From the Chairman - ICSI · March, 2010 3 NIRC-ICSI Newsletter ... On 3rd February, 2010, ... 8 M Ajay r. Kumar ACS - 24163 9 Mr. Anil Kumar Dulani ACS - 23115

March, 2010March, 2010March, 2010March, 2010March, 2010 33333 NIRC-ICSI NewsletterNIRC-ICSI NewsletterNIRC-ICSI NewsletterNIRC-ICSI NewsletterNIRC-ICSI Newsletter

Dear Professional Colleagues,

The month of February is ofgreat significance for the IndianEconomy, as the Governmentof India announces its UnionBudget for the ensuingFinancial Year.

Shri Pranab Mukherjee,Hon'ble Finance Minister of

India in his speech while presenting budget for 2010-11said that the Union Budget cannot be a mere statementof accounts. It has to reflect the vision and signal thepolicies to come in future.

He said that with the development and economic reforms,the focus of economic activity has shifted towards thenon governmental actors, bringing into sharper focus therole of government as an enabler. He mentioned thatmanaging a complex economy is a difficulty task, moreso when it is a growing economy in a globalized world.And yet, choices have to be made and they have to bewell-timed. He said that after successfully managing theeffects of global slow down, we need to strengthen thedomestic micro economic environment to help consolidatethe rebound in growth and sustain it over the mediumterm. We need to review the stimulus imparted to theeconomy and move towards the preferred path of fiscalconsolidation that facilitated the remarkable growth inthe pre crisis period.

Keeping the tradition alive to hold the seminar on Budget,a program on Union Budget-2010-11 was organized byNIRC on 27th February, 2010 at Indian Society ofInternational Law, New Delhi. Dr. Girish Ahuja, EminentTax Luminary, Mr. Ashutosh Chaturvedi, ExecutiveDirector, Price Waterhouse Coopers Pvt. Ltd. & Mr.Ashok Batra, Chartered Accountant were the speakerson the occasion. I wish to place on record my sinceregratitude to all the speakers and the dignitaries present.

The month of February was full of various activities foryour NIRC. On 3rd February, 2010, NIRC organized atalk on the subject "Emotional Intelligence" at ScopeComplex, New Delhi whereat newly elected President,Mr. Vinayak S Khanvalkar & newly elected Vice

From the Chairman

President Mr. Anil Murarka of the Institute were alsowelcomed. The presence of large number of delegatesmade the program a grand success. I take this opportunityto express my sincere gratitude to Mr. Vinayak SKhanvalkar, Mr. Anil Murarka, Mr. N K Jain sharingtheir vision and interacting with the members on variousissues. I also express my sincere thanks to Mr. NishantSaxena for sharing his knowledge and experience withthe participants.

On 19th February, 2010 a study circle meeting wasorganized by NIRC on the subject "Service Tax-CSProfession" at YMCA Conference Hall, New Delhi. Mr.J K Mittal, FCS was the speaker on the occasion. TheStudy Groups of NIRC-ICSI also organized their monthlymeetings.

On 21st February, 2010 a meeting of all Chapters underjurisdiction of NIRC was organized at ICSI-NIRCBuilding, New Delhi. Registration of large number ofstudents for the CS profession across the region is apriority. Chapters are required to hold large number ofcareer awareness programs and professionaldevelopment programs for the embers & students. I lookforward to great deal of involvement, devotion, zeal &participation by each office bearer & member of themanaging committees of the respective chapters for thedevelopment of the profession.

I am pleased to inform that NIRC of ICSI organisedOne Day Knowledge Seminar jointly with Delhi StockExchange Ltd on "Opportunities of Fund Raising ForMicro, Small & Medium Enterprises (MSME) andRelated Issues" on 5th March , 2010 at New Delhi. TheNIRC of ICSI will be organizing seminar jointly withNational Foundation for Corporate Governance on 27thMarch, 2010 at Hotel Le-Meridien on the topic"Corporate Compliance Management & Due Diligence".The details of these programs are published elsewherein the Newsletter. These programs have been designedkeeping in view the interest of and importance to themembers. I request all the members to attend theprograms in large numbers.

Various training programs for the students have also beenconducted. NIRC Organized the Valedictory function of


Yours sincerely,

(B.K. SHARMA)[email protected]

5th March, 2010 Mobile : 9958584171

136th SMTP on 12th February, 2010 & Inaugural Functionof 137th SMTP on 3rd March, 2010. NIRC has alsoconducted 60th Training Orientation Program from 16thFebruary, 2010 to 22nd February, 2010. The 45thAcademic Development Program was held on 25thFebruary, 2010.

I had the opportunity to attend a Meeting of Presidentand Vice-President with Chairmen of Regional Councilsand A Grade Chapters in the first week of February, 2010.The thrust of the Institute in the meeting had been onbrand building, infrastructure and training. The targetsfor registration of students and Career AwarenessPrograms were fixed apart from discussion on other areas.I seek the support of Chairmen of all NIRC Chapters inachieving the targets.

Your Regional Council is committed and dedicated toconsistently deliver excellent services and is duty boundto regularly organise quality programs on diversified issuesof professional interest, ranging from CorporateGovernance, Company Laws, Tax Laws, Legal, Finance,Capital Market, Foreign Trade Policy, Insurance and othercontemporary corporate issues.

To continue this journey with far greater zeal, I lookforward to your continued patronage by becomingcorporate member for the year 2010-11 (April, 2010 toMarch, 2011). The NIRC has also offered an early birdincentive who join corporate membership scheme upto31st March, 2010. The details of the CorporateMembership scheme and the form are publishedelsewhere in the Newsletter.

I look forward for your continued support and guidance.

With best regards,

From the Chairman

COMPANY SECRETARIESBENEVOLENT FUND

Members enrolled from Northern Region as Life Members ofThe Company Secretaries Benevolent Fund during the period21.01.2010 to 20.02.2010.

S.No. Name Membership No.

1 Mr. Sanjeev Choudhary ACS - 247952 Mr. Ajay Kumar Siwach ACS - 195863 Mr. Pankaj Sethi FCS - 25784 Sh Saurabh Khanna ACS - 201605 Mr. Himanshu Pandey ACS - 135316 Mr. Vineet Maheshwari ACS - 159517 Ms. Kanu Priya Tulsyan ACS - 229558 Mr. Ajay Kumar ACS - 241639 Mr. Anil Kumar Dulani ACS - 2311510 Mr. Padmanabhan B ACS - 1798111 Mr. Rajiv Kumar Virmani ACS - 1641612 Mr. Sushil Kumar Bajaj ACS - 2482113 Ms. Sudeepti Srivastava ACS - 2475214 Ms. Praseeda Warrier ACS - 2464015 Mr. Ajay Kumar Sancheti FCS - 560516 Mr. Sharad Tyagi ACS - 2482317 Mr. Ashok Kumar Kapoor ACS - 1191918 Mr. Kapil Dev Taneja FCS - 401919 Ms. Shifa Sharma ACS - 2488820 Mr. Inderpal Singh ACS - 1054621 Ms. Neha Jain ACS - 2476422 Ms. Aparajita ACS - 2469223 Ms. Rajni Aggarwal FCS - 591424 Mr. Soumen Kumar Mitra ACS - 1478125 Mr. Ashish Kumar Pandey ACS - 16662

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Highlights of Union Budget

HIGHLIGHTS OF UNION BUDGET - 2010-11

— Income up to Rs.1.6 lakh per year exempt from incometax; up to Rs.5 lakh to be taxed at 10 percent; income ofRs.5-8 lakh to be taxed at 20 percent and income aboveRs.8 lakh to be taxed at 30 percent

— IT returns forms for individual tax payers to be furthersimplified

— Expenditure in 2010-11 estimated at 11,l8,749 crore— Fiscal deficit estimated at 5.5 percent in 2010-11— Two more centralised tax processing centres to be set

up in addition to the one at Bangalore— National Social Security Fund created for workers in

unorganised sector with allocation of Rs.1,000 crore— Government to give Rs.1,000 for each National Pension

