visit to chapters - icsi · cenvat credit for the month of december, 2013 (form no. er-1) (non ssi...
TRANSCRIPT
NIRC-ICSI Newsletter 3 December, 2013
Yours sincerely,
(CS DEEPAK KUKREJA)[email protected]
6th December, 2013 Mobile : 09871315000
I take this opportunity to express my sincerethanks to the Chief Guest, Guest of Honour andall the guest speakers for sparing their valuabletime and sharing their words of wisdom with thedelegates of these programs.
On 23rd November, 2013 NIRC-ICSI organizedone day seminar on the topic "Banking, CorporateDebt Restructuring and Asset Reconstruction" atHotel Radisson Blu, Noida. Dr. Mahesh Sharma,Hon'ble MLA, Noida U.P., National Convener,Medical Cell & Chairman & Managing Director,Kailash Group of Hospitals was the Chief Guestand Shri Sanjiv Agrawal, Chairman & ManagingDirector, Tirupati Inks Limited was the Guest ofHonour of the occasion. Seminar was attendedby about 350 members. I take this opportunity toplace on record my sincere thanks & gratitude tothe Chief Guest, Guest of Honour & GuestSpeakers of the seminar for sparing their valuabletime and sharing their rich knowledge &experience with the delegates of the seminar. I alsowish to place on record my sincere gratitude toDhir & Dhir Associates, Advocates & Solicitorsfor providing support in organizing the seminar.On 29th November, 2013 NIRC-ICSI organised aStudy Circle Meeting on the topic "PersonalityDevelopment through Change Management &Innovation" at YMCA Conference Hall,New Delhi.
On 30th November, 2013 NIRC-ICSI organized aWorkshop on Companies Act, 2013 at ICSI-NIRCBuilding, New Delhi which was attended by 123Members.
Four Study Groups viz. North, East, South & WestDelhi Study Groups have also organized theirrespective meetings on various topics ofCompanies Act, 2013 during the month ofNovember, 2013.During the month of November, 2013 NIRC-ICSIorganized various students training programs viz.SIP, PDP & MSOP.
NEW CAPACITY BUILDING INITIATIVESOn 27th November, 2013 NIRC-ICSI organised aWorkshop on the topic "Overview of CompaniesAct, 2013" for College Professors/Lecturers atYMCA Conference Hall, New Delhi with anobjective of making them aware about theInstitute & its activities. 64 Professors/Lecturersfrom various colleges of Delhi Universityparticipated in the program.
NIRC - ICSI with an objective to impart practicalexposure & hands-on experience started theconcept of Industry Visit as well as Visit toRegulatory bodies for the participants of MSOP.On 13th November, 2013, the participants of182nd MSOP batch were taken to National StockExchange Ltd. where they were apprised of theprocedure relating to online trading of securities.
VISIT TO CHAPTERSDuring the month of November, 2013, I had theopportunity of visiting various chapters of NIRCviz. Karnal-Panipat, Chandigarh, Agra,Jalandhar, Gurgaon & Noida. During my visit tothese chapters, I had the opportunity ofinteracting with the members & students of thesechapters and came to know the practical problemsbeing faced by them and assured our fullcooperation to them.
FORTHCOMING PROGRAMS:NIRC-ICSI is organizing on 14th, 15th, 21st , 22nd& 29th December, 2013, Certificate Course onValuation at ICSI-NIRC Building, on 21stDecember, 2013 a Workshop on Companies Act,2013 at ICSI-NIRC Building, On 23rd December,2013, a meeting of the Practicing CompanySecretaries at ICSI-NIRC Building, On 28thDecember, 2013, one day seminar at Hotel LeMeridien, New Delhi, on the topic "Governance,Fraud & Offences under Companies Act, 2013",on 29th December, 2013 New Year EveCelebration & Dinner for the members & theirfamilies at Masonic Club, New Delhi. The detailsof all these programs are published elsewhere inthe newsletter for your benefit. I request all of youto attend all these Programs in large numbers andmake them a grand success.
Friends, no profession can grow in isolation, itrequires combined efforts. I request all of you tokindly join hands with NIRC and give yourvaluable suggestions. Feel free to contact me [email protected]
With best regards,
From the Chairman
NIRC-ICSI Newsletter 4 December, 2013
shall not be more than 90% of the US $ 5 billionlimit i.e US $ 4.5 billion. The Custodian/QDPshall provide on a daily basis, FII/QFI wise, ISINwise and company wise buy/sell information andany other transaction or any related informationto their respective depositories on the same dayi.e the day on which the transaction was carriedout, before the time stipulated by the depositories.
SEBI, based on the representations received,initiated a consultative process for reviewing theexisting SEBI (ESOS and ESPS) Guidelines, 1999for framing a set of regulations with a view toensure better enforceability, address the concernsraised with regard to composition of employeewelfare trusts, disclosures, etc. and to enablesecondary market transactions with adequatesafeguards. As part of the said process, SEBI hasissued a discussion paper on November 20, 2013.In light of the ongoing review, it has been decidedto extend the time line for alignment of existingemployee benefit schemes with the SEBI (ESOSand ESPS) Guidelines, 1999, to June 30, 2014.Accordingly, in Clause 35C (ii) of the EquityListing Agreement, the words "December 31,2013" shall be replaced with "June 30, 2014".
SEBI vide circular no. CIR/MIRSD/12/2013dated December 04, 2013 prescribed for thesimplification of Demat Account opening process.For detailed text of these circulars you may visitwww.sebi.gov.in
Friends, your support & involvement are theprerequisites for the success of the activities of theNIRC-ICSI. I once again request you to kindlysend your suggestions & feedback on the activitiesand contents of this Newsletter.
With warm regards,Yours sincerely,
(CS DHANANJAY SHUKLA)[email protected]
6th December, 2013 Mobile : 09873347280
From the Desk of Editor
Dear Professional Colleagues,
In order to succeed, your desirefor success should be greater than
your fear of failure.
-Bill Cosby
Friends, Success of aprofessional to a great extentdepends upon the positive
attitude & will power. The changing globalenvironment is full of challenges and if one surfsthe changing scenario using the knowledgeacquired, these challenges can easily be convertedinto opportunities. The only thing we always haveto keep in our minds that without continuousupdation of the knowledge & skills, it will bedifficult to convert the challenges intoopportunities. Few of the latest developments arebeing summarized below which you may finduseful:
The Securities and Exchange Board of India videcircular no. CIR/CFD/POLICYCELL/13/2013dated November 18, 2013 prescribed for theCompliance with the provisions of Equity ListingAgreement by listed companies - Monitoring byStock Exchanges. The need was felt that thecurrent monitoring mechanism of StockExchanges to ascertain the adequacy andaccuracy of disclosures made in compliance withthe Listing Agreement need to be made moreeffective. Accordingly, in continuation of Circulardated September 30, 2013 and pursuant to thediscussions with the Recognised Stock Exchangesand market participants, in order to address theabove mentioned concerns, SEBI gave variousadvices to the Recognised Stock Exchanges.
