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Corporate SecretaryCorporate SecretaryMonthly Journal-Vol.: VI Issue No. 08 Re. 1/- , 2008 August
For Private Circulation Only
Cha
irman
’s P
age
Chapter Office : 6-3-609/5, Anand Nagar, Khairatabad, Hyderabad - 500 004. Ph.: 23399541, 23396494, Fax : 23325458 E-mail : [email protected], Website : www.icsi.edu, Working Days & Hours:Monday-Saturday 10.00 a.m. to 5.45 p.m.
Greetings to you on the eve of 34th
foundation day of our Hyderabad
Chapter of ICSI as wel l as
Independence day of our country.
Almighty has given three great boons to
all the mankind without any
distinction of cast colour, creed or race.
The first is At the end of the day's
hard work one will look to relax the
body and mind and during that short
time he or she will relax from all the
physical and mental exercises that have
been undergone during the day. The
second is this will heal the
wounds that are caused by fate or out of
own mistakes made during the passage
of time and in the absence of
forgetfulness life will be miserable.
The third and most important is hope
sleep
forgetfulness
Dear Professional Colleagues,
hope on future - that tomorrow would
certainly be better and happier than
today. I am sure that you would certainly
agree with me that these three are being
experienced by all of us in one way of the
other. At thirty four years of life(of the
chapter) it is necessary to look back to
overcome the difficulties and march
ahead with more determination and
commitment.
At the outset let me congratulate all those
members who have voluntari ly
participated in Career Awareness week
held during 14-20th of July, 2008 which
has been marked well Hyderabad
Chapter is organizing the first week-end
SMTP to the final passed students who
for various reasons could not complete
the regular SMTP and become the
HYDERABAD CHAPTER(AN ISO 9001 : 2000 CHAPTER)
The Institute ofCompany Secretaries of IndiaIN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
u d iFo n at on Day
lSpecia IssueFoundation Day
S eci l Issuep a
Happiness depends on what you can give, not what you can get.- Mahatma Gandhi
Corporate Secretary August, 2008
member for the past three years from the date of
passing the final examination. This is an
opportunity for those busy executives who could
not take leave continuously for a fortnight. The
details will be announced shortly and I request the
members to please spread the message to all
concerned to make use of this opportunity.
Hyderabad Chapter is organizing the two day
residential programme at Alankrita Resorts on 13th
and 14th September on the topic of “ Role of E
Governance in Indian Corporate Sector” where
good number of IT companies are likely to
participate and giants in the IT sectors and
pioneers in the IT revolution are to address the
participants. Besides that a programme on
communications skills is arranged for the benefit of
children and families as well. This programme
would give you lot of relief from the busy AGMs
schedules in the month of September to spend with
family leasure coupled with pleasure, knowledge
and memories. Please note there is no spot
registration in that programme and only by prior
booking seats are reserved. Good news to all the
Annual participation members is that they enjoy an
absolutely free stay for two days.
Friends, I strongly believe that by giving only one
would get lot of happiness and at the chapter level
we are not an exception All the Annual
Participation Members (around forty this year as
against fourteen last year) may, by now, realise that
whatever they have paid has already been adjusted
and half year did not elapse they are to enjoy all the
programmes till the end of financial year a rich
tribute by way of knowledge the chapter is aiming
to serve the members. If this could trigger many
members to join this scheme, we consider
ourselves to have succeeded in our goal.
Today is a link in the chain of yesterday and
tomorrow. Today's growth is the relentless efforts of
many known and unknown great persons who have
rendered dedicated service to the chapter for all
these years in their capacities of Chairmen and
Secretaries or otherwise and myself, in my
personal capacity and on behalf of our chapter,
remember them and honour them on the
foundation day. Words fail to acknowledge the
great sacrifice they have made in terms of time,
money and efforts in making our chapter one of the
best in the country. A separate item is covered in this
issue to mark the occasion. With your cooperation,
we do not spare any efforts in continuing our
committed activities to be a role model for the
country in due course of time.
The theme of
being addressed by the Hon'ble Vice
Chancellor of Nalsar University of Law, Hyderabad
will mark the event on global platform in this great
of Hyderabad.
With warm regards and best wishes for Ganesh
Chaturdhi
Yours sincerely
“Globalised economy impact on
Professionals”
happening city
Sincerely yours
K. K. RaoChairman
3
Corporate Secretary August, 2008
ROC's COLUMN
Once again an opportunity has been given to us to
review all the e-forms and make suggestions to Ministry of
Corporate Affairs for revision. I hope all the professionals
would have already availed this opportunity and made
suggestions for making the e-forms dynamic for meeting the
requirements. The suggestions for review of e-forms should
not be biased but it should be keeping with the standards of
corporate governance which require transparency and
disclosure of vital details about the company which will
help the investors/ regulators and all stakeholders. The
criteria of convenience and simplicity should not be at the
cost of good corporate governance which can be achieved
only by disclosure of required information in e-forms for the
benefit of one and all. In this back drop, I wish that all the
professionals would expeditiously submit their views to
MCA on each form.
The Back Office of ROC continues to be haunted by the
problems created by applicants/ companies in filling up of e-
forms and uploading defective e-form with incomplete
attachments. This causes the e-forms to travel back and
forth through resubmission resulting in delay of registration
of e-forms. Professionals are requested to ensure filing of
proper e-forms with required attachments. Recently in one
case, the applicant company has wrongly selected the Radio
Button of Producer Company when the intention of the
promoter was to register the company under Part-II as a
private limited company. Such kind of errors cause
inconvenience to one and all including the promoters. As
the Back Office of ROC is handling large volume of work
both online and off line, it may so happen that certain e-
forms get registered with errors. Here, the role of
professionals is of great importance who can render a
helping hand in registration of perfect documents. As you
are aware that MCA has stipulated time limit ( 60 days) for
resubmission of documents after carrying out corrections.
FORTHCOMING PROGRAMMES
Day, Date & Time
VenueProgramme Details
Study Circle Meeting Friday
26.09.2008Chapter Premises
Chapter Premises Friday 05.09.200806.00 pm
There were several instances where, resubmission has not
been made within the stipulated time resulting in expiry of
the e-forms. Restoration of such e-forms is a tedious process
involving lot of time. Considering the scarce available time
in the Back Office, professionals/ companies are advised to
keep track of the e-forms until registered so a to avoid expiry
of e-forms. This is particular so in the case of e-form 23
relating to amendment of Object Clause and Shifting of
Registered Office from one State to another. In such events,
the e-forms 23/21 stands cancelled if not registered within
the stipulated time.
