NIRC-ICSI Newsletter

NIRC-ICSI Newsletter 3 September, 2013

From the Chairman

Yours sincerely,

(CS M.G. JINDAL)[email protected]

5th September, 2013 Mobile : 09814170354

On 26th August, 2013 NIRC-ICSI organised ameeting of the Company Secretaries in Practice onthe topic "A Paradigm Shift for the Corporate-EraOf Opportunities For PCS". CS Sanjay Grover,Council Member, ICSI was the guest speaker for theprogram. I wish to place on record my sinceregratitude to Shri Sanjay Grover for sparing hisvaluable time and sharing his words of wisdom withthe participants.On 29th August, 2013 NIRC-ICSI organised a StudyCircle Meeting on the topic "Global Opportunitiesfor Company Secretaries" at ICSI-NIRC Building,New Delhi. CS Abhijit Mukhopadhyay President-Legal, Hinduja Group, London was the guestspeaker on the occasion. I wish to place on recordmy sincere appreciation and gratitude to ShriMukhopadhyay for enlightening the participantsrelating to Global opportunities available forCompany Secretaries.On 31st August & 1st September, 2013 NIRC-ICSIorganized Two Day UP State Conference on thetopic "Business Governance: ProfessionalOpportunities & Challenges" at Lucknow. ShriSurendra Mohan Agarwal, Chairman, CommercialTax Advisory Committee - Cabinet Rank,Government of Uttar Pradesh, was the Chief Guest& Professor Bharat Bhasker, Dean, IIM, Lucknowwas the Guest of Honour on the occasion. I wish toplace on record my sincere gratitude to the ChiefGuest, Guest of Honour & Guest Speakers of theconference for sharing their rich experience with thedelegates. I also wish to place on record mygratitude to Chairman & Managing CommitteeMembers of the Lucknow chapter and all mycolleagues in the Regional Council for theiroverwhelming support in making the conference agrand success.On 1st September, 2013 NIRC-ICSI organized aMEGA NORTH DELHI STUDY GROUP MEETINGon the topic COMPANIES ACT, 2013 at TechniaInstitute of Advanced Studies, New Delhi. I wish toexpress my sincere gratitude to all the guest speakersof the program for sharing their rich knowledge andexperience with the participants.On 7th September, 2013 NIRC-ICSI organised 14thAll India Students Conference-2013 on the topic"Company Secretary-Imparting Wisdom,Empowering Lives" at Manekshaw CentreAuditorium, New Delhi. The Conference was agrand success and was attended by about 950students from all corners of India. Hon'ble JusticeShri Dilip Raosaheb, Chairman, Company Law Board

was the Chief Guest on the occasion. CS S NAnanthasubramanian, President, ICSI, CS Harish KVaid, Vice President, ICSI were present on theoccasion. Dr. Girish Ahuja, Eminent Tax Expert, Mr.Vijay Batra, Motivator, Officials from ICSI addressedthe students. I wish to express my sincere gratitudeto all the guest speakers of the program for sharingtheir rich knowledge and experience with theparticipants. I also wish to place on record mygratitude to the Chairman & Members of the TEFCCommittee, NIRC and my colleagues in the RegionalCouncil for their overwhelming support in makingthe conference a grand success.On 8th September, 2013 West Delhi Study Group ofNIRC-ICSI organized a meeting on the topicCompanies Act, 2013. I wish to express my sinceregratitude to all the guest speakers of the programfor sharing their rich knowledge and experiencewith the participants. Other Study Groups have alsoorganized their respective meetings during the monthof August, 2013.During the month of August, 2013 NIRC alsoorganized various training programs viz. SIP, EDP& MSOP for the students.Forthcoming Programs:NIRC-ICSI is organising on 13th & 14th September,2013 Two Day Ludhiana State Conference on thetheme "PROFESSIONAL AND ENTREPRENEURPARTNERSHIP: DRIVER TO THE INDUSTRIALGROWTH" at Ludhiana, on 14th & 21st September,one day workshop on the topic "Companies Act-2013, on 16th September, 2013 a meeting of thePracticing Company Secretaries and on 28thSeptember, 2013 one day seminar on the topic"Companies Act, 2013" at Hotel Le Meridien, NewDelhi. The details of all these programs are publishedelsewhere in the newsletter for your benefit. Irequest all of you to attend all these ProfessionalDevelopment Programs in large numbers and makethem a grand success.I once again request you to kindly send yoursuggestions & feedback for further betterment ofthe activities of NIRC.

With best regards,


Yours sincerely,

(CS DHANANJAY SHUKLA)[email protected]

5th September, 2013 Mobile : 09873347280

From the Desk of Editor

Dear ProfessionalColleagues,"Success is stumbling fromfailure to failure with no loss ofenthusiasm."

– Winston Churchill

Professional world is a worldof specialized learning,

proactive thinking and positive attitude. For beingsuccessful professional, it is essential tounderstand the importance of being selfdisciplined & updated. We all are witnessing thatthe Companies Act, 2013 is in place and theMinistry of Corporate Affairs is in the process offraming the Rules. The new Companies Act hasplaced all professionals' on the same footings, aseverybody has to go through & understand theAct in detail. This shows the importance of theconstant updation. We need to realize theimportance of continuous learning otherwise itwill be too late which a professional cannotafford to do so. Few of the latest developmentsare summarised below for your reference:

The Ministry of Corporate Affairs has hosted onits website the draft rules under 16 chapters ofthe Companies Act, 2013 for public comments &suggestions. You all are requested to kindly sendyour comments & suggestions to the Institute sothat they can be compiled and sent to the Ministryfor its consideration. For details you may visitwww.mca.gov.in

On 14th August, 2013 The Reserve Bank of Indiavide notification no. 283/2013-RB made theamendments in the Foreign ExchangeManagement (Transfer or Issue of Any ForeignSecurity) (Amendment) Regulations 2004 whichare now known as Foreign ExchangeManagement (Transfer or Issue of any ForeignSecurity) (Fifth Amendment) Regulations, 2013.

The Reserve Bank of India in consultation withCentral Government, vide notification no.FEMA.282/2013-RB dated 14th August, 2013

made the Regulations to amend the ForeignExchange Management (Permissible CapitalAccount Transactions) Regulations, 2000 whichare now known as Foreign ExchangeManagement (Permissible Capital AccountTransactions) (Amendment) Regulations, 2013

In terms of the extant instructions NBFCs arerequired to file various periodical returns.However, no information/data relating to branchnetwork of NBFCs is currently being filed withRBI. With a view to capture the reach andgeographical spread of NBFCs, it is considerednecessary to create a comprehensive database ofbranches of NBFCs and update the same on anongoing basis. It has therefore been decided tocapture branch details of the NBFCs such asname, address, date of opening, closure etc. asper the 'Branch Info' return hosted on the websitehttps://cosmos.rbi.org.in

For the detailed text of these circulars you mayvisit www.rbi.org.in

Friends, an organisation cannot work & grow inisolation. It requires combined efforts. Yoursuggestions & feedback are the guiding force forus as they tell us whether we are on the righttrack for taking our Institute to the newer heightsor not. I once again request you to kindly sendyour valuable suggestions & feedback for furtherimprovement of the activities & contents of NIRC-ICSI Newsletter Insight.

