AnnuAl RepoRt 2017-18 - ICSI Report of NIRC... · 2018-07-12 · AnnuAl RepoRt 2017-18 | 7 notiCe of AnnuAl GeneRAl meetinG Notice is hereby given that the 37th Annual General Meeting

AnnuAl RepoRt 2017-18 | 1

37thAnnuAl GeneRAl meetinG of the membeRs of niRC-iCsi

28.07.2018- 4.00 pm | le-meridien, Janpath, new Delhi

ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi-110005Tel.: 011-49343000, 25722662 | Email : [email protected]

AnnuAl RepoRt 2017-18

national best Regional Council (2004, 2007, 2008, 2009, 2010, 2011, 2013, 2014, 2015 & 2016)

2 | AnnuAl RepoRt 2017-18

statutory Auditors : M/s. Mittal & Mittal Associates, Chartered Accountants, New Delhi

internal Auditors : M/s. KBDS & Company, Chartered Accountants, New Delhi & M/s. Mukun Vivek & Co, Company Secretaries, New Delhi

bankers : Syndicate Bank; Canara Bank; ICICI Bank, Axis Bank

iCsi headquarters : ICSI House, 22, Institutional Area Lodi Road, New Delhi-110 003 Tel.: 011-45341000 - Email: [email protected]; Website: www.icsi.edu

niRC office : 4, Prasad Nagar, Institutional Area, New Delhi-110 005 Tel. : 011-49343000, 25722662 Email : [email protected]

noRtheRn inDiA ReGionAl CounCil

Dr. mukesh Jinara

CS Dhananjay Shukla

Regional Director

Chapters : Agra, Ajmer, Allahabad, Alwar, Amritsar, Bareilly, Bhilwara, Bikaner, Chandigarh, Dehradun, Faridabad,Ghaziabad, Gurgaon, Jaipur, Jalandhar, Jammu, Jodhpur, Kanpur, Karnal-Panipat, Kota, Lucknow,Ludhiana, Meerut, Modinagar, Noida, Shimla, Sonepat, Srinagar, Udaipur, Varanasi & Yamuna Nagar


Chairman’s messageDear Professional Colleagues,

On behalf of the Northern India Regional Council of The Institute of Company Secretaries of India (NIRC- ICSI), I am glad to welcome you all to the 37th Annual General Meeting of NIRC- ICSI and present before you the Annual Report of Northern India Regional Council along with the Audited Annual Accounts and the Performance Report of the Council for the period ended 31st March, 2018.

At the outset, let me extend my heartiest thanks to all of you for kind support and the faith in your Council and NIRO. It is only because of your continuous support that NIRC-ICSI is persistently setting-up new benchmarks of professional excellence. We are putting our best to develop high caliber professionals which will ensure better facilitation for Corporate Governance and compliances.

We are placing every required effort for the furtherance of fraternity by following below referred lines:

uUgha phaVh tc nkuk ysdj pyrh gS] p<+rh nhokjksa ij] lkS ckj fQlyrh gSAeu dk fo’okl jxksa esa lkgl Hkjrk gS] p<+dj fxjuk] fxjdj p<+uk u v[kjrk gSAvkf[k+j mldh esgur csdkj ugha gksrh] dksf’k’k djus okyksa dh dHkh gkj ugha gksrhAygjksa ls Mj dj ukSdk ikj ugha gksrh] dksf’k’k djus okyksa dh dHkh gkj ugha gksrhA

&&gfjoa’kjk; cPpu

Friends, it is rightly said that if one has confidence, good intention, focused approach, enthusiasm with dedication surely one will be successful. Therefore it is said that there is no failure to them who are putting efforts like referred for ant.

Your NIRC shall be continue in doing all such activities which are required for the betterment of the profession.


We assure that in future our efforts will be more confined and concentrated on enhancement of capacity of our members and students. This will sharpen skills of the members and students and also update their domain knowledge. Hence, will enable us to grab the new opportunities available in the market.

Your NIRC is committed to organize quality enhancement programs on various contemporary topics. These programs include such as seminars, workshops, symposia and others. We request you all to kindly give your suggestions on the themes and sub themes for future programs.

The students are the backbone of any profession and is true in our case as well. Accordingly with an intent to build capacity of our students and make them competent, your NIRC is regularly organising various quality training progams (like PDP, EDP, Academic Programs, MSOP etc.), Oral Tuition Classes for the students. NIRC is committed to provide best services to the students undergoing Oral Tuition classes, training programs and also students availing the facilities of the library & reading room at NIRC.

A brief highlight of the activities undertaken by NIRC in recent past.

placement

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I am happy to share that our young members are performing wonderful and getting better opportunities in corporate sector. This time our two young members have been selected by GAIL India Ltd. in the package of Rs. 16 lacs (appo.) per annum. One fresher member was selected by Railtel in the package of 11.50 lacs (appo.) and one member was selected by THDC Ltd. in the almost same package. As you know that these companies are renowned public sector undertakings. We are approaching (after sensitizing) various Government Departments, Agencies and central & state PSUs to come and participate in our campus placement drive.

brand building

Branding is the key to success for any organization. We were taking up a request with Delhi Metro to put a signage at Metro Station for route direction of NIRC Premises. During May, 2018, Delhi Metro accepted our request and installed the signage at the appropriate places at the Rajendra Place Metro Station. We are highly thankful to CS S. K. Sakhuja, Company Secretary of DMRC Ltd. for his kind support and facilitation in completion of this task at free of cost.

moot Court:

We realized that advocacy skills is very much essential to our members and students. Therefore, first time Moot Court Committee has been set up at NIRC to organize moot court competitions for members and students. The outlay of first “Northern Region Moot Court Competition” is already announced. This will facilitate our members and students to better their advocacy skills. NIRC is also in process for permanent set up of live Moot Court Room.

Video Conferencing Room:

This is the era of technology and to come up to the expectation of stakeholder NIRC is setting up a Video Conferencing Room at the premises. This will provide better connectivity with the persons sitting at door steps. This will facilitate to deliberate on professional matters through the best use of IT equipments. The connectivity with the members and students sitting in far way chapters will be easier and better.

it facilitation Centre:

NIRC is planning to set up an IT facilitation Centre shortly at the premises to facilitate the members and students on various IT based activities. These activities includes Filing of GST Returns, TDS Returns; filing of various Forms & Returns of MCA, Accounting through Software, Advance MS-Excel, Project Report Preparation etc.


Women empowerment programs:

Many of our female members are out of touch with the profession due to their personal or other reasons. We understand the gravity of the practical issues and to reconnect these members with the profession we are organizing various program exclusively for women members. The intent of such programs is to sensitize them about the new opportunities and the recent developments.

Renovation of Reception:

The renovation of Reception Counter at the entrance of NIRC is also under consideration and will be shortly executed. This will help the stakeholders.

Cs Connect:

This activity is provided through the video connection. Now, NIRC is inviting subject experts to provide professional consultation and guidance to the young members.

Chapter placement Drive:

NIRC is pursuing with chapter to organize campus placeman drive for the placement of members and students. NIRC requested all its chapters to organise placement drive and we will extend all support, guidance and help from this office.

Lastly, I would mention that we are doing all activities to strengthen the profession. I recall one of the very famous saying of our country’s Missile-men who was also President of India:

“my message, especially to young people is to have courage to think differently, courage to invent, to travel the unexplored path, courage to discover the impossible and to conquer the problems and

succeed. these are great qualities that they must work towards. this is my message to the young people.”

A. p. J. Abdul Kalam

I once again assure you all that we are performing by keeping the above in mind.

At the conclusion, on behalf of the Council and on my own behalf, I extend many-many thanks all our learned members, beloved students, guest speakers and faculty members for academic and professional development programs, President, Vice President and Central Council of ICSI, Secretariat of ICSI, Chief Guest and Guest of Honors to the various programs for their continued support and encouragement. I take this opportunity to thank my colleagues in the Council for their valuable support, cooperation and guidance.

At NIRC, it will be our endeavor to bring honour to this high office and to further enhance the prestige of the Institute & the profession. I am lucky to have a very strong & vibrant team at NIRC working very closely with me & taking care of various committees assigned to them.

Looking forward for your feedback and suggestions.

With thanks and Best Wishes, Yours Sincerely,

CS Pradeep Debnath Chairman, NIRC-ICSI

9910-5621-21


ContentspAGe no.

notice of Annual General meeting 07

Report of the Council 08rograms / meetings organised by niRC during 2017-18 18

Auditors’ Report 22

balance sheet 24

income & expenditure statement 25

Cash flow statement 26

note(s) to Accounts 27

About the niRC of iCsi 38


notiCe of AnnuAl GeneRAl meetinGNotice is hereby given that the 37th Annual General Meeting of the members of The Institute of Company Secretaries of India (ICSI) in the Northern Region, forming part of northern india Regional Council (niRC), will be held on saturday, the 28th July, 2018 at 4.00 p.m. at hotel le-meridien (sovereign hall), Janpath, new Delhi-110 001, to transact the following business(s):

1. To receive, consider and adopt Audited Balance Sheet as at 31st March, 2018, the Income and Expenditure account for the year ended on that date, Report of the Regional Council and Auditors’ thereon.