The Back Office is encountering a peculiar problem of
frequent enquiries on SRN status. In most of the cases, the
stakeholders/ professionals/ companies are visiting the Back
Office just to enquire the SRN Status of many e-forms. This
practice is not desirable. The e-form status can be checked
from the Registrar's Front Office Portal and the services of
RFO ( Contact No.040-23734931) can be availed for such
activities. The attention of stakeholders/ professionals are
also invited to the Citizen's Charter published in the website
of MCA-21. The Charter provides for certain time to
complete the activity of registration in the Back Office. The
professionals/ companies should allow the Back Office to
avail such time provided by MCA for processing and
registration of documents. The professionals are requested
to visit the office for SRN enquiry only in the event of any
serious problem requiring raising of tickets through the Back
Office. It should be noted that all the problems relating to
uploading of e-forms should be brought to the notice of RFO
who in turn will raise tickets if necessary. However, until e-
stamping is introduced in the State of A.P., it will be
necessary for the companies/ professionals to submit the
physical stamped documents in the Back Office for speedy
registration of such e-forms requiring attachment of
stamped documents.
The problem relating to Master Data Correction remains to
be fully resolved. The corrections are still going on under
suo-motu process. The companies/ professionals are
requested to re-check the Master Data and ensure immediate
submission of applications for necessary corrections. It is
likely that the free correction of Master Data will be stopped
by MCA and before that time, the opportunity should be
availed for updating and correcting the date by submitting
prescribed applications.
HENRY RICHARD
REGISTRAR OF COMPANIES.
Saturday & Sunday 13.09.2008
To 14.09.2008
Teachers' day Celebrations
Alankrita Resorts, Thumkunta Village,
Shameerpet Main Road, Ranga Reddy Dist.
3rd Residential Programme on “Role of E-Governance in the
Indian Corporate Sector”
4
Corporate Secretary
Every member of ICSI, by virtue of rigorous passing standards and post-qualification challenges, is already equipped with the techniques of wading through plethora of legislations. To help him / her a peep into some of important judgments, a humble attempt is made to present the “essential” points held by various Courts of Law. It is sincerely recommended to read the full judgments.
Your feedback is invited by the compiler / Editor of the Newsletter to enrich this column.
LEGAL SCAN(August, 2008) S.V. Rama Krishna
Advocate
SICA 1985 Sec. 22
& NI Act, 1881
Sec. 138
Arbitration and
Conciliation Act, 1996 Sec. 11 r/w
Sec. 2 (1)(f)
Companies Act, 1956 Sec.433
r/w 434
Between: Southern Steel Ltd. v. Jindal Vijayanagar Steel Ltd. Brief points : The appellant company issued some cheques in favour of the respondent company towards payment of the goods supplied by the respondent. The said cheques were dishonoured on presentation. The respondent filed a complaint u/s 138 of the NI Act, 1881. The appellant took the plea that since it had been declared a sick company under SICA, 1985, no legal proceedings for recovery of the outstanding amount could be initiated against it. The trial court dismissed the application of the appellant. The High Court upheld the order of the trial court.
Decision of Supreme Court: While dismissing the appeal, Supreme Court held that when the appellant company was declared sick, then without disclosing this fact the appellants ought not to have made huge purchases from the respondent company. Ultimately the appellant company did not pay for the purchases. This clearly indicates that the appellants had no intention of making payment of the purchases made by it.
Ref: [2008] 84 SCL 390 (SC)
Between : TDM Infrastructure (P.) Ltd., v. UE Development India (P.) Ltd.
Brief points: Both petitioner and respondent companies were registered and incorporated under the Companies Act, 1956 in India. Directors and shareholders of the petitioner company were said to be residents of Malaysia. Disputes and differences arose between the parties. Parties failed to appoint arbitrator. The petitioner company claimed the issue to be treated as “international commercial arbitration” claiming that its central management and control was exercised in Malaysia inasmuch as the term “central management” would mean that its day-to-day management did not take place in India.
Decision of Supreme Court: While dismissing the application for appointment of arbitrator observed that only in a case where a body corporate which need not necessarily be a company registered and incorporated under the Companies Act, as for example, an association or a body of individuals, the exercise of central management and control in any country other than India may have to be taken into consideration. In the present case, as both the companies are incorporated under the Companies Act, 1956 in India, the question of appointment of an arbitrator treating the matter as ”international commercial arbitration” does not arise.
Ref: [2008] 84 SCL 394 (SC)
Between: G. Siva Rmakrishna v. Rusni Distilleries Pvt. Ltd.
Decision of the Hon'ble High Court of Andhra Pradesh:
Brief points:
The Petitioner filed winding up petition for refund of “disputed share application” money for which there was no invitation from the Respondent Company nor any application from the Petitioner. The Petitioner also claimed that the amounts were given as “unsecured loan”.
The amounts were bona fide disputed as there were no proper records for the amounts which were alleged to have been on various occasions. As a proof, the Petitioner filed only a computer statement of disputed “ledger account” and two letters from him to a Banker. The Respondent alleged that during the tenure as Executive Director, the Petitioner diverted the Respondent Company's monies to his front companies and allegedly withholding the records, files etc. belonging to the Respondent Company as a result of which the accounts could not be reconciled. The Respondent resisted the petition alleging that amount in question was paid towards share application money, that too the exact amounts were bona fide disputed, and the Petitioners were trying to mislead Court by calling themselves as unsecured creditors by invoking section 433(e) of the Companies Act, 1956.
While dismissing the winding up Petition, the Hon'ble High Court of Andhra Pradesh observed that if the petitioners had given unsecured loan, which was not prima facie established, they could not maintain the petition. If the amount was given as application money for allotment of shares, still petitioners could not be treated as creditors so as to file petition under 433 (e) and 434 (1)(a) r/w section 439 (1)(b) of the Companies Act, 1956.
It was further held that only such of those persons who have jural relationship with company, either by reason of a concluded contract or quasi-contract alone can present a petition for winding up. The money paid with an application for shares is never treated as a debt of a company nor applicants are treated as creditors and, therefore, applicant is only entitled to refund of money and cannot be given locus as creditor to file a petition under section 433(e) and 434(1)(a).
Ref: [2008] 85 SCL 231 (AP)
August, 2008
5
Corporate Secretary
LAW FOR MERGER AND ACQUISITION- A CRITICAL REVIEW
Introduction
The recent years has seen a considerable increase in the
Merger and Acquisition (M&A) activity across the Indian
Corporate Sector. India Inc., has emerged as the most
strategic market for M&A for foreign players at the same
when Indian Corporate bigwigs are eyeing major players on
a global level. At the end of the day India, Inc., stands to be
the largest gainer.
The M&A activity in India is governed by numerous
cumbersome laws and regulations that it leaves ample
space for misinterpretation. Even the largest of the
Investment Banks lives in the fear of that it might overlook
one of the basic rules of compliance and attract negative
coverage in the media.