Scheme account opened by workers in the unorganisedsector

— Exclusive skill development programme for the textilesector

— Fifty percent hike in allocation for schemes for womenand child development

— Rs.4,500 crore allocated for ministry of social justiceand empowerment, a hike of 80 percent

— Rs.2,600 crore allocated for ministry of minorities affairs— Rs.1,900 crore for Unique Identification Authority of

India— Rs.147,344 crore allocated for defence— 2,000 youth to be recruited in central paramilitary forces— Draft Food Security Bill prepared and will be put in the

public domain— Allocation on primary education raised from Rs.26,800

crore to Rs.31,300 crore— Banking facilities to be provided to all habitations with

a population of 2,000 and more— Rs.66,100 crore allocated for rural development in 2010-

11; Rs.40,100 crore for National Rural EmploymentScheme; RS.48,000 crore for Bharat Nirman

— Rs.1,270 crore allocated for Rajiv Awas Yojana for slumdwellers, up from Rs.150 crore, an increase of 700 percentwith the aim of creating a slum free India.

— Forty-six percent of plan allocations in 2010-11 will befor infrastructure development

— Coal Regulatory Authority to be set up to benchmarkstandards of performance

— Allocation for new and renewable energy sectorincreased 61 percent from Rs.620 crore to Rs.1,000 crorein 2010-11

— National Clean Energy Fund to be established— Rs.200 crore allocated as special package for Goa to

prevent erosion and increase green cover

— Government committed to growth of SEZs— Four-pronged strategy for growth of agricultural sector— Rs.200 crore to be provided in 2010-11 for climate-

resilient agricultural initiative— Involvement of private sector in grain storage to

continue for another two years— In view of drought and floods, debt repayment period

extended to June 2010— Five more mega food processing projects in addition to

10 existing ones— FDI flows in April-December 2009 $20.9 billion— FDI policy to be made more user-friendly with one

comprehensive document— Apex level financial stability council to be set up for

banking sector— Indian Banking Association to give additional licences

to private players— Provision for further capital for regional rural banks— Roadmap for reducing public debt in six months— Implementation of direct tax code from April 2011— Government actively engaged in finalising structure of

general sales tax regime; hopes to implement it fromApril 2011

— New fertiliser policy from April 2010; will lead toimproved productively and more income for farmers

— Economy stabilised in first quarter of 2009-10; strongrebound in second quarter; overall growth at 7.2 andcould be higher when Q3 and Q4 are taken into account

— Export figures for January encouraging— Hope to breach 10 percent growth mark in not too distant

future— Government set in motion steps to bring down food

inflation— Need to review stimulus package; need to make growth

more broad-based— India has weathered global economic crisis well; Indian

economy in far better position than it was a year ago. In2009 Indian economy faced grave uncertainty; delay insouthwest monsoon had undermined agriculturalproduction

— First challenge now is to quickly revert to 9 percentgrowth and then aim for double digit growth; need tomake recovery more broadbased

— Second challenge is to make growth more inclusive;have to strengthen food security

— Third challenge is to overcome weakness ingovernment’s public delivery mechanism; a long wayto go in this


NIRC Monthly Ready Reckoner

COMPLIANCE CHECKLIST FOR THE MONTH OF MARCH, 2010

Sr. Activities Sections/Rules/ Acts/Regulations, Compliance To whom toNo. Clauses, etc. etc. Due Date be submitted

INCOME TAX

1. TDS from Salaries for Section 192 Income-tax Act, 1961 7th March Income-tax Authoritiesthe previous month

2. Contractor's Bill/ Advertising/ Section 194C to Income-tax Act, 1961 7th March Income Tax AuthoritiesProfessional service Bill- TDS Section 194Jcollected for the month of February

3. Payment of Advance Tax/FBT Section 211 Income-tax Act, 1961 15th March Income-tax Authorities

EXCISE & SERVICE TAX

4. Pay Service Tax in Challan TR-6 Rule 6 Service Tax Rules, 5th March Service Tax Authoritiescollected for the month of March 1994 31st Marchby persons other than individuals, (for March)proprietors and partnership firms

5. Payment of Excise Duty Rule 8 Central Excise 5th March Excise AuthoritiesRules 2002 6th March*

*(in case of Payment through Internet banking) For the month of march due sate for the payment of duty is 31st March

6. Submission of CENVAT Return (Feb) Rule 9(7) CENVAT Rules, 2004 10th March Excise Authorities

7. Payment of VAT/CST Submission of Central Sales Tax Act/ 28th March Sales Tax AuthoritiesReturn & Payment of Tax Section 5 of DVAT Act DVAT Act

CORPORATE LAWS

8. To obtain declaration of Interest Section 299 Companies Act, 1956 (Last month of Company

from Directors (Form 24AA) Financial year)

LABOUR LAWS

9. Notice for payment of gratuity Rule 8 of payment Payment of Gratuity Within 15 days Applicant employee,In Form L/ Notice for inadmissible of gratuity(Central) Act, 1972 of receipt of of Payment of Gratuityclaim in Form M Rules, 1972 application

10. Monthly payment of Provident (a) Paragraph 38 of (a) Employees Provi- 15th March Provident FundFund dues Employees Provident dent Funds and Misc. Authorities

Funds Scheme, 1952 Provisions Act, 1952(b) Exempted Scheme (b) Section 418 of the Trustees of Provident

Companies Act,1956 Fund

11. Declaration and filing of Form No. 5 Paragraph 36(1) & (2) Employees Provident 15th March Provident Fundfor employees joining during the of Employees Provi- Funds and Misc.previous month dent Funds Scheme, Commissioner

1952 Provisions Act, 1952

12. Monthly return of Provident Fund Paragraph 28 of Employees Provident 25th March Provident Fundfor the previous month Employees Provident Funds and Misc. Commissioner

Funds Scheme, 1952 Provisions Act, 1952

13. Payment of ESI contribution Regulation 31 Employees State 21st March ESIC Authoritiesfor the previous month Insurance Act, 1948

Employees StateInsurance (Gen)Regulations, 1950

Note : Members are requested to check the latest position with the original sources. NIRC of ICSI shall not be responsible for the result ofany action taken on the basis of the above compliances published in the Newsletter.


[2010] 153 Comp Cas 466 (Delhi)

[IN THE DELHI HIGH COURT]

SOHAL AGENCIES P. LTD. AND ANOTHER

V.

REGISTRAR OF COMPANIES, NCT OF DELHIAND HARYANA

Sudershan Kumar Misra, J.

December 2, 2009

ISSUE(S) INVOLVED:

Where the Registrar of Companies struck off thename of the Company from Register of Companieson account of failure to file Statutory Returns for lasteight years, a Petition for restoration of name ofCompany filed under Section 560 (6) of the CompaniesAct, 1956 read with Rule 94 of the Companies (Court)Rules, 1959 within the period of limitation deservesto be allowed.

DECISION: HELD: ‘YES’

In the instant case, the name of the Petitioner Companywas struck off the Register of Companies by the Registrarof Companies on its failure to file Statutory Returns forthe period from March 31, 2001 to March 31, 2008. ThePetitioner Company sought restoration of its name in aPetition under Section 560(6) of the Companies Act, 1956.It was contended by the Company that it had not receivedthe Show Cause Notice; it was an active Companymaintaining all the requisite documentation; there was anerror in its address displayed in the website of the Registrarof Companies; the part time Chartered Accountant engagedby the Company to perform the task of filing returns hadfailed to do so and this fact had been concealed from themanagement of the Company; and the Petition had beenfiled within the period of limitation.