With warm regards,


Compliance Checklist

COMPLIANCE CHECKLIST FROM 10TH SEPTEMBER TO 10TH OCTOBER, 2013

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

1. Monthly Return of information Rule 9A CENVAT Credit 10th Sept. Central Exciserelating to Principal Inputs (August, Rules, 2004 Authorities2013) (Form No. ER-6)

2. Filing of Return of Central Excise Rule 12 / Rule Central Excise 10th Sept. Central Exciseand Cenvat Credit for the month 9(7) Rules, 2002/ Authoritiesof August, 2013 (Form No. ER-1) CENVAT Credit(Non SSI Units) Rules, 2004

3. Monthly Excise return by EOU Rule 17(3) Central Excise 10th Sept. Central Excisefor the month of August, 2013 Rules, 2002 Authorities(Form No. ER-2)

4. Last Date for payment of Excise Rule 8 Central Excise 15th Sept. Central ExciseDuty SSI units (August) *(in case of Rules, 2002 *16th Sept. AuthoritiesPayment through Internet banking)

5. Last Date for payment of Excise Rule 8 Central Excise 05th Oct. Central ExciseDuty non SSI units (Sept.) *(in case of Rules, 2002 *06th Oct. AuthoritiesPayment through Internet banking)

6. Monthly Return of information Rule 9A CENVAT Credit 10th October Central Exciserelating to Principal Inputs Rules, 2004 Authorities(September, 2013) (Form No. ER-6)

7. Filing of Return of Central Excise Rule 12 / Rule 9(7) Central Excise 10th October Central Exciseand Cenvat Credit for the month of Rules, 2002/ AuthoritiesSeptember, 2013 (Form No. ER-1) CENVAT Credit(Non SSI Units) Rules, 2004

8. Monthly Excise return by EOU Rule 17(3) Central Excise 10th October Central Excisefor the month of September, 2013 Rules, 2002 Authorities(Form No. ER-2)

SERVICE TAX RELATED COMPLIANCES9. File Service Tax Return for the CBEC order No. Finance Act 1994 10th Sept. Service Tax

period covering between October, 04/2013 Service Tax Rules, Authorities2012 to March, 2013 Dt. 30.08.2013 1994

10. Pay Service Tax in Challan GAR 7 Section 68 Read Finance Act, 1994 05th October Service Taxcollected for the month of September with Rule 6 Service Tax Rules, *06th October Authorities2012 by persons other than indivi 1994duals, proprietors and partnershipfirms *(in case of Payment throughInternet banking)

INCOME-TAX RELATED COMPLIANCES11. Pay Advance Tax Section 211 Income Tax Act, 15th Sept. Income-Tax

1961 Authorities12. File I. T. Return / Wealth Tax Return Section 44AB Income Tax Act, 30th Sept. Income-Tax

for Corporate assesses andall assesses 1961 Authoritieswhose have business income includingassesseswhose accounts are requiredto be audited under any lawandworking partners

CENTRAL EXCISE RELATED COMPLIANCE



Sr. Activities Sections/Rules/ Acts/Regulations, Compliance To whom toNo. Clauses, etc. etc. Due Date be submitted13. Contractor’s Bill / Advertising / Section 194C Income Tax Act, 07th October Income Tax

Professional Service Bill - TDS Section 194J 1961 Authoritiescollected in the previous monthSection 194J (September, 2013)

14. Monthly payment of TCS Section 206 Income-tax Act, 07th October Income Tax(September) 1961 Authorities

15. TDS from Salaries for the previous Section 192 Income Tax Act, 07th October Income Taxmonth (September) 1961 Authorities

COMPANY LAW RELATED COMPLIANCES16. Last Date of Annual General Section 166 read Companies Act, 30th Sept. N.A.

Meeting for the financial year with section 210 1956ended on 31st March, 2013

RBI RELATED COMPLIANCES17. File a Statutory Annual Return First Schedule NBFC Public After 31st Mar. RBI

on deposits in Form NBS-1 Deposits but before 30thDirectors, 1998 September

18. Monthly return (NBS-6) on exposure Para 13B NBFC Prudential 07th October RBIto capital market Norms (Reserve

Bank) Directions,1998

19. Monthly Return on Important DNBS (RID) C.C. Circular 07th October RBIFinancial Parameters No. 57/02.05.15/

2005-06 datedSeptember 6 , 2005

20. Reporting of actual transactions of ECB Rules FEMA, 1999 08th October RBI throughECB in form ECB-2 within 7 working Authorizeddays (September) Dealer

21. Monthly statement of short term DNBS (PD).CC.No. Circular 10th October RBIdynamic liquidity in Form ALM-I 15 /02.01/2000-2001

dated June 27, 2001ECONOMIC, INDUSTRIAL & LABOUR LAW RELATED COMPLIANCES

22. Monthly payment of Provident (a) Paragraph 38 of (a) Employees’ 15th Sept. Provident FundFund (PF) (Non Corporate) Employees Provident Provident Funds Authorities

Funds Scheme, 1952 and Misc. Trustees of(b) Section 418 of the Provisions Act, 1952 Provident FundCompanies Act, 1956 (b) Exempted Scheme

23. File monthly return for employees Pragraph 20(2) read The Employees 15th Sept. Providentleaving/joining during the month with Paragraph 36 Pension Scheme, Fundof August(Form No.5) (1) & (2) 1995 (For exempted Commissioner

establishmentsunder EmployeesProvident Fundand Misc. ProvisionsAct, 1952)



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

24. Payment of ESI contribution for the Regulation 31 Employees’ State 21st Sept. ESIC Authoritiesprevious month Insurance Act, 1948

and Employees StateInsurance (Gen.)Regulations, 1950

25. Monthly return of Provident Fund Paragraph 38 of Employees 25th Sept. Provident Fundfor the previous month (August) Employees’ Provident Provident Funds AuthoritiesProvident funds Act, 1952 and Misc. Scheme,

195226. Monthly return of Provident Fund Paragraph 36 The Employees’ 25th Sept. Provident Fund

for the previous month with respect Provident Funds Authoritiesto International Workers. Scheme, 1952

27. In case of graduate, technician Section 2 Rule Apprentices Act, 30th Sept. Director-(vocational), send a record of work 14(11) 1961 and Regionalfor each quarter in Form Apprentice Apprenticeship Board ofship 3 in Schedule III Rules, 1962 Apprenticeship

TrainingSTOCK EXCHANGE

28. Furnishing copies of Balance Sheet, Regulation 14(5) SEBI (Registrars to 30th Sept. Securities &Profit and Loss Account, etc. for an issue and Share (provided the Exchange Boardcompanies having in house R&T Transfer Agents) F/Y ended on of India

Regulations, 1993 31st March)

DEPOSITORIES29. Submit monthly statement on subs Regulation 54(5) SEBI (Depositories 07th October Depositories

titution of names of depositories in & Participants)the previous quarter. Regulations, 1996

30. Submit quarterly certificate on Regulation 54(5) SEBI (Depositories 7th October Stock Exchangesdemat/remat of shares during the and Participants) NSDL / CDSLprevious quarter Regulations, 1996

Note : While every care has been taken in the preparation of this Compliance Check List for the Month of September, 2013, to ensure itsaccuracy at the time of publication, NIRC - ICSI assumes no responsibility for any errors which despite all precautions, may be foundtherein. Members are requested to check the latest position with the original sources before acting upon on the information published in thisnewsletter. Neither this Newsletter nor the information contained herein constitutes a contract or will form the basis of a contract.The material contained in this document does not constitute/ substitute professional advice that may be required before acting on anymatter.