2. To appoint Statutory Auditors to hold office from the conclusion of this Annual General Meeting until conclusion of the next Annual General Meeting and to fix their remuneration.

by order of the northern india Regional Council of iCsi

(Cs nitesh KumAR sinhA) Secretary

place: new Delhi Dated : 11th July, 2018

note(s):

1. The members are requested to send their queries on financial accounts and/or functioning of NIRC through email at [email protected] or by any other mode, atleast three days in advance, so that answers may be made available at the meeting.

2. Members are requested to update the changes in their address (es), e-mail IDs, contact details and other particulars at [email protected] for enabling NIRC to disseminate information about activities and programs.

3. In order to promote the Green Initiative, the ICSI vide its letter dated 21.10.2011 has directed all its Regional Councils to send the Annual Report to the members through electronic mode. Accordingly, NIRC is sending Annual Report for the year 2017-18 through e-mail. Members may also view/download Annual Report from the child portal of NIRC ICSI (www.icsi.edu/niro). Copies of the Annual Report will also be available at the venue of the AGM i.e. on 28th July, 2018.

4. Members interested to receive the printed version of Annual Report should send their request atleast 4 days prior to the date of the AGM. The printed version of the Annual Report shall be dispatched on receipt of such request.


RepoRt of the noRtheRn inDiA ReGionAl CounCilof

the institute of CompAnY seCRetARies of inDiA

Dear Members,

The Northern India Regional Council of The Institute of Company Secretaries of India is pleased to present its 37th (Thirty Seventh) Annual Report and Audited Annual Accounts for the year ended March 31, 2018:

finAnCiAl Results:The working results for the year under report are as under:

(Amount in Rs.)particulars 2017-18 2016-17Total Income 30,887,389 36,122,931Total Expenditure 24,716,187 29,822,083Excess of Income over Expenditure 6,171,202 6,300,848

stAtus of membeRship:The status of Members, Associate Members, Fellow Members and Members in practice from the Northern Region consisting of States of Himachal Pradesh, Jammu & Kashmir, Haryana, Punjab, Rajasthan, Uttarakhand, Uttar Pradesh, National Capital Territory of Delhi and Union Territory of Chandigarh are as follows:

particulars 2017-18(As on 31st march, 2018)

2016-17(As on 31st march, 2017)

Total number of members 17,944 16,622Associate Members 14883 13,648Fellow Members 3061 2,974members in practice 3759 3,308

stAtus of stuDents ReGistRAtion:The status of registered students for Foundation, Executive and Professional Course are as under:

Course(s) 2017-18(As on 31st march, 2018)

2016-17(As on 31st march, 2017)

Foundation Course 15,245 15,129Executive/Professional Program 85,407 1,07,410Total number of Registered Students 1,00,652 1,22,539

ACtiVities of the noRtheRn inDiA ReGionAl CounCil:Northern India Regional Council is one of the four Regional Councils which organizes professional development and continuing education programs for members, Oral Coaching Classes & Training and Development Programs for students.

The NIRC with a view to build the professional capacity of the members continued to organise


various professional development programs like Seminars, Workshops, State Conferences, Talks, Study Session Meetings, Meetings of Practising Company Secretaries and also other social programs such as family get together and new year eve celebration, etc.

The NIRC with a view to provide the best of the training and other facilities for the students arranged oral coaching, refresher courses, provided facilities of library and reading room and organized various training programs viz. Management Skill Orientation Programs etc.

Details of the programs & Competitions organised by the niRC for the year under report are given in Annexure ‘A’ to this report.In another shift from routine, NIRC-ICSI organized various social/cultural programs for members like participation in the Airtel Delhi Half Marathon, Capacity Building Conference for members & their families at Om Shanti Retreat Centre (ORC), Distt Gurgaon apart from organizing professional development programs. Members thoroughly enjoyed these events. It surely created a perfect bonding in the families of members and brought them together to make a large, strong & vibrant NIRC Family.

CAmpus plACement At niRC:Campus placements organized by NIRC-ICSI turned out to be a fruitful endeavour and were very well appreciated. More such Campus Placements are being planned out to provide ample opportunities for training & jobs to the students/newly admitted members. During the year, NIRC-ICSI organized the following campus placements for students & newly admitted members especially for MSOP participants for helping them in finding out the suitable job:

a) 5 Campus Placements were organized during the year for MSOP Participants including two Mega Placement Drives. Many companies /Company Secretaries in Practice participated in the campus placements to hire the fresher Company Secretaries. The very idea behind this hand- holding exercise was to motivate fresher’s at the starting stage of profession itself and boost up their confidence to next level.

b) 3 Campus Placements were organized for trainees in which many recruiters participated and lots of students got training from said initiative.

infRAstRuCtuRe At niRC AnD ChApteRs:For any organization to provide value added services and perform upto the expectations of various stakeholders, basic infrastructure is very essential.

With a view to extend the facilities of infrastructure available at NIRC, during the year we have made l-shape sitting arrangement for visitors outside the office of niRC in order to give them comfort while visiting NIRC office and also the existing library reading room at niRC has been extended by creating about 40 more seats for the students and the members.

hsiiDC, Govt. of haryana, has allotted a plot measuring 1567.5 sq.mt (opposite iiCA) in sector -2, imt manesar, Gurgaon for the office of the Gurgaon Chapter of niRC of iCsi. The Bhoomi Pujan and Foundation Stone Laying Ceremony has also been performed during the year. Soon the construction of the own building of Gurgaon chapter of NIRC-ICSI will start and will be used by the members, students and other stakeholders of the Institute at large.

Also during the year newly constructed building of udaipur Chapter of niRC-iCsi has been


inaugurated and is available for the use of members, students and other stakeholder of the Institute.

suppoRt to CompAnY seCRetARies beneVolent funD (Csbf)Membership of the Company Secretaries Benevolent Fund is a noble cause. It is corpus from which Institute provides immediate financial support to the family of the deceased members who are in dire need of financial help. In order to promote and strengthen the Company Secretaries Benevolent Fund, NIRC has taken the following initiatives during the year 2017-18:

a) Contributed Rs. 3,15,042/- to CSBF from the funds of NIRC.

b) Contributed Rs.55,000/- to CSBF from members and organisations

c) Appeal for becoming members of CSBF is regularly been made in NIRC-ICSI Newsletter, MSOPs and other professional development programs.

d) Put stall/counter of CSBF at all the Professional Development Programs.

e) Displayed CSBF banner at all the Professional Development Programs.

f ) Displayed the logo of CSBF at the backdrop of every seminar.

During the year, NIRC celebrated two dedicated CSBF week in which many Company Secretaries have become members of the CSBF during the year from NIRC.

Golden Jubilee Celebrations Friends, as you all are aware that on 4th October 2017 i.e the foundation day of the Institute, The Institute organized a mega event for Golden Jubilee yearlong celebrations at Vigyan Bhawan, New Delhi. The inauguration of the Golden Jubilee yearlong celebration was done by Shri Narendra Modi the Hon’ble Prime Minster of India. The programme was a huge success and was attended by about 1500 members. On the same day and time the Institute also organized various programmes on PAN India basis through its Regional Councils and Chapters. The programme at VigyanBhawan was webcasted at all the locations where programmes of the Regional Councils and Chapters were organised.

On this occasion, NIRC-ICSI also organized a grand event at Siri Fort Auditorium to commemorate the beginning of golden jubilee year. Shri Maheish Girri, Member of Parliament (LokSabha ) from East Delhi Constituency, was the Chief Guest on the occasion. On the auspicious occasion of Golden Jubilee celebrations, your NIRC remembered its glorious journey and expressed the gratitude towards the founding pillars of NIRC by felicitating the Past Chairmen and former Executive officers of NIRC.

foundation Day Celebration NIRC celebrated its 46th Foundation Day in July, 2017 by organising month long programmes. On the foundation day i.e. 31.07.2017, niRC organised a panel discussion by inviting all the past Chairmen of niRC on the theme niRC-Kal, Aaj or Kal. The deliberations during the panel discussion were of immense importance for improving the facilities at NIRC.

oRAl CoAChinG ClAsses (exemplary ot Classes through Creative & effective learning)The NIRC is regularly organising the oral coaching/refresher classes for the benefit of students at all stages i.e. Foundation, Executive and Professional Programs at very reasonable charges. Students


from across the northern states are coming to NIRC for taking the classes. In order to maintain the transparency and the quality of faculties, NIRC has constituted a panel of renowned academicians for selecting a pool of faculties for taking oral coaching classes at NIRC.

During the year, NIRC provided financial assistance for the students under Economically Weaker Section (EWS) scheme for bonafide registered students of ICSI, who intended to register for Oral tuitions classes (OTC) conducted by NIRC.