Recently, the Indian Income Tax Act, 1961 entered the
Guinness book of world records for registering maximum
number of amendments. The amendments to the Income
Tax Act, 1961 is so cumbersome and unclear that it leads to
many interpretations. In one of the high-profile cases a local
tribunal erred in interpreting the judicial decision of a
higher court and as a result the company had to file and re-
file the tax applications. In the meantime, the permissions
granted by other regulatory authorities lapsed and the
company had to repeat the exercise resulting in enormous
wastage of time and money.
Cases such as the above actually keep out the foreign
players from being the strategic players in the M&A activity
in India. In India, the M&A activity takes approximately six
to seven months to reach completion. The reason being the
long list of compliance requirements, which calls for
liaising with various regulatory bodies to complete the
M&A activity.
Overview of the Regulations
A broad overview of such compliance requirements
includes the following:
The Ministry of Corporate Affairs: Regulates compliance
under the Companies Act, 1956. The Ministry is
governed and still dwells into law that was enacted five
decades earlier and maintains a long list of documents
for every small change in the nature of company and its
management.
Rules of Taxation: Draws the power from the Indian
Income Tax Act, 1961. The slabs for taxing the capital
gains and treatment for accounting entries during M&A
are very complicated. Ensuring compliance with all the
listed provisions, sub-clauses, and amendments is a
Herculean task.
SEBI: Regulates the Indian Stock Markets and draws
power from the SEBI Act to ensure proper functioning of
the Stock market. Ketan Parekh made a fortune by
cheating the investors in a big way under the nose of the
very watchful SEBI. During M&A activity, it becomes
extremely necessary for the participating companies to
comply with the SEBI rules with considerable time being
devoted to be safe from “intelligent” people like Harshad
Mehta and Ketan Parekh.
Competition Commission: Took over the 'traditional'
MRTP Commission but Competition Commission is still
in the budding stages and is always the target for carrying
out trial and error process in a move to ensure healthy
competition in the Indian Corporate Sector.
FEMA: Enactment that regulates Foreign Exchange in
India with FIPB and the RBI being the regulatory
Authorities. The regulated cap for foreign investment is
highly volatile. In a recent case, a medical equipment
company of US wanted to set up its base in India. Mid-
way through the process the company realized that it
missed out on the long list of reserved items in the SSI
category. The company intended to make equipments
made of stainless steel for use in the dental clinic, which
is a reserved item for SSI. The company applied for
exemption and the Ministry is yet to respond
Indian Stamps Act: Compliance with act is a difficult task
for foreign investors as each State has its own set of
enactment for Stamp duties. The Stamp-duty regulations
change at regular intervals and the companies have to
assess the deal regularly to be safe for mistaken under-
valued registration of the deal. In certain cases, there are
huge differences in stamp value between two states
within Indian Territory.
Apart from the ones discussed above, there are several
Labour Laws, Sales Tax, Custom Duties, etc. that require
clearance at every stage. And compliance with sector
specific regulators such as TRAI for Telecom industry and
IRDA for Insurance sector, add up to the woes.
Each regulating body has its own set of enactment and
August, 2008
U Padma Shenoy
Company Secretary
CSS Technergy Limited
Corporate Secretary
6
regulating rules that makes compliances a real
nightmare. Each Ministry issues a Press Note/ circular or
notification, which are not in tune with those issued by
their other relevant Ministry. This increases the chances
of landing in a situation where compliance to the
notification from one Ministry might end-up in non-
compliance to the notification from another Ministry.
Additionally, there exists clarification or corrigendum,
which complicates the issue further. The requirement
for approval from High Courts in addition to the
approval of stakeholders, make the complete M&A
activity in India a long-thought process.
Cause and Comparison
The governing laws in India today were drafted during
the early days of Independence when India was not even
an industrial nation lest being the emerging economic
super power. All the laws and regulations were drafted
in line with the prevailing conditions during late 1940s
with a vision up to the early 1960s. India Inc., has come a
long-way during these years and has gone on to become
one of the leading players in the global corporate sector.
The sad part is that the “good old” governing law
prevailing today proves to be obsolete in many cases
with the base matrix having evolved long ago.
This is not to say that there are no such laws and
regulations in other countries. The laws and regulations
may be many but the time take to complete the process is
very easy in developed countries such as the US or the
UK and even in emerging super powers such as China
and Japan. Most of the countries follow a single-window
concept to provide all the necessary clearances. Also,
any amendments to the law are made only after
assessing the total impact on all other related laws.
The Indian Law mandates a waiting period of 210 days
after the Merger plan is reported to the government
before completing the deal as against the 30 day waiting
period in the US. The US law also provides for reducing
the waiting period if there are no competitive problems
and the parties request an early termination; such a
provision is not available in the Indian law.
Required Initiatives
J J Irani Committee Report proposed upgrading the
Companies Act three years ago; however it is yet to see
the light. There have been many instances where the
Company Law is in conflict with the Listing Agreement
and there is an urgent need to address such overlapping
issues.
A single window clearance system can resolve many
issues related to clearances from various authorities and a
dedicated body to provide such service to M&A activity
can help improve the situation. Further liberalization of
Indian economy is required to ensure smooth transitions
during M&A activity. This can be achieved by abolishing
sectoral caps and approval of FIPB for share swap.
The most important thing required in this chaotic
scenario is regularizing Stamp Duty slabs. A single slab
for Stamp duty must be introduced to ensure uniformity
in M&A transactions across all the States in the Indian
Republic. Simplifying the tax procedures and reducing
the tax incidence would attract more foreign investment.
The new Competition Law is not yet properly in place and
all the regulators discuss is that the new law is sure to
pose a threat to commerce in the country. The regulators
have failed to introduce strong governing laws to bring
India's M&A control regime in line with prevailing global
trends.
SERVICE TAX UPDATES
K. K. Rao
Practising Company Secretary
Government for the first time in the history of
service tax since 1994 authorised the Department
administering the service tax to attach the property - both
immovable and movable including the personal
property(which is not necessarily in relation to the
business) of the individual or partner of a partnership
firm, director of a company ,who is in arrears of making
payment of the service tax. This move is to secure the
interest of the revenue and applies to those cases where
any notice has been issued under sub-section (1) of
Section 73 or sub-section (3) of Section 73A of the Finance
Act 1994. The obligations of the person whose property
has been attached includes that the said person or his
authorized representative will not be able to mortgage,
lease, transfer, deliver or deal in any other manner with
that property except with the previous approval of the
Commissioner of Central Excise. The period of
attachment will cease to be effective after expiry of six
months time,which may, for reasons to be recorded in
writing, be extended to such time, as the competent
authority deem fit. (Please refer to Notification
No.30/2008-Service Tax dated 1st July 2008)
August, 2008
Corporate Secretary
7
August, 2008
All of us are investors but this brief is confined to investment in corporate securities; it is addressed to genuine retail investors as distinguished from traders and speculators.
Most of us are genuine corporate retail investors. Some of us may have bagged moderate to huge profits while some others may have reaped only scanty gains or even incurred heavy losses. The reasons for these different situations are many.