The Court noted the fact that the Petitioner was a runningCompany which has filed the Petition within the stipulatedlimitation period and referred to the decision of theBombay High Court in Purushottamdass v. Registrar ofCompanies, Maharashtra [1986] 60 Comp Cas 154wherein it has been held, inter-alia that:-

“The Object of Section 560(6) of the Companies Act is togive a chance to the Company, its Members and Creditorsto revive the Company which has been struck off by theRegistrar of Companies, within a period of 20 years, andto give them an opportunity of carrying on the business

Legal Updates

only after the Company judge is satisfied that suchrestoration is necessary in the interests of justice.”

The Hon’ble Court which allowing the Petition observedthat a greater degree of care was certainly required fromthe Petitioner Company in ensuring statutory compliances.Looking to the fact that the returns were not filed for along period of 8 years, this was not merely a case ofnegligence on the part of a Part-time Employee. If anyemployee, whether part-time or full-time, defaults in hisduties, the primary responsibility for ensuring that properreturns are filed, in terms of the Statute and the Rules,remains that of the Management. Rule 94 of the Companies(Court) Rules, 1959, states, inter-alia, as follows:-

“Unless for any special reasons the Court shall otherwiseorder, the order shall direct that the Petitioners do pay tothe Registrar of Companies his costs of, and occasionedby, the Petition.”

Consequently, the restoration of the Company’s name tothe Register maintained by the Registrar of Companieswill be subject to the payment of Rs. 35,000/- as costs,payable to the Registrar of Companies subject to thecompletion of all formalities, including payment of anylate fee or any other charges which were leviable by theRegistrar of Companies for the late deposit of statutorydocuments. The impugned Order striking off the name ofthe Petitioner Company shall then stand set aside. Thename of the Petitioner Company, its Directors andMembers shall, as a consequence, stand restored to theRegister of the Registrar of Companies, as if the name ofthe Company had not been struck off, in accordance withSection 560(6) of the Companies Act, 1956.

[2010] 94 CLA 323 (CLB)

[BEFORE THE COMPANY LAW BOARD, KOLKATABENCH]

VCK SHARES & STOCK BROKING SERVICESLTD.

V.

BANK OF RAJASTHAN LTD.

S Balasubramanian, Chairman

April 27, 2009

ISSUE(S) INVOLVED:

Where the Borrower Company was unable to get the E-Form 17 digitally signed by the Bank while the securitydocuments have been released by the Charge holder uponsatisfaction of registered charge, the delay on the part of


the Petitioner Company was due to causes beyond itscontrol hence its prayer for condonation of delay deservesto be granted.

DECISION: HELD: ‘YES’

In the instant case, a Petition was filed under Section 141of the Companies Act, 1956 seeking condonation of delayin filing the e-form 17 with ROC, West Bengal, with thedirection upon the Bank to digitally sign and fill in the saidForm for uploading and filing through electronic modeand to the Registrar for registering the same. As per presentpractice and procedure e-form 17 requires the digitalsignatures of both the parties before uploading / filingthrough electronic route in MCA 21 portal. But, as thePetitioner – Company was not able to get the e-form 17digitally signed by the respondent Bank whose refusal toaffix digital signature in the e-form was mainly on theground of pendency of Application under Article 227 ofthe Constitution of India, as learned Counsel representingthe respondent Bank argued at the hearing, the specifiedtime within which e-form 17 ought to have been filed ranout. The facts remain that the Minutes of the Meeting heldat the Office of the receiver on 20th August, 2004 recordedin the presence of all the parties that the Bank released allthe relevant title deeds relating to both Kolkata and Mumbaiproperties and also handed over a decreetal amount to therepresentative of the Company. With the release of the titledeeds in respect of the immovable properties of theCompany, the charge created by the Company in favourof the Bank, which was registered with the ROC, WestBengal on 17th October, 1995, stands fully satisfied.

As per the provisions of Section 138 of the Act, it is theprimary duty on the part of the Company to give intimationto the Registrar of such satisfaction, in full, of any chargerelating to the Company and requiring registration, within30 days from the date of such satisfaction. As the securitydocuments were released by the chargeholder bank to theborrower Company, the satisfaction of charge ought tohave been filed in e-form 17 within the stipulated timethrough electronic route after the said form is digitallysigned by both the parties the said time ran out as the e-form 17 has not been signed by the chargeholder bank. Itwas noted that the powers of this Board, in terms of Section141 of the Act are discretionary. It is established that thedelay in filing was due to sufficient cause, in the exerciseof discretionary power, this Board can condone the delayand extend the time for filing. Unable to get the e-form 17digitally signed by the Bank, when the security documents

Legal Updates

have been released by the Chargeholder bank, as recordedin the Minutes, the Company could not file the said e-form17 through electronic route, within 30 days from the dateof such release of security documents, which tantamountto satisfaction of registered charge. With the return ofsecurity documents to the borrower company by the chargeholder bank which effects the satisfaction of registeredcharge, in full, the next formality is to affix digital signaturesin e-form 17 by both the parties for uploading the samethrough electronic route, within the specified time. It is onrecord that the Bank as a chargeholder refused to affixdigital signature in the e-form 17 as a result, the said formhas not been uploaded by the Company. The only groundput forth by the Bank for not affixing its digital signaturein the said form is the pendency of an application underArticle 227 of the Constitution of India does not merit anyconsideration in the context of the instant case.Consequently, the delay on the part of the PetitionerCompany was due to causes beyond its control and thatthe petitioner company has shown sufficient cause for thedelay in filing the satisfaction of charge. Therefore, theprayer of the Petitioner for condonation of delay deservesto be granted.

As regards Petitioners prayer for other directions, it wasobserved that the power of the Board under Section 141 islimited only to the extent of extending the time for filingthe charge, modification or satisfaction of charge orallowing rectification of register of charges. The powersdo not extend to issue directions as sought for by thePetitioner and as such, this prayer cannot be granted.Section 138 of the Act prescribes the procedure to befollowed by the ROC when the Company files documentsrelating to satisfaction of charges and Section 139 clothesthe ROC with the power / authority to register theMemorandum of satisfaction if he is satisfied that the debthas been cleared or the property has been released for thecharge. Since the ROC has the full powers in this regard,the Company Law Board cannot give any direction to theROC. Therefore, the Board extends the time upto 30 daysfrom the date of this order, for filing e-form 17 as per theprovisions of Section 141 with the direction to the Petitionerto file with the ROC, West Bengal, a certified copy of thisorder, along with required documents, within the periodas fixed by the Order.

Compiled By:-

Divya Saxena , F.C.S, Kanpur.


News from NIRC

TALK ON EMOTIONAL INTELLIGENCE &WELCOME OF NEWLY ELECTED PRESIDENT &VICE-PRESIDENT OF ICSI

CS Hitender Mehta, Past Chairman, NIRC welcomed thedignitaries on the dais & introduced them to the members.

CS B K Sharma, Chairman, NIRC , welcomed the newlyelected President of the Institute CS Vinayak S Khanvalkar,Vice President of the Institute CS Anil Murarka, Secretary& CEO of the Institute CS N K Jain and the guest speakerShri Nishant Saxena, CEO, Elements Academia.

CS B K Sharma while delivering his welcome addressinformed about the various professional developmentactivities being organized by NIRC in the current year.

CS Hitender Mehta invited Shri Nishant Saxena to deliverhis talk on “Emotional Intelligence”.

Talk on Emotional Intelligence:

Shri Nishant Saxena introduced the topic to the membersby saying that emotional intelligence is exactly how onebecomes successful in personal and professional life.

According to him, there are five components of EmotionalIntelligence and they are:

Self Awareness.: It is the ability to recognize andunderstand your moods, emotions and drives, as well astheir effect on others. The hallmarks of self awarenessare self-confidence, realistic self assessment and awarenessof personal emotions and feelings.