CoRpoRAte membeRship sChemeThe Corporate Membership Scheme of NIRC is becoming very popular day by day and is very well appreciated & accepted by the members. During the year under report, the response to this scheme was very encouraging. NIRC had organised number of high quality professional development programs.

During the year, your NIRC of the ICSI had introduced two new variants to the existing Corporate Membership Schemes of NIRC i.e.:

• Apart from regular programs being organized by the NIRC of the ICSI at New Delhi, we have covered all Chapters of NIRC of the ICSI under the said scheme and all programs organized by such Chapters were made available free of cost to members of this particular scheme. More than 16 Professional Development Programs organised by Chapters were supported through this scheme.

The total number of Corporate Members registered is as under:

Year(s) 2017-18 2016-17Number of Members 955 976

pCs ReGionAl ConfeRenCe During the year under report, NIRC-ICSI PCS Regional Conference (Host: Kanpur Chapter)

on the theme PCS - In New Era in Terms of Precision, Competence and Speed was organised which was inaugurated by Dr. R.C. Katiyar, Vice-chancellor, Chhatrapati Shivaji Maharaj University, Kanpur

iCsi-ConVoCAtionConvocation is a special occasion in the life of every member. It marks the culmination of a phase of learning. two convocations in the Northern Region were organized at New Delhi & Jaipur. It is worth mentioning here that it was the first time the ICSI Convocation of Northern Region has been organised outside Delhi i.e. at Jaipur. More than 2500 newly admitted members from Northern Region & their relatives participated in the event. It was a great encouraging experience for fresh members of the profession. The press & media also covered it elaborately. The smile on faces of all our newly inducted members & proud feeling on the faces of the parents was the biggest reward.

RenoVAteD eXtenDeD libRARY ReADinG RoomDuring the year, Inauguration of renovated extended Library Reading Room for students & L shape sitting arrangements especially made outside NIRC Office for visitors.

AWAReness pRoGRAms & bRAnD buiDinG


In order to give publicity about the profession in the print media/electronic media, press conferences were organized all over Northern Region during the year and also with the same objective, NIRC participated in the Airtel Delhi half marathon & got excellent coverage by print & electronic media.

NIRC came out with Annual Compliance Planner- 2018 which was given free of cost to Corporate Members of NIRC of the year 2017-18 and which is for quick reference for the members, as it covers various provisions and compliances w.r.t. to various laws.

NIRC has also organized Investor Awareness programs under the ageis of Ministry of Corporate Affairs for the benefit of public at large. All these programs were appreciated by the participants.

best ReGionAl CounCil AWARD foR the YeAR 2016 Northern India Regional Council (NIRC) was adjudged as the National Best Regional Council-2016. The award was presented in in 45th National Convention of the Company Secretaries organised at Thiruvananthapuram (Trivandrum)in the opening Plenary which was presented from the hands of Shri Pinayari Vijayan, Hon’ble Chief minister of Kerala on 22nd November, 2017.

CoRpoRAte soCiAl ResponsibilitYNIRC is concerned and committed to support the social cause. The NIRC has taken the following initiatives towards the same:

• organized blood donation camp

• Go Green initiatives-environment friendly measures:

In this direction NIRC has taken following new initiatives:

• Presentation of green plants for welcoming the guests/guest speakers

• Sending presentations and youtube link immediately after the program of the various Professional Development Programs uploaded on NIRO portal.

• Plantation of Sapling in ICSI- NIRC Building

• Switching off the lights during the lunch hours etc.

ReGionAl CounCil AnD eXeCutiVe Committee meetinGs:The Regional Council had Five (Five) meetings during the year on 30.5.2017, 16.9.2017, 11.12.2017, 18.12.2017(Adjourned) and 11.1.2018. During the year, 07 (Seven) Executive Committee Meetings were held on 5.4.2017, 12.6.2017, 12.9.2017, 6.12.2017, 30.1.2018, 7.2.2018 and 6.3.2018, the attendance of Regional Council Members in various meetings of Regional Council/executive Committee, 2017-18 is as under:


ReCoRD of AttenDAnCe of ReGionAl CounCil membeRs in VARious meetinGs of ReGionAl CounCil/eXeCutiVe Committee, 2017-18

name Regional Council meetings attended during the year out of the total 5 (five) meetings held

executive Committee meetings attended during the year out of

the total 07 (seven) meetings held

CS Pradeep Debnath 5 7CS Rajeev Bhambri 4 2CS Nitesh Kumar Sinha 5 6 CS Amit Gupta 5 *CS Avtaar Singh 4 *CS Deepak Arora 4 *CS Dhananjay Shukla 5 5CS Manish Aggarwal 5 *CS Manish Gupta 5 5CS Monika Kohli 5 *CS NPS Chawla 5 *CS Saurabh Kalia 5 *CS Rajiv Bajaj 5 *CS Ranjeet Kumar Pandey 5 *CS Satwinder Singh 4 *CS Shyam Agrawal 1 *CS Vineet K. Chaudhary 4 *CS Ravinder (Co-opted) 1 *

*Not members of Executive Committee

funCtionAl CommitteesniRC nominated the following Regional Council members as Chairmen of the various committees for the purpose of carrying out the functions entrusted to the Regional Council by the Institute, the details of which are as under:

s.no. Committee name Chairman/Chairperson

1 • Placement Committee• Oral Tuition & Library Committee

CS Pradeep Debnath

2 • MSOP Committee• Practising Company Secretaries Committee

CS Rajeev Bhambri

3 • Professional Development and Programs Coordination Committee • Training & Educational Facilities Committee • Co-Scholastic Activities Committee

CS Nitesh Kumar Sinha

4 • Information Technology Committee CS Amit Gupta5 • Career Awareness Committee CS Avtaar Singh6 • Young Members Empowerment Committee CS Deepak Arora7 • CS Benevolent Fund Committee CS Manish Aggarwal8 • Chapters Development Committee

• Zonal Master Class CommitteeCS Manish Gupta

9 • Public Relation Committee• Women’s Empowerment Committee

CS Monika Kohli

10 • Corporate Law Committee CS NPS Chawla11 • Research & Publication Committee CS Saurabh Kalia


stAnDinG CommitteesList of Standing Committees of NIRC for 2018

s.no. Committee name Chairman/Chairperson1 Executive Committee CS Pradeep Kumar Debnath2. Finance Committee CS Nitesh Kumar Sinha

Women empoWeRment initiAtiVes

• This year we had constituted the Women Empowerment Committee (“WEC”) with intent to empower and enhance capabilities our female Company Secretaries and to instil self confidence among our female Company Secretaries that they are already empowered and if they are determine, they can achieve epitome of success.

• Dedicated programs were organized specially for capacity building our female Company Secretaries.

• Your NIRC organised Two 15 days Crash Courses during the year exclusively for Female Members. These crash courses were organized particularly for those female members who had taken break from career due to family commitments or any other reason and with the intention to bring them into the main stream of the profession. The response from the female members was very encouraging and large number of female participants have participated in the same and also celebrated International Women’s Day Celebration on 8th March, 2018.

Your NIRC is very focused for working towards empowerment of the female members of the profession and to ensure the same is planning to organise more and more programmes for the same.

master Classes/Capsule Course on Various subjectsWith the focus to build the capacities of the members in the various new areas, during the year NIRC had organised 5 days capacity building session, 5days capsule course on IBC and 5 days Master classes on GST.

state/Regional Conferences/pCs Regional ConferenceWith a view to provide services to various stakeholders at their door steps, during the year NIRC had organised various State Conferences viz Haryana State Conference at Gurgaon, Punjab State Conference at Ludhiana, Rajasthan State Conference at Jaipur, Two Days Regional conference at Mussorie, U.P State Conference at Lucknow, PCS Regional Conference at Kanpur etc.

Workshop at niRCDuring the year NIRC organised workshops almost every month at NIRC Auditorium on the various relevant professional topics to do the capacity building of our members particularly young members at very affordable fees and all these programmes were attended by large number of members.

two Days Workshop on nCltWith the focus to build the capacities of the members in the art of advocacy, court crafting and appearance before the NCLT in various Corporate matters, NIRC had organised 2 days capacity building workshop at NIRC auditorium which was inaugurated by Hon’ble Justice Dilip Rao Deshmukh, Former Chairman, CLB and was addressed by many other learned speakers.


pCs help line/Cs-ConnectDuring the year 7 no. of PCS help line & CS Connect through Skype were organised by NIRC to address the queries of the members by the distinguished learned faculties. It received lot of encouraging response.

Visit to Chapters

Friends, we all are aware that ICSI is following three tier system of governance through its Chapters, Regional Councils and Central Council. This three tier system will become effective only when chapters will be empowered and motivated to become self -sustainable and all the facilities to members and students are provided at local level. With an objective of empowering, guiding and motivating the Chapters in their activities,i along with my Regional Council colleagues visited most of the Chapters for the purpose having interaction with members and also assessing the problems being faced by the chapters in providing services to the stakeholders and providing support to them. We have visited lucknow, noida, Karnal-panipat, sonepat, Agra, faridabad, Gurgaon, Dehradun, Jaipur, bikaner, meerut, modinagar, bhilwara, udaipur, Kanpur etc. The Chapters were encouraged for providing all the facilities to students as well as members. The meetings were fruitful with the kind of encouragement and response shown by the chapters.

new examination CentreDuring the year, on the recommendation of NIRC, one new examination centre was opened by the Institute at Moradabad. I am sure that the student residing in Moradabad or nearby areas will now be able to write their exams with utmost comfort.