Company Secretaries, by the mandate of their profession, are considered to be the guardians of genuine average investors and custodians of their investments within the company. At general meetings, they come face to face with the investors, as members. It is therefore imperative for them to be well equipped with all aspects of investments in company shares, beyond the pale of law.
1.0 Let us consider some fundamentals first.
- Firstly, majority of the retail corporate investors are unaware of the nuances of corporate governance on the one hand and the technical working of capital markets. They are aware of the volatility of the markets but are unaware of the reasons therefor. .
- Secondly, the laws of the land governing companies are generally loaded in favour of the large/major investors on the same principles of a political democracy with the result those holding majority stake in a company rule the roost.
- Thirdly, large majority of the average investors are unaware of the impact of globalisation on the stock markets. They are aghast when the markets get rattled by overnight events or developments outside the country such as the oil price hike or the withdrawal of FIIs from the market.
2.0 It is time someone like the body of company secretaries mounts a national-level initiative to take the above message right up to our villages in big way utilising the Investor Protection and Education Fund for the purpose.
3.0 The message to be carried to all the corners of the Nation may be summed up as follows:-
3.1 That a company is an artificial person in the eye of law and functions through human beings organised as Boards, Committees and the like. It has perpetual succession. It may be wound up only in accordance with the prevailing law.
3.2 That shares in a company are intangible moveable
STRATEGIES FOR INVESTOR
By J. Krishnamurthy FCA., FCS
property and as such the general principles of property laws apply to it along with special provisions contained in the company law such as nomination procedure for providing succession.
3.3 That each share carries, ultimately, one vote while taking decisions at meetings of members. As a natural corollary, those persons who hold the majority of shares in a company will carry the resolutions put to vote at the meeting. There can be no complaint in this regard unless there is any foul play involved.
3.4 That, barring exceptions like nominees, directors of a company are those elected by the body of shareholders and therefore they act for and on behalf of all the members, as a body. 3.5 That a secondary market for shares sellers and buyers at Stock Exchanges including their net work of brokers/other intermediaries- functions, on a minute to minute basis, based on inflow of information into the market whether from within or outside the country. Broadly such information relates to working of the company concerned ( its production, marketing, profits, losses etc) - present and future, the general condition of the industry/sector to which the company belongs, political stability of the Governments at State and National levels, condition/status (present and foreseeable future) of the economy of the State in which the company operates and the country as a whole, fall-out effect of any socio-economic development such as inflation /stagflation / recession etc and, of late, terrorism. To some extent, factors protecting or affecting environment play their part too. In some cases, the economic benefits/losses resulting from any merger, demerger, and take-over proposals also influence the market behaviour since such proposals impact the valuation of shares. Dividend and bonus policies of the various companies also impact.
4.0 Coming to the investors' side, there are many shortfalls on their personal front, such as:-- Absence or inadequacy of proper financial
planning
- Inadequate or absence of any understanding of company's financial statements such as the Profit and Loss account and the Balance Sheet.
- making investments based on sentiment or feel-good factors rather than on a reasonable understanding of the fundamentals of the company concerned such as its net worth, book value of the share, earnings and dividends record, i ts compet i t ive s t rength and
Corporate Secretary
8
August, 2008
sustainability of its performance in the near future
- Lack of clear understanding of the cyclical nature of capital markets
- Lack of awareness regarding SIPs and their working
- Keeping all the eggs in one basket without diversifying the portfolio to meet the vagaries of the markets in short, medium and long term.
5.0 Thus a focussed attention and approach is needed to make investments in corporate securities healthy and successful so as to combine safety of the investment with capital growth on the one hand and reasonably attractive returns on the other with the added advantage of liquidity to meet the financial commitments and goals, as planned.
FIFTY FIVE GOING ON THIRTY…
By Lalit Mohan Chandna
10 COMMANDMENTS AS TO HOW COMPANY SECRETARIES HAVE TO KEEP THEMSELVES
FIT FOR A SUCCESSFUL CAREER
On 11th Jan 2008, I celebrated my 55th birthday and by the grace of God, I am quite fit and healthy. I am very careful about my eating habits. I have realized how important it is for us to keep ourselves physically and mentally fit as we grow older. Aging process cannot be avoided but at least we should gracefully accept it and remain fit. I would like to share some of my thoughts with my fellow company secretaries on the occasion of Hyderabad chapter celebrating its 'Foundation Day' on 10th August 2008.
I am calling my ideas and suggestions as 10 commandments of being fit, healthy and becoming a `complete' Company Secretary.
1. Be Fit
It is said Health is Wealth. If health is lost everything is lost. One of the first signs of advancing age is the eroding of mental nimbleness. The mind has to be kept fit along with body. Both are important. For physical fitness take some time to play some sport like cricket, table tennis, or any other sport which involves physical activity. For mind, read, because reading stimulates the mind and keeps one abreast of current events. It should not happen that while making wealth you lose sight of health and later on you spend that wealth on regaining your health.
2. Eat Balanced Food
Try to eat balanced food and healthy food. I am not a Doctor but I am told that “Eat breakfast like a King, Lunch like a Common man and dinner like a beggar”. After a brief walk in the morning, eat good and nutritious breakfast. Fresh fruits are a must. Remember 'An apple a day keeps the
doctor away'. Avoid drinking, smoking and Non-veg. food.
3. Develop Reading Habits
For a true professional, studies never end. Develop the habit of reading magazines and books both professional and other books of interest. Reading will improve knowledge and your English. In addition it is important to develop one's presentation and communication skills. If you want to win friends and influence clients, these skills are very important.
4. Take Active Part in Professional Programmes
It is absolutely necessary to be in circulation. Generally it is observed that lady members are shy of attending seminars and other programmes. Please attend all the professional programmes organized by our Institute as well as other Institutes like FAPCCI, HMA etc. Recently, I had attended an International Conference organized by our Institute at China and Hongkong. So what are you waiting for?
5. Lend a Hand
Help others. Sometimes, we are selfish and don't want to share our knowledge with others. Please share your knowledge with others especially with your junior professionals who may be working with you or otherwise come in contact with you. Sharing gives immense happiness and a sense of satisfaction and contribution. Get the blessings of youngsters and God will give you more.
6. Have a Financial Plan
Saving is a good habit and financial plan is a part of this plan. One must plan for a rainy day. Never regret over what has slipped away. Instead, celebrate the life that stretches ahead of you. Don't run after money but realize that money also has its due importance. It is necessary to lead a comfortable life. Therefore, plan financially and invest carefully with the help of experts (like me!!) and don't allow a 'rainy day' to 'wet' your future plans.
7. Don't be only a Starter but a Completer too!
Set goals and accomplish them. Always believe in yourself. Impossible is nothing. It is better to set goals and accomplish them. Adopt the 'Never say die' approach like shown in the movie 'Chak De!' Sometime, you may have spent the better part of your life putting your dreams 'on hold' because your spouse or children were the first priority. Now is the time to pursue your passions. Set realistic yet challenging goals and strive to accomplish them.