Self Regulation: It is the ability to control or redirectdisruptive impulses and moods. The propensity to suspendjudgment -to think before acting. The hallmarks of selfregulation are ability to control emotions, conscientious,take full ownership of actions, trustworthiness andintegrity, innovative and comfortable with ambiguity,adaptable to change.

Self Motivation: It is a passion for things that go beyondmoney or status. A propensity to pursue goals with energyand persistence. The hallmark of self motivation are strongdrive to achieve optimism, even in the face of failure,organizational commitment, initiative every time they seeopportunities.

Social Awareness : It is the ability to understand theemotional make up of other people. Skill in treating peopleaccording to their emotional reactions. The hallmarks ofsocial awareness are empathy, expertise in developingtalent, cross-cultural sensitivity, manage diversity, service

to clients and customers and political awareness.

Social Skill: It is the proficiency in managing relationshipsand building networks. An ability to find common groundand build rapport. The hallmarks of social skill areeffectiveness in leading change, persuasiveness, expertisein building and leading teams, build personal bonds,collaboration/cooperation, conflict management, leadershipand clear communicator.

According to Shri Nishant emotional intelligence can beimproved in individuals. He also talked about the trainingbeing provided to employees of the Institute to improveit’s Customer orientation.

CS Hitender Mehta proposed vote of thanks at the end ofthe talk.

Intraction with the President, Vice-President andSecretary & CEO of the Institute.

CS N K Jain, Secretary & CEO in his address informedthat as compared to the developed economies, Indianeconomy came out of difficult recession period very well.He talked about the recently concluded India CorporateWeek and informed about the various initiatives taken bythe Institute towards good Corporate Governance. He saidnew strategies for Corporate Growth in the new era areCorporate Sector’s inclusive growth, rural corporate jointventure for growth, corporate social responsibility, SMEs(now a days known as smart moving engines), investorfirst in new paradigm. He also talked about ICSI vision2020, in which he informed that for the next 10 years ,ICSI’s strategy will be technology up gradation, ERPoperation, brand building and brand awareness particularlyin rural areas, training and development etc.

He said team ICSI will provide service with excellencewith domestic and international collaborations, innovation,i.e. simplification in ICSI’s procedures. He informed thatefforts are being made to reposition CS as governanceprofessional and corporate compliance managementExperts He said that new areas for CS to focus are sectorslike telecom, Retail, SMEs, Rural Economy Sectors, etc.He said that ICSI would expand its membership base tomeet the expectations of the government, regulators andthe stakeholders. He informed about the largest registrationachieved by ICSI and gave his best wishes to NIRC.

CS Anil Murarka in his address said that recession hastaught corporates to run business differently. He said nownew opportunities are coming and we need to think

March, 2010March, 2010March, 2010March, 2010March, 2010 1 01 01 01 01 0 NIRC-ICSI NewsletterNIRC-ICSI NewsletterNIRC-ICSI NewsletterNIRC-ICSI NewsletterNIRC-ICSI Newsletter

News from NIRC

professionally very high to achieve professional excellence.He said that Corporates & Professionals have to workclosely to meet the expectations of regulators with quality.He informed that the Institute is making all efforts forgetting many more recognition like Secretarial Audit, etc.for our members. He at the end called for the suggestions/innovative ideas from the members for furtherstrengthening the profession of company secretaries.

CS Vinayak S Khanvalkar in his address said that the Indiahas come out of the recession. He informed that manynew areas like GST, Direct Tax Code, Banks Audit,Valuation services, winding up, appointment as technicalmembers in NCLT etc. are available to members in practice/employment He advocated that Secretarial Audit shouldbe given only to CS professionals. He also said thatapplicability of secretarial standards should be mademandatory. He informed that PMQ courses are beinglaunched in the area of Competition Law and CorporateInsolvency & Restructuring. According to him the area ofIFRS also can not be ignored by CS professionals. Headded that members should give importance to ethics andmorality . He said that the Institute will shortly launchshort term courses for updation of our members. Withthese words he gave his best wishes to NIRC.

At the end, members freely interacted and discussedvarious issues with the President, Vice-President andSecretary & CEO of the Institute.

A formal vote of thanks was proposed by CS RanjeetPandey, Secretary, NIRC.

PROGRAM ON UNION BUDGET, 2010-11

On 27th February, 2010 NIRC of ICSI organized aProgram on “Union Budget 2010-11” at Indian Society ofInternational Law, New Delhi.

Mr. Hitender Mehta, Chairman, Professional Developmentand Programs Coordination Committee of NIRC initiatedthe proceedings by welcoming and introducing thedignitaries present on the dais.

Mr. B.K. Sharma, Chairman, NIRC in his welcome addresssaid that the program would help the members in knowingmore about this budget. He expressed his gratitude to theguest speakers on the occasion and welcomed them.

Mr. Ashutosh Chaturvedi, Executive Director,PricewaterhouseCoopers Pvt. Ltd. explained the variousprovisions relating to corporate taxation. He analyzed indetail, the impacts of the various proposals of the budgeton corporates.

Shri Ashok Batra, FCA, addressing on Impact of IndirectTax proposals, informed about the increase in Central Exciseduties on all non-petroleum products enhanced from 8 percent to 10 per cent He mentioned that rate of service taxon services retained at 10 per cent but many new servicesbrought into service tax net, viz. copyright ofcinematography film and sound recording; health checkupby hospitals for employees of a business entity andpayment made by health insurance companies if paymentis made directly to hospitals; certain services provided bythe builders like providing preferential location; service ofpromoting brands and goods; promotion, marketing andorganizing games of chance, etc.

Mr. Girish Ahuja, eminent Tax Expert while speaking onthe occasion on Impact of personal income-tax proposalssaid that this budget has brought smile on his face as thegood thing about this budget is the slabs fixed for rate ofincome tax. Now 10% tax will be from 1.6 lakhs to 5lakhs and 20% for slab from 5 lakhs to 8 lakhs and 30%thereafter. He mentioned that deduction of an additionalamount of Rs.20,000 allowed, over and above the existinglimit of Rs.1 lakh on tax savings, for investment in long-term infrastructure bonds. He explained provisions of thebudget relating to direct taxes.

Various queries were raised by the members which weresuitably replied by the speakers.

The program ended with vote of thank by Shri HitenderMehta.

STUDY CIRCLE MEETING

Date: 19th February, 2010

Topic: Service Tax - CS Profession

Speaker: Mr. J.K.Mittal, FCS, Advocate.

Venue: YMCA Conference Hall, New Delhi

Mr. Yogesh Gupta, Chairman, Study Circle Committeewelcomed the members and introduced the speaker. Hesaid that for practicing Company Secretaries the area ofService Tax is very important and carries wide scope forfuture. The meeting was also attended by Mr. RanjeetPandey and Mr. Deepak Kukreja apart from other members.

Mr. J K Mittal said that Service Tax was introduced inIndia in 1994 by Chapter V of the Finance Act, 1994. Heinformed that The Central Board of Excise & Customs(CBEC), Department of Revenue, Ministry of Finance,deals with the task of formulation of policy concerning


News from NIRC

levy and collection of Service Tax. He further said thatService Tax has assumed greater importance andsignificance only in the recent years.

According to him in the Customs, Excise and Service TaxAppellate Tribunal more than fifty percent of the casesrelates only with the service tax. He emphasized that thescope of service tax for practice is very attractive formembers. He said initially the number of services wereonly three on which service tax was applicable, nowsubsequent amendments have added more number ofservices under the act and the list is growing almost inevery Finance Act. Mr. Mittal said valuations under the actis one area where maximum disputes are coming. Hesuggested that practicing members can provide service inthis area. Another area where disputes are more, accordingto him, is classification of services under service tax. Mr.Mittal said lots of procedural problems are there in thisact; hence one should deal with this act with caution.

Members also discussed lot of practical problems withthe speaker. A formal vote of thanks was proposed by Mr.Yogesh Gupta.