Celebrations & eventsNIRC celebrated Republic Day, Holi Milan, Independence Day, Uday Diwas by Plantation of Saplings and Cultural Evening with great enthusiasm and also organized Diwali Pujan in ICSI-NIRC premises. Members thoroughly enjoyed these events. It surely created a perfect bonding in the families of the members and brought them together to make a large, strong & vibrant NIRC Family.

Cultural eveningThe Cultural Evening for members and their families, which was dedicated to Company Secretaries Benevolent Fund was organized for Members and their families followed by Dinner .the star attraction of the event was performance by bollywood singer shri tarun sagar and Artists of song & Drama Division, ministry of information and broadcasting. All present on the occasion enjoyed the mesmerizing performance of all the artists.

brand building &iso Certification 9001:2008In order to give publicity about the profession, NIRC participated in the Airtel Delhi half marathon & got excellent coverage by print & electronic media.

Friends, your Regional Council is the only Regional Council having the iso certification. This signifies the high quality & standards in various activities and programmes organised by the NIRC of the ICSI at all the times. The quality policy of NIRC is to enhance customer satisfaction through continual improvements in all processes including quality management system.


iCsi signature Awards & opening of new study CentresFriends, with a view to create visibility of the CS profession in the far flung areas, the Institute has signed agreements with various universities under ICSI Signature awards and also opened various new Study Centres in the Northern Region like Disha Bharti College, Saharanpur (U.P.), Core School Of Management, Roorkee, HIIT, College of Management, Chamoli to name a few.

Recommendation for opening of chaptersDuring the year NIRC recommended the opening of three new chapters of NIRC at Sikar, Rajasthan, Gorakhpur and Patiala for consideration by the Central Council of the Institute. I am sure with this initiative, members and students will be greatly benefitted.

safety of niRC building

During the year the entire building of NIRC has been covered by installing 16 additional CCtVs with DVR having 96 tb storage capacity and one year back up with a view to ensure more safety & security in the premises.

futuRe outlooK of the CounCil:The main area of work for Northern India Regional Council (NIRC) is building the capacities of members & the students. NIRC is focused & committed in its approach and is very regularly organizing various quality Professional Development Programs and training programs for members & students respectively and will continue to organize the same with full zeal & enthusiasm.

NIRC will plough back its surplus in taking various measures for building the capacities of members & students and in the development of infrastructure. Although the surplus of NIRC has declined due to a reduction in new student registrations, change in student training programs, NIRC has, inter-alia, planned the following actions to increase surplus and surpass earlier standards:• Intense focus on increasing the number of students in oral coaching classes.• Increase in the number of student enrolments by aggressively conducting career awareness

programmes.• By joining hands with various other associations for sponsoring and contributing to the activities

of NIRC.• Bringing out with NIRC publications. Your Council is ready to work breathlessly with full enthusiasm in the following spheres:• Securing recognitions for the members in various unexplored areas.• Carrying out extensive research and publication activities covering various economic spheres• Making representations to the Council in connection with matter of professional & business

interest and offering suggestions for raising the standard and status of the profession.• Developing Soft Skills apart from the academic knowledge of the members & the students.• Providing basic infrastructure in all the Chapters of the Northern Region• Organizing placement camps for the members & students of the institute.• The Regional Council will continue to organize more & more Research Paper competitions for its

members.• The Regional Council is committed to bring out more advanced and informative material similar

to the planner for the benefit of members etc.

A C K n o W l e D G e m e n t s


The Regional Council places on record its appreciation and sense of gratitude to the officers of the Central/State Governments and Bank/Financial Institutions, particularly the Ministry of Corporate Affairs, CLB, RBI, SEBI, NSE, BSE, DSE, Regional Director and Registrars of Companies in North India, CBEC, VAT, Services Tax Departments, Labour Commissioners, and all other government departments for their continued guidance/support patronage and participation in the professional development activities of the Regional Council during the year. We also express our sincere gratitude to the faculty members, speakers and sponsors of the various programs organized by the Regional Council during the year.

The Regional Council also places its gratitude to the President, Vice-President, Central Council Members, Past Presidents, Secretary and other officials of the ICSI, Past Chairmen of NIRC, the office bearers and members of the Managing Committee of the Chapters of the NIRC, the faculty members of the Oral Coaching Classes, PDPs, EDPs, Academic Programs and MSOPs, the members and students from the Northern Region who have immensely contributed for the success of NIRC activities.

The Regional Council also places on record its deep appreciation to the officials of NIRC at all levels for the contribution made by them for implementing the decisions of the Regional Council during the period under review.

For and on behalf of NIRC of the ICSI

Place : New Delhi (pRADeep DebnAth)Date : 11th July, 2018 Chairman


AnneXuRe ‘A’

pRoGRAms/meetinGs oRGAniseD bY niRC DuRinG 2017-18NIRC-ICSI organized the following major programs for the members during the year under Report:

Date program Chief Guest/speakers29.4.2017 Program on Goods &

Services Tax (GST)Chief Guest: Shri Arjun Ram Meghwal, Hon’ble Union Minister of State for Finance and Corporate Affairs

Guest of Honour: Mr. Gopal Krishna Agarwal, Council Member-ICSI (Government Nominee)

Presided by: CS (Dr.) Shyam Agrawal, President-ICSI

Key-note Speaker & Chairman of the Session: CS Upender Gupta, IRS, Commissioner (GST), Ministry of Finance

Guest Speakers: Mr. Ravneet Singh Khurana, IRS, Deputy Commissioner (GST), Ministry of Finance; Mr. N. Mathivanan, Principal Partner, Lakshmi Kumaran and Sridharan;Ms. Seema Redhu Arora, Vaish Associates and CS Srinivas Kotni, Founder & Managing Partner, LEXport

20.5.2017 Seminar on Opportunities and Prospects for CS under IBC

Chief Guest: Hon'ble Justice Shri S J Mukhopadhaya, Chairperson, National Company Law Appellate Tribunal (NCLAT);

Guest of Honour: Ms. Suman Saxena, Whole Time Member-Research and Regulation Wing, Insolvency and Bankruptcy Board of India;

Guest Speakers: CS Nesar Ahmad, Past President-ICSI; CS Satwinder Singh, Council Member-ICSI and CS Rajeev Goel, Advocate

17.6.2017 One day Seminar on Labour Laws : Self Regulation Regime

Chief Guest: Shri Nayab Singh Saini, Hon'ble Minister of Labour & Employment Department, Govt. of Haryana

Guest Speakers: Shri Anupam Malik, Additional Labour, Commissioner-Haryana; Shri M M Kaushal, Advocate; Shri Anil Bhat, Managing Partner, Lex & Craft; CS Ravi Chhabra, Managing Counsel, Ask Us Legal and Dr. Aditi Kaushal, Advocate

29.7.2017 Mega Program on “Capital Market of New India: The Reform Agenda for Inclusive Growth”

Chief Guest:Shri Prashant Saran, Former Whole Time Member, Securities and Exchange Board of India; Guest Speakers:CS Pavan Kumar Vijay;Shri Gaurav Kapoor,National Stock Exchange of India;CS S Sudhakar,Reliance Industries Limited, Mumbai


Date program Chief Guest/speakers31.8.2017 Seminar on the theme

“Contemporary Issues Under Insolvency & Bankruptcy Code (IBC)”

Guest Speakers: CS Pavan Kumar Vijay, Past President-ICSI; CS G P Madaan, Past Chairman-NIRC, CS Rajiv Bajaj, Council Member-ICSI, CS U K Chaudhary, Past President-ICSI and CA Ashish Makhija, Advocate

27.9.2017 One Day Seminar

On Foreign Exchange Management Act (FEMA)

Guest Speakers:CS Vinod Jain, Past Central Council Member – ICAI, CS Manvinder Singh, Partner, J Sagar Associates and CA Sunil Jain

28.10.2017 Seminar on Commercial Contracts: Negotiation, Drafting and Litigations

Guest Speakers: Shri Madhavan Srivatsan, Corporate Counsel, Gurgaon; CS Atul Mittal, Director, Deloitte Haskin & Sells; Shri Himanshu Bagai, Co-Founder; Bagai & Co.; and CS Vishal Garg, Group Legal Counsel, Ericsson India Pvt. Ltd.