Attention Members/StudentsThe details of Members Programs like Seminars, Conferences etc. and soft copies ofNIRC-ICSI Newsletters & Students' programs viz EDP, SIP, PDP, MSOP, Students Activities,Such as Moot Court Competitions, Elocution Competition, Essay writing, Company LawQuiz and Student Conferences are regularly updated on the NIRC Portal at ICSI website.

To get updated information, Members & Students are requested to visit our following websiteregularly.

www.icsi.edu/niro


ACROSS

3. A Federal Agency of United States in last week ofAugust 2013 launched an investigation into thetrade policies of India and an investigation reporton recent policies and measures in India that affectsthe U.S. exports and investment would be presentedby USITC where in USITC 'C' stands for? (10)

4. While calculating Direct tax payable u/s 7 of thepayment of Bonus ________depreciation shouldnot be considered. (10)

6. An appeal is made to SAT against stock exchangefor refusing the permission of ___________. (7)

8. There cannot be any partnership where a businessis carried on with a __________purpose, whereany one of the partners is entitled to total profitearned. (10)

9. As per Companies Bill, 2012 OPC is exempt fromholding an AGM but is required to be registered asa ___________. (3)

10. The presumptions laid by Sec.118 & 119 ofNegotiable Instrument Act do not arise wherenegotiable instrument is obtained by ________. (6)

11. Where a property is mortgaged for successive debtsto successive mortgagees, a ___________mortgageehas the same rights against mortgagees posteriorto himself as he has against the mortgagor. (5)

DOWN

1. All securities held by a depository shall bedematerialized and shall be in a __________form.(8)

2. A consumer need not be an individual but it alsoincludes a _________person. (8)

5. ________ prospectus is a prospectus issued by anyFinancial Institutions for one or more issues of thesecurities. (5)

7. Acceptance of a lesser performance than what wasactually contracted for is known as ________. (9)

We appreciate the active participation by all the participating members !!

CROSSWORD

The following members/students sentcorrect entry to the above Crossword:

Members are requested to send their answers to thecrossword to [email protected] All correct entries will berecognized in the next NIRC Newsletter. Answers tothis crossword will be published in next Newsletter.

CS Amita Verma ACS-26904CS Divya Sorayan ACS-29362CS Shashank Rai ACS-29005CS Khusbu Mohanty ACS-28675CS Sonia Gupta ACS-31121CS Richin Sangwan ACS-21796CS Vidisha Choudhary ACS-31761CS Anjan Kumar ACS-24267Mr. Divesh Chanana Regn. No.220908586/08/2010Ms. Anshul Malhotra Regn. No.220822874/02/2010Mr. Vivek Jain Regn No.420569941/08/2008

ACROSS1. Security3. Skill7. Acquittal9. Producer

10. Banking

ANSWERS TO THE CROSSWORD PUBLISHED IN AUGUST 2013ISSUE OF NIRC-ICSI NEWSLETTER ARE AS UNDER:

Member's Column

DOWN2. Insolvents4. Diminution5. Memorandum6. Sahara8. Revoked


LEGAL UPDATES

IN THE HIGH COURT OF DELHI AT NEW DELHI

BIBBY FINANCIAL SERVICES INDIA PVT. LTD..........Petitioner

Vs.

Ecotech Apparels Pvt. Ltd.…..Respondent

[8 May, 2013]

Crux Of The JudgmentCompany is to be wound up for non-payment of admitteddebt even though commercially solvent. If a debt isundisputedly owing, then it has to be paid.Brief Facts of the CaseIn the year 2008, Ecotech Apparels Pvt. Ltd (EAPL)approached Bibby Financial Services India PrivateLimited (Bibby) to avail of factoring facility to the tune ofRs. 2,50,00,000. An agreement was executed between theparties on 28th January 2008 for factoring of receivables(hereafter 'factoring agreement'). Under the saidagreement, EAPL was described as 'the borrower'. Inconsideration of Bibby paying EAPL the MaximumPrepayment Percentage of the receivables of EAPL, EAPLirrevocably and unconditionally agreed to sell, transferand assign to Bibby the receivables due and payable fromthe Debtors. Under the agreement, it was provided thatEAPL would serve a notice of assignment of thereceivables and associated rights in favour of Bibby andshall provide a duly acknowledged copy thereof to Bibbywith a request for prepayment of the receivables. EAPLfurther agreed that any sum realized by it directly from adebtor shall be the property of Bibby and EAPL shallforthwith deposit the same with Bibby. Till such deposit,EAPL was to hold such sum in trust. EAPL warranted,agreed and undertook as under: "(xviii) that the Borrowershall at all times ensure that sufficient funds are madeavailable in his bank account, on which the post dated/security cheques issued by the Borrower to Bibby havebeen drawn. Bibby shall not be required to give any noticeto the Borrower before presenting the post dated/securitycheques. In the event Bibby presents the post dated/security cheques furnished to it and the same aredishonoured for any reason whatsoever Bibby shall interalia, have a right to proceed against the Borrower underthe Negotiable Instruments Act, 1881 and that theBorrower agrees that the Borrower shall not issue anystop payment instructions to its bankers or do any suchacts to prevent Bibby from presenting the post dated/

Legal Updates

security cheques."The Borrower hereby agrees thatwithout prejudice to the various rights that Bibby hashereby reserved or otherwise available to Bibby underlaw, Bibby shall have the right to Recourse. Upon Bibbyexercising its Recourse in respect of any Receivable theBorrower shall be liable to pay Bibby the amount prepaidby Bibby plus any associated costs and charges in respectof the Receivable pursuant to clause 3 herein contained.The Borrower shall pay all such amounts on receipt ofdemand for payment from Bibby. Without prejudice tothe aforesaid, Bibby shall have a right to present the postdated/security cheques(s) furnished by the Borrower toBibby in respect of the Receivable on which the Recourseis being exercised. Recourse to the Client will be automaticon the expiry of 30 days from the due date of payment bythe Debtor, or earlier, as advised by the Factor."Notice of Assignment dated 25th January, 2008, videwhich the respondent company required the approveddebtor, Koutons Retail India Ltd., to make all paymentsto the petitioner, duly accepted by Koutons. UnderFactoring agreement Koutons Retail India Ltd. ('KRIL')was the Approved Debtor. The arrangement was that forthe supplies made by EAPL to KRIL, the payment to bemade by KRIL against the invoices raised by EAPL wouldbe made directly to Bibby. It was made clear in the noticeof assignment of debt dated 25th September 2008addressed by EAPL to KRIL, with a copy to Bibby, thatthe receipt of payments by Bibby would constitute a validdischarge of the amounts due and payable by KRIL toEAPL under the invoices. Simultaneously, KRIL issueda letter to Bibby accepting the terms of the letter dated25th September 2008 issued by EAPL to KRIL informingit of the factoring agreement. On 3rd March 2010, a DebtorLetter was issued by Bibby to EAPL, giving the up-to-date details as regards KRIL. This was accepted and co-accepted by both EAPL and KRIL by countersigning theletter. A Letter of Guarantee was executed by Mr.Gagandeep Singh Sahni, the Director of EAPL and hisfather, Mr. Harminder Singh Sahni. Thirty one post-datedcheques (PDCs) drawn on Indian Overseas Bank,totalling Rs. 7.5 crores towards security were also issued.Bibby's case is that defaults were committed by both KRILand EAPL in making the payments. The PDCs dated 2ndNovember 2010 issued by EAPL in favour of Bibby whenpresented for payment were dishonoured with theremarks "funds insufficient". As on 2nd July 2011, EAPLowed Bibby a sum of Rs. 8,98,80,162. A statutory notice