MEETING OF OFFICE BEARERS & REGIONALCOUNCIL MEMBERS OF NIRC WITH CHAIRMENOF NIRC CHAPTERS

On 21st February, 2010, a meeting of Office Bearers andRegional Council Members of NIRC with Chairmen ofNIRC Chapters was held at ICSI-NIRC BuildingAuditorium, New Delhi

Shri B K Sharma, Chairman, NIRC welcomed all themembers present and introduced the office bearers,Regional Council Members and the officials of Institute tothe Chapters Chairmen present. Shri Sharma briefed theChapter Chairmen about his action plan for the year, 2010with regard to professional development activities, NationalConference for PCS, NIRC Regional Conference, NationalStudents programs and the discussions he had during thePresident's Meeting with Chairmen of the Regional Councils& A Grade Chapters held at ICSI HQ on 4th and 5thFebruary, 2010. He requested the Chapters Chairmen forcompliance of various guidelines of the Institute particularlythe financial guidelines.

After the introduction by the Chapters Chairmen and otheroffice bearers present Shri Nesar Ahmad, Central CouncilMember, ICSI addressed the Chapter Chairmen andadvised them to follow various guidelines sent by theInstitute in a compendium form strictly. He also advised

them to adopt three tier system for better governance.Shri Nesar Ahmad requested for brand building of theInstitute and organize Press Conferences. He informedthat the President of the institute is the spoke personsparticularly on policy matters. He advised them to organizeinvestor education programs sponsored by the InvestorEducation Protection Fund (IEPF) of the Ministry ofCorporate Affairs.

Shri S Kumar, Sr. Director, ICSI apprised the chaptersChairmen about the various issues which included thetraining, restoration of defaulters members, issue of Identitycard, updation of e-mail of members, updation of addressesof the members etc. Shri Kumar also requested theChapters Chairmen to enroll the members for CSBF. ShriKumar informed that Institute is taking steps for enhancingthe communication skills of the students and going to havethe MOU for English speaking course for the students. Headvised the Chapters Chairmen to comply with the variousguidelines issued by the Institute from time to time.

Shri Ranjeet Pandey, Secretary, NIRC highlighted theimportant areas at which Chapters Chairmen shouldconcentrate for achieving the various targets and to followthe three tier system of the Institute.

The Chairman of NIRC requested Chapter Chairmen toexpress their views one by one. The Chairmen of Chaptersand other office bearers of Chapters present expressedtheir views one by one.

Shri S Kumar, Sr. Director, ICSI answered most of theconcerns of the Chapters and assured full cooperation bothfrom NIRC and ICSI HQ to them. Thereafter the agendawas taken item-wise.

The meeting was attended by S/Shri B K Sharma,Chairman, NIRC, Ranjeet Pandey, Secretary, NIRC,Deepak Kukreja, Treasurer, NIRC, Atul Mittal, ImmediatePast Chairman & Regional Council Member, NIRC,Hitender Mehta - Past Chairman & Regional CouncilMember, NIRC, K K Singh, Regional Council Member,NIRC, S Koley, Regional Council Member, NIRC, AshuGupta (Ms.), Regional Council Member, NIRC, S K Gupta,Regional Council Member, NIRC, Rajesh Kumar Loomba,Regional Council Member, NIRC, Nesar Ahmad - CentralCouncil Member, ICSI, Bhavnesh K Gupta, Chairman,Chandigarh Chapter, Dhananjay Shukla, Chairman,Gurgaon Chapter, Sumit Pathak, Secretary & Treasurer,Gurgaon Chapter, Jitendra Awasthi, Chairman, KanpurChapter, Anju Jain (Ms.), Chairperson, Agra Chapter, Rajeev


Bhambri, Chairman, Ludhiana Chapter, Ankit Agarwal,Chairman, Bareilly Chapter, Anand Prakash, Member, NoidaChapter, Sudarshan Kumar Sharma, Chairman, ShimlaChapter, R K Jain, Chairman, Bhilwara Chapter, RavinderKumar, Chairman, Karnal -Panipat Chapter, I P Arora,Member, Karnal -Panipat Chapter, I A Khan, Chairman,Allahabad Chapter, Kishan Maheshwari, Chairman, AjmerChapter, R C Gupta, Chairman, Kota Chapter, RajroopChahal, Member, Sonepat Chapter, S Kumar, Sr Directorof Training, Membership, Legal & Placement, ICSI, P KGrover, Director of Admn, ICSI, P K Basuray, Asstt.Director, ICSI, T.R. Mehta, EO(N) and G R Wadhwa,AO(N).

HOLI MILAN

On 27th February, 2010, NIRC jointly with Company LawBoard Bar Association organized Holi Milan RangarangKavi Samellan Program at New Delhi

This festival of colours was celebrated with joy and gaiety.Members smeared each other with Gulal. Members alsoenjoyed Kavi Samellan.

Present amongst others were S/Shri S. Balasubramanian,Former Chairman, CLB, H.L. Tiku, U.K. Chaudhary, B.K.Sharma, Hitender Mehta, K.K. Singh, Nesar Ahmad, G.P.Madaan and Paramjeet Singh.

VALEDICTORY FUNCTION OF 136TH SMTP

On 12th February, 2010 Valedictory Function of 136thSecretarial Modular Training Program was organized atNIRC-ICSI Building, New Delhi.

Shri G.Gehani, Whole Time Director and CompanySecretary, PSL Ltd. was the chief guest on the occasion.

Ms. Ashu Gupta, Shri S. Kumar, Shri Ranjeet Pandey, ShriK.K.Singh, Shri Deepak Kukreja, Shri T.R.Mehta, EO(N)and Ms. Alka Arora Ed.O.(N) were also present on theoccasion

Ms.Ashu Gupta, newly elected Chairperson of SMTPCommittee of NIRC of ICSI congratulated the participantson successfully completing the SMTP program. She saidthat in this professional era, a professional should alwaysstrive to get excellence.

Shri Deepak Kukreja, addressing the participants advisedthem to remain committed to the profession of CompanySecretary. He said that one has to face the competition

hence updating of the knowledge is very important. Whileelaborating the importance of SMTP as a networkingplatform he also wished best of luck to the participants.

Shri S. Kumar while addressing the participantscongratulated them on passing the final stage of exams.He advised the prospective members to be straight forwardin their attitude. He said a Company Secretary acts aswatchdog of the corporate and advisors to the Board ofDirectors; hence, they should provide advice with utmostcaution. He also informed them about CS Benevolent Fundand it's usefulness to the members. He invited suggestionsfrom the participants for the betterment of the Instituteand wished them success.

Shri K K Singh also gave his best wishes to the participantsand said CS profession is a good opportunity for members.

Shri G Gehani said CS profession is becoming an importantsection of the society, and meeting the expectations of thesociety is a tough challenge for CS. He informed thatglobal economic recession has not affected Indian economyvery much, which is a very good sign for CS profession.He was of the opinion that Company Secretary shouldtake care to become good human being. Loving and havingpassion for one's profession is very important. He advisedparticipants to be absolutely honest in their profession.

The certificates were distributed to the successfulparticipants by the Chief Guest and the dignitaries present.

Shri Punit Jain and Ms. Rashmi Jain were declared as BestParticipants in the male and female category respectively.

A formal vote of thanks was proposed by Shri RanjeetPandey.

ACADEMIC DEVELOPMENT PROGRAM

On 25th February, 2010, NIRC organized its 45thAcademic Development Program for students. Mr. DeepakKukreja, Treasurer, NIRC distributed the certificates tothe participants.

TRAINING ORIENTATION PROGRAMS

NIRC organized its 60th Training Orientation Programsfor students from 16th February, 2010 to 22nd February,2010 at ICSI-NIRC Building, New Delhi. Mr. B.K. Sharma,Chairman, NIRC distributed the certificates to theparticipants.

