Volume XXXV • Page 1-24 • No.07 • July, 2016 … 2016.pdfxxxxxxxxxxxxx NIRC - ICSI Newsletter | July 2016 1 Monthly • Volume XXXV • Page 1-24 • No.07 • July, 2016 1 One

xxxxxxxxxxxxx

NIRC - ICSI Newsletter | July 2016 1

Monthly • Volume XXXV • Page 1-24 • No.07 • July, 2016

1 One day seminar on NCLT - Changing Contours of Corporate Litigation (25.6.2016): Addressing from L to R Shri A S Chandiok, Senior Advocate( Key-note Speaker); Mr. H.L. Tiku, Senior Advocate; CS Satwinder Singh (Council Member, ICSI), Partner, Vaish Associates; Mr. Krishnendu Datta, Advocate and CS Nesar Ahmad, Past President-ICSI (Guest Speakers)

2 ICSI Convocation – 2016 - Ist Session - Northern Region (18.6.2016): L to R CS Manish Gupta, CS Rajiv Bajaj, CS (Dr.) Shyam Agrawal, CS (Dr.) Abhishek Jain, IAS, Labour Commissioner-cum-Director Employment, Director Rural Development, Director Panchayati Raj, Government of Himachal Pradesh, Shimla (Chief Guest), CS Mamta Binani, CS Vineet Chaudhary, CA Rajesh Sharma and CS Ashok Kumar Dixit,

4 Inauguration of 15 days Master Class Room Study Sessions on NCLT & NCLAT (20.6.2016): L to R CS Pradeep Debnath, CS Manish Gupta, CS S Balasubramanian, Hon’ble Former Chairman, CLB (Chief Guest), CS Pavan Kumar Vijay, Past President-ICSI (Guest Speaker), CS NPS Chawla, CS Saurabh Kalia and CS Nitesh Sinha

3 ICSI Convocation – 2016 - 2nd Session - Northern Region (18.6.2016): L to R CS Manish Gupta, CS Ranjeet Pandey, CS (Dr.) Shyam Agrawal, CS Ashok Barat, Managing Director & CEO, Forbes & Company Limited (Guest of Honour), Ms. Meenakshi Lekhi, Hon’ble Member of Parliament (Chief Guest), CS Mamta Binani, CS Vineet Chaudhary, CA Rajesh Sharma and CS Ashok Kumar Dixit.

1

2

3

4


From the Chairman

CS Alka AroraRegional Director

Co-opted

Page No.

CS Ravinder, IAS 011-23063212

09810375788

Dear Professional Colleagues,

Groups/Teams are being built on the foundation for improvement in the mutual interest of individuals. The very prime purpose of any team is to get success through collective efforts of all individuals. In the 21st century, the definition of success has also changed as the changes took place in technology, markets and peoples’ expectations. The success depends upon the quality and timely delivery. The factors to measure the performance have been changed. Only good performer can survive for longer times.

Since the origin of mankind, the Atheory of “survival of the fittest” remains the same even after passing through various civilizations. The fitness includes both Physical as well as mental. It is said “healthy mind lives in a healthy body”. We should have balancing in professional life and personal life. On one hand, physical fitness can be improved through regular exercise, yoga, pranayama etc. and on the other hand, mental fitness may be improved through keeping our knowledge updated regularly.

ESTABLISHMENT OF NCLAT, NCLT & ITS 11 BENCHES ACROSS INDIA W.E.F. 01.06.2016—OPPORTUNITES FOR COMPANY SECRETARIES IN CORPORATE LITIGATION

Central Government have notified constitution of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) with effect from 1st June, 2016. With this landmark notification the Company Law Board (CLB) as constituted under the erstwhile Companies Act, 1956 stands as dissolved. The NCLT will start functioning with eleven Benches – two at New Delhi and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. The Principal Bench of the NCLT will be at New Delhi.

Some of the provisions of the Companies Act, 2013 relating to powers of Tribunal have also been notified by the Government on the same day except provisions pertaining to compromise and arrangement, winding up etc.

Friends, practice before NCLT & NCLAT is a great opportunity for our profession to excel in the field of Corporate Litigation. We all know that Companies Secretary is an established professional when it comes to the advisory to the top management of a company and/or managing regulatory compliances of various corporate laws including the Companies Act, 2013/1956. Now with the establishment of NCLT/NCLAT, it shall offer various new opportunities to Company Secretaries as they have

“Leadership is about people. It is not a process of commanding but of binding people together.” ~

~ Shiv Khera

• From the Chairman 2-4• Articles 5-6• Notice of AGM 7• Auditors’ Report 8• Functional Committees 9• Students Programs 10• National Conference of PCS 11• Compliance Checklist 12-13• Campus Placement 14• Forthcoming Programs 15• News from the NIRCs 16-17• Research Paper Competition 18• Lighter Side of the profession 19• CSBF 20• Forthcoming Program 21-22


From the Chairmannow been authorized to appear before the Tribunal/ Appellate Tribunal in all most all the matters related to Corporate Litigation. Therefore, Company Secretaries would for the first time be eligible to appear for matters which were hitherto dealt with by the High Court mergers, amalgamations, winding up proceedings, capital reduction etc. under the Companies Act, 2013.

I am happy to mention that newly notified provision under the Companies Act, 2013 will offer many new professional opportunities to the Company Secretaries. I call upon my member colleagues to take note of this development and update accordingly so as to provide virtuous professional services to their clients and organizations in conformity to the principles enacted under the Companies Act, 2013.

INITIATIVE TAKEN BY NIRC OF THE ICSI TO EQUIP ITS MEMBERS & STUDENTS WITH NCLT/NCLAT IN THE MONTH OF JUNE, 2016

�� On 20th June, 2016 Inauguration of 15 days Master Class Room Study Sessions on NCLT & NCLAT. CS S Balasubramanian, Hon’ble Former Chairman, CLB was the Chief Guest and CS Pavan Kumar Vijay, Past President, ICSI was the guest speaker on the occasion.

�� The class room series was organised with an aim to equip the members of ICSI with practical aspects to practice before NCLT/NCLAT and to overall improve their court craft and advocacy skills. I am happy to share that we have got the wonderful response in terms of participation and the feedback and reviews of the participants of 15 days Master Classes are also very encouraging.

�� On 25th June, 2016 one day seminar on NCLT - Changing Contours of Corporate Litigation & Meeting of Company Secretaries in Practice. Shri A S Chandiok, Senior Advocate was the Key-note Speaker and Mr. H.L. Tiku, Senior Advocate; CS Satwinder Singh, Council Member, ICSI, Partner, Vaish Associates; Mr. Krishnendu Datta, Advocate and CS Nesar Ahmad, Past President-ICSI were the guest speakers for the seminar.

�� We have started with the special Moot Court sessions for our members and students to build their capacities and to empower them to appear before the NCLT / NCLAT. To start with separate topic has been introduced in each & every batch of MSOP, Regional Round of 14th All India Moot Court Competition - 2016 will be held on 18-07-2016, planning to introduce the same at our OT classes, 3 session on moot court have been arranged for the participants of 15 days Master Classes and in the days to come will be announcing Moot Court Competition for our members as well.

PCS Day CelebrationsAt NIRC, 15th June, 2016 was celebrated as “PCS Day” with lot of delight & enthusiasm and the entire day was dedicated to the practicing members of the profession. The celebrations of the PCS Days started with the launch of “PCS HELPLINE” on fortnightly basis in which senior Practising Company Secretary will be available to resolve the technical, practical, interpretational issues over telephone on the pre decided topic. In this series two such PCS Helpline were arranged in which CS Ravi Sharma, Practicing Company Secretary & CS Ranjeet Pandey resolved many telephonic queries/issues of the members on contentious issues related to Issue and Allotment of Securities under the Companies Act, 2013 read with the applicable Rules and on Secretarial Standards I & II respectively.

The celebrations of the PCS Days were continued with sessions on “Emerging areas of Practice - PCS from Panchayat to Parliament” & “Showcase of the Profession – Start-up – Stand-up and A way forward”.