Legal Updates

of demand was issued on 30th June 2011 by Bibby toEAPL calling upon it to make the aforementionedpayment along with the contractual charges within threeweeks. Petitioner is seeking winding up of the respondentcompany. A factoring agreement was entered intobetween the parties; cheques were issued by therespondent; which stood dishonoured. The respondentis stated to be indebted to the petitioner for a sum ofRs.8,98,80,162/- along with interest and other charges.Bibby filed Co. Appl. No. 1703 of 2012 under Sections443(c) and 450 of the Act for appointment of a provisionalliquidator ('PL').On 10th April 2013, Mr. Vijay Aggarwal, learned counselfor EAPL tendered EAPL's reply in Court. When thematter was listed next on 7th May 2013, learned counselfor EAPL handed over in Court the further reply of EAPLadmitting to the liability of KRIL and stating that EAPLcould only start paying Bibby "the impugned sum of Rs.7.15 crore from 30th August 2013 onwards" in thirty sixinstallments beginning 30th August 2013 and endingon 30th July 2016. On 8th May 2013, submissions of Ms.Anjali Sharma, learned counsel for Bibby and of Mr.Ashish Dhingra, learned counsel for EAPL have beenheard. In the reply filed by EAPL, a preliminary objectionhas been taken that the demand notice in terms of Section434 of the Act was not served at the registered office ofEAPL. It is stated that the documents placed on record.show that the legal notice was served at F-9, Udyog Nagar,Peeragarhi Chowk, New Rohtak Road, New Delhi - 110041, whereas EAPL shifted from the said office in March2011. It is stated that an e-Form 18 was filed with theRegistrar of Companies ('ROC') to that effect in April2011. It is urged that the mandatory requirement ofSection 434 of the Act not having been met, the presentpetition cannot be entertained by the Court.Observations Of The CourtAn analysis of Section 433(e) read with Section 434 ofthe Act shows that the conditions in Section 434 (1) (a)and 434(1) (c) are disjunctive. In other words, even if thecondition under Section 434 (1) (a) regarding service ofnotice on the company at its registered office by registeredpost is unable to be fulfilled, the petitioning creditor canshow the Court that a company is nevertheless unable topay its debts. In Kalra Iron Stores v. Faridabad Fabricators(P) Ltd. [1992] 73 Comp Cas 337, this Court held that"even without invoking the deemed inability of thecompany to pay its debts, a creditor can seek windingup of a company under section 433(e) read with Section434(1)(c)." However, in order to succeed on that basis,

there has to be a pleading with reference to Section 433(e)or in respect of Section 434(1)(c) of the Act. In the absenceof such pleading, the Court will decline to entertain thepetition where the requirement of Section 434(1)(a) hasnot been met. In the present case, even if one proceeds onthe basis that the statutory notice under Section 433 readwith Section 434(1)(a) was not delivered at the registeredoffice of EAPL, the averments in the petition satisfy therequirement of Section 433(e) read with Section 434(1)(c)of the Act. In paras 15 and 16, it is averred as under: Thepetitioner therefore issued a statutory notice of demandto the respondent on the 30th of June 2011. The petitionerdemanded vide the same that the sum of Rs. 8,98,80,162(Rupees Eight Crores Ninety Eight Lakhs EightyThousand One Hundred and Sixty Two only), along withother contractual charges payable under the agreement,be paid to it forthwith, and in any case not later threeweeks after receipt of the notice of demand. The noticeissued by the petitioner has been duly received by therespondent, but let alone accede to the petitioner'sdemand, and pay its dues, or even ask for further time,the respondent has failed completely to reply to the same.The petitioner affirms that a period of more than threeweeks has elapsed since the service of its notice ofdemand upon the respondent, for the amounts due andowing to it. The respondent's continued silence, andobdurate failure to clear the outstanding, despite everyeffort, exhortation and the like, raises an inference of theinability of the respondent Company to pay its debts. Assuch, it would be reasonable to infer that the respondentCompany, Ecotech Apparels Pvt. Ltd. is no longer viable,and has become commercially insolvent. The respondentCompany, therefore, deserves to be wound up. The aboveaverments have to be viewed in the context of two otherfacts, which are not denied by EAPL. One is that thePDCs issued by EAPL in favour of Bibby when presentedfor payment stood dishonoured. The details and thereasons for dishonour of those cheques as informed toBibby by the bank have been enclosed with the petition.The second fact is that even in its own balance sheet forthe years ending 31st March 2010, 31st March 2011 and31st March 2012, EAPL has admitted that it owes Bibbysubstantial sums under the head 'secured loans' withthe words "secured by personal guarantee of Director" inparentheses.ConclusionSupreme Court explained that the expression "unable topay its debts" under Section 433(e) should be taken in


the commercial sense in that the company "is unable tomeet the current demands." The Court must be satisfiedthat "the existing and probable assets would beinsufficient to meet the existing liability." The Courtexplained that "A determination of examination of thecompany's insolvency may be a useful aid in decidingwhether the Co refusal to pay is a result of the bona fidedispute as to liability or whether it reflects an inability topay, in such a situation, solvency is relevant not as aseparate ground. If there is no dispute as to thecompany's liability, the solvency of the company mightnot constitute a stand alone ground for setting aside anotice under Section 434(1)(a), meaning thereby, if a debtis undisputedly owing, then it has to be paid. If thecompany refuses to pay on no genuine and substantialgrounds, it should not be able to avoid the statutorydemand."If the debt is an undisputedly owing, then itshould be paid. If the company refuses to pay, withoutgood reason, it should be able to avoid the statutorydemand by proving, at the statutory demand stage, thatit is solvent. In other words, commercial solvency can beseen as relevant as to whether there was a dispute as tothe debt, not as a ground in itself, that means it cannot becharacterised as a stand alone ground." The Court issatisfied, in the present case, that there is an admissionof liability by EAPL and that the defence of EAPL for notpaying the amount is not bona fide. The Court is alsosatisfied about the inability of EAPL to pay its debts. Thepetition is accordingly admitted and the OfficialLiquidator ('OL') attached to this Court is appointed asthe Provisional Liquidator (PL) of EAPL.

IN THE HIGH COURT OF DELHI AT NEW DELHICOMMISSIONER OF SERVICE TAX

……….PetitionerVs.

M/s. SANGAMITRA SERVICES AGENCY ………Respondent

[27 June, 2013]

Crux of the Judgement:

Reimbursement of expenses incurred by the Assesseeshall not form part of the taxable value for Service Tax.Issue:Whether Reimbursable expenses forms part of thetaxable value for the chargeability of Service Tax -Clearing and Forwarding service?