8. Love Everybody - Hate Nobody
Bitterness, anger, jealousy against events and people is like a worm or a disease that silently eats away the soul. Count your blessings and most importantly believe in 'forgive and forget'. The balm of forgiveness will smoothen the wrinkles of advancing age.
9. Social Obligations
All work and no play make a Company Secretary lazy too!! Besides, being physically and mentally fit, I appeal to everybody that we must do something for the society in
9
Corporate Secretary August, 2008
general and our profession in particular. Join a club like Rotary or Lions or a volunteer group. Keep your heart and mind open to new experiences and friendships. Spend at least few hours a week going to Home for The Aged or an Orphanage or attending to some camps organized by some associations. You may even pick up some poor children and teach them. Anything which can benefit the society must be done on a regular basis. The other day I read that CA Institute organized a AIDS awareness program at Delhi, and a Software Professionals of a company collecting garbage at beach at Vizag. Should we not organize such programs?
10. Its Pay Back Time!
One should never forget one's parentage. We should be proud of our profession and it is our duty to do something to enhance the image of our profession. First of all, motivate others to join our profession. This can be done by participating in career guidance programmes or by becoming a faculty member in the chapter. Secondly, a small portion of our income must be earmarked towards the development and advancement of our profession. The best way is to participate in National Conventions and other seminars organized by our Institute. The other way is to contribute to the 'Benevolent Fund' which is very close to my heart. By contributing to this noble cause, you are helping yourself and others. You know only 30% (of the total members numbering over 20,000) are members of this fund. Let us all join my dream of making all members from AP, a member of this Fund by this year end.
You may ask me if I am following these 10 commandments. Honestly speaking the answer is 'NO', but I would like to restart with all of you. Let us all join this mission. I know time is a big problem but I also know that where there is a will, there is a way. I earnestly appeal to all of you to ponder over these points and try to imbibe them in your life. I am fifty five but I still feel that I am thirty. Most important is the will power. Learn to be optimistic about life. Laugh often. Think positive. There is a saying that 'If you see a man without a smile, - give him one'.
Please keep smiling and celebrate every moment of your life because yesterday is past and future is uncertain but today is a GIFT that is why its called PRESENT.
God Bless you!
CHERRY ON THE CAKE
by CS Sudheendhra PuttyCompiled
Birthdays are always special and occasions for celebration. As our Chapter celebrates its birthday on 10 August, it's a momentous occasion for every one of us who is a part of the Chapter. It's a time for merriment as also a time to look back at the efforts and contributions made by each of our illustrious predecessors over these years. Birthday celebrations are occasions for rededicating ourselves to the noble principles that our profession stands for and renewing our commitment to the profession, the institute and the Chapter. Here's
wishing our Chapter (obviously it includes every member of it) a very happy and joyous birthday.
The extended summer is now finally behind us and the last few weeks have seen the skies open up. This is arguably the best part of the year with the steady and regular drizzle adding to the charm and grace of our wonderful city. Lets all savour these wonderful moments!!!
These few months would no doubt be professionally very busy for most of the members. While the Q1 is just behind us, its time for drafting the Directors' Report, preparing the Annual Reports and bracing ourselves for the forthcoming AGM season. Our members in practice too would be busy with the peak filing season approaching. Professionally, a busy part of the year and one believes that it's a thoroughly satisfying, invigorating and happy process that each one of us would go through. As it is so often said and so true too- that it is not merely the end that matters, the means must justify it and be absolutely enjoyable. That's the way to live, and not merely exist!!!
The newsletter is gaining in popularity and today reaches not just our members, but also many academic institutions, government officials, Courts/Tribunals and trade and industry bodies. In order to increase its readership and also make it more convenient for our members, the Hyderabad Chapter newsletter is also being hosted online on our website. Members may please access it at www.icsi.edu/hyderabad. Please make the best use of this and let us have your feedback.
Feel free to share your views and thoughts and what you think of the changes made and what further changes you would like to see in the newsletter. Let us have your boomerangs at [email protected].
Happy reading!!!!!
Capital Market Updates
The Capital Market regulator, SEBI has been fairly busy over the last few weeks proposing and implementing lots of changes. It has proposed some changes to the Insider Trading Regulations and also to Clause 41 of the Listing Agreement. Some amendments have also been made to the ESOPs and ESPs regulations. Full details are available on www.sebi.gov.in
FORTHCOMING TRAINING PROGRAMMES
DatesDetails VenueCONTACT PERSON
Mr. R.Chandra SekharProgramme Coordinator,
The ICSI- Hyderabad Chapter
34th SMTP
The ICSI- Hyderabad Chapter
The ICSI- Hyderabad Chapter
01.09.2008To
06.09.200812th TOP
09.09.2008 To
25.09.2008
Mr. V.S.Raju Programme Coordinator,
The ICSI- Hyderabad Chapter
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Corporate Secretary August, 2008
ACTIVITY REPORTS
One day Seminar on Directors Duties, Responsibilities and Liabilities.
The ICSI Hyderabad Chapter is organised a One day seminar on seminar on Direc tors Dut ies , Responsibilities and Liabilities on 7th July 2008, at Hotel Taj Deccan.
Mr AV Rao, Vice Chairman of the Chapter welcomed the Guest and gathering and informed about the importance of the seminar. Mr. J J Irani, Director- TATA Sons Ltd inaugurated by lighting of the Lamp and delivered the inaugural address.
Mr. Gopala Krishna,IAS ( Retd) Managing Director, AP Gas Power Corporation in his address, explained the duties, responsibilities , liabilities and qualities of directors, role of Directors, corporate governance norms that a company has to comply with as per the provisions of the Companies Act 1956,. He said in the first place a director must be a good person. He said that there was tremendous responsibility on directors in calculating the day to day risks of the company much in advance and to cut a deal before his competitors do it .Further, a director has a responsibility to the society and the government. Therefore, it goes without saying that it is essential for a director to educate himself on the duties, responsibilities and liabilities.
Mr. Gopala Krishna concluded by saying truth, trust, transparency, tolerance and tact are very much required for an efficient director besides technical knowledge, faith and courage to be successful.
In the First Technical Session, Dr. J.J. Irani, Director, Tata Sons Limited said directos are looked upon as elected representatives of shareholders. He opined that the boards can be more active and it depended on the qualities of an independent director. He felt that conducting the board meeting at least 4 times a year is only to comply with the provisions of law.However, it would be a healthy practice to meet 7 to 8 times in a year as that facilitates sharing of knowledge and experiences, which in turn is helpful in the business.