The chief guest and guest speaker of the evening was Shri N. K. Jain, Former Secretary & CEO- ICSI and Special Guest of the evening was CS Ashish Garg, Central Council Member- ICSI & Chairman, PCSCommittee- ICSI. The PCS Day Celebrations was attended by many senior & young practicing company secretaries of the profession and almost 170 members have witnessed & become part of the celebrations.

Thereafter, NIRC of the ICSI felicitated members of Northern Region holding COP on June 15, 1988 on the occasion and acknowledged their outstanding contribution towards the development of the CS Profession.

17th National Conference of Company SecretariesThe annual congregation of Practising Company Secretaries, the 17th National Conference of Company Secretaries is being organised by the Institute in the Northern Region on August 12-13, 2016 at Welcome Heritage Glenview Resort, Kasauli on the theme “PCS@Startup-Accelerate-Outpace”. Would request all members to register themselves and participate in the mega event. Your participation will not only add to fruitful deliberations, but also give you an opportunity for mutual exchange of ideas and views and sharing experience with your professional colleagues from across the country. The complete details of 17th National Conference of Company Secretaries is published elsewhere in this newsletter and online registration facility is also available at www.icsi.edu/17NationalConferenceofCS.aspx.

Celebrating July, 2016, Foundation Month as Student’s MonthFriends, our profession will only grow when our students will also have plethora of opportunities to grow and excel in the field of corporate laws just like our learned members of ICSI. This onerous task is only possible by providing proper guidance and appropriate platform to the students of ICSI to showcase their knowledge and ability. NIRC- ICSI is always in fore fronts in organizing various capacity building/ professional development programs for members and students of the Institute.

The students are the main pillars of any profession and same is true in our case also. Accordingly, with an intent to build capacities of our students and to make them competent, so that they can undertake any challenge of the corporate world, your NIRC has decided to celebrate the Foundation Day of NIRC in an unique manner.

This year your Institute through its Regional Councils and Chapters is also celebrating month of July 2016 as Students’ month. At NIRC- ICSI, we have also decided to dedicate the whole Foundation month to the Students to strengthen the foundation of the profession and at the same time to build the future of the students.

As a part of these celebrations, during the Foundation Month, your NIRC-ICSI has decided to organise various activities/programs for students at various levels, apart from various other training programs between 1st July and 31st July, 2016. The detail of all these programs are published elsewhere in this newsletter and also uploaded at www.icsi.edu/niro .

I request you to kindly guide your Trainees and other students of the Institute to take the benefit by attending the above programs as organised by NIRC of ICSI during Students Month.


Gist of Programs Organised in the Preceding Month and Forthcoming ProgramsFriends in this competitive environment, we cannot compromise with professional excellence. Keeping this in mind NIRC is organising regular professional development programs for members and students on various topics of corporate relevance. The gist of the programs organised in the preceding month are highlighted hereunder.

The Programs organised during the month are as under:

For MembersOn 21st June, 2016 Celebration of Capital Market week on “Transcending Horizons - Capital Market Way”. CS Sharad Tyagi was the guest speaker for the program.

On 21st June, 2016 NIRC has celebrated International Yoga Day. Dr. Hari Yogi and CS Sudhir Jain, were Yoga Experts on the occasion. Many members, students, and staff members have attended the programs and got the real experience of various yoga methods.

On 2nd July, 2016 Capacity Building Workshop on “Pre-certification of Forms and Annual Return (Filling & Filing)”. CS Deepak Sharma, Company Secretary in Practice and CS Ravi Varma were the guest speakers for the program. The said workshop was inaugurated by CS. D. Bandopadhyay, Registrar of Companies, NCT of Delhi & Haryana.

For StudentsOn 13th June, 2016 Campus Placement for participants of 238th & 239th MSOP on the verge of getting CS Membership. A large no of companies and firms have participated to recruit the young members. On the other hand, the participants has got the opportunity to face real life interview and some of them have selected.

On 14th June, 2016 Valedictory Function of 238th and 239th MSOP Batches. CS O. P. Dani, Past President, ICSI was the chief guest and CS O. P. Sharma, VP (Corp Affairs) & CS, A B Hotels Ltd. was the guest of honour on the function. The chief guest has shared his rich experience with the participants. He has also requested everyone to contribute towards social responsibilities. The guest of honour has motivated the participants to work hard and to set high targets in their life.

On 18th June, 2016 ICSI Convocation – 2016 for Northern Region was organised in two sessions at Manekshaw Center to give away certificate of membership of the Institute to the newly admitted members. CS (Dr.) Abhishek Jain, IAS, Labour Commissioner-cum-Director Employment, Director Rural Development, Director Panchayati Raj, Government of Himachal Pradesh, Shimla was the chief guest for the first session. For the second session, Ms. Meenakshi Lekhi, Hon’ble Member of Parliament was the chief guest and CS Ashok Barat, Managing Director & CEO, Forbes & Company Limited was the guest of honour. On the occasion President, CS Mamta Binani, Vice-President, CS (Dr.) Shyam Agrawal, Central and Regional Council members were present and grace the occasion. The parents and family members of the degree receipts were also enjoyed the great moments during the ceremony.

On 22nd June, 2016 Campus Placement for CS Trainees was organised at NIRC, Prasad Nagar Buildings. This was a great experience for the students and also for the trainers.

On 24th June, 2016 Regional Round of 15th All India Elocution Competition 2016 for Students. CS J K Bareja and CS Payal Kataria were the Judges for the competition. Ms. Geetika Sethi, Reg. No.240239836,

was the winner and Ms. Sakshi Sharma, Reg. No. 250449272, was the Runner of Elocution Competition.

I take this opportunity to express my sincere thanks and gratitude to all guests, faculties, speakers and invitees for sparing their valuable time and sharing their experience with the participants of the all above mentioned programs.

Forthcoming ProgramsFriends, in order to provide ample opportunities of learning and updating the knowledge base of the members, NIRC has been actively organising various professional development programmes. For the Month of July, 2016, your NIRC was schedule various programs for members and students. The complete list of all such programs is being published elsewhere in this newsletter.

State Conference(s)Friends, the month of July, 2016 is full of activities which are planned to build the capacities of our members. In this regard, I am happy to share that two State Conference have been planned by NIRC in the month of July. The Haryana State Conference, at Panchkula & Rajasthan State Conference, at Jaipur will be organised on 9th July, 2016 and 23rd July, 2016 respectively. Request all members to please join the events in large numbers.

Company Secretary Benevolent Fund (CSBF)In order to bring more awareness amongst the Members of the Institute about the benefits of CSBF once they become its Life Member, your NIRC is taking all necessary steps. This is yet another endeavour to bring all the Members of the Institute who are yet to become Life members of CSBF under the CSBF shield. The Members who are yet to become life members of CSBF are encouraged to build a security umbrella for their family. A small contribution now will go a long way in securing the future of their near and dear ones as well as the whole family of the Company Secretary fraternity. I happy to share that your NIRC has contributed Rs. 5,57,271/- as 5% of the net profits for the financial year 2014-2015 and Rs. 83,000/- (Rs. 100/- on each registration for Corporate Membership Scheme (all verticals) for the year 2016-17 to the corpus of Company Secretary Benevolent Fund. With an intention to motivate our young generation of Company Secretaries, the cheques of the respective amounts were presented to CS Mamta Binani, President, ICSI on the Convocation ceremony held on 18th June, 2016 at Delhi.

Friends, our members and the students are the backbone of the profession. Their support, involvement and feedback is prerequisite for the successful implementation of any of the professional or academic activity of NIRC. I earnestly solicit suggestions from all of you for further betterment of the activities of NIRC and up gradation of the profession.

With best regards,Yours Sincerely,

CS Manish GuptaChairman, NIRC-ICSI

Cell: 9212221110

From the Chairman


Article

Delhi High Court, in the recent judgment in `Suresh Kumar Bansal vs. Union of India’, ruled that no service tax can be levied in respect of composite agreements entered into between buyers and builders for flats in an under construction building in a housing project.