The Reserve Bank of India vide circular RBI/13-14/368 dated November 11, 2013 had permittedFIIs and QFIs to invest in the credit enhancedbonds. The Securities and Exchange Board ofIndia vide circular no. CIR/IMD/FIIC/ 19 /2013dated November 28, 2013 prescribed that thedepositories shall monitor FII/QFI investments incredit enhanced bonds, so as to ensure thataggregate investments by FIIs/QFIs in such bonds
NIRC-ICSI Newsletter 5 December, 2013
Central Excise Related Compliance
S. No. Activities Sections/Rules/
Clauses, etc.
Acts/Regulations
etc.
Compliance Due
Date
To whom to be
submitted
1. Monthly Return of information
relating to Principal Inputs
(November, 2013) (Form No. ER-6)
Rule 9A CENVAT Credit
Rules, 2004
10th December Central Excise
Authorities
2. Filing of Return of Central Excise and
Cenvat Credit for the month of
November, 2013 (Form No. ER-1)
(Non SSI Units)
Rule 12 / Rule
9(7)
Central Excise
Rules, 2002/
CENVAT Credit
Rules, 2004
10th December
Central Excise
Authorities
3. Monthly Excise return by EOU for
the month of November, 2013 (Form
No. ER-2)
Rule 17(3) Central Excise
Rules, 2002
10th December
Central Excise
Authorities
4. Last Date for payment of Excise Duty
Non SSI units (December) *(in
case of Payment through Internet
banking)
Rule 8 Central Excise
Rules, 2002
05th January
*06th January
Central Excise
Authorities
5. Filing of Return of Central Excise and
Cenvat Credit for the month of
December, 2013 (Form No. ER-1)
(Non SSI Units)
Rule 12 / Rule
9(7)
Central Excise
Rules, 2002/
CENVAT Credit
Rules, 2004
10th January Central Excise
Authorities
6. Monthly Return of information
relating to Principal Inputs
(December, 2013) (Form No. ER-6)
Rule 9A CENVAT Credit
Rules, 2004
10th January Central Excise
Authorities
7. Monthly Excise return by EOU (Form
No. ER-2) for the month of
December, 2013
Rule 17(3) Central Excise
Rules, 2002
10th January
Central Excise
Authorities
Service Tax Related Compliances
S. No. Activities Sections/Rules/
Clauses, etc.
Acts/Regulations
etc.
Compliance Due
Date
To whom to be
submitted
8. Pay Service Tax in Challan GAR
– 7, collected for the Quarter ended
31st December 2013 by individuals
proprietors and partnership firms. *(in
case of Payment through Internet
banking)
Rule 6 Service Tax Rules,
1994
05th January
*06th January
Service Tax
Authorities
9. Pay Service Tax in Challan GAR 7
collected for the month of December
2013 by persons other than
individuals, proprietors and
partnership firms *(in case of
Payment through Internet banking)
Rule 6 Service Tax Rules,
1994
05th January
*06th January
Service Tax
Authorities
Income-tax Related Compliances
S. No. Activities Sections/Rules/
Clauses, etc.
Acts/Regulations
etc.
Compliance Due
Date
To whom to be
submitted
10. Monthly payment of TCS (December) Section 206 Income-tax Act,
1961
07th January Income Tax
Authorities
11. Pay Advance Tax Section 211 Income Tax Act,
1961
15th December Income Tax
Authorities
12. Issue TDS Certificate in form 16A to
vendors (with respect to TDS
deducted in the previous month)
Section 203 Income Tax Act,
1961
31st December Income Tax
Authorities
13. TDS from Salaries for the previous
month (December)
Section 192 Income Tax Act,
1961
07th January Income Tax
Authorities
14. Contractor’s Bill / Advertising /
Professional Service Bill - TDS
collected in the previous month
(December)
Section 194C
Section 194J
Income Tax Act,
1961
07th January
Income Tax
Authorities
15. Deposit TDS from salaries for the
previous month in Challan No.281
(December)
Section 192
Income-tax Act,
1961
07th January
Income Tax
Authorities
Compliance Checklist
COMPLIANCE CHECKLIST FROM 10TH DECEMBER TO 10TH JANUARY, 2014
NIRC-ICSI Newsletter 6 December, 2013
Company Law/LLP Related Compliances
S. No. Activities Sections/Rules/
Clauses, etc.
Acts/Regulations
etc.
Compliance Due
Date
To whom to be
submitted
16. Due date for filing e-form 52 for
annual accounts and list pf places of
business establishment by a foreign
company for the Financial Year ended
31st March, 2013
594 (1) & (3) Companies Act,
1956
31st December Registrar of
Companies
RBI Related Compliances
S.
No.
Activities Sections/Rules/
Clauses, etc.
Acts/Regulations
etc.
Compliance Due
Date
To whom to be
submitted
17. Monthly statement of short term
dynamic liquidity in Form ALM-I
DNBS
(PD).CC.No.15
/02.01/2000-2001
dated June 27,
2001
Circular 10th December RBI
18. File Prudential Norms Return in Form
NBS-2
Para 21 NBFC-D Prudential
Norms
31st December
(within 3 months of the expiry of the half year as on September)
Reserve Bank of
India
19. Monthly return (NBS-6) on exposure
to capital market
Para 13B
NBFC Prudential
Norms (Reserve
Bank) Directions,
1998
07th January RBI
20. Monthly Return on Important
Financial Parameters
DNBS (RID)
C.C. No.
57/02.05.15/2005
-06 dated
September 6 ,
2005
Circular
07th January RBI
21. Reporting of actual transactions of
ECB in form ECB-2 within 7 working
days (December)
ECB Rules FEMA, 1999 08th January RBI through
Authorized
Dealer
22. Monthly statement of short term
dynamic liquidity in Form ALM-I
DNBS
(PD).CC.No.15
/02.01 / 2000-
2001 dated June
27, 2001
Circular 10th January RBI
Economic, Industrial & Labour Law Related Compliances
S. No. Activities Sections/Rules/
Clauses, etc.
Acts/Regulations
etc.
Compliance
Due Date
To whom to be
submitted
23. Monthly payment of Provident
Fund (PF) (Non Corporate)
(a) Paragraph 38 of
Employees
Provident Funds
Scheme, 1952
(b) Section 418 of
the Companies Act,
1956
(a) Employees’
Provident Funds and
Misc. Provisions
Act, 1952 (b)
Exempted Scheme
15th December Provident Fund
Authorities
Trustees of
Provident Fund
24. File monthly return for employees
leaving / joining during the month
of November
(Form No.5)
Pragraph 20(2)
read with
Paragraph 36(1)
& (2)
The Employees
Pension Scheme,
1995 (For exempted
establishments
under Employees
Provident Fund and
Misc. Provisions
Act, 1952)
15th December Provident Fund
Commissioner
Compliance Checklist
NIRC-ICSI Newsletter 7 December, 2013
25. i) File monthly Return of
employees entitled for
membership of Insurance Fund
(Form No.2(IF))
ii) File monthly Return for
members of Insurance Fund
leaving service during the month
of November (Form no. 3(IF))
iii) File monthly return of members
joining service during the month
of November (Form no.F4(PS))
Paragraph 10 The Employees
Deposit Linked
Insurance Scheme,
1976 (For exempted
establishments
under Employees
Provident Fund and
Misc. Provisions
Act, 1952)
15th December Provident Fund
Commissioner
26. Payment of ESI contribution for the
previous month
Regulation 31
Employees’ State
Insurance Act, 1948
and
Employees State
Insurance (Gen.)