He said practising Corporate Governance is not to keep the things in dark; there must be openness between the management and board, and now-a-days corporate Governance seeks to receive sanction from the community which is possible only if the company meets the environmental necessities and expectations of all the stakeholders. This session was coordinated by Mr. S.S.Marthi, Member, Managing Committee of the Chapter.
In the second technical session,Mr. A.V. Sardesai, RBI Nominee Director, delivered his talk on Nominee Directors, saying the Board of Directors must have
expertise in all the required streams and must not be influenced by anyone irrespective of pressures. He briefed on appointment of committees, sound internal control system and the role of nominee directors with regard to the nationalized banks. Further, he suggested the ICSI to discuss and implement the role of Company Secretaries in Nationalized Banks. This session was coordinated by Mr. Ajay Kishan, Treasurer of the Chapter
In the third session Mr. S. Bhalerao, IAS, Principal Secretary to Govt, Public Enterprises Dept on Public Sector undertakings (PSU), spoke on the role of directors in Public Sector Undertakings and listed companies. He said PSUs were setup to curb the exploitation by the private sector at all costs and to cut the rates which are troubling the community at large.
He said, the Board consists of directors from various sectors, one third of directors from government, one third being the expert directors and other one third being the non executive directors, who individually and collectively ensure transparency in relation to ownership, financial statements and management structure. This session was coordinated by Mr. Rajnish C Popat, Secretary of the Chapter
In the fourth session, a Power Point Presentation (PPT) on duties, responsibilities and liabilities of directors was made by Mr P.Bhaskara Narayana, Director and Chief Finance Officer, NATCO Pharma Ltd. He explained the duties, responsibilities and liabilities, of directors. This session was coordinated by Mr. P. Jagannatham, Secretary of SIRC.
Each session was followed up by a lively interaction among the participants. Mr. Rajnish Popat proposed a vote of thanks.
VOLUNTARY SERVICES EXTENDED BY THE MEMBERS DURING THE MONTH OF
JULY, 2008
Sl.No Name of the Members Nature of the Support/Services Rendered
01
02
03
Dr. Raja Mogili
Shri SB Kamath
Shri P. Bhaskaranarayana
Coordinated with Chief Guest for one day seminar on “Directors - Duties,
Responsibilities & Liabilities”
Arranged venue for one day seminar
at a concessional tariff.
One day seminar on “Directors - Duties,
Responsibilities & Liabilities” for his address.
11
Corporate Secretary August, 2008
CAREER AWARENESS PROGRAMMES DURING THE MONTH OF JULY, 2008
Sl .NO
DATE NAME OF INSTITUTION Place ADDRESS BY APPROXNO. OF
STUDENTSATTENDED
1 11.07.2008 A. Shyamala Devi Degree College for B.Com (I) Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 350
2 11.07.2008 A. Shyamala Devi Degree College for B.Com (II) Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 350
3 11.07.2008 DVM Degree College Hyderabad Shri R. Chandra Sekhar, Executive Officer 110
4 14.07.2008 Pragnya Jr. College Hyderabad Shri R. Chandra Sekhar, Executive Officer 140
5 14.07.2008 Annie Besant Jr. College Hyderabad Shri R. Chandra Sekhar, Executive Officer 120
6 14.07.2008 New Chaitanya Hyderabad Shri R. Chandra Sekhar, Executive Officer 55
7 15.07.2008 AKLR Govt. College Hyderabad Shri Rajnish C Popat, Secretary of the Chapter 60
8 15.07.2008 Annie Besant Women's College Hyderabad Ms. Padma Shenoy, Company Secretary 140
9 15.07.2008 CAT Degree & PG College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 60
10 15.07.2008 CAT Degree & PG College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 50
11 15.07.2008 Sri Chaitanya Jr. Kalasala Hyderabad Shri P. Jagannatham, Secretary, SIRC and Shri Vamsi Krishna T , Company Secretary 350
12 15.07.2008 Pragati Degree College Kakinada Shri Bhaskara Viswanadham Sharma 25
13 15.07.2008 Aditya Degree College Kakinada Shri Bhaskara Viswanadham Sharma 51
14 15.07.2008 VS Lakshmi Women's College Kakinada Shri Bhaskara Viswanadham Sharma 73
15 16.07.2008 IDEAL Degree College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 90
16 16.07.2008 Annie Besant Women's College Hyderabad Shri SS Marthi, Chairman, Oral Coaching &Students Facilities Committee 110
17 16.07.2008 Annie Besant Women's College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 140
18 16.07.2008 Rajiv Gandhi Institute of Law Kakina agar Shri R. Chandra Sekhar, Executive Officer 150
19 16.07.2008 Rajiv Gandhi Institute of Management & Science Kakinada Shri Bhaskara Viswanadham Sharma 38
20 16.07.2008 Alphores Girls Jr. College Karimnagar Shri R. Chandra Sekhar, Executive Officer 100
21 16.07.2008 RK Degree College Kamareddy Shri R. Chandra Sekhar, Executive Officer 100
22 16.07.2008 Apoorva Degree College Karimnagar Shri R. Chandra Sekhar, Executive Officer 150
23 16.07.2008 St. Anns College for Women Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 300
24 16.07.2008 Sri Balaji Degree College for Women Tirupati Shri B. Surya Prakash Company Secretary 100
25 16.07.2008 GSR Degree College Kamareddy Shri R. Chandra Sekhar, Executive Officer 150
26 16.07.2008 Alphores Women's Degree College Karimnagar Shri R. Chandra Sekhar, Executive Officer 150
27 16.07.2008 RK Degree College Kamareddy Shri R. Chandra Sekhar, Executive Officer 100
28 16.07.2008 Alphores Girls Jr. College Karimnagar Shri R. Chandra Sekhar, Executive Officer 100
29 16.07.2008 P.R. Government College Kakinada Shri Bhaskaha Viswanadham Sharma 108
30 17.07.2008 Ideal College of Arts & Sciences Kakinada Shri Bhaskaha Viswanadham Sharma 104
31 17.07.2008 Samhita Degree College for Women Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 90
32 17.07.2008 Annie Besant Women's College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 130
33 17.07.2008 IDEAL Degree College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 100
34 17.07.2008 Samhita Degree College for Women Hyderabad Shri SS Marthi, Chairman, Oral Coaching &Students Facilities Committee 140
35 17.07.2008 Vivekananda Degree & PG College Karimnagar Shri R. Chadra Sekhar, Executive Officer 200
36 17.07.2008 St. Ann's Degree College for Women Hyderabad Ms. Madhavi Company Secretary 60
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37 17.07.2008 Apoorva Degree College Karimnagar Shri R. Chandra Sekhar, Executive Officer 15038 17.07.2008 Alphores Women's Degree Karimnagar Shri R. Chandra Sekhar, Executive Officer 15039 17.07.2008 St. Ann's Degree College for Women Hyderabad Ms. Madhavi Company Secretary 10040 17.07.2008 Manjeera Jr. College Sanga Reddy Shri R. Chandra Sekhar, Executive Officer 13041 17.07.2008 Srinidhi Degree College Sanga Reddy Shri R. Chandra Sekhar, Executive Officer 150