Two Petitions Mr. Suresh Kumar Bansal and Mr. Anuj Goyal have separately entered into agreement with M/s Sethi Buildwell to buy flats in multi-storey group housing project named `Sethi group - Max Royal’ located in Noida, U.P. The Petitioners contention wasthat they had entered into a composite contracts providing value of undivided share of land which would be acquired by the Petitioners and the Builder has charged Service Tax from the Petitioners under the said contract onservices related to construction of complex and services for providing preferential location.

The learned counsel appearing for the Petitioners contented that:

a) The entries relating to taxation in List I and List II of the Seventh Schedule to the Constitution of India were mutually exclusive and parliament did not have the power to levy tax on immovable property.

b) As per the decision of Supreme Court in Larsen & Toubro Limited `works contracts’ have been interpreted in an expansive manner and would include an agreement entered into by a flat buyer with a builder. Thus the State legislature would have the power to tax the element relating to transfer of property in goods which are involved in such contracts. Consequently the power of Parliament to levy tax would be limited to only the service component after excluding the value of goods as well as the value of land from such contracts.

c) Neither the Act nor the rules made there under provide any machinery provisions for ascertaining the service component of such composite contracts; hence the levy of service tax must fail.

d) As per decision by Supreme Court in `Commissioner Central Excise and Customs, Kerala and ors & Larsen & Toubro Limited’ and Ors, the statue clearly specifies

the three element of taxation viz., the subject of tax, the person who is liable to tax; and the rate and measure of tax.

e) In `Commissioner Central Excise and Customs, Kerala and ors & Larsen & Toubro Limited’ the Supreme Court accepted the contention of the Assesses that the charging section must itself specify that the service tax is only on the service element of the composite contract and statutory frame work must provide for machinery provisions to ascertain the value of such element for the purpose of service tax.

The learned counsel appearing for the Revenue contended that:

i) Legislative amendment introduced in the Finance Act, 2010 viz., insertion of explanation to Section 65 (105) (zzzh) and clause (zzzzu), were valid and enforceable.

ii) Development of a project results in the substantial value addition on bare land and includes various services such as consulting services, engineering services, management services, architectural services etc. The said services are subsumed in taxable services as contemplated under Section 65 (105) (zzzh) of the Act.

iii) Gross charges include value of land and construction material, only 25% of the basic selling price charged by the builder from the consumer is subject to levy of service tax.

The amendment introduced by Finance Act, 2010 has been upheld by the Karnataka High Court in the case of CREDAI and the Bombay High court in the case of `Maharashtra Chamber of Housing Industry.’

COURT’S OBSERVATIONSBased on the various submissions of both the Parties and the orders passed by the Hon’ble Supreme Court in various other cases, the court made following observations:

�� The impugned explanation to Section 65 (105) (zzzh)

DECODING THE DELHI HIGH COURT JUDGEMENT ON SERVICE TAX ON PURCHASE OF FLATS

CS S. Prabhakar & Neha Talreja*

*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.


and clause (zzzzu) were introduced by Finance Act, 2010. Prior to that service tax was not chargeable on builders/developers who were engaged in construction of real estate residential projects and selling residential units in those projects to prospective buyers. Thus unless the builder was rendering service of construction of complex simplicitor, no service tax was chargeable for service covered under Clause (zzzh) of Section 65 (105) of the Act.

�� Composite contracts for development of complex and sale of units therein would fall within the scope of works contract as held by the Supreme Court in `Larsen and Toubro vs. State of Karnataka’

�� Whilst it may be correct to state that the title to the Unit (immovable property) does not pass to the prospective buyer at the stage of booking, it can hardly be disputed that the buyers acquires an economic stake in the project and in one sense, the services subsumed in construction – services in relation to a construction of complex are rendered for the benefit of the buyer. However, but for the legal fiction introduced by the impugned explanation, such value add would be outside the scope of services because sensustricto no services, as commonly understood are rendered in a contract to sell immovable property.

�� That neither the Act nor the Rules framed therein provide for ascertaining the value of services involved in relation to construction of a complex. The abatement to the extent of 75% by a notification or a circular cannot substitute the lack of statutory machinery provisions to ascertain the value of services involved in a composite contract.

�� Rule 2A of the Rules provides for mechanism to ascertain the value of services in a composite works contract involving services and goods, the said Rule does not cater to determination of value of services in case of a composite contract which also involves sale of land. The gross consideration charged by a builder/promoter of a project from a buyer would not only include an element of goods and services but also the value of undivided share of land which would be acquired by the buyer.

�� Service tax cannot be levied on the value of undivided share of land acquired by a buyer of a dwelling unit or the value of goods which are incorporated in the project by a developer.

THE ORDERThe impugned explanation to the extent it seeks to include

composite contracts for the purchase of units in a complex within the scope of taxable service is set aside.

If the Builder has collected any amount as service tax from the Buyers for taxable service as defined in Section 65(105)(zzzh) of the Act and has deposited the same with the government authorities, such amount deposited shall be refunded to the Buyers with interest at the rate of 6% from the date of deposit till the date of refund.

Service Tax on PLCAs far as the challenge to the levy of service tax on taxable services as defined under Section 65(105)(zzzzu) is concerned, the court observed no merit in the contention that there is no element of service involved in the preferential location charges levied by a builder. They are in one sense a measure of additional value that a customer derives from acquiring a particular unit. Such charges may be attributable to the preferences of a customer in relation to the directions in which a flat is constructed; the floor on which it is located; the views from the unit; accessibility to other facilities provide in the complex etc. Service tax is a tax on value addition and charges for preferential location in one sense embody the value of the satisfaction derived by a customer from certain additional attributes of the property developed.

IMPACT OF THE JUDGMENT�� Being a High Court decision, the Department has an

option of appealing to the Supreme Court ormay also go in for amendment in the Act/Rules providing for machinery for measuring the service component out of the composite contract.

�� It may not be easy for the customers to get refund of the service tax collected. The department may surely refund the amount of service tax deposited by the builders, but builders might have claimed CENVAT credit and they need to account for the same and refund it to the customers, which they might not do so easily and prefer to obtain a stay.

�� In furtherance to the applicability of this Judgment on the Builders who have their projects and or their registered office situated outside Delhi, they may raise jurisdictional issuesand continue to charge service tax

�� In all those cases where Builders do not charge service tax, they may increase the prices to the extent of recovering the CENVAT credit.

Article


Notice of AGM

NOTICE OF ANNUAL GENERAL MEETINGNotice is hereby given that the 35th Annual General Meeting of the members of The Institute of Company Secretaries of India (ICSI) in the Northern Region, forming part of Northern India Regional Council (NIRC), will be held on 30th July, 2016 at 4.00 P.M. at Hotel Le-Meridien, (Sovereign Hall), Janpath, New Delhi - 110 001, to transact the following business(s):

1. To receive, consider and adopt Audited Balance Sheet as at 31st March, 2016, the Income and Expenditure account for the year ended on that date, Report of the Regional Council and Auditors’ thereon.

2. To appoint M/s. Mittal & Mittal Associates, Chartered Accountants, Delhi as Statutory Auditors in place of retiring Auditors M/s. Antima & Goel, Chartered Accountants to hold office from the conclusion of this Annual General Meeting until conclusion of the next Annual General Meeting and to fix their remuneration.

By order of the Northern India Regional Council of ICSI

(CS PRADEEP KUMAR DEBNATH)

Secretary

Place: New Delhi

Dated: 8th July, 2016

Note(s):

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

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

3. In order to promote the Green Initiative, the ICSI vide its letter dated 21.10.2011 has directed all its Regional Councils to send the Annual Report to the members through electronic mode. Accordingly, NIRC is sending Annual Report for the year 2015-16 through e-mail. Members may also view/download Annual Report from the child portal of NIRC ICSI (www.icsi.edu/niro). Copies of the Annual Report will also be available at the venue of the AGM i.e. on 30th July, 2016.

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


Auditors’ Report

To The Members of NIRC of the ICSI

Report on the Financial StatementsWe have audited the accompanying financial statements of NORTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA , which comprise the Balance Sheet as at 31st March 2016 and the Statement of Income and Expenditure, the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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

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

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the NIRC of the ICSI preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by NIRC of the ICSI, as well as evaluating the overall presentation of the financial statements.