25.11.2017 Seminar on Intellectual Property Rights - Practice and Process”

Guest Speakers: Dr. Shaleen Raizada, Managing Director & CEO

Sanshadow Consultants Pvt Ltd.; CS Ajay Garg, Founder, AGB Corplegal; Shri V P Dalmia, Partner, Vaish Associates and Shri R P Yadav, Advocate

30.12.2017 Seminar on The Companies (Amendment) Bill, 2017 & Condonation of Delay Scheme, 2018

Guest Speakers: CS Savithri Parekh, Sr Vice President - Legal & Secretarial, Pidilite Industries Ltd, Mumbai; CS S. Sudhakar, Vice-President (Corporate Secretarial), Reliance Industries Limited, Mumbai; Chairman of Panel Discussion: CS N K Jain, Corporate Advisor,(Past Council Member, Former Secretary & CEO,ICSI) Panelists: CS Ilam C Kamboj (Former AVP-Legal & Company Secretary, Hero MotoCorp Ltd.) Managing Partner, Kamboj Law Chambers; CS Ranjeet Pandey, Council Member, ICSI & Company Secretary in Practice

Session on Condonation of Delay Scheme, 2018: Distinguished Guest: Shri Rakesh Kumar Tiwari, Registrar of Companies, Delhi & Haryana and CS NPS Chawla (Past Chairman, NIRC-ICSI)

Associate Partner, Vaish Associates13.1.2018 Seminar on Rise and

Shine: Sky is the Limit”Presided by: CS (Dr.) Shyam Agrawal, President-ICSI;

Guest Speakers: Shri Arun Naik, Director, SAFIM; Shri Jitender V Joshi; Seminar Leader, Prasanna Trust; Rajyogini Brahma Kumari Asha Didi, Chief, Omshanti Retreat Centre; Dr. Roop Singh, Eminent Doctor & Motivational Speaker


Date program Chief Guest/speakers24.2.2018 One day Seminar

on Companies Act - Impact Analysis of Amendment(s)

Guest Speaker:CS Vinod Kothari, Partner, M/s Vinod Kothari & Co, Practising Company Secretaries, Kolkatta

PANEL DISCUSSION:

Moderator: CS N K Jain,

Corporate Advisor,(Past Council Member, Former Secretary & CEO,ICSI);

Panelists: CS Pavan Kumar Vijay, Past President-ICSI;

CS Rajiv Bajaj, Council Member-ICSI and CS Vineet K Chaudhary, Council Member-ICSI

24.3.2018 Seminar on IBC - becoming Industrial Blood Cells(INSOLVENCY AND BANKRUPTCY CODE, 2016) followed by South Zone Master Class

Chief Guest: Hon'ble Mr. Justice S. J. Mukhopadhay, Chairperson, NCLAT –Distinguished Guests: Shri Balvinder Singh, Hon’ble Member (Technical), NCLAT and Shri IAS Chemma, Hon’ble Member (Judicial), NCLAT;

Guest Speakers/Panellists:

CS S.P. Arora, Managing Director, Tourism Finance Corporation of India Ltd. (TFCI); CA Sajeve Deora, Registered Insolvency Professional & Director, Integrated Capital Services Limited (ICSL); Mr. Sanjeev Krishan, Leader, Transaction Services and Private Equity, PwC; CS Satwinder Singh, Partner, Vaish Associates & Council Member – ICSI; Mr. Anshul Jain, Partner, Luthra & Luthra; CS Shariq Malik, Vice President & Company Secretary, Assets Care & Reconstruction Enterprise Ltd (ACRE); Mr. Vipul Ganda, Advocate & Joint Secretary, NCLT & AT Bar Association and CS NPS Chawla, Associate Partner, Vaish Associates & Past Chairman – NIRC ICSI


tRAininG AnD DeVelopment pRoGRAms foR stuDents:The students of ICSI are backbone and future of the profession. The efficient and effective nurturing of each and every student is on high priority of your Regional Council. In order to achieve this objective, during the year, NIRC organized various qualitative training and other development programs for benefit of the students. The details of said programs are as under:

program number of programs organized

number of students

participated

Professional Development Programs (PDP) 24 1011

Executive Development Programs (EDP) 8 483

15 days Academic Programs:

2 days Induction 11 236

3 days e-Governance 9 216

5 days Skill Development 3 137

5 days Entrepreneurship Development 2 78

Management Skills Orientation Programs (MSOP) 17 795

MSOP is always a prime program of NIRC of ICSI. The MSOPs held at NIRC have always been appreciated by most of the professionals and is considered as one of the best MSOPs across India.

niRC-iCsi also organized the following programs for the students during the year under report:

• 15th All India Students Moot Court Competition - Regional Level• Mega Regional Students’ Conference on “Empower – Emerge – Excel” • 17th All India Company Law Quiz – Regional Level• 16th All India Elocution Competition– Regional Level• 17th All India Essay Writing Competition, 2017

buniyad, hunar and Debating society programs

During the year, NIRC organised Hunar programme for improving the skill set of the young members of the Institute.

During the year, NIRC also set up a Debating Society to organise Debate Competitions with a view to sharpen the debating & communication skills of the students and also for honing the leadership skills of the students. Two Northern Region Debate Competitions were successfully completed on the topics of Demonetization & GST. The main intention behind organizing this debate competition was to hone the communication as well as arguemental skills of the members and students. The participants of the competition enjoyed the event thoroughly. NIRC also started Buniyad, a step towards enhancing the skills of the students which is aimed to develop strong foundation amongst students of Company Secretaryship course, so that they get a head start and that extra edge and confidence to succeed in this cut- throat competitive environment.


inDepenDent AuDitoRs’ RepoRtmittAl & mittAl AssoCiAtes

CHARTERED ACCOUNTANTSFirm Regn No. 014511N

to the members of niRC of the iCsi Report on the financial statements:

We have audited the standalone financial statements of noRtheRn inDiA ReGionAl CounCil of the institute of CompAnY seCRetARies of inDiA, New Delhi which comprise the Balance Sheet as at 31st March 2018 and the statement of Income and Expenditure, Cash Flow and a summary of the significant accounting policies and other explanatory information.

management’s Responsibility for the financial statements:The NIRC of the ICSI are responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of NIRC of the ICSI in accordance with the accounting principles generally accepted in India and formulated by the ICSI. This responsibility also includes maintenance of adequate accounting records in accordance with the applicable provisions for safeguarding the assets of the NIRC of the ICSI and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud & error.

Auditor’s Responsibility:Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement(s). An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of the financial statements and the report of Internal Auditor. Based on above, we believe that our audit provides a reasonable basis of our opinion.

We conducted our audit in accordance with the Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers


internal financial control relevant to the NIRC of the ICSI preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the NIRC of the ICSI, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

2. Further, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit subject to:-

b) In our opinion, proper books of accounts as required by law & ICSI have been kept by the ‘Regional Council’ so far as it appears from our examination of books & records.

c) The Balance Sheet and the Income and Expenditure Account are in agreement with the books of accounts presented before us.

d) In our opinion Income and Expenditure Account and Balance Sheet comply with the accounting guidelines, as adopted by the Institute.

opinion:In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Income and Expenditure Account read together with the Schedule & Notes thereon give a true and fair view.

1. In so far as it relates to the Balance Sheet of the State of Affairs of the ‘NIRC of the ICSI’ as at 31st March, 2018 and

2. In so far as it relates to the Income & Expenditure account of the Excess of Income over the Expenditure of the ‘NIRC of the ICSI’ for the year ended on that date.

3. In so far as it relates to the Cash Flow Statement of Cash Flow of the ‘NIRC of the ICSI’ for the year ended on that date.

for mittAl & mittAl AssoCiAtesChARteReD ACCountAnts

firm Regn no. 014511n

sd/-(CA. muKesh mittAl)

membership no: 092534partner

place: new Delhi Date: 30th may, 2018


niRC of the iCsibAlAnCe sheet As At 31st mARCh, 2018

(Amount in Rs.) pARtiCulARs note no. As at

31st march 2018As at

31st march 2017 i. souRCes AnD liAbilities (1) Reserves & surplus (a) Reserve & Surplus 1 117,977,547 112,205,387 (b) Earmarked Funds 2 -

sub-totAl (1) 117,977,547 112,205,387 (2) non- Current liabilities (a) Long Term Borrowings - - (b) Long Term Liabilities - - (c) Long Term Provisions - -

sub-totAl (2) - - (3) Current liabilities (a) Short Term Borrowings - - (b) Sundry Creditors 3 4,518,355 4,595,400 (c) Other Current Liabilities 4 9,655,254 7,843,356 (d ) Short term Provisions 5 257,102 172,250

sub-totAl (3) 14,430,711 12,611,006 totAl (1+2+3) 132,408,258 124,816,393

ii. Assets (1) non-current Assets (a) fixed Assets 6 (i) Tangible Assets 10,006,619 10,137,223 (ii) Intangible Asssets 63,475 21,333

