCX-SX

Atul Mehta, Past President

Keyoor Bakshi, Past President, ICSI

Mahavir Lunawat, Secretary, WIRC

Makarand Lele, Vice Chairman, WIRC

UK Chaoudhury, Past president, ICSI

Hemal Uchhat, Executive Director, PWC

Ms. Ragini Chokshi

Student receiving prize by VV Vachhrajani, Chairman, WIRC Shri Ajit Jain, Past Chairman, Indore Chapter, is felicitated by V. V. Vachhrajani, Chairman, WIRC for his outstanding contribution for

revising RBI policy on interest rate calculation for Savings Bank Accounts

CS Neelima Trivedi from Raiour Raipur, (Cultural Programme)

Aman Verya from Raipur (Cultural Programme) View of the audience