Regulations, 1950
21st December ESIC Authorities
27. Monthly return of Provident Fund
for the previous month (November)
Provident funds
Paragraph 38 of
Employees’
Provident Act,
1952
Employees
Provident Funds and
Misc. Scheme, 1952
25th December Provident Fund
Authorities
28. Monthly return of Provident Fund
for the previous month with respect
to International Workers.
Paragraph 36 The Employees'
Provident Funds
Scheme, 1952
25th December Provident Fund
Authorities
29. In case of graduate, technician
(vocational), send a record of work
for each quarter in Form
Apprenticeship 3 in Schedule III
Section 2 Rule
14(11)
Apprentices Act,
1961 and
Apprenticeship
Rules, 1962
31st December Director-Regional
Board of
Apprenticeship
Training
Depositories
S. No. Activities Sections/Rules/
Clauses, etc.
Acts/Regulations
etc.
Compliance Due
Date
To whom to be
submitted
30. Submit monthly statement on
substitution of names of
depositories in the previous quarter.
Regulation 54(5) SEBI (Depositories
& Participants)
Regulations, 1996
07th January Depositories
31. Quarterly certificate for demat/
remat of shares done during
previous quarter
Regulation 54(5)
read with NSDL
Circular No.
NSDL/SG/015/9
9
SEBI (Depositories
& Participants)
Regulations, 1996
07th January Depositories
Compliance Checklist
Note : While every care has been taken in the preparation of this Compliance Check List for the Month ofDecember, 2013, to ensure its accuracy at the time of publication, NIRC - ICSI assumes no responsibility for anyerrors which despite all precautions, may be found therein. Members are requested to check the latest positionwith the original sources before acting upon on the information published in this newsletter. Neither thisNewsletter nor the information contained herein constitutes a contract or will form the basis of a contract. Thematerial contained in this document does not constitute/ substitute professional advice that may be requiredbefore acting on any matter.
NIRC-ICSI Newsletter 8 December, 2013
News in Flash
Agra Chapter - Seminar on Opportunities &Challenges in Companies Act-2013(18.11.2013): L toR CS Kanika Gupta, CS Anju Jain, CS Gagan Burman,CA Ravindra Vadali, CS Deepak Kukreja and CSVineet K Chaudhary.
Chandigarh Chapter – Valedictory Session of 30thMSOP (6.10.2013): Group photograph of participantsalongwith Managing Committee Members ofChapter.
Ghaziabad Chapter - Program on Corporate SocialResponsibility under Companies Act 2013 (23.11.2013):L to R CS CS Deepa Singhal and CS G P Madaan.
Gurgaon Chapter – Inauguration of 15th MSOP(28.11.2013): Group photograph of participants alongwithMr Anuranjan, (Consel Yum Restaurants India Pvt Ltd.), CSDeepak Kukreja, CS Parvesh Kheterpal, CS K K Singh andMr. Animesh Srivastava.
Gurgaon Chapter - Tree Plantation ( 5-12-2013) : Group photograph of Members alongwithCS Dhananjay Shukla, CS Vineet Chaudhary, CS Parvesh Kheterpal, CS K.K.Singh & CS Punit Handa
NIRC-ICSI Newsletter 9 December, 2013
Article
ONE PERSON COMPANY- CS Saurabh Kalia, Partner, Sastra Legal, New Delhi
Concept & Historical Background: Companies Act,2013 introduces a new type of company in the form ofOne Person Company or OPC in short as it is called.The concept of One Person Company was firstformulated by the Jamshed.J. Irani Expert Committeewhich was constituted to look into various issuesinvolving Company Law and which had submittedits report on 31.05.2005.
In the report, the Committee had stated that with thegrowth of the economy and increase in complexity ofbusiness operations, the forms of corporateorganization keep on changing. There is a need for thelaw to take into account the requirements of differentkinds of companies that may exist and seek to providecommon principles to which all kinds of companiesmay refer while devising their corporate governancestructure. Rigid structures, unnecessary controls andregulations inhibit the risk taking initiatives of theentrepreneurs. To enable a comprehensive frameworkfor different forms of corporate organizations, theCompany Law should ensure multiple classificationsof companies. The Irani Committee classified corporatestructures on the basis of size, no. of members, control,liability and on manner of access to capital.
As far as one person companies are concerned, theIrani Committee stated that with increasing use ofinformation technology and computers, emergence ofthe service sector, it is time that the entrepreneurialcapabilities of the people are given an outlet forparticipation in economic activity. Such economicactivity may take place through the creation of aneconomic person in the form of a company. Yet it wouldnot be reasonable to expect that every entrepreneur whois capable of developing his ideas and participating inthe market place should do it through an associationof persons. The liability of the sole member should belimited.
Features: The recommendations of the committee areincorporated in Section 2(62) of the new CompaniesAct, 2013. Section 2(62) defines One Person Company(OPC) as a company having only one person as member.The Salient features of an OPC are:-
(i) OPC can only be incorporated as a PrivateLimited Company
(ii) It can have only one member at any point oftime.
(iii) It may have only one director, though highernumber is also allowed.
(iv) The words "One Person Company" must bementioned below the name of the company.
(iv) Exemptions are available from holding boardmeeting and general meetings to OPC.
(v) Further, the committee had recommended thatname of nominee should be provided in theevent of death of the sole director.
A single person is entitled to incorporate a maximumof 5 OPCs. Furthermore, only Resident Natural bornpersons who have lived in India for more than 182days during the preceding financial year are entitledto incorporate an OPC. An OPC would be required tocomply with all provisions applicable to PrivateCompanies. However, OPC have lesser complianceburden than the Private Company. It is stated that thenominee name should be mentioned in the MOA andhe should have the capacity to be appointed as memberof the OPC. One of the main criteria for the nomineeshould be that he is a natural born ordinary resident ofIndia who has been resident in India for 182 days inthe preceding financial year immediately beforeincorporation of the OPC.
The benefits of OPC are that there is no need for holdingof AGM and mere entry of resolutions into minute bookswould be sufficient. However, if there is more than onedirector in the OPC holding of AGM is mandatorywhich AGM may be held at least once in both calendaryears and the gap between two AGM cannot be morethan 90 days. However, it is mandatory that the minutebooks that are maintained are signed and dated if onlyone director is present on the board. If there is no formaldirector as on the date of incorporation, the subscriberto the MOA (member) shall be deemed to be the first
NIRC-ICSI Newsletter 10 December, 2013
Article
* Views expressed in this article are the views of the Author and not of the NIRC-ICSI.
Members may send their articles at e-mail [email protected] for publication in the NIRC Newsletter-Insight. Decision of theEditorial Board of Newsletter in this regard will be final.
director. The Financial Statement of a OPC needs to befiled with the Registrar after they are duly adopted bythe member within 180 days of the closure of financialyear along with all the necessary documents. FinancialStatements can be signed by one director and AnnualReturns to be signed by either the CS or if CS is notappointed, then the director will sign the same.
If another person is desirous of entering the OPC, thenprior written consent should be obtained from suchperson who needs to be filed with the ROC at the timeof incorporation along with MOA and AOA. However,if such other person wants to withdraw the consent, heis entitled to withdraw from such OPC. Member of OPCmay at any time change the name of such other personby indicating in the MOA or serving notice in theprescribed manner. Any change in the name of theperson would not constitute as alteration of thememorandum.