10,070,094 10,158,556 (b) non-current investments 7 52,259,879 58,435,624 (c ) long term loan and Advances - - (d) other non-Current Assets - -

sub-totAl (1) 62,329,973 68,594,180 (i) NIRC Contribution to HQ Building 22,469,247 22,469,247 (ii) NIRC Contribution to Bhilwara Chapter Building 2,000,000 2,000,000 (iii) Udaipur Chapter-Land 157,500 157,500 (iv) Faridabad Chapter - Building 1,163,292 1,163,292 (v) Gurgaon Chapter - Contribution for Land 5,043,432 -

sub total (2) 30,833,471 25,790,039 (2) Current Assets (a) Current Investments 8 15,070,123 19,321,547 (b) Inventories 9 39,612 17,920 (c ) Sundry Debtors 10 - - (d) Cash and Cash Equivalents 11 12,003,688 2,746,790 (e) Short terms Loans and Advances 12 488,532 147,969 (f ) Other current Assets 13 11,642,859 8,197,948

sub-totAl (3) 39,244,814 30,432,174 totAl (1) + (2) + (3) 132,408,258 124,816,393

ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS 20 notes referred to above form an integral part of the balance sheet.As per our report of even date. For and on Behalf of Regional Council

For Mittal & Mittal & AssociatesChartered Accountants FRN : 014511N

sd/-CA (Dr.) mukesh Jinara Regional Director

sd/-Cs Alka AroraRegional Director

sd/-Cs pradeep K. DebnathChairman

sd/-CA mukesh mittal(Partner)Membership No. 092534

Place: New Delhi Date : 30th May, 2018

sd/-Cs Rajeev bhambri Vice Chairman

sd/-Cs nitesh sinhaSecretary


niRC of the iCsiinCome & eXpenDituRe ACCount

foR the YeAR enDeD 31st mARCh 2018

(Amount in Rs. ) pARtiCulARs note no. for the year ended

31st march 2018 31st march 2017 inCome income from Activities 14 23,284,471 28,947,716 interest on investments 6,044,141 6,469,829 other income 15 1,558,777 705,386

totAl inCome 30,887,389 36,122,931 eXpenDituRe employee benefit expense 16 484,435 362,500 oral education expense 1,692,020 2,840,185 travelling and Conveyance expense 17 85,604 54,636 programmes / seminars expense 18 13,835,113 17,769,543 Career Awareness and promotion expense 11,927 21,759 Depreciation & Amortization 1,416,706 1,448,049 other expenses 19 7,190,382 7,325,411

totAl eXpenDituRe 24,716,187 29,822,083 surplus before extraordinary & exceptional items

6,171,202 6,300,848

Add / less : extra ordinary items - - Add / less : exceptional items - - surplus on Disposal of Assets - - loss on sale /Disposal /write-off of Assets - - prior period expenses (net) - - surplus after extra ordinary & exceptional items

6,171,202 6,300,848

Appropriation to funds / Reserves : - - totAl AppRopRiAtions - -

balance transferred to General Reserve 6,171,202 6,300,848 totAl 6,171,202 6,300,848

ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS

20

notes referred to above form an integral part of the income & expenditure A/c.

As per our report of even date. For and on Behalf of Regional Council










niRC of the iCsiCAsh floW stAtement

foR the YeAR enDeD 31 mARCh, 2018 (As peR As 3 ReViseD)

Amount in Rs.particulars 2017-18 2016-17A. Cash flow from operating ActivitiesSurplus as per Income & expenditure account before allocations

6,171,202 6,300,848

Add:- Depreciation 1,416,707 7,587,909 1,448,049 7,748,897Cash Flow form operation after non- cash expenses Adjustments

7,587,909 7,748,897

less:- interest on investments -6,044,141 -6,044,141 -6,469,829 -6,469,8291,543,768 1,279,068

Adjustment for working capital Changesincrease / decrease in current Assets and Current liabilitiesDecrease/(Increase) in inventories -21,692 -49Decrease/(Increase) in Sundry Debtors 0 286,079Decrease/(Increase) in Loan and advances & other current Assets

-3,785,475 5,365,164

Increase /Decrease/Sale of Bonds / FDRs (Current Assets)

4,251,424 32,164,841

Decrease/ Increase in Current Liabilities 1,819,705 2,263,962 -2,250,141 35,565,894net Cash generated from operating Activities [A]

3,807,730 36,844,962

b. Cash flow from investing ActivitiesIncrease/Sale of Bonds/FDRs (Non -Current Investments)

6,175,745 -42,228,731

Purchase of Fixed Assets -1,328,244 -229,001Interest on investments/Fixed Deposits 6,044,141 6,469,829Payment to Chapter for Building/ Faridabad /Bhilwara/Gurgaon

-5,043,432 -

net Cash used in investing Activities [b] 5,848,210 -35,987,903C. Cash flow from financing ActivitiesIncrease in General Reserve - Refer Note 1 of B/ Sheet

-399,042 -399,042 -1,053,200 -1,053,200

net Cash Generated from financing Activities [C]

-399,042 -1,053,200

net increase in Cash & Cash equivalents [A+b+C]

9,256,898 -196,141

Cash and Cash equivalent at the beginning of the year

2,746,790 2,942,931

Cash and Cash equivalent at the end of the year

12,003,688 2,746,790

note: 1. the above cash flow statement has been derived using the indirect method prescribed in As 32. increase or decrease in reserve is a per GuidelinesAs per our report of even date. For and on Behalf of Regional Council










note - 1 ReseRVes & suRplus

(Amount in Rs. ) pARtiCulARs As at


31st march 2017 (1) GeneRAl ReseRVe As per last Balance Sheet 89,683,195 84,435,547 Add : (i) Donations - - (ii) Transfer from any Specific /Other Reserve - - (iii) Additions during the year (mention specific source) - - less : (i) Transfer to Specific / Other Reserves - - (ii) Utilisation (mention specific purpose/nature) - - (iii) Amount Transferred to Company Secretaries Benevolent Fund -399,042 -1,053,200 Add: SURPLUS (Excess of Income over Expenditure transferred from I&E A/c)

6,171,202 6,300,848

sub-total (1) : 95,455,355 89,683,195 (2) otheR thAn GeneRAl ReseRVes, if AnY (2A) builDinG ReseRVe As per last Balance Sheet 22,469,247 22,469,247 Add : Interest - - Add : Donations - - Add : Transfer from Reserves - - Add : Transfer from I&E Account - - Less : Utilisation / transfer (mention specific purpose/nature)

sub-total (2A) : 22,469,247 22,469,247 (2b) libRARY ReseRVe As per last Balance Sheet Add : Interest - - Add : Donations - - Add : Transfer from Reserves - - Less : Utilisation / transfer (mention specific purpose/nature) - -

sub-total (2b) : - - (2C) infRAstRuCtuRe ReseRVe As per last Balance Sheet Add : Interest - - Add : Donations - - Add : Transfer from Reserves - - Add : Transfer from I&E Account - - Less : Utilisation / transfer (mention specific purpose/nature) - -

sub-total (2C) : - - (2D) otheR ReseRVe As per last Balance Sheet 52,945 52,945


(Amount in Rs. ) pARtiCulARs As at


31st march 2017 Add : Interest - - Add : Transfer from Reserves - - Add : Transfer from I&E Account - - Less : Utilisation / transfer (mention specific purpose/nature) - -

sub-total (2D) : 52,945 52,945 totAl (2) : 22,522,192 22,522,192

(3) ContRibution to /fRom toWARDs lAnD & blDG / otheR Assets Add : Contribution (liabilities) - - less : Contribution (Assets) - -

totAl (3) : - - total : (1)+(2) +(3) : 117,977,547 112,205,387

note - 2 eARmARKeD funD

(Amount in Rs. ) pARtiCulARs infRAstRuCtuRe

funDenDoWment foR

pRiZe AWARD funDtotAl Amount

2017-18 2016-17 2017-18 2016-17 2017-18 2016-17 As per last Balance Sheet - - - - - - Add: Contribution during the year - - - - - - Add: Transfer from Gen Reserve - - - - - - Add: Receipts during the year - - - - - - Add: Interest allocation - - - - - -

Sub-Total : - - - - - - Less: Transfer to GR on utilisation - - - - - - Less: Utilised during the year - - - - - - balance as at the close of the year