News from NIRC


NEWS FROM STUDY GROUPS

News From Study Groups

EAST DELHI

Date: 30th January, 2010

Topic: Labour Laws- Opportunity for CS

Speaker: Dr. M K Pandey, Assistant Commissioner (ProvidentFund).

Convener, Ms. Meenu Juneja, welcomed the members andintroduced the speaker.

Dr. Pandey started his presentation explaining the role ofCompany Secretaries in compliances of Labour laws at variouslevels. He further informed that being the Compliance officer,Company secretaries can prove guide and counsel to theHuman Resource departments of their Companiessimultaneously PCS's also advise companies on Labour lawsissues which can be extended to representation before theQuasi Judicial Authorities, set up for resolving disputes underlabour laws.

He further discussed various provision under various Actslike Factory Act, 1948 which makes it obligatory on the part ofthe employer to provide for the health, safety and welfare ofthe workers employed; the Industrial Employment (StandingOrder) Act, 1946 that defines the terms and conditions ofservice between the employer and his employees; TheMinimum Wages Act, 1948, Payment of Wages Act, 1936;The Payment of Bonus Act, 1965, The Payment Of GratuityAct, 1972 and The Industrial Disputes Act, 194 for theinvestigation and settlement of industrial disputes and set upAuthorities under the Act e.g. Works Committee, Conciliationofficers, Boards of Conciliation, Courts of Inquiry, LabourCourts, Tribunals, National Tribunals etc.

Dr. Pandey also discussed the issue regarding deduction ofsocial security contribution of International workers on theline of deduction of Indian workers, working in other foreigncountries and informed the members that the India has signedSocial security contribution Agreement with few of thecountries for single deduction

He further deliberated that certification is also the area whichmay be explored for the Company Secretaries in variousLabour laws.

Session was very informative and Dr Pandey replied variousqueries raised during the session.

At the end, the convener Ms. Meenu Juneja, thanked Dr M KPandey on behalf of the study circle group for an informativeand interactive session.

*****

Date: 20th February, 2010

Topic: Position of Director in Current Scenario

Speaker: Mr. P K Mittal, Central Council Member

Co-Convener, Ms. Mandavi Sharma, welcomed the membersand introduced the speaker.

Mr. P.K. Mittal initiated the discussion with the relationshipof the Directors with the Company. He mentioned that aCompany though a legal entity, cannot act by itself. It can actonly through its Board of Directors. As per Section 291 of theCompanies Act, Board of Directors has power to do whatCompany is authorized to do and as such the relation of aDirectors with the Company may be described as that ofprincipal and agent. He further mentioned that since theDirectors having been entrusted with the affairs of theCompany, they are also trustees of the Company and thereforethey are in a fiduciary relationship with the Company. Thusnow the position of Directors' vis-à-vis the Company is thatthey are not only agents but also trustees. This relationshipwould mean that the Directors should always act in the interestof the Company and in discharge of their fiduciaryresponsibilities, they cannot benefit at the cost of theCompany. He specifically mentioned that an individual Directorcan act only with specific authorization of the Board.

Mr. Mittal briefly discussed the provisions governing theminimum number of Directors to be appointed in both Privateand Public Companies and the procedure of Appointment ofDirectors. He emphasized that the Company Secretaries inPractice before certifying Form 32, return for appointment ofDirectors, should obtain a certified true copy of Boardresolution passed towards the appointment of the Directorand keep the same in his record so that he can produce thesame as proof in case the appointment is challenged.

With regard to the responsibility and liability of Directors, Mr.Mittal mentioned that it depends on the nature of Directorship.Broadly, there are two types of Directors, Whole Time Directoror Executive Director and Part Time Directors or Non-ExecutiveDirector. An Executive Director, by very nature has much moreresponsibilities than Non -Executive Directors.. He specificallymentioned about Managing Director, having substantialpowers of management and being in-charge of the affairs ofthe Company, cannot escape responsibility of anycontravention even on the plea of delegation of responsibility.

Mr. Mittal quoted many decided cases in regard to theobligation, responsibility and liability of Directors. In the case


of Ramakrishna Rohtak Vs. D M Mehta, Honble' Supreme Courthad decided that a Non Executive Director would not be liablein case of non compliances of FERA. Only a person who is incharge of day to day affairs of the Company would be liablealong with the Company. He also mentioned about judgmentin case of Ramprasad Vs. State of Karnataka which stated thatif the notice mentions person in charge is responsible thanthe Directors accused in the notice are responsible and subjectto trial. In another landmark case Neeta Bhalla, it was finallydecided by Honble' Supreme Court that a person should notbe liable merely for the reason he is the Director of the Companyand repletion of words person responsible will not beaccepted. The complainant should explain or point out therole played by a person in commissioning of offence and thenonly the Director accused in the notice will be liable.

Mr. Mittal emphasized that list of laws applicable to anyCompany should be segregated and Board should makespecific persons responsible for compliance of specific laws.This will ensure that all the Directors are not being liable forcontravention of laws applicable to the Company.

Mr. Mittal also discussed in brief the procedure to remove aDirector. He mentioned that if proper procedure is followedfor removal of Directors, the decision of shareholders bymajority cannot be challenged.

Session was very informative and Mr. Mittal replied variousqueries raised during the session.

At the end, the convener Ms. Meenu Juneja, thanked Mr. P KMittal behalf of the study circle group for a delightful session.

NORTH DELHIDate: 21st February,2010

Topic: Compliances under Labour Laws

Speaker: Mr. Saurabh Munjal, Advocate

Mr. Sunil .K. Jain, Convener welcomed the members presentand explained the theme of the subject. Mr. Saurabh Munjalstarted his presentation by explaining the requirement forregistration of factories / shops & establishments under theFactories Act / Shop and Establishment Act. Mr. Munjalexplained the procedure for registration under the Shop andEstablishment Act and procedure for obtaining Trade Licence.He emphasized the importance of compliances of variouslabour laws as non compliances attract criminal prosecutions.

Mr. Munjal explained Abstract/ Notifications to be displayedunder various Act/ Registers to be maintained and Returns tobe filed and other compliances under the following Acts:

1. Factories Act,1948

2. Shop and Establishment Act,

3. Payment of Gratuity Act,19724. Minimum Wages Act,19485. Payment of WagesAct,1936

News From Study Groups

6. Industrial Disputes Act,19477. Employees' Provident Funds and Miscellaneous

Provisions Act, 19528. Employees' State Insurance Act,19489. Payment of Bonus Act,196510. Contract Labour ( Regulation and Abolition) Act,197011. Industrial Employment ( Standing Order) Act,194612. Maternity Benefit Act,196113. Equal Remuneration Act,197614. Employment Exchange Act15. Apprentices Act, 1961

SOUTH DELHI

Date: 26.02.2010

Topic: Trading in Commodity Exchange with emphasis on Gold

Seaker: Mr. Shitij Gandhi, research analyst of SMC GlobalSecurities

Mr. P. P. Agarwal, convenor of the study group welcomed theparticipants and the guest speaker Mr. Shitij Gandhi presentlyworking as Research Analyst at SMC Global Securities

Initiating the discussion the speaker informed that CommodityExchange is an exchange where various commodities andderivative products are being traded. Most commodity marketsacross the world trade in agri products and certain basematerials like gas, petroleum and metals. These contracts caninclude both spot prices as well as future prices. In India theregulatory authorities monitoring the activities in commodityexchange is Forward Markets Commission (FMC). Althoughin India the commodity exchange in its present form startedonly in 2003 it has made a remarkable progress.

Then the speaker highlighted the salient features of the twoCommodity Exchanges Multi Commodity Exchange (MCX),the No. 1 commodity Exchange of India and the NationalCommodity and Derivative Exchange (NCDEX). He informedthat presently there are over 20,000 commodity brokers in thecountry trading in more than 50 commodities. The tradinghours in the commodity exchange are much longer as comparedto the stock exchanges dealing in equity shares. He alsoexplained the current development in the commodityexchanges in India and abroad. Dealing about the gold, theprecious metal Mr. Shitij informed that there are host of reasonswhy investors prefer to invest in Gold, silver, bullion andrelated Funds. Members raised certain queries which weresuitably replied by him with lot of clarity.