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

2. Further, we report that:a) We have obtained all the information and explanations,

which to the best of our knowledge and belief were necessary for the purpose of our audit.

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

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

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

OpinionIn our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Income and Expenditure Account and the Cash Flow Statement read together with the Schedule & Notes thereon give the true and fair view.1. In so far as it relates to the Balance Sheet of the state of Affairs

of the ‘NIRC of the ICSI’ as at 31st March, 2016; and2. In so far as it relates to the Income and Expenditure Account, of

the Excess of Income over the Expenditure of the ‘NIRC of the ICSI’ for the year ended on that date.

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

FOR ANTIMA & GOEL Chartered Accountants

(FRN: 009062N)Place: New Delhi Date: 19/05/2016 Sd/-

(Ravi Bhushan GOEL) Membership No: 086862

Partner

INDEPENDENT AUDITORS’ REPORTANTIMA & GOEL, Chartered Accountants


Functional Committees

CS BENEVOLENT FUND COMMITTEE

Name Mobile E-mail

CS Dhananjay Shukla - Chairman

9873347280 [email protected]

CS Anant Kumar 9810080801 [email protected]

CS Dinesh Kumar 9311475975 [email protected]

CS Sanjay Bharti 9810730173 [email protected]

CS Sheshdev Behra 9999002490 [email protected]

CS Vinay Shukla 9810624262 [email protected]

CS Pranav Kumar 9810793994 [email protected]

CS Atul Agarwal 9891900405 [email protected]

CS Praveen Tiwary 9818372079 [email protected]

CS Vivek Tiwari 9311412372 [email protected]

CS Chandradeep Bharti 9910243486 [email protected]

CS Ranjit Kumar Tripathi 9999632000 [email protected]

Cs Vinay kumar Mishra 9928917461 [email protected]

Cs Vishav Sethi 8053800810 [email protected]

CS Navneet kaur 9650250312 [email protected]

CORPORATE LAW COMMITTEE

Name Mobile E-mail

CS NPS Chawla,Chairman


CS Vishal L. Aggarwal, Convenor


CS Pawan Dubey 9811516227 [email protected]

CS Manish Durga 8010099140 [email protected]

CS Karan Sahi 9711248922 [email protected]

CS Rahul Jogi 9990540888 [email protected]

CS Girish Ghakhar 9899209420 [email protected]

CS Reema Jain 9953299308 [email protected]

CS Aditya Rungta 8130866885 [email protected]

CS Bharat Hassani 8586018010 [email protected]

CS Aman Nijhawan 8527622424 [email protected]

CS Peer Mehboob 8447283435 [email protected]

CS Neevrat Sharma 9886688340 [email protected]

CS SP Singh Chawla 9911338808 [email protected]

CS Gaurav Kumar 9810872046 [email protected]

TRAINING & EDUCATIONAL FACILITIES COMMITTEEName Mobile E-mail

CS Dhananjay Shukla-Chairman 9999823231 [email protected]

CS D.K.Dubey 9810085115 [email protected]

CS Arunesh Dubey 9999823231 [email protected]

CS Ramakant Pathak 9899127297 [email protected]

CS Ashok Kumar Rai 9268287629 [email protected]

CS Yogesh Kumar 9953570032 [email protected]

CS Monica Suri 9891404035 [email protected]

CS Nitin Mishra 9013212430 [email protected]

CS Jyoti Sharma 9810370312 [email protected]

CS Abhishek Pandey 9958732985 [email protected]

CS Shobhit Nehra 9873257174 [email protected]

CS Ramesh Kumar 9891999818 [email protected]

CS Abhishek Mishra 9956088762 [email protected]

CS Vineet maheshwari 9650834854 [email protected]

CS Abnish Kumar 8750604727 [email protected]

PROFESSIONAL DEVELOPMENT AND PROGRAMS COORDINATION COMMITTEEName Mobile E-mailCS Nitesh Kumar Sinha - Chairman


CS Kapoor Garg 9971717881 [email protected] Maninder Singh 9810573176 [email protected] Saroj Panda 7836975326 [email protected] Aradhana Singh 9871397506 [email protected] Pradeep Panda 9811354053 [email protected] Sumit Batra 9873428930 [email protected] Surender Burnwal 9899453699 [email protected] Ravinder Gupta 9414089547 [email protected] Neeraj Tiwari 9236684149 [email protected] Nimisha Madan 9990526789 [email protected] CS Karamveer Singh 9891396019 [email protected] Manoj Verma 9958865446 [email protected] Pratik Choudhary 9818422865 [email protected] Shelly Sharma 9999666556 [email protected]

FUNCTIONAL COMMITTEES OF NIRC OF THE ICSI FOR THE YEAR 2016

PAYMENT OF ANNUAL MEMBERSHIP AND CERTIFICATE OF PRACTICE FEE FOR THE YEAR 2016-17The annual membership fee and certificate of practice fee for the year 2016-17 became due for payment w.e.f. 1st April, 2016. The last date for payment of fee was 30th June 2016 which has now been extended upto 31st August, 2016. Fee can be paid through cash/cheque/online http://www.icsi.edu/Member/FeesMember.aspx The membership and Certificate of Practice fee is as follows:-1. Annual Associate Membership fee : Rs. 1125/-2. Annual Fellow Membership fee : Rs. 1500/-3. Annual Certificate of Practice fee : Rs. 1000/-(*)*The certificate of practice fee must be accompanied by a declaration in form D duly completed in all respects and signed. The requisite form ‘D’ is available on the website of Institute www.icsi.edu


Students Programs

CELEBRATION OF STUDENTS’ MONTH AND FOUNDATION DAY OF NIRC

As a part of celebrations your NIRC-ICSI has decided to organise various activities/programs for students at various levels, apart from various other training programs between 1st July and 31st July, 2016. The detail of all these programs are reproduced hereunder and also uploaded at www.icsi.edu/niro :

S. No. Programme Date Time Venue

1 Van Mahotsav Divas 01.07.2016 10.00 am

ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

2 Press Release on CS Olympiad 01.07.2016 4 pm

3 Management Skills Orientation Programme(MSOP)

05.07.2016 to 25.07.2016 10.00 am

4 Management Skills Orientation Programme(MSOP)

07.07.2016 to 25.07.2016 10.00 am

5 2 days Induction program 07.07.2016 to 08.07.2016 10.00 am

6 Commencement of New batches of Oral Tuition Classes for December, 2016 Examination

07.07.2016

7 National level of 15th All India Elocution competition - 2016

08.07.2016 3.00 pm

8 3 days e-governance 11.07.2016 to 13.07.2016 10.00 am

9 Parent Teachers meet 15.07.2016 10.00 am

10 Faculty induction programme 16.07.2016 10.00 am

11 Regional round of 14th All India Moot Court Competition - 2016

18.07.2016 3 pm

12 5 days Skill Development 18.07.2016 to 22.07.2016 10.00 am

13 Executive Development Programme (EDP) 27.07.2016 to 04.08.2016 10.00 am

14 Orientation program for trainees 20.07.2016 10.00 am

15 Campus for 240 & 241 MSOP Batches 22.07.2016 10.00 am

16 Motivational talk for students 25.07.2016 10.00 am

17 5 days Entrepreneurship Development 25.07.2016 to 29.07.2016 10.00 am

18 Swachh Bharat Abhiyan 27.07.2016 10.00 am

19 Career Awareness Week 25.07.2016 to 29.07.2016 To be decided

20 Student conference 31.07. 2016 10.00 am Airforce Auditorium


National Conference of PCS

17th NATIONAL CONFERENCE OFPRACTISING COMPANY SECRETARIESPCS @ Startup – Accelerate – Outpace

Days & Dates: Friday & Saturday, August 12-13, 2016

Venue: Welcome Heritage Glenview Resort, Kasauli, Himachal Pradesh

Coverage1. Startup India – Professional Opportunities for PCS covering

• Insolvency Laws• Goods and Services Tax• Arbitration Law• Real Estate Act

2. National Company Law Tribunal, Companies (Amendment) Bill, 2016, Competition Law3. Spiritual Wellbeing / Self Motivation4. Ease of Doing Business in India – Facilitations and Obstructions

DELEGATE REGISTRATION FEE (Non-Residential) (Incl. of Service Tax)Delegate Category Early Bird payment upto July

15, 2016Early Bird payment upto July 31, 2016

Payment August 01, 2016 onwards

Members 4000 4500 5000Non-Members 4500 5000 5500Accompanying Spouse/Children above 12 years

3000 3500 4000

Students/CSBF Members/ Senior Members (60 years and above)/ Partners of Peer Reviewed Practice Units (Subject to the Presentation of Peer Review Certificate)

3500 4000 4500

Rs. 1000/- discount to the Corporate Members (Delhi & Chapters) of NIRC in the delegate Registration fee

Registration fee is inclusive of service tax and covers Lunch (2), Dinner (1), Morning /Evening Tea/ Coffee with Cookies, Conference Kit & Backgrounder.