- - - - - -

note - 3 sunDRY CReDitoRs

(Amount in Rs.) pARtiCulARs As at


31st march 2017 Sundry Creditors -Payable for services from Professionals/Faculty 543,011 1,134,500 -Payable for services from vendors 2,136,706 2,319,870 -Payable to ICSI 94,198 - -Investor EPF payable to MCA 1,710,486 926,078 -Payable to Staff 33,954 - total : 4,518,355 4,380,448


note - 4 otheR CuRRent liAbilities



31st march 2017 other Current liabilities (i) Fee received in advance from Members 2,808,737 1,543,409 (ii) Fee received in advance from Students 5,538,850 5,336,650 (iii) Security Deposits 1,107,586 963,297 (iv) Other Current Liabilities - TDS 194,960 214,952 - Others 5,121 - total : 9,655,254 8,058,308

note - 5 shoRt teRm pRoVisions

(Amount in Rs.) pARtiCulARs As at 31st march

2018As at 31st march

2017 (i) Expense Payable 257,102 172,250 total : 257,102 172,250

note - 6 fiXeD Assets

Rate of Deprecia-

tion

Gross block Depreciation / impairment net blockCost as on

1.4.2017Additions Adjust-

ment/transfer/

sale

total cost as on

31.3.2018

total as on

1.4.2017

for the Year

Adjust-ment/

transfer/sale

total as on

31.3.2018

as on 31.3.2018

as on 31.3.2017

(i) tangible Assets Furniture & Fixtures 10% 9,895,219 270,000 10,165,219 2,732,677 720,946 3,453,623 6,711,596 7,162,542 Computer Peripherals 40% 1,624,946 1,624,946 1,377,308 99,055 1,476,363 148,583 247,638 Cooling Equipment 15% 2,275,784 2,275,784 907,086 205,305 1,112,391 1,163,393 1,368,698 Electrical Equipment 15% 2,283,183 2,283,183 1,281,975 150,181 1,432,156 851,027 1,001,208 Office Machines and Communication Equipment

15% 686,157 686,157 336,788 52,405 389,193 296,964 349,369

Other Equipment (CCTV) 15% 35,744 838,940 874,684 27,976 11,652 39,628 835,056 7,768 Library Books 100% 677,577 140,091 817,668 677,577 140,091 817,668 - - Vehicles 20% - - - - - -

Current Year total (i) 17,478,610 1,249,031 - 18,727,641 7,341,387 1,379,635 - 8,721,022 10,006,619 10,137,223 previous Year total (i) 17,281,609 197,001 - 17,478,610 5,904,005 1,437,382 - 7,341,387 10,137,223 11,377,604 (ii) intangible Assets

ERP Software 33.33% 32,000 79,213 111,213 10,667 37,071 47,738 63,475 21,333 Current Year Total (ii) 32,000 79,213 - 111,213 10,667 37,071 - 47,738 63,475 21,333 Previous Year Total (ii) - 32,000 - 32,000 - 10,667 - 10,667 21,333 - Current Year Total (i+ii) 17,510,610 1,328,244 - 18,838,854 7,352,054 1,416,706 - 8,768,760 10,070,094 10,158,556 Previous Year Total (i+ii) 17,281,609 229,001 - 17,510,610 5,904,005 1,448,049 - 7,352,054 10,158,556 -


note - 7 non CuRRent inVestments

pARtiCulARs As on 01.04.2017

ADDitions Deletions As on31.03.2018

i inVestment in GoVt. seCuRities Govt. of india saving bonds - 01.12.2022 7,705,000 - - 7,705,000 08.11.2022 2,312,000 - - 2,312,000 12.09.2022 5,712,000 - - 5,712,000 12.11.2022 7,511,000 - - 7,511,000 18.06.2022 1,850,000 - - 1,850,000 30.08.2022 5,000,000 - - 5,000,000

sub-totAl(i) : 30,090,000 - - 30,090,000 ii inVestment in DebentuRes / bonDs sub-totAl(ii) : - - - - iii inVestmnet in mutuAl funDs sub-totAl(iii) : - - - - iV otheR non-CuRRent inVestments(A) Fixed Deposits in Banks

Fixed Deposit in Canara Bank-East Patel Nagar05.09.2018 9,019,062 - - 9,019,062 05.09.2018 9,663,281 - - 9,663,281 05.09.2018 9,663,281 - 9,663,281 - Fixed Deposit in Canara Bank-Lodhi Road26.04.2019 - 1,162,512 - 1,162,512 26.04.2019 - 1,162,512 - 1,162,512 26.04.2019 - 1,162,512 - 1,162,512

sub-totAl (iV-A) : 28,345,624 3,487,536 9,663,281 22,169,879 (b) Fixed Deposits with institutions other than

Banks

sub-totAl (iV-b) : - - - - (C) OTHERS (Specify nature) SUB-TOTAL (IV-C) : - - - - totAl iV : 28,345,624 3,487,536 9,663,281 22,169,879 totAl (i+ii+iii+iV) : 58,435,624 3,487,536 9,663,281 52,259,879


note - 8 CuRRent inVestments

pARtiCulARs As on 01.04.2017

ADDitions Deletions As on31.03.2018

i inVestmnet in GoVt. seCuRities SUB-TOTAL(I) : - - - -

ii inVestment in DebentuRes / bonDs SUB-TOTAL(II) : - - - -

iii inVestmnet in mutuAl funDs SUB-TOTAL(III) : - - - -

iV otheR CuRRent inVestments(A) Fixed Deposits in Banks

Fixed Deposit in Syndicate Bank-East Patel Nagar30.12.2017 12,000 - 12,000 - 31.12.2017 3,000 - 3,000 - Fixed Deposit in Canara Bank - Lodi Road18.10.2017 1,037,218 - 1,037,218 - 18.10.2017 1,037,218 - 1,037,218 - 18.10.2017 1,037,218 - 1,037,218 - Fixed Deposit in Canara Bank-East Patel Nagar Branch19.04.2017 2,790,918 - 2,790,918 - 04.05.2017 6,078,615 - 6,078,615 - 17.05.2017 1,696,877 - 1,696,877 - 08.06.2017 3,371,483 - 3,371,483 - 12.06.2017 2,257,000 - 2,257,000 - 15.12.2018 - 3,789,128 - 3,789,128 19.12.2018 - 2,536,376 - 2,536,376 10.11.2018 - 6,836,649 - 6,836,649 23.11.2018 - 1,907,970 - 1,907,970

SUB-TOTAL (IV-A) : 19,321,547 15,070,123 19,321,547 15,070,123 (b) Fixed Deposits with institutions other

than Banks SUB-TOTAL (IV-B) : - - - - (C) OTHERS (Specify nature)

SUB-TOTAL (IV-C) : - - - - TOTAL IV : 19,321,547 15,070,123 19,321,547 15,070,123 TOTAL (I+II+III+IV) : 19,321,547 15,070,123 19,321,547 15,070,123

note - 9 inVentoRies

pARtiCulARs As at 31st march 2018

As at 31st march 2017

Consumables, Stores & Others (RO / Chap own) 39,612 17,920 total : 39,612 17,920


note - 10 sunDRY DebtoRs



31st march 2017 sundry Debtors outstanding for more than six months SUB-TOTAL (a) - - others sundry Debtors Less : Provision for Bad and Doubtful advance - - SUB-TOTAL (b) - - total : - -

note - 11 CAsh AnD CAsh eQuiVAlents



31st march 2017 pARtiCulARs Balances with Bank (Including linked term deposits) 11,985,783 2,744,684 Cash in hand 17,905 2,106 total : 12,003,688 2,746,790

note - 12 shoRt teRm loAns AnD ADVAnCes



31st march 2017 SHORT TERM LOANS AND ADVANCES Secured, considered good - Service Tax Input - 147,969 - GST Credit 488,532 total : 488,532 147,969

note - 13 otheR CuRRent Assets



31st march 2017otheR CuRRent Assets Accrued Interest on Current Investments 2,257,817 2,104,081 Accrued Interest on Non-Current Investments 3,880,077 1,293,608 Recoverable from Parties / Vendors - 10,342 Internal-HQ 5,340,225 4,581,525 Internal-Chapters 164,740 208,392

total : 11,642,859 8,197,948


note - 14 inCome fRom ACtiVities

(Amount in Rs.) pARtiCulARs for the year ended

31st march 2018 31st march 2017 income from students Oral Education Fee 5,153,000 5,799,565 Other Fees : Library Annual Subscription 423,375 5,576,375 230,850 6,030,415

programmes / seminars From Members - Corporate Membership Fees/Sponsorship 8,992,757 9,125,486 - Programme Fee receipts during the year 1,600,789 10,593,546 2,094,832 11,220,318 From Students - Students Training Programmes 7,114,550 11,395,171 - Others - 7,114,550 301,812 11,696,983 total : 23,284,471 28,947,716

note - 15 otheR inCome


31st march 2018 31st march 2017 Investor Awarness Programmes 715,592 646,836 Grants/Incentive received from Headquarters 771,140 - Discount on sale of publication 7,259 8,461 Best regional Council Award 50,000 50,000 Miscellaneous 14,786 89 total : 1,558,777 705,386

note - 16 emploYee benefit eXpense


31st march 2018 31st march 2017 Staff Welfare a) Staff welfare Expenses 484,435 362,500 totAl 484,435 362,500

note - 17 tRAVellinG AnD ConVeYAnCe eXpense


31st march 2018 31st march 2017 Conveyance Expenses 85,604 54,636 totAl 85,604 54,636


note - 18 pRoGRAmmes / seminAR eXpenses


31st march 2018 31st march 2017 Programmes / Seminars of Members a) Seminars 6,955,145 8,940,599 b) Other Programmes 1,664,624 8,619,769 2,550,256 11,490,855

Programmes / Seminars of Students a) Students Training Programmes 5,049,716 6,173,286 b) Other Programmes 165,628 5,215,344 105,402 6,278,688 totAl 13,835,113 17,769,543

note - 19 otheR eXpenses

(Amount in Rs.)pARtiCulARs for the year ended

31st march 2018 31st march 2017Stationery 273,093 244,967 Newsletter 706,429 1,435,632 Electricity and Water 2,633,735 2,126,249 Communication Expense - Telephone / Fax 153,676 175,499 - Courier / Postage 15,242 14,434 Repairs and Maintenance 110,659 242,789 Office Expenses 1,923,691 1,793,439 Newspapers and Periodicals 25,101 7,825 Meeting expenses 387,902 364,417 Bank Charges 7,277 13,806 Student Scholarship and Awards - 8,517 Auditors Remuneration - Statutory Audit Fees 60,000 60,000 - Internal Audit Fees 96,000 83,000 - Compliance Audit Fees 60,000 72,705 - ISO Audit Fees 14,000 16,100 - Out of Pocket Expenses 7,985 16,500 Investor Awareness Programmes 715,592 649,532 totAl 7,190,382 7,325,411


note - 20

ACCountinG poliCies AnD notes to ACCounts

(A) ACCountinG poliCies

1. basis of preparation of financial statements

The Financial Statements are drawn up on historical cost basis and have been prepared in accordance with applicable Accounting Standards issued by the Institute of Chartered Accountants of India and are on accrual basis unless otherwise stated.