OPC mandatorily needs to have one director. However,OPC may have more than one director as well. OPCmay be permitted to have a maximum of 15 directorswhich may be increased further by passing specialresolution.
In case the OPC enters into a contract with the solemember who is also the director, which is not in theordinary course of business, then such contract mustbe either in writing, entered into the memorandum orrecorded as such in the minutes of the meeting held forthe first time after such contract has been entered into.Particulars of the contract must be filed by the companywith the registrar within 15 days of approval of contractby the Board.
Conversion: The OPC can get itself converted to aPrivate or Public Company after increasing theminimum of two members and two directors in case ofa private company or minimum of seven members and3 directors in case of a public company and bymaintaining the minimum paid up capital as may bespecified under the Companies Act, 2013. For thepurpose of conversion, compliance of Section 18 by OPCis compulsory. The Draft Rules prescribe certaincircumstances when an OPC will be mandatorily
required to convert into a Private or Public Company.As per the Draft Rule 2.4 of the Companies Act, 2013,where the paid up share capital of an OPC exceeds 50lakh rupees or its average annual turnover exceeds 2Crore Rupees or the close of the financial year duringwhich its balance sheet total exceeds 1 Crore Rupees, itwill not be entitled to continue as an OPC. Such OPCshall be required to convert itself into either a privatecompany or a public company in accordance with theprovisions of section 18 of the 2013 Act:(i) within 6months of the date on which its paid up share capital isincreased beyond 50 lakh rupees; or (ii) the last day ofthe relevant period during which its average annualturnover exceeded 2 crore rupees; or (iii) the close of thefinancial year during which its balance sheet totalexceeded 1 crore rupees, as the case may be. The OPC isrequired to alter its memorandum and articles bypassing an ordinary or special resolution in accordancewith sub-section (3) of section 122 of the CompaniesAct, 2013 to give effect to the conversion and to makenecessary changes incidental thereto.
Conclusion: An OPC gives the advantage of limitedliability to entrepreneurs whereby the liability of themember will be limited to the unpaid subscriptionmoney. An OPC being an incorporated entity will alsohave the feature of perpetual succession and will makeit easier for entrepreneurs to raise capital for business.Also, since it will have lesser compliance burdencompared to private companies, it can be preferred modeof business for small industries.
While OPC is a concept that has gained popularity asan alternate means of corporate existence, it is yet to beseen if OPC would succeed when it is formallyincorporated. A OPC is not a sole proprietorship inthat there are a variety of safeguards that adhere toOPC by virtue of it being classified as a company ratherthan a proprietorship concern. However, it definitelyencourages entities in the form of Sole Proprietorshipto some extent even Partnerships (which are workingas partnerships by compulsion) to form OPC and takebenefit to work in the form of a company and have moreopportunity of growth in today's business environment.How OPC are formed will be seen in near future whenCA, 13 is enacted in its full force.
NIRC-ICSI Newsletter 11 December, 2013
LEGAL UPDATES
M.S.D. Chandrasekar Raja
vs.
M/s. Jayabharath Textiles Pvt. Ltd. andM.S.D.C. Radha Ramanan (Madras High
Court)
Date of Decision: 06.11.2013
Question of Law: Applicability of Section 10,CPC to proceedings before the Company LawBoard and whether Regulation 44 CLBRegulations could achieve results grantedunder Section 10 CPC
Facts: Second Respondent who was the son ofthe appellant had filed a Civil Suit in O.S. 10/2005 against the appellant. The claim of thesecond respondent was based on a will thatpurportedly gave 50% share to the respondentno. 2. Subsequently, the appellant filed companypetition no. 37/2011 alleging oppression andmismanagement against the respondent no. 2. Itis stated that the appellant and respondent no. 2were the only two directors on board therespondent no. 1 company and each held 50%share. Second respondent filed CA 262/2011under Regulation 44 read with Section 10 CPCseeking stay of suit till O.S. 10/2005 had beencompletely disposed of by the appropriate judicialforum. Application was allowed on 22.06.2013on the ground that reliefs in O.S. and C.P. weresimilar and would result in conflict of decisions.Against this, the appellant had filed an appealu/s 10-F before Madras High Court.
Observations of the Court: After noticing avariety of judgments where Hon’ble CLB hadstayed the proceedings, the Hon’ble Court alsonoticed certain judgments wherein the Hon’bleCLB had clearly stated that proceedings before itwere not in the nature of a suit and that it could
Legal Updates
not be technically considered as a Court, theHon’ble Court went on to state that there wasno consistency in the decisions in respect of theparticular contention and went on to explorethe provisions in detail. The Hon’ble Courtdivided the decision on three parameters, 1)whether CLB can be considered as court, 2)whether the proceedings before CLB would beequivalent to proceedings in suit and 3) whethermatters before the civil forum and CLB can besaid to be substantially same to warrant stay ofsuit.
Decision: Before answering the question ofwhether proceedings would be equivalent tosuit, the Hon’ble Court went on to answer as towho would qualify as court of competentjurisdiction under Section 10 CPC read withsection 141 CPC. Madras High Court placingreliance on Section 2(10-A) read with Section2(11) and provisions of Section 10 particularlySection 10-E(4-C),(4-D),(5) and (6) of theCompanies Act, 1956 held that there was noexpress exclusion of the provisions of the CPCto CLB proceedings as found in Section 10E(4C).The Hon’ble Court placing reliance on variousdecisions including Manish Mohan Sharma vs.Ram Bahadur Thakur Limited 2006 (4) SCC 416held that in certain contexts, the CLB can beequated to a Court. However, it could not besaid that tribunals like CLB could be consideredas court for all purposes.
After going through a plethora of judgments,the Madras High Court formulated a threepronged test to distinguish between Court andTribunal. These were 1) Creation by Special Lawfor Specific purposes 2) That judicial as well asnon judicial members are on the Bench 3) Thatthere is specific framework within which it canregulate itself. Therefore, as far as the firstquestion of CLB as Court is considered, the Court
NIRC-ICSI Newsletter 12 December, 2013
Legal Updates
IN THE SUPREME COURT OF INDIAMANU/SC/0980/2013 23.09.2013
Yash Deep Trexim Private Limited AppellantVs.
Namokar Vinimay Pvt. Ltd. and Ors. Respondent
Crux of the Judgment
Whether provisions of SICA, 1985 are applicable to "foreigncompanies" registered in India under the provisions ofSection 591 of the Companies Act, 1956 (hereinafter forshort "the Act") and whether any revival schemes framedby BIFR are required to be implemented.
Brief facts of the case:
The Respondent Company was wound up by an order dated28.10.1987 of the learned Company Judge of the CalcuttaHigh Court. The appeal filed against the winding up orderby some of the workers of the Company came to bedismissed by the Appellate Bench of the High Court on18.11.1987. Thereafter, on an approach being made, thewinding up proceedings were stayed for a period of sixmonths on 22.9.1988 and a scheme for revival of theCompany suggested by some of the shareholders wasaccepted by the learned Company Judge. Our perusal ofthe relevant facts and the voluminous pleadings broughton record would seem to suggest that the initial order ofstay of the winding up dated 22.9.1988 has been extendedfrom time to time and till the present date different schemesfor running the affairs of the Respondent Company hasbeen framed and implemented pursuant whereto theCompany has been functioning as a going concern. VariousCompany Applications were also filed for a permanentstay of the winding up proceedings. The RespondentCompany is the owner of vast immovable properties inand around Kolkata which, with the passage of time, haveenormously appreciated in value. It is this particular assetof the Respondent Company which has been the bone ofcontention between different groups of shareholders whohave claimed the right to run the affairs of the Companyunder the schemes framed by the learned Company Judgefrom time to time.