On the whole it was a learning and interactive session. At theend Mr. P.P. Agarwal proposed a hearty vote of thanks to Mr.Shitij Gandhi for sharing his knowledge with the participants.


Career Awareness Programs

CAREER AWARENESS PROGRAMSNIRC organised Career Awareness programs as per details given below :Date Name & Address of School/College Addressed and attended by No. of students

attended

06.02.2010 Career Awareness Mr.Animesh,DO(N) 100Program atStudy Well Public SchoolVijay Laxmi Nagar,Sitapur (U P)

06.02.2010 Career Awareness Mr.Animesh,DO(N) 50Program atSacred Heart Degree CollegeNaipalapur,Sitapur (U P)

08.02.2010 Career Awareness Mr.Animesh,DO(N) 50Program atSaraswati Vidhya MandirMadhavpuri,Bahraich U P

08.02.2010 Career Awareness Mr.Animesh,DO(N) 50Program atMaharaja Singh Inter CollegeBahraich,UP

09.02.2010 Career Awareness Mr.Animesh,DO(N) 80Program atKasturba Balika Inter CollegeN E Railway Colony,Gonda UP

11.02.2010 Career Awareness Mr.Animesh,DO(N) 50Program at CS Saloni DumraSt. Xavier Sr.Sec.SchoolSirsa,Haryana

11.02.2010 Career Awareness Mr.Animesh,DO(N) 100Program at CS Saloni DumraSawan Sr.Sec.SchoolSirsa,Haryana

11.02.2010 Career Awareness Mr.Animesh,DO(N) 120Program at CS Saloni DumraGuru Nanak International AcademySr. Sec. SchoolAbholi,District Sirsa,Haryana

14.02.2010 Career Awareness Program at CS Sudhir Jain 100Desmish Public School CS Babita TiwariVasundhara Enclave New DelhiNon Collegiate Students

14.02.2010 Career Awareness Program at CS J K Bareja 100St.Margret Public School CS Vidhi MadanPrashant Vihar, New Delhi Mr.T.R.Mehta, EO(N)(Non Collegiate Students)

(The programs were also attended by Teachers of the above Institutions.)

In the above Institutions, the students were apprised about the mode of registration in the course, syllabus, structure of thecourse and also the avenues available after completion of the Company Secretaryship Course both in employment and in practice.Pamphlets of Career in Company Secretaryship Course were distributed to the students.


News from Chapters

The Chapters of NIRC-ICSI held following programs :

S.No. Chapters Program Date Program, Topic & Speaker Present

NEWS FROM CHAPTERS

1 Agra 20.12.2009 Investor Awareness Programme Sponsored by :Investor Education & Protection Fund, Ministry ofCorporate Affairs, Govt. of India held at HotelBrijwasi Royal, MathuraChief Guest : Mr. M.P.Shah,Registrar of Companies, Uttar Pradesh &UttarakhandGuest of Honours: Mr. Salil Kumar, Asstt.Manager, Delhi Stock Exchange Association Ltd.;Mr. Manish Kumar, Branch Manager, Yes Bank,Mathura; Mr. Ravi Malhotra,Director, Onyx Group of Companies

CS R. C. Sharma, ChairmanAgra Chapter.Over two hundred personsattended the Programmewith many CharteredAccountants, bank officials& persons from corporatesector.

CS. Manoj Agarwal, CS.Pawan Agarwal and CS.Vipul Seth, members ofMathura, worked whole-heartedly to make theprogram a grand success.

2 Chandigarh Seminar on Hedge Against Currency Risk usingCurrency FuturesKey-speaker: Mr. Pulak Basak, Asstt. Vice-President, MCX Stock Exchange

Mr. Atul V Sood, Mr.Prithpal Singh, Manager,MCX, Mr. BhavneshGupta, Mr. Mast Ram andother members.

2 Jaipur 26.01.2010 Celebration of 61st Republic DayThe Flag hoisting was done by Mr. Rajiv Arora,President, Federation of Rajasthan Exporters(FORE), Jaipur, Chief Guest, Mr. N. A. Naqvi,Council Member, Bar Council of Rajasthan

Mr. Shyam Agarwal, Mr.Vimal Gupta, Members &students

3. Lucknow 26.1.2010 Republic Day Celebration Office bearers of thechapter, other members &students

4.2.2010 Interview with Doordarshan Team CS Anuj Srivastava, CSManoj Kumar Bhagatinformed the team about howto make the safest investmentin the market or economy

10.2.2010 Investor Awareness Programme Sponsored by :Investor Education & Protection Fund, Ministryof Corporate Affairs, Govt. of India held atGalaxy Restaurant, Gorakhpur.Chief Guest: Mr. Ashok Srivastava, a social worker.Speaker: CS Anuj SrivastavaCS Aditya Agarwal, CS Surendra Pratap Shahi, CA

Deepak Gupta, CA DeepakSrivastava and over 80investors and media people

23.1.2010


News from Chapters

S.No. Chapters Program Date Program, Topic & Speaker Present

16.2.2010Career Awareness Programs in St. Peter's InterCollege and City Montessori Inter College,LucknowAddressed by: CS Aditya Agrawal, CS PragyeshKumar Singh, CS Atul Kumar Rawat and Mr.Shiv Moorti Tiwari.

150 students of the colleges

4 Modinagar 7.2.2010 Investor Awareness Program on "CapitalMarket - Focus Mutual Fund" Sponsoredby : Investor Education & Protection Fund,Ministry of Corporate Affairs, Govt. of Indiaat ModinagarGuest Speakers : CS B.K. Sharma(Chairman,NIRC-ICSI), Mr. Jayesh Shroff(Fund Manager, SBI Mutual Fund) and CS G.Ratnam (Company Secretary, Uttam SugarsLtd.)

Mr. M.K. Singhal, other managingcommittee members and otherprofessionals

Nature and extent of Financial Assistance

Eligible students shall be fully exempted from paying the Registration / Admission Fee, Postal Tuition Fee, ExemptionFee and other fees usually payable at the time of admission to Foundation/ Executive Programmes. Depending upontheir performance in the CS Examinations, the students may also be exempted from payment of Examination Fee andalso the fees payable at the time of admission to Executive Programme and Professional Programme (for studentsadmitted to Foundation Programme) and Professional Programme (for students admitted to Executive Programme).Detailed guidelines & application form is given on institute’s website www.icsi.edu. The detailed information about thisscheme is being published in students monthly magazine “Student Company Secretary” regularly every month. Studentsdesirous of availing the financial assistance may submit their application in the prescribed format along with allsupporting documents to Director (Student Services), ICSI Noida.

ICSI Students Education Fund TrustThe council of the Institute of Company Secretaries of India has created a trust namely ‘ICSI Students Education FundTrust’ with objectives of financially assisting the economically backward but academically bright students to pursuethe Company Secretaryship Course, as a part of its social responsibility. This will not only help the financially needystudents to pursue their professional qualification comfortably, but it will also provide the opportunity to academicallybright and deserving students to prove their caliber in corporate world. Under the scheme, any student if puts his best efforts on studies and able to pass all examination of ICSI in firstattempt, he can become a professional at “ zero “ cost to him. It is really a very big opportunity to talented students,who are otherwise not able to pursue higher education due to financial constraints.