42 17.07.2008 Govt. Jr. College Sanga Reddy Shri R. Chandra Sekhar, Executive Officer 300
43 17.07.2008 Manjeera Jr. College Sanga Reddy Shri R. Chandra Sekhar, Executive Officer 170
44 17.07.2008 Govt. Jr. College Sanga Reddy Shri R. Chandra Sekhar, Executive Officer 300
45 17.07.2008 Kasturiba Gandhi Degree & PG College Hyderabad Shri SS Marthi, Chairman, Oral Coaching for Women & Students Facilities Committee 100
46 17.07.2008 Gate Degree College Tirupati Shri B. Surya Prakash Company Secretary 150
47 18.07.2008 Aurora Degree College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 90
48 18.07.2008 Aurora Degree College Hyderabad Shri V. Ahalada Rao, Company Secretary in Practice 100
49 18.07.2008 Aurora Degree College Hyderabad Shri M. Vaidyanathan, Company Secretary 150
50 18.07.2008 Gandhiji Mahila Kalasala Vijayawada Shri K K Rao, Chairman of the Chapter Shri R. Chandra Sekhar, Executive Officer 140
51 18.07.2008 Gandhiji Mahila Kalasala Vijayawada Shri K K Rao, Chairman of the Chapter Shri Y. V. Rao , Company Secretary 75
52 18.07.2008 Kakaraparti Bhavanarayana College Vijayawada Shri K K Rao, Chairman of the Chapter Shri R. Chandra Sekhar, Executive OfficerShri Y. V. Rao , Company Secretary 150
53 18.07.2008 Syed Appalaswamy Degree College Vijayawada Shri R. Chandra Sekhar, Executive OfficerShri Y. V. Rao , Company Secretary 100
54 18.07.208 Satavahana College Vijayawada Shri Y. V. Rao , Company Secretary 80
55 18.07.2008 Satavahana College Vijayawada Shri Y. V. Rao , Company Secretary 90
56 18.07.2008 Montessori Mahila Kalasala Degree College Vijayawada Shri K K Rao, Chairman of the Chapter Shri R. Chandra Sekhar, Executive OfficerShri Y. V. Rao , Company Secretary 140
57 18.07.2008 Montessori Mahila Kalasala Degree College Vijayawada Shri K K Rao, Chairman of the ChapterShri R. Chandra Sekhar, Executive OfficerShri Y. V. Rao , Company Secretary 90
58 18.07.2008 Montessori Mahila Kalasala Degree College Vijayawada Shri K K Rao, Chairman of the ChapterShri R. Chandra Sekhar, Executive OfficerShri Y. V. Rao , Company Secretary 100
59 18.07.2008 Aurora Degree College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 75
60 18.07.2008 ASN Degree College Tenali Shri K K Rao, Chairman of the Chapter Shri R. Chandra Sekhar, Executive Officer 170
61 18.07.2008 ASN Degree College Tenali Shri K K Rao, Chairman of the ChapterShri R. Chandra Sekhar, Executive Officer 190
62 18.07.2008 JMJ College for Women Tenali Shri K K Rao, Chairman of the ChapterShri R. Chandra Sekhar, Executive Officer 220
63 18.07.2008 Aurora Degree College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 100
64 19.07.2008 JMJ College for Women Tenali Shri K K Rao, Chairman of the ChapterShri R. Chandra Sekhar, Executive Officer 270
65 19.07.2008 Aurora Degree College Hyderabad Shri M. Vaidyanathan, Company Secretary 90
66 19.07.2008 TSR & NVR College Tenali Shri K K Rao, Chairman of the ChapterShri R. Chandra Sekhar, Executive Officer 150
67 19.07.2008 Aurora Degree College Hyderabad Shri PK Singh Company Secretary 110
68 19.07.2008 TSR & NVR College Tenali Shri K K Rao, Chairman of the Chapter Shri R. Chandra Sekhar, Executive Officer 150
69 19.07.2008 Aurora Degree College Hyderabad Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 95
Corporate Secretary
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70 19.07.2008 SCIM Govt. Degree College Tanuku Shri SS Marthi, Chairman, Oral Coaching& Students Facilities Committee 100
71 19.07.2008 SV Degree & PG College Kadapa Shri S. Sarveswara Reddy Company Secretary 75
72 19.07.2008 Khammam Study Circle Jr. College Khammam Shri D. Vasudeva Rao Company Secretary 100
73 19.07.2008 SVKP & Dr. K.S. Raju Arts & Science College Penugonda Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 150
74 19.07.2008 SCIM Govt. Degree College Tanuku Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 100
75 19.07.2008 SVKP & Dr. K.S. Raju Arts & Science College Penugonda Shri SS Marthi, Chairman, Oral Coaching & Students Facilities Committee 150
76 19.07.2008 Govt. Womens' Degree College Kakinada Shri Bhaskaha Viswanadham Sharma 110
77 21.07.2008 Sri Sai Baba National Degree College Anantapur Shri S. Bala Chandra Company Secretary 2500
78 21.07.2008 Sri Sathya Sai Arts & Science College for Girls Anantapur Shri S. Bala Chandra Company Secretary 300
79 22.07.2008 Govt. College for Women Hyderabad Ms. Padma Shenoy, Company Secretary & Ms. Madhavi, Company Secretary 100
80 25.07.2008 Shivani Jr. College Hyderabad Shri R. Chandra Sekhar, Executive Officer 80
81 25.07.2008 Meghna Women's Degree College Hyderabad Shri R. Chandra Sekhar, Executive Officer 95
82 25.07.2008 Meghna Women's Degree College Hyderabad Shri R. Chandra Sekhar, Executive Officer 90
83 25.07.2008 Aurunodaya Degree College Hyderabad Shri R. Chandra Sekhar, Executive Officer 60
84 25.07.2008 Meghana Degree College Hyderabad Shri R. Chandra Sekhar, Executive Officer 80
85 25.07.2008 Shivani Jr. College Hyderabad Shri R. Chandra Sekhar, Executive Officer 80
LIST OF FORMER CHAIRMEN / CHAIRPERSON, THE ICSI HYDERABAD CHAPTERS.No Name of the Chairman/Chairperson Secretary
1974-75 Md. Fazalur Rehman Shri P. Ramachandra Rao1975-76 Shri V. Basava Raju Shri S.Suryanarayana1976-77 Shri V. Basava Raju Shri S.Suryanarayana1977-78 Shri V. Basava Raju Shri S. Suryanarayan1978-79 Shri J. Krishna Murthy Shri J. Jawaharlal1979-80 Shri J. Krishna Murthy Shri KV Ramana Rao1980-81 Shri S. Suryanarayana Shri J. Jawaharlal1981-82 Shri KV Ramana Rao Shri J. Jawaharlal1982-83 Shri KV Ramana Rao Shri J. Jawaharlal1983-84 Shri J. Krishna Murthy Shri P. Bhaskaranarayana1984-85 Shri J. Jawaharlal Shri P. Bhaskaranarayana1985-86 Shri J. Jawaharlal Shri P. Bhaskaranarayana1986-87 Shri Simon Mathews Shri VLN Shastry1987-88 Shri Simon Mathews Shri VLN Shastry1988-89 Shri P. Bhaskara Narayana Shri PV Ramana Sharma1989-90 Shri VLN Sastry Shri C. Parthasarathy1990-91 Shri PV Ramana Sharma Shri SS Marthi1992 Shri S. Ramakrishnan Shri C.Sudhir Babu1993 Shri S. Ramakrishnan Shri C. Sudhir Babu1994 Shri Lalit Mohan Chandna Shri SV Suryanarayana1995 Shri C. Sudhir Babu Shri D. Hanumanta Raju1996 Shri SV Suryanarayana Shri L. Jayaraman1997 Shri Datla Hanumanta Raju Shri L. Jayaraman1998 Shri KV Ranga Rao Shri KS Ramesh1999 Shri KV Ranga Rao Shri VS Rao2000 Shri KS Ramesh Shri AG RavindranathReddy2001[upto 6.8.2001] Shri VS Rao, Shri PS Shastry2001 Ms. Shalini Deen Dayal, Ms. AV Syamala2002 Ms. Shalini Deen Dayal, Ms. AV Syamala2003 Shri PS Shastry, Shri KK Rao2004 Shri P. Jagannatham, Shri V.Ahalada Rao2005 Shri EN Viswanath Shri G. Raghu Babu2006 Shri V. Ahalada Rao Ms. Lavanya Chadnra 2007 Shri SS Marthi Shri A. V. Rao
Dr PVS Jagan Mohan Rao, President, The ICSI for the year, 2001.