Reference made in the year 2004 to the BIFR by two of theDirectors of the Respondent Company claiming to be inoffice at that point of time was ordered by the CalcuttaHigh Court to be disposed of on merits. The said order isdated 20.02.2006 passed in W.P. No. 221 of 2006. On thebasis of the said order proceedings before the BIFR weretaken up and a scheme under Sections 18(4) and 19(3) of theSICA was framed and notified for immediateimplementation by the order of the BIFR dated 4.11.2009.
The said order came to be challenged before the High Courtin W.P. No. 1166/2009 (renumbered as W.P. 5535(W)/2010).There was an interim order in the said writ petitionrestraining the Respondents therein from taking any stepsin the matter of sale of any property of the Respondent
Company or from creating any charge in respect of theassets of the Company without the leave of the Court. Thewrit petition was, however, withdrawn on 16.6.2010whereafter three separate writ petitions bearing Nos. 12377/2010, 12406/2010 and 12412/2010 were filed challengingthe jurisdiction of the BIFR to entertain the reference; framethe scheme in question and pass orders for implementationof the same. The aforesaid writ petitions were disposed ofby the learned Single Judge of the High Court by orderdated 25.1.2011 holding that the SICA is not applicable tothe Respondent Company, it being incorporated outsideIndia. Consequently, the scheme framed by the BIFR wasset aside and quashed. As against the aforesaid order dated25.1.2011 passed by the learned Single Judge of the HighCourt six appeals were filed by the aggrieved partiesbearing Nos. 169/2012, 170/2012, 171/2012, 172/2012, 173/2012 and 1115/2011. The Appellate Bench of the High Courtby order dated 19.10.2012 took the view that on a purposiveinterpretation of the provisions of SICA the said Act wouldbe applicable to the Respondent Company. In this regardthe Division Bench of the High Court specifically took noteof the fact that the only factory of the Company is locatedin India at Baranagore; 90% of its shareholders are Indiansand 3700 workers are working in the jute factory in WestBengal. Aggrieved, the present appeals have been filedbefore the Supreme Court.
Observations of the Court
SICA was enacted to overcome the grossly inadequate andtime consuming institutional arrangements that were thenin place for revival and rehabilitation of sick industrialcompanies. The Act was brought into force to provide timelyidentification, by an expert body, of sick industrialcompanies and to design suitable rehabilitation packagesin order to obviate the enormous loss that would beoccasioned by such units going permanently out of business.The provisions of Sections 15 to 19 contained in Chapter IIIof the Act dealing with references to the Board by theManagement of sick industrial companies; enquiries intothe working of such companies and the measures to beundertaken by the Board to make a sick industry viable hadreceived a full consideration of this Court in RahejaUniversal Limited (supra). The details in this regard neednot be noticed once again save and except that the Act hascast upon the BIFR the duty to cause a detailed inquiry to bemade into the functioning of any sick industrial companyand to take steps to revive the functioning of such companyfailing which to refer the cases of such companies to thejurisdictional High Court for winding up in accordance withthe provisions of the Companies Act. In this regard, specificnotice must be had of
Section 3(o) of the Act which defines a sick industrialcompany in the following terms:
(o) "Sick industrial company" means an industrial company(being a company registered for not less than five years)company without any further act or deed - Similarly in
observed that it is only those provisions of theCode of Civil Procedure which are madeapplicable under sub-section (4C) of Section 10Eand those provisions of the Company Law BoardRegulations 1991, which are analogous to theprovisions of the Code of Civil Procedure, thatcan be applied to the proceedings before theCompany Law Board. As far as stay ofproceedings is concerned, the Madras HighCourt held that power under Regulation 44included power to stay proceedings. The Courtjustified it stand holding that this is due to thefact that one test for the applicability of Section10 of the Code is whether or not, the finaldecision in the previous suit would operate asres judicata in the subsequent suit. As far as thethird question is concerned, the Hon’ble HighCourt stated that the issues were not the samewhich would warrant stay of suit. Therefore, inconsideration, the Hon’ble Court allowed theappeal and directed the CLB to hear the matterand dispose it off.
Dinesh Sud
vs.
M/s. Stitchwell Qualitex Pvt. Ltd. & Ors.(Delhi High Court)
Date of Decision: 18.09.2013
Question of Law: MOFS entered into betweenthe parties, whether the parties can subsequentlyact contrary to MOFS.
Facts: On 10.01.2009 appellant wrote to thecompany demanding to know how many shareshad been held in his name as he was not beingreflected as shareholder in respondent companyalong with inspection of records of the company.The Company informed the appellant that hewas not the shareholder and had not beenshareholder for the past 15 years. Furthermore,
the respondent company pointed out toexistence of MOFS effected by Mr. S.N. Sudwhereby appellant had agreed to relinquish allhis shares in the respondent company and therewas no case in favour of the respondentcompany. Further, no enquiry had at any timebeen made by appellant concerningshareholding. Thereafter a series ofcorrespondence had taken place between theparties wherein the appellant had pointed outthat he was original shareholder in therespondent company. Therefore, the appellantfiled C.P. No. 10/111/2009 for being registeredas shareholder. The CLB dismissed theCompany Petition. Hence the appeal
Observation of Court: The appellant had signedvarious documents pursuant to the MOFS andhad also resigned from the board of therespondent company. Therefore, the appellantwas clearly aware of the existence of MOFS. Themain purpose for MOFS is to effect peace andharmony between the disputing members andtherefore, it is ordinarily expected that theparties to the MOFS would not question thesame. Members who voluntarily enter intoMOFS are ordinarily estopped from challengingthe same or questioning the same.
Decision: As the appellant has not deniedsigning of letters that have been filed with theconcerned authorities, it is clear that theappellant had at all times intended to fulfill theterms of the MOFS. Therefore, there being nostrength in the contentions that had been raisedby the petitioner appellant, the same are liableto be dismissed.