Facts of the case:The Sangamitra Services Agency ("the Assessee") isproviding Clearing and Forwarding service ("C&F") toits Principal. Various expenses were incurred by theAssessee, which was reimbursed to the Assessee by theirPrincipals for the service of C&F of excisable goods onthe actual basis.The Revenue alleged that various charges like freight,labour, electricity, telephone, etc., which werereimbursed by the Principals on actuals should beincluded in the taxable value of C&F Service.In this regards, the Hon'ble CESTAT held that thereimbursable expenses received by the assessee need notbe added to the taxable value related to C& F AgentsService. The Hon'ble CESTAT relied on the judgment ofSri Sastha Agencies Pvt Ltd., Vs. Asst. Commissioner[2007 (6) STR 185], holding that no element other thanremuneration received by a Clearing & Forwarding agentfrom their Principal was to be included in the taxablevalue of the service.Thereafter the authorities filed appeal to the Hon'bleHigh Court against the order of the Hon'ble Tribunalraising the following substantial question of law:"Whether the decision of Tribunal that the reimbursableexpenses received by the assessee need not be added tothe taxable value related to clearing and forwardingagents service is correct, when the Rule 6(8) of ServiceTax Rules, 1994 stipulates that Gross amount ofremuneration or commission should be the taxable valuein relation to the services provided by a Clearing andForwarding Agent?Rule 6(8) of the Service Tax Rules, 1994 ("the STR") whichwas omitted vide Notification No.10/2006 dated April19, 2006 is reproduced as under for the ease of reference:"The value of the taxable service in relation to the servicesprovided by a clearing and forwarding agent to a clientfor rendering services of clearing and forwardingoperations in any manner shall be deemed to be the grossamount of remuneration or commission (by whatevername called) paid to such agent by the client engagingsuch agent."The authorities contended that as per the provisions ofRule 6(8) of the STR, the value of taxable service inrelation to the services provided by the C&F Agent to theclient for rendering services of Clearing and Forwarding

Legal Updates


operations, in any manner, shall be deemed to be thegross amount of remuneration or commission (bywhatever name called) paid to such agent by the client.The authorities further submitted that considering thecharges collected towards freight, labour, electricity,telephone etc., in connection with clearing andforwarding services, the same would form part ofremuneration / commission. Held: The Hon'ble High Court observed and held that• In the absence of any material to show the

understanding between the Principal and the Clientthat the Commission payable by the Principal wasall inclusive, it is difficult to hold that the grossamount of remuneration/commission wouldnevertheless include expenditure incurred by theassessee providing the services; that all incidentalcharges for running of the business would also formpart of the remuneration or commission (by whatevername called). The phrase "by whatever name called"must necessarily have some link or reference ornature to the receipt of remuneration or commission.Thus, if a receipt is for reimbursing the expenditureincurred for the purpose, the mere act ofreimbursement, per se, would not justify thecontention of the Revenue that the same, having thecharacter of the remuneration or commission,deserves to be included in the sum amount ofremuneration / commission.

• As per Rule 6(8) of the STR, the gross amount referredto therein would apply to receipts of such sum, whichwould bear the character of remuneration orcommission, in that, the said sum is brought underthe head "receipts".

• The Hon'ble High Court observed that theexpenditure incurred does not fall under theexpression "remuneration or commission".

• Therefore, the Hon'ble High Court rejected thecontention of the Department and dismissed theappeal.

Compiled byCS Swati Chhabra, ACS–[email protected]

CS Manish Gupta, FCS–[email protected]

Legal Updates

In recent past, some of our members have died leaving behindthe spouse and minor children. In some cases providing adequatefinancial assistance to the bereaved family becomes animpediment. Although the Managing Committee of the CSBFwanted to help the bereaved family members, but it wasconstrained to do so in view of financial position of the Fund.As of now, around 9600 members of ICSI have become membersof the CSBF which constitutes less than 30% of the totalmembership of the Institute.The fund can provide the much needed financial assistance insuch cases if the corpus of the Fund increases substantially whichis possible if more number of members are enrolled to the fund.The members in all earnestness are therefore sincerely requestedto become the members of the CSBF by paying one time Lifemembership fee of Rs.7,500/-.The payments made to the Fund are exempted under Section80G of the Income Tax Act, 1961.Following benefits are presently provided by the CSBF:The Fund provides assistance for education/medical or for anyother similar purpose in deserving cases to the• Members of the ICSI• Spouse and Children of the deceased members• The financial assistance upto Rs. 60,000 is provided to the

members for medical expenses for self, spouse or dependentsin deserving cases on receipt of request.

• Financial assistance for education at the rate of Rs. 20,000/-per child (subject to maximum of two children) in deservingcases is provided to the family of the deceased members.

As a member of the Fund upto the age of 60 years it covers themember's future through the Group Life Insurance Policy for asum of Rs. 2,00,000/-. In addition to this additional financialassistance of Rs. 3,00,000/- is provided to the family of thedeceased member of the Fund from the CSBF. The widow /dependants of the deceased member above 60 years of age areprovided financial assistance upto Rs. 2,00,000/- from the funddepending upon the merit of the case. The assistance is providedin minimum time possible.

For more details please visit www.icsi.eduThe members have to just fill up Form-A (available on the web-site of the Institute, i.e. www.icsi.edu) and send the same alongwith a cheque for Rs. 7,500 favouring‘ Company SecretariesBenevolent Fund’ payable at New Delhi to NIRC Office.For further details, members may contact:

AN APPEAL FOR BECOMING MEMBER OF CSBF

CS Dhananjay ShuklaChairman, Benevolent FundCommittee, NIRCE-mail: [email protected] : 9873347280

CS M.G. JindalChairman, NIRC- ICSIE-mail: [email protected] :09814170354


RESEARCH AND PUBLICATION COMMITTEE OF NIRC- ICSIANNOUNCES

“RESEARCH PAPER COMPETITION-2013”For the members of ICSI-NIRC

OBJECTIVE:The competition is aimed at sharing the skills of the Members of ICSI-NIRC:• Enticing Members to excel and update their knowledge; and• To bring together the views and experiences of different people on similar issue.SUBMISSION OF PAPERS:• The last date for the submission of Research Paper – 30th September, 2013• The Research papers shall be submitted (via e-mail: [email protected] and also through signed hard copy addressed to

The Chairman, Research and Publication Committee, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad NagarInstitutional Area, Near Rajendra Place, New Delhi - 110005).

• The hard copy shall be supported by two passport size photograph, membership number, e-mail ID and declarationregarding originality.

• Prescribed word limit shall be adhered to; only eligible entries shall be scrutinized.• Research papers will be judged by a panel of jury members.• The decision of the Jury shall be final & binding on all the participants.ELIGIBILITY CRITERIA:• Members of NIRC- ICSI & Students who have completed their MSOP as on cut-off date.• Elected Council Members, Regional Council Members & Staff Members of NIRC - ICSI are not eligible to participate.• Members may send more than one entry i.e. in different category & on different topics.

SUGGESTED TOPICS IN TWO CATAGORIES:(1200 – 1500 words)

Category –I Category-II - COMPANIES ACT, 2013• Competition Law & Practice • Secretarial Audit – An effective tool of Corporate Governance• Foreign Trade Policy • Protection of minority rights and Class Action Suits• Business Processing Reengineering for SME & Listing • Opportunities for Practising Company Secretaries• Legal Compliance at Commodity Exchanges • Accounts, Audit & National Financial Reporting

Authority (NFRA)• Working Profile of Company Secretaries in • Administration of Company Law under jurisdiction of

smaller towns NCLT, NCLAT & Special Courts• Board and Shareholders meeting by use of Information

technologies.• Corporate Social Responsibility – A burden on

Corporate(s) or mechanism for Social upliftment• Restructuring and Liquidation• Investors Protection

RECOGNITION & AWARDS:• The best article(s) are proposed to be included in CD / Book to be released by Research Publication Committee of NIRC.• Three best entries in each category shall be awarded with a Citation, Trophy and Cash Prize in any of the full day

Seminar as organised by the NIRC• Participation Certification will be given to each & every participant.

Ist Prize : Rs. 7,500/- IInd Prize : Rs. 5,000/- IIIrd Prize : Rs. 3,000/-END USE : Research and Publication Committee reserves the right to publish the Articles / Excerpts either in print or in electronic media.