Students fulfilling the following criteria are eligible to get financial assistance under the provisions of ICSI StudentsEducation Fund :

For Students with Family Income uptoRs.1,00,000 per annum

For Academically Bright Students without any limit on theirFamily Income

STAGE CATEGORIES OF STUDENTS / ELIGIBILITY CRITERIA

FoundationProgramme

75% Marks in both Matriculation &Senior Secondary Stages

90% Marks in both Matriculation & Senior SecondaryStages

ExecutiveProgramme

75% Marks in both Matriculation &Senior Secondary Stages and 60%Marks in Bachelor’s Degree Stage

90% Marks in both Matriculation & Senior SecondaryStages and 85% Marks in Bachelor’s Degree Stage


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Corporate Membership

CORPORATE MEMBERSHIP FOR PROFESSIONAL PROGRAMSThe concept of Corporate Membership for Professional Development Programs, as started by NIRC, is well appreciated andacknowledged by the members and corporates as it is convenient to make payment/take approval at onetime to attenddifferent Professional Development Programs during the year.The Corporate Membership will continue for the financial year 2010-2011. Members are invited to opt for CorporateMembership for Professional Development Programs for the financial year 2010-2011 (April 2010 to March 2011) at thefollowing fee structure (as was in the year 2009-10).

S. No. Particulars Up to 31.03.2010 After 31.03.2010

1. For Members Rs. 6,500/- Rs. 7,500/-(Rs. 7,000/- for PCS)

2. For Non-Members/ Corporates Rs. 7,500/- Rs. 9,000/-

Members of this group shall be entitled to the following benefits.(i) To attend all the paid programs (except residential programs) organised by NIRC free of charge throughout the year.(ii) Free Membership of all study groups.(iii) Free subscription to the monthly publication of NIRC-ICSI Newsletter for the Member Organisation.(iv) The member may depute some other officer only from his/her organisation with authorisation and certifying that the

nominated person is from his/her organization.(v) Credit hours will not be given to those members who joins the programs after 11.00 a.m.

FOLLOWING PROGRAMS WERE ORGANISED BY NIRC FOR CORPORATEMEMBERS FREE OF CHARGE/CONCESSIONAL FEE DURING 2009-10 (TILL DATE)

Date Name of the Program Venue

25.04.2009 One day Seminar on Corporate Intelligence, Cyber Crime and Data Protection New Delhi

23.05.2009 One day Seminar on Cross Border Investments - Recent Regulatory Responses New Delhi

25.07.2009 One day Seminar on Living in Balance New Delhi

22.08.2009 Seminar on Direct Taxes Code, 2009 New Delhi

22.08.2009 Chandigarh State Conference on Global Challenges & Emerging Opportunities Chandigarh

5-6.09.2009 Rajasthan State Conference on Professional Avenues in Changing Business Dynamics Jaipur

26.09.2009 Seminar on Business Due Diligence New Delhi

24.10.2009 One day Seminar on Appearance before quasi Judicial Authorities -

Professional Avenues for CS New Delhi

28.11.2009 One day Seminar on Insurance and Risk Management - Compliance and Corporate

Social Responsibility New Delhi

19.12.2009 One day Program on Limited Liability Partnership New Delhi

30.12.2009 New Year Eve Celebration for Members & theire Families New Delhi

16.01.2010 Seminar on Changing Contours of Corporate Laws and Emerging Professional Avenues New Delhi

27.02.2010 Holi Milan New Delhi

05.03.2010 Seminar on Opportunities of Fund Raising For Micro, Small & Medium Enterprises

(MSME) and Related Issues New Delhi


FORM OF CORPORATE MEMBERSHIP

FOR PROFESSIONAL DEVELOPMENT PROGRAMS

FINANCIAL YEAR 2010-2011

(1) Name of Nominated Person :..................................................................................................

(2) Membership No (ACS/FCS) :..................................................................................................

(3) Corporate Membership No. of NIRC :..................................................................................................(For existing members only)

(4) Sponsoring Organisation :..................................................................................................

Telephone ....................... Fax ..................................

Mobile............................................................................

E-mail .................................................................

(5) Residential Address of Nominee :..................................................................................................

.......................................................................................

Telephone .............................................................................

(6) Details of Payment of Fee Cash/Cheque/DD No/ .............................dated............................

Bank .................................. Amount ......................................

(7) Area of Interest for active contribution : (a) Contribution as Speaker on professional topicsin different activities of NIRC (b) Students Career Awareness Programs(Please tick ) (c) Oral Coaching faculty

(d) Presentation to SMTP participants(e) Funds Raising/Sponsorships(f) To undertake research job on various professional topics.

(8) Any other information/suggestion :..................................................................................................

..................................................................................................

Date : ........................... Signature

Note : Cheque/DD to be issued in favour of “NIRC of the ICSI” and sent to Executive Officer, NIRC of ICSI, 4Prasad Nagar Institution Area, New Delhi.

Corporate Membership

EARLY BIRD INCENTIVE

NIRC is pleased to announce Early Bird cash Incentive of Rs. 1,000 by charging Fee of Rs. 6,500 only from Memberswho enrol for Corporate Membership for the year 2010-2011 upto 31.03.2010.


Forthcoming Programs

STUDY CIRCLE MEETINGDay & Date : Friday, 19th March, 2010Time : 6.00 PMTopic : Nitty Gritties of Drafting & ConveyancingVenue : New Delhi YMCA Conference Room, Jaisingh Road, New Delhi

PROGRAM CREDIT HOUR : 1

DELHI STUDY GROUPSFORTHCOMING MEETINGS

Day, Date & Time Program Program VenueCredit Hours

Saturday WEST Zone Study Group Meeting on ONE CMC Ltd. Community Centre

13.03.2010, 6.00 PM "Technical Scrutiny of Balance Sheet Janak Puri New Delhi

and Investigation under Companies Act"

Saturday EAST Zone Study Group Meeting ONE Mother Teresa Public School

20.03.2010, 6.00 PM "NBFC- Relevant Laws and procedures" C-Block, Preet Vihar, Delhi

Sunday NORTH Zone Study Group Meeting on ONE NGPA College, 3rd Floor, Building No.

28.03.2010, 5.00 PM "Exchange Control" FD-4, Pitampura (Near Metro Station),

Delhi

Friday SOUTH Zone Study Group Meeting ONE New Friends Club

26.03.2010, 6.00 PM "Registration of Trade Marks - Procedure Mathura Road, New Delhi

& Practice"

LIGHTER SIDE OF THE PROFESSION "Paramjeet Singh, he was one of your best friends.How come the relations got so bitter?" "It was due to a serious mistake in my life." "What mistake you committed?" "I did not go by the saying,"Udhar Prem Ki Kainchi Hai"."

*****"Could you kindly connect me the Company Secretary?""Sorry Sir, right at this moment I cannot disturb him.""Is he in a Board Meeting?""No Sir, he is in the midst of Coffee Break with his Private Secretary."

-- PARAMJEET SINGH, FCS


Seminaron

“Corporate Compliance Managementand Due Diligence”

Date & Date :

Saturday, the 27th March, 2010

Time :

10 AM onwards (Registration starts at 9.30 AM)

Venue :

Hotel Le-Meridien, Janpath, New Delhi.

Fee:

Rs.2,000/- per delegate; FREE for Corporate Members of NIRC

Program Credit Hours:

Members of the ICSI will be entitled for 4 credit hours.

Registration:

Application for registration may be sent along with local cheque/demand draft favouring‘NIRC of ICSI’ payable at New Delhi to Executive Officer, NIRC of the ICSI, ICSI-NIRCBuilding, Plot No. 4, Prasad Nagar Institutional Area, New Delhi-110005

Ph. 011- 25816593,25763090, 25767190; E-mail: [email protected]

Members may note that credit hours will be given to those memberswho join the program before 11.00 AM.

Forthcoming Programs

Documents

From the Chairman - ICSI · March, 2010 3 NIRC-ICSI Newsletter ... On 3rd February, 2010, ... 8 M Ajay r. Kumar ACS - 24163 9 Mr. Anil Kumar Dulani ACS - 23115