Compiled byCS Monika Kohli, FCS –[email protected]
CS Avtaar Singh, FCS – [email protected]
NIRC-ICSI Newsletter 13 December, 2013
Day , Date, Time
Program Details Chief Guest/Speakers Present
9.11.2013 Meeting of Company Secretaries in Practice on Transfer & Transmission of Shares – Contentious Issues
CS P K Mittal, Council Member, ICSI
CS Avtaar Singh & members
10.11.2013
North Delhi Study Group Meeting on Companies Act, 2013 (Inspection & Investigation; Accounts, Audit & Auditors; Oppression & Mismanagement including Class action Suits)
CS Saurabh Kalia, Partner, Sastra Legal
CS Avtaar Singh, CS Chetan Gupta, CS Nitesh Sinha and members
15.11.2013 South Delhi Study Group Meeting on Opportunities for CS in NCLT under Companies Act 2013
CS Vinay Shukla, Co-Founder Whitespan Advisory
CS Navneet Arora, CS Awanish Dwivedi and members
16.11.2013 West Zone Study Group Meeting on "Elevated Role of Companies Secretaries Under Companies Act, 2013
Ms. Deepali A Menditatta CS Pradeep Debnath, CS Amit Kaushal & Members
16.11.2013 Chandigarh State Conference on Companies Act, 2013 - Opportunities & Challenges (Host: Chandigarh Chapter)
Chief Guest: Shri Ramendra Jakhu, IAS (Addl. Chief Secretary, Govt. of Haryana); Guests of Honour: CS Dhan Raj, Hon’ble Member, Company Law Board & Ms. Prerna Puri, IAS, (Addl. Secretary-Home, Chandigarh Administration); Chairperson/Chairman of the Sessions: Ms. Prerna Puri, IAS (Addl. Secretary-Home, Chandigarh Administration) & Hon’ble Mr. Justice J S Narang (Retd.); Speakers: CS Pavan Kumar Vijay (Past President, ICSI); CS Atul Mittal (Council Member, ICSI); Mr. K K Taneja, (General Manager, Central Bank of India, Delhi); CS P.K. Mittal (Council Member, ICSI); and CS Anil Aggarwal, Aggarwal & Associates
CS Deepak Kukreja,CS M G Jindal, CSPunit K Abrol, CSRajiv Bajaj, CSRanjeet Pandey, CSVineet K Chaudhary,CS Mukesh Sharma,CS VishawjeetGupta, CS ParulArora, CS K VSinghal, otherManaging Committee Membersof ChandigarhChapter, Members &students
PROFESSIONAL DEVELOPMENT & TRAINING PROGRAMSNEWS FROM NIRCNIRC organised the following programs:For Members
News from NIRC
NIRC-ICSI Newsletter 14 December, 2013
Day , Date, Time
Program Details Chief Guest/Speakers Present
16-17.11.2013
Two Day PCS Induction Program
CS S Kumar, CS Samrish Bhanja, CS Pradeep Kathuria, CS Munish Sharma, CS Vijay Kaul, CS Rajesh Lakhanpal, CS Deepak Gupta, CS S Koley and CS Avtaar Singh
CS Deepak Kukreja,CS Ashu Gupta &Members
23.11.2013 Seminar on Banking, Corporate Debt Restructuring and Asset Reconstruction (Host: Noida Chapter)
Chief Guest: Dr. Mahesh Sharma (Hon’ble MLA, Noida (U.P.); National Convener, Medical Cell & Chairman & Managing Director, Kailash Group of Hospitals) Guest of Honour: Shri Sanjiv Agrawal (Chairman & Managing Director,Tirupati Inks Limited) Speakers: Shri Hari Hara Mishra (Head-Strategic Business Operations International Asset Reconstruction Company Pvt. Ltd.), Shri Alok Dhir (Managing Partner, Dhir & Dhir Associates, Advocates & Solicitors), Shri Ashwani Kumar Chadha
(Deputy Chief Executive, UV Asset Reconstruction Company Ltd.), Shri Nilesh Sharma (Partner, Dhir & Dhir Associates, Advocates & Solicitors), CS G.M. Ramamurthy (Advocate), Shri Santosh Ramaswamy, (Manager, CDR Cell, IDBI, Mumbai)
CS Deepak Kukreja,CS Atul Mittal, CSAshu Gupta, CSAvtaar Singh, CSRajiv Bajaj, CS VineetK Chaudhary, CSRavi BhushanKumar, CS S MSundaram, CS AlokKuchhal, Mr. T RMehta, CS AlkaArora and members
25.11.2013 Meeting of Company Secretaries in Practice on Transition Issues for Private Companies Under the Companies Act, 2013
CS Hitender Mehta, Past Chairman, NIRC-ICSI
CS Deepak Kukreja, CS Ashu Gupta, CS Avtaar Singh, Mr. T R Mehta and members
27.11.2013 Workshop on Overview of Companies Act, 2013 for College Professors/Lecturers
CS Nesar Ahmad, Immediate Past President, ICSI, CS G P Madaan, Past Chairman, NIRC-ICSI & CS J K Bareja, Associate Professor, Shyam Lal College
CS Deepak Kukreja, Mr. T R Mehta and College Professors/Lecturers
29.11.2013 Study Circle Meeting on Personality Development Through Change Management & Innovation
CS Rajiv Bajaj, Past Chairman, NIRC-ICSI & Mr. Suneel Keswani, Renowned Corporate Trainer
CS Deepak Kukreja, CS NPS Chawla, CS Avtaar Singh and members
30.11.2013
Workshop on Companies Act, 2013
CS Atul Mittal, Council Member, ICSI, CS Rajeev Goel & CS Subhash Setia, Company Secretary, DLF Ltd.
CS Deepak Kukreja,CS Ashu Gupta, CSAvtaar Singh andmembers
30.11.2013 East Zone Study Group Meeting on Acceptance of Deposits by Companies
CS Munish Sharma
CS Deepak Kukreja,CS Avtaar Singh, CSPrashant Balodia, CSRajesh Jha & Members
News from NIRC
NIRC-ICSI Newsletter 15 December, 2013
For Students
Day , Date, Time
Program Details Chief Guest/Speakers Present
6.11.2013 Inauguration of 182nd MSOP
Chief Guest: CS Nesar Ahmad, Immediate Past President, ICSI; Guest of Honour: CS S P Maken
CS Deepak Kukreja, CS Shyam Agrawal, CS Avtaar Singh, Mr. T R Mehta, CS Alka Arora and participants
13.11.2013 Professional Development Program
CA Amit Kalra & Mr. Vinay Sharma, Corporate Trainer
CS Deepak Kukreja, CS Avtaar Singh, Mr. T R Mehta & students
22.11.2013 Valedictory Session of 182nd MSOP
Chief Guest: Dr. Sanjeev Gemawat, Senior Vice-President, DLF Group; Guest of Honour: CS Anurag Garg, Company Secretary, Bharti Infratel Ltd.