CHAIRMAN, PCS COMMITTEE

PROGRAM DIRECTOR PROGRAMME COORDINATOR

PROGRAM FACILITATOR

PROGRAMMECO-FACILITATOR

CS Ashish Garg,Council Member, ICSI

CS Vineet K Chaudhary,Council Member, ICSI

CS Manish Gupta,Chairman, NIRC of ICSI

CS G S Sarin,Chairman, Chandigarh Chapter of ICSI

CS Smriti Sud,Chairperson, ShimlaChapter of ICSI

For more details visit: www.icsi.edu


Compliance Checklist

COMPLIANCE CHECKLIST FROM 10th JULY TO 10th AUGUST, 2016

S. No. Activities Sections/Rules/ Clauses, etc. Acts/Regulations etc. Compliance

Due DateTo whom to be submitted

Central Excise Related Compliance1. Monthly Return of information relating to Principal Inputs (June,

2016) (Form No. ER-6)Rule 9A CENVAT Credit Rules, 2004 10th July Central Excise

Authorities2. Filing of Return of Central Excise and Cenvat Credit for the month of

June, 2016 (Form No. ER-1) (Non SSI Units)Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT

Credit Rules, 200410th July Central Excise

Authorities3. Monthly Excise return by EOU for the month of June, 2016 (Form No.

ER-2)Rule 17(3) Central Excise Rules, 2002 10th July Central Excise

Authorities4. Quarterly Return of Central Excise and Cenvat Credit in Form ER-3 (SSI

units)Rule 12 Central Excise Rules, 2002 10th July Central Excise

Authorities5. Last Date for payment of Excise Duty Non SSI units (July) *(in case of

Payment through Internet banking)Rule 8 Central Excise Rules, 2002 05th August

*06th AugustCentral Excise Authorities

6. Monthly Return of information relating to Principal Inputs (July, 2016) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004 10th August Central Excise Authorities

7. Filing of Return of Central Excise and Cenvat Credit for the month of July, 2016 (Form No. ER-1) (Non SSI Units)

Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th August Central Excise Authorities

8. Monthly Excise return by EOU for the month of July, 2016 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002 10th August Central Excise Authorities

Service Tax Related Compliances9. Pay Service Tax in Challan GAR – 7, collected for the month of July

2016 by persons other than individuals proprietors and partnership firms. *(in case of Payment through Internet banking)

Section 68 Read with Rule 6 Finance Act, 1994Service Tax Rules, 1994

05th August*06th August

Service Tax Authorities

Income-tax Related Compliances10. Quarterly TDS return Section 195 Income-tax Act, 1961 & Income-tax

Rules, 196215th July Income Tax Authorities

11. File TCS quarterly statement for quarter April – June, 2016 Section 200(3) Income tax Act, 1961 15th July Income Tax Authorities12. Issue TDS Certificate Section 203 Income Tax Act, 1961 30th July Income-Tax

Authorities 13. Quarterly issuance of Certificate of collection of tax at source (TCS)

Form No. 27DRule 37D Income-tax Rules, 1962 30th July Income-Tax

Authorities14. Income Tax Return for Non- Corporates & Individuals Who are under

non- audited u/s 44ABSection 139(1) Income tax Act, 1961 31st July Income Tax Authorities

15. Deposit of Income Tax - Self-assessment tax Section 140A Income tax Act, 1961 31st July Income Tax Authorities16. Contractor’s Bill / Advertising / Professional service Bill - TDS collected

for the previous month Section 194J (July, 2016)Section 194CSection 194J

Income-tax Act, 1961 07th August Income Tax Authorities

17. Monthly payment of TCS (July, 2016)

Section 206 Income-tax Act, 1961 07th August Income Tax Authorities

18. TDS from Salaries for the previous month (July 2016) Section 192 Income-tax Act, 1961 07th August Income Tax Authorities19. Deposit TDS from salaries for the previous month in Challan No.281

(July 2016)Section 192 Income-tax Act, 1961 07th August Income Tax Authorities

RBI Related Compliances20. Monthly statement of short term dynamic liquidity in Form ALM-I Master Circular DNBS.IT.CC.

No.01/24.01.191/2015-16 dated July 01, 2015

Circular 10th July RBI

21. Quarterly Returns By NBFCs (NBS 1) Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015

Master Circular 15th July RBI

22. Quarterly Statement of Capital Funds, Risk Assets etc. as required under the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions 1998 By NBFCs and RNBCs (NBS 2)

Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015



Compliance Checklist 23. Quarterly Return on Statutory Liquid Assets as per Section 45 IB of the

Act By Deposit Taking NBFCs (NBS 3)Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015


24. Quarterly Return of Capital Funds, Risk-Asset Ratio from NBFCs-ND-SI (Supervisory Return)

Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015


25. Quarterly Return on Assets acquired, securitized and reconstructed Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015


26. Annual Return on foreign assets and liabilities by Indian companies. A.P. (DIR Series) Circular No.133 FEMA Act, 1999 15th July RBI

27. Monthly return (NBS 6) on exposure to capital market Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015

Circular 07th August RBI

28. Monthly Return on Important Financial Parameters Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015


29. Reporting of actual transactions of ECB in form ECB-2 within 7 working days (July)

ECB Rules FEMA, 1999 08th August RBI through Authorized Dealer

30. Monthly statement of short term dynamic liquidity in Form ALM-I Master Circular DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015


Economic, Industrial & Labour Law Related Compliances31. Monthly payment of Provident Fund (PF) (Non Corporate) (a) Paragraph 38 of Employees

Provident Funds Scheme, 1952(b) Section 418 of the Companies Act, 1956

(a) Employees’ Provident Funds and Misc. Provisions Act, 1952 (b) Exempted Scheme

15th July Provident Fund Authorities Trustees of Provident Fund

32. File monthly return for employees leaving / joining during the month of June(Form No.5)

Pragraph 20(2) read with Paragraph 36(1) & (2)

The Employees Pension Scheme, 1995 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th July Provident FundCommissioner

33. i) File monthly Return of employees entitled for membership of Insurance Fund (Form No. 2(IF))

ii) File monthly Return for members of Insurance Fund leaving service during the month of June (Form no. 3(IF))

iii) File monthly return of members joining service during the month of June (Form no.F4(PS))

Paragraph 10 The Employees Deposit Linked Insurance Scheme,1976 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th July Provident FundCommissioner

34. Payment of ESI contribution for the previous month Regulation 31 Employees’ State Insurance Act, 1948 and Employees State Insurance (Gen.) Regulations, 1950

21st July ESIC Authorities

35. Monthly return of Provident Fund for the previous month (June) Provident funds

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme, 1952

25th July Provident Fund Authorities

Stock Exchange / Listing Compliance36. Statement of giving the number of Investor Complaints pending at

the beginning of the Quarter those received during quarter, disposed during quarter and those remaining unresolved at the end of quarter

Regulation 13 SEBI (Listing Obligations and Disclosure Requirements) 2015

21st July Stock Exchange

37. Quarterly Corporate Governance Compliance Certificate/Report Regulation 27(2) SEBI (Listing Obligations and Disclosure Requirements) 2015

15th July Securities & Exchange Board of India

38. Submission of Shareholding Pattern as at the end of the previous quarter

Clause 31 SEBI (Listing Obligations and Disclosure Requirements) 2015

21st July Securities & Exchange Board of India

39. Reconciliation of Share Capital Audit Regulation 55A SEBI (Depositories and Participant) Regulation 1996

30th July (within 30 days from the end of the Quarter)

Securities & Exchange Board of India

Note : While every care has been taken in the preparation of this Compliance Check List for the Month of July, 2016, to ensure its accuracy at the time of publication, NIRC – ICSI assumes no responsibility for any errors which despite all precautions, may be found therein. Members are requested to check the latest position with the original sources before acting upon on the information published in this newsletter. 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 any matter. Compiled by: CS Abhishek Gupta | [email protected]


Campus Placement

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

DEDICATED CAMPUS PLACEMENT FOR240th and 241st BATCH OF MSOP PARTICIPANTS

Northern India Regional Council (NIRC) of the Institute of Company Secretaries of India (ICSI) is organizing Campus Placement for 240th and 241st batch of MSOP participants (on the verge of getting CS Membership)” on 22nd July, 2016 at ICSI NIRC Building, Plot No 4, Prasad Nagar Institutional Area, New Delhi-110005 from 10.00 am onwards.