For any further details please contact the following :

CS Manish GuptaTreasurer, NIRC & Chairman– Research &Publication Committee, NIRC-ICSIE-mail: [email protected] Mobile : 9212221110

CS M.G. JindalChairman, NIRC- ICSIE-mail: [email protected] :09814170354

Research Paper Competition


PROFESSIONAL DEVELOPMENT & TRAINING PROGRAMSNEWS FROM NIRCNIRC organised the following programs:For Members

Date Program Chief Guest /Speakers Present

News from NIRC

North Zone Study GroupMeeting on Recent Updateson FEMA

4.08.2013 CS Chetan Gupta, CS NiteshSinha & Members

CS Atul Mittal, Council Member,ICSI

Vaishali Study GroupMeeting on Recent Updateson FEMA

10.08.2013 CS Pranav Kumar, CS GauravKumar Sharma and members

CS Mohit Chaurasia

Study Circle Meeting onHighlights of Companies Bill,2013

23.08.2013 CS NPS Chawla, CS AvtaarSingh, CS Deepak Kukreja andmembers

CS Nesar Ahmad, Immediate PastPresident & Council Member, ICSI &CS Ilam C. Kamboj, A.V.P. - Legal andCompany Secretary, Hero MotoCorpLtd.

One day Seminar onCompanies Bill, 2012-The Way Ahead

24.08.2013 CS M G Jindal, CS NPS Chawla,CS Atul Mittal, CS Sanjay Grover,CS Ashu Gupta, CS AvtaarSingh,CS Dhananjay Shukla,CS Rajiv Bajaj, CS RanjeetPandey, CS Vineet K Chaudhary,Mr. T.R. Mehta, CS Alka Aroraand Delegates

Chief Guest: Hon'ble Justice Mr. DilipRaosaheb Deshmukh, Chairman,Company Law Board; Guest Speakers:Mr.ManMohan Juneja, Registrar ofCompanies, NCT of Delhi & Haryana,Ministry of Corporate Affairs, Govt ofIndia; CS K Sethuraman, GroupCompany Secretary & Chief ComplianceOfficer, Reliance Industries Ltd.; Mr.Ravindra Vadali, Managing Director &Founder, Rhapsody Accounting andAdvisory Services Pvt Ltd.; CS AlkaKapoor, Director, ICSI; CS Harish KVaid, Vice President, ICSI and CS N KNagpal, Company Secretary, GAIL(India) Limited

West Zone Study GroupMeeting on Recent Updateson FEMA

24.08.2013 CS Pradeep Debnath and CS AmitKaushal and members

Mr. Kumarmanglam Vijay and Mr.Sunil Kumar of Ernst & Young LLP

Flag Hoisting on the occasionof 67th Independence Day ofIndia

15.08.2013 CS NPS Chawla, CS ManishGupta, CS Rajiv Bajaj, CS RanjeetPandey and Mr. T R Mehta

CS S N Anathasubramanian,President, ICSI, CS Harish K Vaid,Vice-President, ICSI and CS NesarAhmad, Immediate Past President,ICSI

Meeting of PractisingCompany Secretaries on "AParadigm Shift for theCorporate- Era ofopportunities for PCS"

26.08.2013 CS Ashu Gupta, CS Avtaar Singh,CS Deepak Kukreja, CS RanjeetPandey and members

CS Sanjay GroverCouncil Member, ICSI

Study Circle Meeting onGlobal Opportunities forCompany Secretaries

29.08.2013 CS NPS Chawla, CS AvtaarSingh, CS Deepak Kukreja andmembers

CS Abhijit Mukhopadhyay,President-Legal, Hinduja Group,London


Date Program Chief Guest /Speakers PresentSouth Zone Study GroupMeeting on Recent Updateson FEMA

30.08.2013 CS Navneet Arora, CS AwanishDwivedi & Members

CS Satwinder SinghPast Chairman, NIRC-ICSI

Two Day UP State Conferenceon Business Governance:Professional Opportunities &Challenges(Host: Lucknow Chapter)

31.08.2013 &1.9.2008

CS Shyam Agrawal, CS DeepakKukreja, CS Dhananjay Shukla,CS Vineet K Chaudhary, CSRajeev Kumar, CS Anuj Tiwari,CS C.B. Thapa, CS Abha SethiTandon, CS Subhash Tiwari, CSAjay Tripathi and CS ManojBhagat.

Inaugural Session: Chief Guest: ShriSurendra Mohan Agarwal(Chairman, Commercial TaxAdvisory Committee - Cabinet Rank,Government of Uttar Pradesh); Guestof Honour: Professor Bharat Bhasker(Dean, IIM, Lucknow); GuestSpeakers: CS Nesar Ahmad, CS P.K.Mittal, CS Rajiv Bajaj, CS RanjeetPandey, CS Bimal Jain, CS U KChaudhary, CA Ravi Kumar, CSAjay Garg, CS Amit Gupta and CS RK Porwal; Valedictory Session -Chief Guest: Dr. DineshSharma(Mayor, Lucknow); Guest ofHonour: Mr. Sudhir Halwasia(Industrialist)

East Zone Study GroupMeeting on Recent Updates onFEMA

31.08.2013 CS Prashant Balodia, CS RajeshJha & Members

Mr. Vishwanath Pareek of PWC

For Students

34th Executive DevelopmentProgram (EDP)

22-31.08.13 Students of the InstituteMembers of the Institute and otherprofessionals

Valedictory Function of 178thMSOP

21.08.2013 CS NPS Chawla, CS Rajiv Bajaj,CS Deepak Kukreja, Mr. T.R.Mehta, CS Alka Arora andStudents

CS P K Rustagi, Vice President (Legal)& Company Secretary, J K Tyre &Industries Ltd.

Mega North Delhi Study GroupMeeting on Companies Bill,2012

1.09.2013 CS NPS Chawla, CS AvtaarSingh, CS Chetan Gupta, CSNitesh Sinha and members

CS Atul Mittal, CS Lalit Jain, CS H SGrover and CS Rajiv Bajaj

News from NIRC

35th Executive DevelopmentProgram (EDP)

30.82013 to7.9.2013

Students of the InstituteMembers of the Institute and otherprofessionals

79th Student InductionProgram (SIP)




81st Student InductionProgram (SIP)


82nd Student InductionProgram (SIP)



COMPULSORY ATTENDANCE OF PROFESSIONAL DEVELOPMENTPROGRAMS BY THE MEMBERS OF ICSI

1. Current block of three years April 1, 2011 to March 31, 20142. Minimum number of Programme Credit Hours (PCH) to 15 PCH in each year or 50 PCH in a block

be acquired by Members in Practice of three years w.e.f. April 01, 20113. Minimum number of PCH to be acquired by Members in 10 PCH in each year or 35 PCH in a block

Employment (i.e. members in whose name Form 32 has of three years w.e.f. April 01, 2011been filed to work as CS under the provisions of Sec. 383A of the Companies

Act, 1956)

4. Min. number of PCH to be acquired by Membersabove the age of 60 years

Presently the members of the age of 65 years are not requiredto obtain PCH. This age limit stands reduced to 60 years andthe members above the age of 60 years shall be requied toobtain 50% of the PCH required to be obtained by themembers below 60 years w.e.f. April 01, 2011.

CHAPTERS OF NIRC-ICSIAgra, Ajmer, Allahabad, Alwar, Amritsar, Bareilly, Bhilwara, 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.