CS Deepak Kukreja, CS Avtaar Singh,
Mr. T R Mehta,
participants
25.11.2013 Professional Development Program
CS Manoj Sharma & CS Yogendra Dwivedi
Students of Institute
25.11.2013 to 3.12.2013
Student Induction Program (SIP) Members of the Institute and other professionals
Students of the Institute
26.11.2013 Inauguration of 183rd MSOP Chief Guest: CS Vijay Sahni, Director, Webtel Electrosoft Pvt. Ltd.; Guest of Honour: CS Ravi Grover, Company Secretary in Practice
CS Deepak Kukreja, CS Shyam Agrawal, CS Avtaar Singh, Mr. T R Mehta, CS Alka Arora and participants
CS Vineet Chaudhary
CS Alka Arora &
News from NIRC
RAJASTHAN STATE CONFERENCE
Theme : STRATEGIC OPPORTUNITIES FOR CS IN NEW COMPANIES ACT 2013
Date : 11th January, 2014 (Saturday)Venue : Jodhpur
(The other details will be informed through e-mail)
NIRC-ICSI Newsletter 16 December, 2013
CHAPTERS ACTIVITIES
News from Chapters
Name of Chapter
Date of Program/ Meeting
Program/Meeting & topic Chief Guest/Speaker(s)
Present
Agra 18.11.2013
Seminar on Opportunities & Challenges in Companies Act-2013; Chief Guest- CA Ashok Jain; Guest of honour- CS Deepak Kukreja, Chairman NIRC; Speakers: CS Vineet K Chaudhary & CA Ravindra Vadali
CS Gagan Burman, CS Kanika Gupta, CS Pramod Sharma, CS Anju Jain, CS Anchal Jain, members and students
Bareilly 08.11.2013
Career Awareness Program at Kendriya Vidhyalaya, Aaonla, Bareilly
Official of the Chapter
Chandigarh 6.10.2013 Valedictory Function of 30th MSOP; Chief Guest: Mrs. Seema Jain, IAS
CS Mukesh Sharma, CS Vishwjeet Gupta, Dr. N K Sahni and students
20.10.2013 Valedictory Session of 16th SIP CS Mukesh Sharma, CS Vishwjeet Gupta, Dr. N K Sahni and students
Ghaziabad 23.11.2013 10th Professional Development Programme/ One day seminar on Corporate Social Responsibility under Companies Act 2013; Chief Guest: CS G.P. Madaan, Founder and CEO of Corporate Knowledge Foundation (CKF); Speaker: CS Surya Gupta
CS Deepa Singhal, members & students
Gurgaon 14.10.2013-15.10.2013
Career Fair at Blue Bells Public School, Sec. 4, Gurgaon
Students of the Schools
06.11.2013 Career Awareness Program at GGSS School, Jhajjar
Students of the Schools
06.11.2013 Career Awareness Program at GSS School, Daula, Jhajjar
Students of the Schools
08.11.2013 Career Awareness Program at Dhilson Middle Public School, Jhajjar
Students of the Schools
08.11.2013 Career Awareness Program at Govt. Senior Secondary School, Gudha, Jhajjar
Students of the Schools
11.11.2013 Career Awareness Program at Dronacharya Government College, Gurgaon
CS KK Singh
12.11.2013 Career Awareness Program at HR Green Fields Sr. Sec. School, Badli Road, Jhajjar
Students of the Schools
12.11.2013 Career Awareness Program at Adarsh Sr. Sec. School, Ukhalchana, Distt. Jhajjar
Students of the Schools
12-13.11.13
Career Fair at DPS, Sec. 45, Gurgaon
Students of the Schools
13.11.2013 Career Awareness Program at The Rise Academy Sr. Sec. School, Main NH 10, Sampla Bye-Pass, Sampla, Distt Rohtak
Students of the Schools
15.11.2013 Career Awareness Program at Govt. Sr. Sec. School, Jahangirpur, Jhajjar
Students of the Schools
NIRC-ICSI Newsletter 17 December, 2013
News from Chapters
Name of Chapter
Date of Program/ Meeting
Program/Meeting & topic Chief Guest/Speaker(s)
Present
Gurgaon 15.11.2013 Career Awareness Program at Adarsh Sr. Sec. School, Jahangirpur, Jhajjar
Students of the Schools
16.11.2013 Career Awareness Program at GGSS School, Silani, Distt. Jhajjar
Students of the Schools
22.11.2013
Study Circle Meeting on Related Party Transaction - The Companies Act 2013; Chief Guest: CS Ilam C Kamboj
CS KK Singh and members
28.11.2013
15th MSOP Inaugural Session Chief Guest: Mr Anuranjan, Consel Yum Restaurants (India) Pvt Ltd.; Guest of Honour: CS Deepak Kukreja, Chairman, NIRC
CS Parvesh Kheterpal and CS K K Singh and students
Jalandhar
15.11.2013
One day Workshop on New Company Law Chief Guest: Mr. BB Sharma, Principal DAV College; Guest of Honour: CS Deepak Kukreja, Chairman NIRC
CS Dinesh Gupta, CS Amit Vinayak, other Managing Committee Members of Chapter and members
Jodhpur 21.10.2013
Career Awareness Program at Agarwal Sewa Samiti, Abu Road
Office bearers of Chapter and students
21.10.2013
Career Awareness Program at Mahavir International, Abu Road
Office bearers of Chapter and students
22.10.2013
Career Awareness Program at Wefare Wing,. Abu Road
Office bearers of Chapter and students
22.10.2013
Career Awareness Program at Brahmakumaris HEAD QUARTERS, ABU ROAD
Office bearers of Chapter and students
28.10.2013
Career Awareness Program at B R Jain Classes, Jodhpur
Office bearers of Chapter and students
11.11.2013
Career Awareness Program at Mahaveer International Jodhpur Jodhabai Mahila Prakoshtha, Jodhpur
Office bearers of Chapter and students
12.11.2013
Career Awareness Program at Education Point, 6th A Pal Road, Jodhpur
Office bearers of Chapter and students
14.11.2013
Career Awareness Program at Shri Nakoda Parshvanath Jain Mahavidayalaya, Pali Road, Jodhpur
Office bearers of Chapter and students
18.11.2013
Career Awareness Program at Inter National Institute Of Fashion Design, Inifd House, Jodhpur 342001
Office bearers of Chapter and students
18.11.2013
Career Awareness Program at Zinc Vidyalaya, Cbse, Hurda 311022
Office bearers of Chapter and students
19.11.2013
Career Awareness Program at Shri Pragya Public School, Bijaynagar Rajasthan
Office bearers of Chapter and students
NIRC-ICSI Newsletter 18 December, 2013
News from Chapters
Name of Chapter
Date of Program/ Meeting
Program/Meeting & topic Chief Guest/Speaker(s)
Present
Jodhpur 20.11.2013
Career Awareness Program at Kendriya Vidayalaya Bsf Jodhpur
Office bearers of Chapter and students
21.11.2013
Career Awareness Program at Shri Hanwant English Medium School Chopasani Jodhpur 342009
Office bearers of Chapter and students
27.11.2013
Career Awareness Program at Shri Maheshwari Sr Sec School English Medium, Jodhpur
Office bearers of Chapter and students
28.11.2013
Career Awareness Program at Government Sanatan Dharam Sr Sec School, Beawer
Office bearers of Chapter and students
Kota 21-23.9.2013 Study Circle Meetings
Office bearers of Chapter, Members and students
27-29.9.2013 Study Circle Meetings
Office bearers of Chapter, Members and students
8-13.10.2013 Study Circle Meetings
Office bearers of Chapter, Members and students
18-20.10.13 Study Circle Meetings
Office bearers of Chapter, Members and students
25-27.10.13 Study Circle Meetings
Office bearers of Chapter, Members and students
Lucknow 20-26.10.13 42nd Student Induction Program CS Rajeev Kumar, CS Anuj Tiwari and students
19-26.10.13 11th Executive Development Program CS Rajeev Kumar, CS Anuj Tiwari and students
12.11.2013 Career Awareness Program at Playway Inter College
CS Anuj Tiwari
19.11.2013 Half Day Seminar on Insight into Companies Act 2013; Address by: Shri S.P.Kumar, ROC, UP
CS Rajeev Kumar, CS Anuj Tiwari, Members and students
Srinagar 26.10.2013 Study Circle Meeting on “The Companies Act, 2013”; Speakers: Mr. Parvez Ahmad, Executive President, J&K Bank Ltd. & Dr. Fayaz Ahmad, Professor,Commerce & Management Studies, Central University of Kashmir
Members and Students of Chapter
7.11.2013 Career awareness Program at Gandhi Memorial College, Srinagar; Speaker:CS Ghulam Jeelani
Managing Committee Members of the Chapter, and Students
26.10.2013 Study Circle Meeting on “The Companies Act, 2013”Speakers: Mr. Parvez Ahmad, Executive President, J&K Bank Ltd. & Dr. Fayaz Ahmad, Professor Commerce & Management Studies,Central University of Kashmir, Srinagar
Managing Committee Members of the Chapter, Members and Students
NIRC-ICSI Newsletter 19 December, 2013
Corporate Membership & CSBF
LIGHTER SIDE OF THE PROFESSION“Has Paramjeet Singh been discharged from hospital”?“Yes”.“Has the swelling of his body come under control”?“No, instead of body swelling , the swelling ofhospital bill got out of control.”