NIRC personally seek members’ support and cooperation for the campus placement and request everyone to kindly participate in the Campus Placement and recruit MSOP participants.


Forthcoming Programs

FORTHCOMING PROGRAMS OF NIRC-ICSIDay & Date Program Topic Venue Timings Credit

HoursFee

Saturday9th July, 2016

Haryana State Conference (Host: Yamunanagar, Sonepat Karnal-Panipat Chapters) Co-Host: Chandigarh Chapter)

Recent Legislative Changes and Professional Opportunities

Hotel Western Court Site No.2, Sector 10, Panchkula, Haryana

10 AM to 5 PM

04 Rs.1250 per member;FREE for Corporate Member of NIRC (Delhi & Chapters)

Wednesday13th July, 2016

PCS Help LineTopic:Related Party TransactionsFacilitator/Expert: CS Ilam Kamboj

Members may contact at Tel.No.011-49343001

2.00 pm to 3.30 p.m.

- Free


One day Workshop Insolvency and Bankruptcy Code, 2016

ICSI-NIRC Building, 4 Prasad Nagar Instl. Area, New Delhi

10 AM to 5 PM

04 Rs.400 (upto 13th July); Rs.500/- (free for YUVA Corp. Mem)

Monday17th July, 2016

One Day Seminar on Capacity building - Need of the hour.

SD Vidya Mandir School, Panipat

10 AM to 5 PM

06 Rs.500 per member;FREE for Corporate Member of NIRC (Delhi & Chapters)


Regional Round of Moot Court Competition for students


10 AM - FREE


Women Empowerment Session: Startup & Stand up


5.30 PM – 8.00 PM

02 FREE

Friday22nd July, 2016

Campus Placement* for 240th & 241st * batch of MSOP participants (on the verge of getting CS Membership)”

ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

10.00 a.m. onwards

- -

Saturday23rd July, 2016

Rajasthan State Conference (Host: Jaipur Chapter) Co-Host: Alwar, Kota & Ajmer Chapters)

Hotel - Holiday inn Jaipur

10 AM to 5 PM

4 Rs. 750 per member;FREE for Corporate Member of NIRC (Delhi & Chapters)

Monday25th July, 2016 Motivational talk for students


10 AM - FREE

Wednesday27th July, 2016

PCS Help Line on FEMA & FDI Members may contact at Tel.No.011-49343001

4.00 pm to 5.30 p.m.

- Free


One day seminar on GSTChief Guest:

CS Upender GuptaCommissioner, GST

Central Board of Excise and Customs

Hotel Le-Meridien, Janpath, New Delhi

10.00 AM to 3.00 PM

04 Rs.2250/-; FREE for Corporate Members of NIRC


Annual General Meeting of NIRC(Annual report alongwith annexure thereto will be available on website of NIRC: www.icsi.edu/niro)

Hotel Le-Meridien, Janpath, New Delhi

4.00 PM - FREE

Sunday31st July, 2016

One day Students Conference Airforce Auditorium, Dhaula Kuan, New Delhi

10 AM to 5 PM

- Will be informed through e-mail

Monday1st August, 2016

Meeting of Company Secretaries in Practice

Real Estate (Regulation and Dev.) Act, 2016


5.30 PM – 8.00 PM

02 FREE

*Members are requested to kindly arrange at least one Company / Firm of Practicing Company Secretary /Consultancy firms/Law firms/Financial Institution to participate in the Campus Placement and recruit MSOP participants/CS Trainees. For details visit: www.icsi.edu/niro

For details visit: www.icsi.edu/niro


News from the NIRC

NIRC organised the following programs:

Date Program Chief Guest/speakers Present

13.06.2016 Campus Placement* for 238th & 239th batch of MSOP participants (on the verge of getting CS Membership)

- CS Alka Arora and participants

14-22.6.2016 50th Executive Development Program for students

Members of the Institute and other professionals CS Alka Arora and participants

14.6.2016 Valedictory Function of 238th & 239th MSOP

Chief Guest: CS O. P. Dani, Past President, ICSI;Guest of Honour: CS O. P. Sharma,VP (Corp Affairs) & CS, A B Hotels Ltd.

CS Manish Gupta, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

15.6.2016 PCS Help Line on “Issue and Allotment of Securities under the Companies Act, 2013 read with the applicable Rules ”

Guest Speaker: CS Ravi Sharma, Practising Company Secretary, M/s. RSM & Associates, Company Secretaries, New Delhi

CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath and participants

15.6.2016 Celebration of PCS Day on Emerging areas of Practice - PCS from Panchayat to Parliament; Showcase of the Profession – Start-up – Stand-up and A way forward

Guest Speaker: CS N K Jain, Former Secretary & CEO, ICSI; Special Guest: CS Ashish Garg, Council Member and Chairman, PCS Committee-ICSI

CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath, CS Nitesh Sinha, CS Monika Kohli and participants

18.6.2016 ICSI Convocation – 2016 (Ist Session) (Northern Region) – to give away certificate of membership of the Institute to newly admitted members

Chief Guest: CS (Dr.) Abhishek Jain, IAS, Labour Commissioner-cum-Director Employment, Director Rural Development, Director Panchayati Raj, Government of Himachal Pradesh, Shimla

CS Mamta Binani, CS (Dr.) Shyam Agrawal, CS Vineet Chaudhary, CS Rajiv Bajaj, CA Rajesh Sharma, , CS Manish Gupta, CS Dhananjay Shukla, CS Pradeep Debnath, CS NPS Chawla, CS Amit Gupta, CS Monika Kohli, CS Nitesh Sinha, CS Alka Arora ,CS Ashok Kumar Dixit and members and their parents

18.6.2016 ICSI Convocation – 2016 (Northern Region) – to give away certificate of membership of the Institute to newly admitted members

Chief Guest: Ms. Meenakshi Lekhi, Hon’ble Member of Parliament; Guest of Honour: CS Ashok Barat, Managing Director & CEO, Forbes & Company Limited

CS Mamta Binani, CS (Dr.) Shyam Agrawal, CS Vineet Chaudhary, CS Ranjeet Pandey, CA Rajesh Sharma, CS Manish Gupta, CS Dhananjay Shukla, CS Pradeep Debnath, CS NPS Chawla, CS Amit Gupta, CS Monika Kohli, CS Nitesh Sinha, CS Ashok Kumar Dixit, CS Saurabh Kalia, CS Alka Arora and members and their parents

20.6.2016 Inauguration of 15 days Master Class Room Study Sessions on NCLT & NCLAT

Chief Guest: CS S Balasubramanian, Hon’ble Former Chairman, CLBGuest Speaker: CS Pavan Kumar Vijay, Past President-ICSI

CS Manish Gupta, CS Pradeep Debnath, CS NPS Chawla, CS Nitesh Sinha, CS Saurabh Kalia, CS Alka Arora and members

21.6.2016 International Yoga Day Dr. Hari Yogi & CS Sudhir Jain, Yoga Experts CS Manish Gupta, CS Nitesh Sinha, CS Alka Arora and members