2. uses of estimates

The preparation of Financial Statements requires some estimates which affect the reported amounts of assets and liabilities on the date of Financial Statements and the reported amount of revenues and expenses during the year. Difference between the actual result and estimates are recognized in the period in which results are known/ materialized.

3. Revenue Recognition

a. Fees received from Members are accounted for on cash basis. However, fees received in advance are carried over as a liability.

b. Fees from students and interest on Flexi / SB Account are accounted for on cash basis unless otherwise stated

c. Income from Investments

i) Dividend on investments is recognized on receipt basis.

ii) Income on interest-bearing securities and fixed deposits is recognized on a time proportion basis taking into account the amount outstanding and the rates applicable.

d. Receipt of money for specific sponsored Programs is recognized on a systematic basis in the Income & Expenditure Account over the periods necessary to match them with the related costs which they are intended to compensate. Unspent balance of such receipts, if any, is carried to next year.

4. investments

a. Long term Investments are carried at cost and diminution in value, other than temporary, is provided for.

b. Current investments are carried at lower of cost or fair value.

c. Investment has been classified as current investments if they are maturing within one year of the date of balance sheet and non-current investments if they are maturing later than one year of the date of balance sheet.

5. fixed Assets / Depreciation and Amortization

a. ICSI-NIRC Building is capitalized in the books of HQ-ICSI. The contribution being 60% of the Building Cost made by NIRC is shown as “Contribution to ICSI-NIRC Building” in assets side and corresponding amount is shown as “Building Reserve” in the Liability side. Apart from 60% of the Building cost, an amount of Rs. 1,70,49,731/- incurred by NIRC after capitalizing on renovation of ICSI-NIRC Building has been transferred and shown as per above arrangements. Therefore, the


total contribution of NIRC is arrived to Rs. 2,24,69,247.

b. Part / Full funding of assets by HQ-ICSI is shown under “ICSI Fixed Assets – Reserve” in the liability side and corresponding entry is shown under “Fixed Assets” in the Assets side.

c. Fixed Assets excluding Land are stated at historical cost less depreciation.

d. Freehold land is stated at cost. Leasehold land is stated at the amount of premium paid for acquiring the lease rights. The premium paid on leasehold land is amortized over the period of lease.

e. Depreciation is provided on the Written Down Value method at the following rates as approved by the Council, based on the useful life of the respective assets :

item %Buildings 5Furniture and Fixtures 10Lifts/Air Conditioners/Other Equipments 15Vehicles 20Computers / Mobile Phones 40Library Books 100

d. Depreciation on additions to Fixed assets is provided on pro-rata basis. No depreciation is charged in the year of sale.

e. Fixed Assets costing ` 5,000 or less are fully depreciated.

f. Intangible Assets (Software) are amortized equally over a period of three years.

6. impairment of Assets

The carrying amounts of assets are reviewed at each Balance Sheet date if there is an indication of impairment based on internal / external factors. The impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is higher of asset’s net selling price or value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value at the weighted cost of capital. However there is no impairment during the year.

7. inventories

Inventories of Consumables, Publications, Study Materials, etc. are valued at lower of cost or net realizable value. The cost is determined on FIFO basis.

8. foreign Currency transactions

a. Foreign currency transactions are recorded on initial recognition in the reporting currency by applying to the foreign currency amount at the exchange rate prevailing as on the date of transactions.

b. All incomes and expenses are translated at average rate. All monetary assets / liabilities are translated at the yearend rates whereas non-monetary assets are carried at the rate on the date of transaction.

c. All incomes or expenses on account of exchange rate difference are recognized in the Income and


Expenditure Account.

9. employee benefits

The salary and other employee’s related expenses / benefits are borne and booked at the HQ-ICSI.

10. provisions

A provision is recognized when an enterprise has a present obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

11. old outstanding amounts under the heads of ‘earnest money Deposits, Retention money, security Deposits and stale Cheques’

Earnest Money Deposits, Retention Money, Security Deposits and Stale Cheques remaining unpaid for more than three years after the due date for payment, wherever applicable, is treated as income.

(b) notes to ACCounts

1. Contingent Liability

a. There is demand of Rs. 11,050/- appearing on the website of TRACES for TDS Returns pertaining to Qtr. II and Qtr. III of F.Y 2017-18 due to short deduction of TDS and wrong submission of PAN by NIRC Chapters (31). The Regional Office is in process of rectify those errors.

2. The balances of HO, Various Chapters and Creditors are subject to confirmation.

3. As per Oral Coaching Guidelines of the Institute and requirement under AS-18, financial transactions occurred during the year between the Regional Office and employees or office bearers of Managing Committee / Regional Council or they relative / partners etc. is to be disclosed. Accordingly there was no payment made during the year under report.

4. The Performa for the presentation of the Financial Statements have been prescribed by HO. As such the previous year figures have been regrouped / rearrange wherever necessary. Thus the same are not comparable to the earlier published results.

5. TDS return for Q4 of FY 2017-18 is yet to be filed as the due date of filing is May 31, 2018.

As per our report of even date. For and on Behalf of Regional Council










38 | ANNUAL REPORT 2016-17

The Northern India Regional Council (NIRC) is one of the Four Regional Councils of the Institute of Company Secretaries of India (ICSI). It assumes importance as it is based in the capital of the Country where ICSI also has its Headquarters. The NIRC-ICSI represents the States of Himachal Pradesh, Jammu & Kashmir, Haryana, Punjab, Rajasthan, Uttrakhand, Uttar Pradesh, National Capital Territory of Delhi and Union Territory of Chandigarh. Having 31 Chapters situated at Agra, Ajmer, Allahabad, Alwar, Amritsar, Bareilly, Bhilwara, Bikaner, Chandigarh, Dehradun, Faridabad, Ghaziabad, Gurgaon, Jaipur, Jalandhar, Jammu, Jodhpur, Kanpur, Karnal-Panipat, Kota, Lucknow, Ludhiana, Meerut, Modinagar, Noida, Shimla, Sonepat, Srinagar, Udaipur, Varanasi and Yamuna Nagar having more than 18,000 members on the rolls and 1,20,000 students spread over different parts of the Region. The functions of NIRC-ICSI are as under:

• Arranges and provides oral coaching and training enabling students to qualify as Company Secretaries.

• Has the facility of library and reading rooms for the use of the members and registered students.

• Recommends books useful for candidates intending to appear for Foundation, Executive and Professional Examinations of the Institute.

• Awards prizes to students securing the highest marks in the Region in various Examinations conducted by the Institute.

• Explores training facilities for the students and assists in securing suitable employment for qualified Company Secretaries.

• Makes representations to the ICSI in connection with matters of professional interest and offers suggestions for raising the standard and status of the profession.

• Organizes Study Sessions for the benefit of registered students and members within the Region.

• Brings out Monthly Newsletter and Publications for the benefit of Members.

• Provides facilities for contact amongst members and registered students of the Institute in the Northern Region by meetings, arrangements of talks and lectures and for acquiring and dissemination of useful information in connection with the profession of Company Secretaries.

• Organises workshop studies, symposia, talks, seminars and other meetings on topics of current interest to Company Secretaries.

• Convening Regional Conference/State Conferences for members & Practicing Company Secretaries annually in different parts of the Region.

• Recommends formation of Chapters in areas of importance in the Region where sufficient members and registered students are available and evince interest in such formation.

• Carries out research work on topics suggested by the ICSI.

Glimpses

Glimpses

Documents

AnnuAl RepoRt 2017-18 - ICSI Report of NIRC... · 2018-07-12 · AnnuAl RepoRt 2017-18 | 7 notiCe of AnnuAl GeneRAl meetinG Notice is hereby given that the 37th Annual General Meeting