Corporate Secretary
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August, 2008
1. A sad poem, especially written for someone who has died
2. A Common Law doctrine that operates to ensure that property is not left in a limbo or ownerless; land that does not belong to anyone belongs to the Sovereign or the State
3. Section of the Companies Act, 1956 that deals with allotment of Director Identification Number (DIN)
4. The National Flag of the United Kingdom
5. Greek philosopher and disciple of Socrates; author of “Republic”
Surprise Answer:
Rearrange the words in the boxes above to get the surprise answer A brass instrument, a small trumpet; Blown as a sign of victory
Answers:
Surprise Answer: B U G L E
1.E L E Y2. S C H E A T3.2 6 6 4. N I O N J A C K 5.P A T O
GE
BU
L
Jumble
OBITUARY
The Managing Committee of The ICSI- Hyderabad Chapter deeply regret the sudden demise of Shri Bulli Abbayi-, FCS: 250,
Company Secretary, The Andhra Sugars Limited, th on 17 July, 2008 at Tanuku. May the departed Soul rest in peace.
Corporate Secretary August, 2008
With Best Compliments from :
C A T E R E R S
Head Office :# 1-1/8, S.B.H. Colony, Mohan Nagar,Kothapet, Hyderabad - 500035.Ph : 24045549, Mobile : 9391008593
Kukatpally BranchMobile : 9848922647
Malkajgiri Branch
Vizag :
Cell : 98480 23143
Mobile : 9848922650
Branch Offices :# 29-23-21, Tadepallivari Street,
Suryaraopet, Vijayawada - 520002.Ph : 2441161, Mobile : 9848492121
P.S.S.V. PRASAD
Mobile : 9848922646
Editor : Sudheendra Putty,
Printed and Published by : R. Chandra Sekhar, on behalf of The Institute of Company Secretaries of India - Hyderabad Chapter, 6-3-609/5, Anand Nagar, Khairatabad, Hyderabad - 04 and printed at Surya Graphics, Municipal Market Lane, Chikkadpally, Hyderabad - Tel : 27666135, 66752838 and published at The Institute of Company Secretaries of India - Hyderabad Chapter, 6-3-609/5, Anand Nagar, Khairatabad, Hyderabad - 4 Phones : 23399541/23396494.Editor : Sudheendra Putty,
Printed and Published by : R. Chandra Sekhar, on behalf of The Institute of Company Secretaries of India - Hyderabad Chapter, 6-3-609/5, Anand Nagar, Khairatabad, Hyderabad - 04 and printed at Surya Graphics, Municipal Market Lane, Chikkadpally, Hyderabad - Tel : 27666135, 66752838 and published at The Institute of Company Secretaries of India - Hyderabad Chapter, 6-3-609/5, Anand Nagar, Khairatabad, Hyderabad - 4 Phones : 23399541/23396494.Editor : Sudheendra Putty, The Institute of Company Secretaries of India - Hyderabad Chapter, 6-3-609/5, Anand Nagar, Khairatabad, Hyderabad - 500 004
Views expressed by contributors are their own and the Institute of Company Secretaries of India - Hyderabad Chapter does not accept any responsibility.
Mr. Sudheendra PuttyChairman Cum Editor
Ms. Anuradha BisaniMember
NEWS LETTER COMMITTEE
Mr. S. RamakrishnanMember
Mr. S.V. RamakrishnaMember
Mr. K. K. RaoMember Ex. Officio
Mr. Rajnish C PopatMember Ex. Officio
RNI Reg.No.APENG/2004/13271 dated 04.10.2004 Postal Regn. No. LII / RNP / H-HD-1047/2008-10
Having 'Sleep problem'? Don't worry, Yar! Read these 'Annual Reports'in the Night. You'll get sleep within 5 minutes !!
Cartoon by : Lalit Mohan Chandna, Company Secretary in Practice
PRINTED MATTER - BOOK POST
To.
Excuse me!
Photo Gallery
HYDERABAD CHAPTER(AN ISO 9001 : 2000 CHAPTER)
The Institute ofCompany Secretaries of IndiaIN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
From :
# 6-3-609/5, Anandnagar, Khairatabad, Hyderabad - 500 004.
Shri J.J.Irani, Director, Tata Sons Ltd, Mumbai, Inaugurating the One Day Seminar on Directors - Duties, Responsibilities & Liabilities on 7th July, 2008 at Taj Deccan, Banjara Hills, Hyderabad conducted by the
Institute of Company Secretaries of India Hyderabad Chapter.
L-R: Shri AV Rao, Vice Chairman of the Chapter, Shri C. Sudhir Babu, Council Member, The ICSI, Shri M. Gopala Krishna, IAS (Retd) , Managing Director , AP Gas Power Corporation Ltd ( Key Note speaker) ,
Ms. AV Syamala, Chairperson, Southern India Regional Council of the Institute and Shri Rajnish C Popat, Secretary of the Chapter.