21.6.2016 Celebration of Capital Market week on Transcending Horizons - Capital Market Way

CS Sharad Tyagi CS Manish Gupta, CS Nitesh Sinha, CS Alka Arora and members

22.6.2016 Campus Placement for CS Trainees

- CS Manish Gupta, CS Pradeep Debnath, CS Alka Arora and participants

24.6.2016 Regional Round of 15th All India Elocution Competition 2016 for Students

Judges: CS J K Bareja and CS Payal Kataria Participants and students of the Institute

NIRC ACTIVITIES


News from the NIRC

COMPANY SECRETARIES BENEVOLENT FUNDMEMBERS ENROLLED FROM NIRC AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT

FUND DURING THE PERIOD 21/05/2016 TO 20/06/2016

Sr. No. LM NO. NAME MEMB NUMBER CITY

1. 11328 CS ATUL PRAKASH FCS - 2230 NOIDA

2. 11338 CS VIKAS KUMAR SHARMA ACS - 26139 NEW DELHI

3. 11342 CS GAURAV AGGARWAL ACS - 43997 GR.NOIDA

4. 11343 CS PARIDHI GARG ACS - 37983 GURGAON

5. 11344 CS HIMANSHU HARBOLA ACS - 28145 NEW DELHI

6. 11345 CS NISHANT KAUL ACS - 42672 GHAZIABAD

7. 11347 CS KUSHAL KUMAR ACS - 33127 NEW DELHI

8. 11349 CS NITIN KUMAR ACS - 34148 CHANDIGARH

9. 11350 CS MANISH AGGARWAL FCS - 6714 CHANDIGARH

10. 11352 CS ANUKUL UDAI ACS - 36040 ALLAHABAD

11. 11355 CS ANOOP KHANDELWAL ACS - 45028 AJMER

12. 11357 CS ARUN GOEL ACS - 32816 FARIDABAD

13. 11358 CS DEEKSHA KAKU ACS - 45461 JAIPUR

14. 11360 CS SAURABH PATHAK ACS - 43521 FAIZABAD

15. 11365 CS BHUPINDER SHOKEEN ACS - 45884 NEW DELHI

ATTENTION MEMBERS /STUDENTSThe details of Members Programs like Seminar, Conferences, etc. and soft copies of NIRC-ICSI Newsletters & Students’ programs viz EDP, PDP, MSOP, Students Activities, such as viz Moot Court Competitions, Elocution Competition, Essay writing, Company Law Quiz 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 website regularly.

www.icsi.edu/niro

INVITATION FOR CONTRIBUTION OF ARTICLES & SUGGESTIONS FOR IMPROVEMENT OF CONTENTS OF

NIRC NEWSLETTER NIRC of ICSI invites Articles from Members for publication in the NIRC Newsletter. Members are also requested to forward their comments/suggestions for further improvement of contents of Newsletter. Members may send the soft copy of their article and profile to NIRC by email to [email protected] for consideration by the Editorial Board.

25.6.2016 One day seminar on NCLT - Changing Contours of Corporate Litigation & Meeting of Company Secretaries in Practice

Key-note Speaker:Shri A S Chandiok, Senior Advocate;Guest Speakers:Mr. H.L. Tiku, Senior Advocate; CS Satwinder Singh (Council Member, ICSI), Partner, Vaish Associates;Mr. Krishnendu Datta, Advocate and CS Nesar Ahmad, Past President-ICSI

CS Manish Gupta, CS Rajiv Bajaj, CS Ranjeet Pandey, CS Vineet Chaudhary, CS Dhananjay Shukla, CS Pradeep Debnath, CS Rajeev Bhambri, CS Monika Kohli, CS NPS Chawla, CS Nitesh Sinha, CS Saurabh Kalia, CS Alka Arora and members

29.6.2016 PCS Help Line on “Secretarial Standards - I & Secretarial Standards - II ”

Guest Speaker: CS Ranjeet Pandey, PCS (Council Member-ICSI) and Member of Secretarial Standards Board-ICSI

CS Manish Gupta, CS Pradeep Debnath and participants

1.7.2016 Celebration of Van Mahotsav Divas by plantation of saplings

Plantation of saplings by: CS Manish Gupta & CS Alka Arora

Students and all officials of NIRO

2.7.2016 Capacity Building Workshop on Pre-certification of Forms and Annual Return (Filling & Filing)

Chief Guest: CS D. Bandopadhyay, ROC, Delhi & Haryana; Guest Speakers: CS Deepak Sharma, Company Secretary in Practice and CS Ravi Varma (Company Secretary, Taxmaco Rail & Engineering Ltd.)

CS Manish Gupta, CS Pradeep Debnath, CS Nitesh Sinha and participants


Research Paper Competition

RESEARCH PAPER COMPETITION-2016INTRODUCTION :Research plays a very vital role to solve environmental, social, and economic issues, and to strive for social change. At NIRC is always believe that quality-based professional development cannot exist without initiating research activities among the members of the institute. With the said intent and to motivate our members to initiate the research activities, NIRC is announcing “Research Paper Competition- 2016” for members of the NIRC of ICSI.

OBJECTIVE :The “Research Paper Competition- 2016” is designed to promote an annual Research Prize with the following objectives:

�� To promote research activities among the members of ICSI;

�� To improve quality-based education & research;

�� To promote professional presentation and research skills;

�� To promote innovative/creative thinking as well as problem solving among the members of ICSI;

�� To promote public understanding and public participation on specific issues;

�� Enticing Members to excel and update their knowledge;

�� To bring together the views and experiences of different people on similar issue

RESEARCH PAPER SUBMISSION & OTHER FORMALITIES:�� You are invited to submit the soft copy of your unpublished

research work /manuscript / paper anytime in Word format after preparing the same as per our GUIDELINES FOR SUBMISSION.

�� The last date for the submission of Research Paper is Saturday, the 23rd July, 2016. Late submissions cannot be accepted.

�� The research paper must:

�� be type- written in English

�� be within the length of five pages (approximately 450 words per page), not including appendices (bibliography, graphs, photographs, or other supplementary materials) i.e 2,000 to 2,250 words.

�� be written in single space with A4 –size paper

�� be the original work of the contestant.

�� The Research papers should be submitted via e-mail: [email protected] and also through signed hard copy addressed to The Chairman, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, New Delhi - 110005).

�� The hard copy shall be supported by two passport size photograph, membership number, e-mail ID and declaration regarding

originality.

�� Prescribed word limit shall be adhered to; only eligible entries shall be scrutinized.

�� Research papers will be judged by a expert panel of jury members having atleast 10 years of experience in the relevant field on the subject of the research paper.

�� The decision of the Jury shall be final & binding on all the participants.

ELIGIBILITY CRITERIA:�� The Members of NIRC- ICSI & Students who have completed or

undergoing their MSOP as on cut-off date.

�� Elected Council Members, Regional Council, Members & their Partners, Associates & Staff and employees of ICSI are not eligible to participate

�� Members may send more than one entry on different topics.

SUGGESTED TOPICS:1. Managing Corporate Dynamics in Changing Scenario2. Corporate Social Responsibility - A Social Responsibility of

Corporate India 3. NCLT - Changing Era of Corporate Litigation4. Evaluation of Board - Global Scenario and Changing Trends in India5. Changing Dimensions of Business In India - w.r.t Startup

IndiaStandup India, Skill India, Make in India, Ease of Doing Business

6. Insolvency and Bankruptcy Code 2016 - Time-bound Insolvency Resolution

7. LODR - Critical Analysis8. Labour Law Reforms - Need of the hour9. FDI - Recent Changes and Compliance

RECOGNITION & AWARDS�� Three best entries shall be awarded with a Citation, Trophy, Cash

and Institute Publications, in any of the functions as may be organised by the NIRC

�� Participation Certification will be given to each & every participant.

Ist Prize

Rs. 5,000/- Cash Award & ICSI Publication worth Rs. 2,500/-

IInd Prize

Rs. 3,000/- Cash Award & ICSI Publication worth Rs. 2,000/-.

IIIrd Prize

Rs. 2,000/- Cash Award & ICSI Publication worth Rs. 1,000/-

END USE :NIRC of the ICSI reserves the right to publish the Articles / Excerpts either in print or in electronic media.