News from NIRC

ADVERTISEMENT FOR “NIRC-ICSI NEWSLETTER”NIRC solicits your kind patronage in the form of advertisement for its Monthly Newsletter as per the tariff*

given below :

Per Issue 6 Issues 12 Issues(Rs.) (Rs.) (Rs.)

Back cover (Colour) 25,000 1,25,000 2,40,000Inside Cover (Colour) 20,000 1,00,000 1,90,000Full Page Inside (Colour) 15,000 80,000 1,50,000Inside page (Black & White) 10,000 55,000 1,00,000Inside Half page (Black & White) 6,000 35,000 65,000

83rd Student InductionProgram (SIP)


Date Program Chief Guest /Speakers Present


31.8.2013 to9.9.2013

Students of the InstituteMembers of the Institute and otherprofessionals


CHAPTERS ACTIVITIESName of Date of Program/ Program/Meeting & topic Present

Chapter Meeting Chief Guest/Speaker

Bareilly 6.7.2013 Career Awareness Program at Office bearers of the ChapterKendriya Vidhyalaya IVRI, Bareilly

12.7.2013 Career Awareness Program at Office bearers of the ChapterKendriya Vidhyalaya-I Cantt. Bareilly

20.7.2013 Career Awareness Program at Office bearers of the ChapterAlma Meter School KurmanchalNagar, Bareilly

24-31.7.2013 4th Student Induction Programme Office bearers of the ChapterChandigarh 01-07.07.2013 15th Student Induction Office Bearers of the Chapter

Programme (SIP)Faridabad 4.8.2013 8th Professional Development CS NK Goel, CS Arjun Malik & other

Programme (PDP) Office Bearers of the Chapter11-18.8.2013 16th Student Induction CS NK Goel, CS Vinit Sikka and other

Programme (SIP) Office Bearers of the ChapterGurgaon 16.8.2013 First Class Room Series on companies CS Parvesh Kheterpal and CS Santosh Sharma

Bill 2013; Speaker:CS S.Chandrasekaran & membersand CS Arun Gupta

23.8.2013 Second Class on Companies Bill 2013; CS Parvesh Kheterpal & membersSpeaker CS Saurabh Kalia

30.8.2013 Third Class on Companies Bill 2013; CS Parvesh Kheterpal & membersSpeaker CS Sanjeev Dagar andCS Sumit Pahwa

3.9.2013 Inauguration of 13th MSOP CS Deepak Kukreja, CS Parvesh KChief Guest: CS Ravi Batra (CRO SRL Ltd.) Kheterpal & participants

Jaipur 24.8.2013 One day Student Conference on the CS Shyam Agrawal, CS Anshul Jain,theme “CS-SIGNATURE FOR CS Vimal Gupta, CS Girish GoyalCORPORATE EXCELLENCE CS Deepak Arora, CS Neetu Maheshwari &Chief Guest (Inaugural): Shri Ajay StudentsRastogi, Honorable Justice RajasthanHigh CourtChief Guest (Valedictory): Shri VirendraBeniwal, Minister for Home & Transport,Govt. of Rajasthan

Kanpur 17-18.08.2013 Two day UP State Student Conference CS Shyam Agarwal CS Deepak Kukreja,on the theme “Lead the Corporate CS Ranjeet Pandey, CS Hemant KumarWorld Through Corporate Governance Sajnani, Mr. Satish Nigam, MLA, Mr. T Rand Ethics" Chief Guest: Capt. Jagatveer Mehta and students Singh Drone, Mayor -Kanpur Nagar;Speakers: Sri Suneel Keswani,CA Sudhendra jain, CS Rajiv Bajaj &CS Gopesh Sahu

Kota 14-21.06.2013 3rd Executive Development Office bearers of the ChapterProgram (EDP)

01-08.07.2013 17th Student Induction Program (SIP) Office bearers of the Chapter02-08.07.2013 18th Student Induction Program (SIP) Office bearers of the Chapter05-11.08.2013 19th Student Induction Program (SIP) Office bearers of the Chapter06-12.08.2013 20th Student Induction Program (SIP) Office bearers of the Chapter

News from Chapters


Name of Date of Program/ Program/Meeting & topic Present Chapter Meeting Chief Guest/Speaker

Kota 10-16.08.2013 21st Student Induction Program (SIP) Office bearers of the Chapter12-19.08.2013 22nd Student Induction Program (SIP) Office bearers of the Chapter13-19.08.2013 23rd Student Induction Program (SIP) Office bearers of the Chapter

Ludhiana 23.8.2013 Seminar on the Companies Bill, 2013 CS M G Jindal, CS Bhupesh Gupta & otherInaugurated by: CS N K Jain, Past Office bearers of the Chapter and MembersSecretary and CEO, ICSI Speakers:CS Satwinder Singh, Partner VaishAssociates and CS R S Bhatia,Practising Company Secretay,

Noida 08-15.07.2013 24th Student Induction Programme Office Bearers of the Chapter16-23,07.2013 25th Student Induction Programme Office Bearers of the Chapter24- 31.07.2013 26th Student Induction Programme Office Bearers of the Chapter01-08.08.2013 27th Student Induction Programme Office Bearers of the Chapter16-23.07.2013 28th Student Induction Programme Office Bearers of the Chapter26.08 to 03.09.2013 29th Student Induction Programme Office Bearers of the Chapter17.08.2013 Study Circle Meeting on Companies CS Vineet K Chaudhary, CS Ravi Bhushan,

Bill, Classroom Series CS A K Gurnani, CS A K KuchhalSpeaker : CS Sanjay Grover, CouncilMember, ICSI

23.08.2013 Study Circle Meetingon App & Implication Office Bearers of the ChapterImplication of Criminal Law inCorp FraudSpeaker : Mr. Manish Jain

News from Chapters

S.No. Name Mem. No.1. CS Vipul Jain ACS-209712. CS Suman Kumar FCS-58243. CS Ravinder Negi ACS-312444. CS Harish Chawla ACS-289285. CS Abhishek Aditya ACS-310676. CS Iqneet Kaur ACS-136247. CS Amit Kishore Singh ACS-180388. CS Vivek Gupta ACS-128989 . CS Richa Arya ACS-28873

10 . CS Bhasker Joshi ACS-2467411 . CS Dheeraj Kumar Mishra ACS-2572312. CS Swati Sandhal ACS-3248413. CS B L Agrawala FCS-658314. CS Saloni Agarwal ACS-32361

COMPANY SECRETARIES BENEVOLENT FUNDMembers Enrolled Regionwise as Life Members of the Company Secretaries Benevolent Fund Enrolledfrom 21st June, 2013 to 20th August, 2013.

S.No. Name Mem. No.15. CS Akhil Sharma ACS-3219716. CS Nitesh Kumar ACS-3326517. CS Deepa Khatri ACS-1496818. CS Chander Sawhney ACS-3309219. CS R N Tripathi ACS-911220. CS Mahesh Kumar Arora ACS-405221. CS Trilok Chand Garg ACS-30019

OBITUARY‘NIRC-ICSI Newsletter’ deeply regrets the sad demiseof CS Sooraj Kapoor, Ex-ROC, Delhi & Haryana(6.9.1929-3.9.2013) of Gurgaon.May the Almighty bestow courage to the bereavedfamily members to withstand the irreparable loss.May the Departed Soul rest in peace.


LIGHTER SIDE OF THE PROFESSION"How come you are coming so late from your work everyday?""It is due to lot of pressure of work these days.""How come there is pressure of work in the Government Employment?""The raw statistics gathered are very alarming,now our job is to make them lie."