*******************Is it correct that Paramjeet Singh is in employment ofcompany for a package of Rs.10 million plus”?“Yes”.“What is his area of specialization”?“Specialization of making Strategic Excuses for everyproject wherever our company fails to fulfil its timelycommitment.
—CS PRAMJEET SINGH,[email protected]
Members may send their contribution for this column ate-mail [email protected] for publication in the NIRCNewsletter-Insight. Decision of the Editorial Board ofNewsletter in this regard will be final.
HALF YEARLY CORPORATE MEMBERSHIP OF NIRC-ICSI
(01.10.2013 to 31.03.2014)The Half yearly Corporate Membership Scheme ofNIRC of ICSI is open from 1st October, 2013 to 31stMarch 2014.
Members are invited to opt for Half Yearly CorporateMembership for Programs for the period from01.10.2013 to 31.03.2014 at the following fee structure.
Particulars Fee (Inclusive of Service Tax)
For Members Rs. 7,303/-For PCS Rs. 6,742/-For Non-Members Rs. 8,427/-For Senior Citizens Rs. 6,742/-
For details, please visitwww.icsi.edu/niro
CAREER AWARENESS PROGRAMS/ FAIRSNIRC has organised 25 Career AwarenessPrograms / Fairs during the month of November,2013 in various schools & colleges located inDelhi and surrounding areas.CS J K Bareja, MrT R Mehta, Mr Laxman Dev & Mr HimanshuSharma addressed in these Career AwarenessPrograms.
COMPANY SECRETARIESBENEVOLENT FUND
Members Enrolled as Life Members of TheCompany Secretaries Benevolent FundEnrolled from 21st October 2013 to 20thNovember, 2013
S.No. Name Membership Number1 CS Punit Kumar ACS - 33897
2 CS Snehlata ACS - 33788
3 CS Suresh Kumar Thakral ACS - 33977
NIRC-ICSI Newsletter 20 December, 2013
Forthcoming Programs
NEW YEAR EVE CELEBRATION & DINNERfor its members and their families
Day & Date : Sunday, the 29th December, 2013(6.30 PM to 9.30 PM)
Venue: Masonic Club, Janpath, New Delhi - 110001Contribution : Corporate Members of NIRC(Self only) : Free
Rs. 500/- For Spouse, Non Corporate Members & Children’s Above 12 Years———————————————————-—————————————————
Prior Registration is a must. Kindly confirm your participation to the Deputy Director, NIRC-ICSI,E-mail : [email protected] Tel : 011-49343000.
NIRC-ICSI Newsletter 21 December, 2013
2nd CERTIFICATE COURSE ON VALUATIONCoverage:• Meaning of Value, Objective & Scope of Valuation, Preliminary works relating to Valuation including principles
of valuation• Valuation Standards &Valuation Analysis• Valuation Approaches & Methods• Due Diligence & Discussion on Legal & Regulatory aspects related to valuation such as SEBI Regulations/RBI
Regulations, Income Tax Implications• Valuation of Intangible Properties• Valuation of Mergers & Acquisitions: Demergers/slum sale Acquisitions• Valuation of Liquidation and Corporate Insolvency: Internal & External Restructuring• Valuation of Real Estate/Real Assets• Valuation of Securities (Preferential Issue/Sweat Equity Shares)
• Presentation by participants & written examination
Eligibility Criteria:The Certificate Course is primarily designed for Members of the Institute; however the studentswho have passed the Professional/Final exam of ICSI are also eligible for participating in this Certificate Course.Certificate Course fee: The certificate course fee is Rs.15,000 inclusive of Service Tax. The fee would cover costof classroom training, reference material and evaluation.The duration of Certificate Course is divided into 120 hours comprisingSelf study 90 hours Classroom Training 30 hoursDate & time of Starting of Valuation Course:14th December (Sat.), 15th December (Sun.), 21st December (Sat.) and 22nd December, 2013 (Sun.) from 10 AM to6.00 PM ( Presentation & written examination will be held on 29th December, 2013)Venue: ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New DelhiMaximum number of participants: 25 participants on receipt of fee on first-come-first served basis
Registration: Application for registration may be sent along with local Cheque/Demand Draft favouring 'NIRCof ICSI' payable at New Delhi to Deputy Director, NIRC of ICSI, ICSI-NIRC Building, Plot No. 4, Prasad NagarInstitutional Area, New Delhi-110005 Ph +91 11 49343000, E-mail:[email protected]
For more details, please visit www.icsi.edu/niro
Forthcoming Programs
MEETING OF COMPANY SECRETARIES IN PRACTICE
Topic : (will be informed through e-mail)
Date : 23rd December, 2013 (Monday) Time : 6:00 P.M.Venue : ICSI-NIRC Building Auditorium, 4, Prasad Nagar Institutional Area, New Delhi
(Tea : 5:45 P.M.) (Being Monday, Parking will be easily available)
NIRC-ICSI Newsletter 22 December, 2013
Forthcoming Programs
ONE DAY SEMINARon
“Governance, Fraud and Offences under Companies Act, 2013”
on Saturday, the 28th December, 2013 (9.30 AM Sharp)at Hotel Le-Meridien, Janpath, New Delhi
Fee: Rs.2250/- per delegate inclusive of service tax ;Free for Corporate Members of NIRC
In case Corporate Member (Self) unable to attend the seminar, He/She may depute some other officer/partner/employee from his/her organization/Firm. Students Trainees are not allowed to participate in the seminar on thebasis of authority letter.
Program Credit Hours: 04Registration: (Admission will be on first-come-first served basis) In order to make necessaryarrangements, Members are requested to enrol well in advance at e-mail [email protected]
on or before 26th December, 2013 or send confirmation at NIRC-ICSI, 4, Prasad NagarInstitutional Area, New Delhi. The cheque for delegate fee may please be drawn in favour of
NIRC of ICSI payable at New Delhi. Tel.:+91-11-49343000, Fax: 25722662
WORKSHOPon
(Topic will be informed through e-mail)on Saturday, the 21st December, 2013 (From 1.00 PM to 6.00 PM)
at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi Fee: Rs.250/- per delegate inclusive of service tax
Program Credit Hours: 04Registration: Maximum enrolment will be restricted to 75; Admission will be on first-come-first served basis. In order to make necessary arrangements, Members are requested to enrol withfee well in advance with DeputyDirector, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi.The cheque for delegate fee may please be drawn in favour of NIRC of ICSI payable at New Delhi.
Tel.: +91-11-49343000, Fax: 25722662 E-mail: [email protected]