*****"After examining your wife I can say that your wife is suffering from Mental Depression.Is there any Tension inyour family?""No Doctor,there is little ladies problem.""Then why don't you consult a Gynaecologist?""Sorry Doctor.This ladies problem is not of that type.She got a fantastic raise in her salary and bonus 3months ago with the condition that the same shall be withdrawn if it is disclosed to any other employee of theorganisation."

*****"Besides having many good qualities, the best quality attributed to the success of my friend is that he is the yesman of the Chairman.""Sorry,don't call me his yes man.""Then what should we call you?""His alter ego." —CS PRAMJEET SINGH, [email protected]

Members may send their contribution for this column at e-mail [email protected] for publication in the NIRCNewsletter-Insight. Decision of the Editorial Board of Newsletter in this regard will be final.

CORPORATE MEMBERSHIP FOR PROGRAMSThe concept of Corporate Membership for Programs, as started by NIRC, is well appreciated and acknowledgedby the members and corporates as it is convenient to make payment/take approval at onetime to attend differentPrograms during the year.Members are invited to opt for Corporate Membership for Programs for the financial year 2013-2014 (April 2013to March 2014) at the following fee structure.

S. No. Particulars Fee (Inclusive of Service Tax)1. For Members Rs. 9,551/-2. For PCS Rs. 8,989/-3. For Non-Members Rs. 10,674/-4. For Senior Citizens Rs. 7,865/-

For details, please visit www.icsi.edu/niro

CAREER AWARENESS PROGRAMS/CAREER FAIRSNIRC has organised 29 Career Awareness Programs/Career Fairs during the month of August,2013 in various schools & colleges located in Delhi and surrounding areas. CS JK Bareja,CS Shiv Tyagi, Mr. T R Mehta & Mr Himanshu Sharma addressed in these Career AwarenessPrograms/Career Fairs. The students were apprised about the mode of registration in thecourse, syllabus, structure of the course and also the avenues available after completion of theCompany Secretaryship Course both in employment and in practice.

Corporate Membership


Forthcoming Programs

CERTIFICATE COURSE ON VALUATIONEligibility Criteria: The Certificate Course is primarily designed for Members of the Institute;however the students who have passed the Professional/Final exam of ICSI are also eligible forparticipating in this Certificate Course.Certificate Course fee: The certificate course fee is Rs.16,855 inclusive of service tax. The feewould cover cost of classroom training, reference material and evaluation.Certificate Course Structure: In order to give sufficient practical knowledge of Valuationprinciples, techniques, methodology, the Certificate Course has been modeled in self study,classroom training, Case Study and presentation.The duration of Certificate Course is divided into 120 hours comprisingSelf study 90 hoursClassroom Training 30 hoursEvaluation After completion of four days of Classroom TrainingClassroom training of 30 hrs will be organized in 4 days as under :Dates : September/October, 2013

(Exact dates will be informed through Emailon receipt of sufficient response from the participants)

Time: 10:00 AM to 6:00 PMVenue: ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

For more details, please visit www.icsi.edu/niroRegistration: Application for registration may be sent along with local Cheque/Demand Draftfavouring ‘NIRC of ICSI’ payable at New Delhi to Deputy Director, NIRC of ICSI,ICSI-NIRC Building, Plot No. 4, Prasad Nagar Institutional Area, New Delhi-110005Ph +91 11 49343000, E-mail: [email protected]

MEETING OF COMPANY SECRETARIES IN PRACTICETopic : (will be informed through e-mail)

Date : 16th Sep., 2013 (Monday) Time : 6:00 P.M.Venue : ICSI-NIRC Building Auditorium, 4, Prasad Nagar Institutional Area, New Delhi

(Tea : 5:45 P.M.)(Being Monday, Parking will be easily available)


TWO DAY REGIONAL CONFERENCE(Host: Ludhiana Chapter)

onPROFESSIONAL AND ENTREPRENEUR PARTNERSHIP:

DRIVER TO THE INDUSTRIAL GROWTH(FOCUS ON COMPANIES ACT, 2013)

onFRIDAY-SATURDAY, THE 13TH & 14TH SEPTEMBER, 2013

11.00 AM onwardsat

HOTEL PARK PLAZA, FEROZEPUR ROAD, LUDHIANAFee: Rs.2800/- (Non-residential) inclusive of Service Tax; Rs.2250/- (Non-residential) inclusiveof Service Tax for students; Rs.6200/- (Residential on twin sharing basis for one day) inclusiveof Service Tax; Rs. 2000/- (Non-residential) for Corporate Members of Ludhiana Chapter.

Free for Corporate Members of NIRC (Non-residential For Self Only)Residential Accommodation at Hotel Friends Regency, Ferozepur Road, Ludhiana and HotelONN, Ferozepur Road, Ludhiana (Distance from venue: 1 km) Rs.4500/- (Rs. 2800/- fee + Rs.1700/- accommodation) on twin sharing basis for one day) inclusive of Service Tax Rs. 1700/- (Residential on twin sharing basis for one day ) for corporate members of NIRCTRAVEL TO LUDHIANA:Ludhiana is well connected with trains and road transport (Volvo Buses)

Credit Hours: 08 (PDP Hours for students:16)Registration:In order to make necessary arrangements, Members are requested to enrol well in advancewith Deputy Director, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi Tel.:+91-11-49343000, Fax: 25722662 E-mail: [email protected] OR Chairman of Ludhiana Chapter of NIRC-ICSI,11-B, 2nd Floor, Gurudwara Saheedan, Pheruman Complex, G T Road, Ludhiana. Phone:0161-2545456 E-mail: [email protected]; The cheque for delegate fee may please be drawnin favour of NIRC of ICSI payable at New Delhi OR Ludhiana Chapter of NIRC of ICSI payableat Ludhiana.



ONE DAY SEMINARon

COMPANIES ACT, 2013on Saturday, the 28th September, 2013 (Registration starts at 9.30 AM)

at Hotel Le-Meridien, Janpath, New Delhi-110001 Fee: Rs.2250/- per delegate inclusive of service tax ; Free for Corporate Members of NIRC

In case Corporate Members (Self) unable to attend the seminar, He/She may deputesome other officer/partner/employee from his/her organization/ Firm.

Program Credit Hours: 04 (08 PDP hours for students on payment of participation feeof Rs.1125/- inclusive of Service Tax)

Registration: (Maximum enrolment will be restricted to 500; Admission will be on first-come-first served basis) In order to make necessary arrangements, Members are requested to enrol wellin advance with Deputy Director, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. Thecheque for delegate fee may please be drawn in favour of NIRC of ICSI payable at New Delhi.Tel.:+91-11-49343000, Fax: 25722662 E-mail: [email protected]

ONE DAY WORKSHOPon

COMPANIES ACT, 2013on Saturday, the 14th September, 2013 & Saturday the 21st September, 2013

(Registration starts at 9.30 AM) at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi Fee: Rs.350/- per delegate inclusive of service tax per day including Corporate

Members of NIRC of ICSIProgram Credit Hours: 04 Each Day

Registration: Maximum enrolment will be restricted to 75; Admission will be on first-come-first served basis. In order to make necessary arrangements, Members are requested to enrol well inadvance with DeputyDirector, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. The chequefor delegate fee may please be drawn in favour of NIRC of ICSI payable at New Delhi.Tel.: +91-11-49343000, Fax: 25722662 E-mail: [email protected]


Documents

NIRC-ICSI Newsletter