Lighter Side of the profession

”Sir , I am finding it very difficult to survive with the low salary being given to me.”“Why don’t you adopt the modern technique of Financial Management?’“What is that Sir?”“Deficit financing by taking loan from public sector banks. With the change in Government ,everything will come on track.”******************”How come there is great improvement in labour turnover?”“The HR department has created a new post in the company.”“What is that?”“The post of Dog Trainer.”

—CS PARAMJEET SINGH, [email protected]

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

LIGHTER SIDE OF THE PROFESSION

TO GIVE OPPORTUNITY AND PLATFORM TO OUR MEMBERSIn order to give opportunity and platform to our young members and also to enhance their communication and presentation skills, the Executive Committee of NIRC-ICSI has decided that the various activities, like seminar, conferences, workshops, class room series, study sessions, PCS Meetings etc., as may be organized by NIRC-ICSI for members and students, will be made available to the young members as a platform and opportunity to hone their communication and presentation skills. The Members will be provided with an opportunity to coordinate the complete sessions independently or jointly with other member.

Your NIRC is always on a forefront and always strive to build the capacity and confidence of our young brigade of Company Secretaries by empowering them to face the challenges of the Corporate world. This endeavour of NIRC will surely help them to excel in their skills in managing and conducting the AGM / EGM for their respective companies or for their client companies.

Members are requested to forward to grab this opportunity for their own benefit and to serve the profession. Interested members may send their details at [email protected].


CSBF

CS MANISH GUPTAChairman09212221110


Forthcoming Program

(Host: Jaipur Chapter)

(Co-Host: Ajmer, Alwar & Kota Chapters)

Northern India Regional Council is organizing

RAJASTHAN STATE CONFERENCE on

Saturday, the 2 3rd July, 2016 from 10 AM to 5.00 PM

at

Holiday Inn Jaipur City Centre No.1, Sardar Patel Marg, Near Nehru Sahkar Bhawan,

C - Scheme, 22 Godam Circle, Jaipur 302 001( Rajasthan)

Fee: (inclusive of Service Tax):

Members & Students : Rs.750 per member

FREE for Corporate Members of NIRC(Delhi & Chapters)

PCH:04 (PDP for students: 08)

MEMBERS ARE REQUESTED TO PARTICIPATE IN LARGE NUMBERS With best regards,

CS Manish Gupta Chairman, NIRC Mobile: 09212221110 E-mail: [email protected]

CS Deepak Arora (Program Director) Regional Council Member, NIRC Mobile: 09351788834 Email: [email protected]

CS Dhananjay Shukla (Program Coordinator) Vice-Chairman, NIRC Mobile: 9873347280 Email: [email protected]

(Program Facilitators) Chairmen of Ajmer Chapter: CS Meenu Garg Alwar Chapter: CS Jay Prakash Lodha Kota Chapter: CS R K Gupta

Members may please note that the limited seats of members are available at the venue. In order to make necessary arrangements, Members are requested to confirm their participation by sen ing a prior confirmatory email to [email protected]; [email protected]; [email protected]; alwar@ icsi.edu and [email protected]


Forthcoming Program

Seminar on

"Goods & Services Tax (GST)"

on

Saturday , the 30th July, 2016Registration: 9.00 AM onwards (Program will be from 10.00 AM to 2.30 PM)

at Hotel Le-Meridien (Sovereign Hall), Janpath, New Delhi-110001

Fee:Rs.2250/- per delegate inclusive of service tax ;

FREE for Corporate Members of NIRC Registration:

In order to make necessary arrangements, Members are requested to enrol well in advance with Regional Director, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. The cheque for delegate

fee may please be drawn in favour of NIRC of ICSI payable at New Delhi.Tel.:+91-11-49343000, E-mail: [email protected].

PROGRAM CREDIT HOURS: 04 (Credit Hours will be given to only those members who joins the programs

upto 11.00 AM. and mark the attendance both at the beginning & conclusion of the program) With best regards,

CS MANISH GUPTAChairman, NIRC of ICSI

Mobile: 09212221110 E-mail: [email protected]

CS NITESH KUMAR SINHAChairman, Prof. Dev. & Programs

Coordination Committee, NIRC- ICSIMobile: 9871500827

Email: [email protected]

Chief Guest:

CS Upender GuptaCommissioner, GST

Central Board of Excise and Customs


Images

4 International Yoga Day (21.6.2016): Group photograph of participants alongwith Dr. Hari Yogi & CS Sudhir Jain, Yoga Experts, CS Manish Gupta, CS Nitesh Sinha and CS Alka Arora

6 Celebration of PCS Day on Emerging areas of Practice - PCS from Panchayat to Parliament; Showcase of the Profession – Start-up – Stand-up and A way forward (15.6.2016): Cake cutting by diginitaries on the PCS Day.

1 Valedictory Function of 238th & 239th MSOP (14.6.2016): Group photograph of best participants/best presenters alongwith CS O. P. Dani, Past President, ICSI (Chief Guest), CS O. P. Sharma,VP (Corp Affairs) & CS, A B Hotels Ltd.(Guest of Honour), CS Manish Gupta, CS Pradeep Debnath, CS Nitesh Sinha and CS Alka Arora

5 Celebration of Capital Market week on Transcending Horizons - Capital Market Way (21.6.2016: CS Sharad Tyagi (Guest Speaker) addressing the members including CS Manish Gupta and CS Nitesh Sinha.

3 PCS Help Line on “Issue and Allotment of Securities under the Companies Act, 2013 read with the applicable Rules (15.6.2016): CS Ravi Sharma, Practising Company Secretary, M/s. RSM & Associates, Company Secretaries, New Delhi (Guest Speaker), CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath and others seen.

2 PCS Help Line on “Secretarial Standards - I & Secretarial Standards - II ”(29.6.2016): CS Ranjeet Pandey, PCS (Council Member-ICSI) and Member of Secretarial Standards Board-ICSI replying to queries of members. Others seen CS Manish Gupta and CS Pradeep Debnath

7 Celebration of Van Mahotsav Divas by plantation of saplings (1.7.2016): Plantation of saplings by CS Manish Gupta & CS Alka Arora.

2

1

3

4 5

6 7

xxxxxxxxxxxxx


1 Celebration of PCS Day on Emerging areas of Practice - PCS from Panchayat to Parliament; Showcase of the Profession – Start-up – Stand-up and A way forward (15.6.2016): L to R CS Pradeep Debnath; CS Ashish Garg, Council Member and Chairman, PCS Committee-ICSI (Special Guest), CS Manish Gupta, CS N K Jain, Former Secretary & CEO, ICSI (Guest Speaker): CS Ranjeet Pandey and CS Nitesh Sinha

11-12.07.201608.07.2016

1

2 Capacity Building Workshop on Pre-certification of Forms and Annual Return - Filling & Filing(2.7.2016): CS Deepak Sharma and CS Ravi Varma addressing. Others from L to R CS Pradeep Debnath, CS Manish Gupta, CS D. Bandopadhyay, ROC, Delhi & Haryana and CS Nitesh Sinha.

3 Celebration of PCS Day on Emerging areas of Practice - PCS from Panchayat to Parliament; Showcase of the Profession – Start-up – Stand-up and A way forward (15.6.2016): CS K K Malhotra, CS A K Bhayana, CS S Koley and CS B K Sethi, Senior PCS Members receiving certificate and award on PCS Day by the hands of CS N K Jain, CS Ranjeet Pandey, CS Ashish Garg, CS Manish Gupta, CS Pradeep Debnath and CS Nitesh Sinha.

4 ICSI CONVOCATION-2016 (18.6.2016): Team NIRC presenting cheques of Rs. 5,57,271/- as 5% of the net profits for the financial year 2014-2015 and Rs. 83,000/- (Rs. 100/- on each registration for Corporate Membership Scheme for the year 2016-17 to the corpus of Company Secretary Benevolent Fund to CS Mamta Binani, President, ICSI in the presence of Ms. Meenakshi Lekhi, Hon’ble Member of Parliament

2

3

4

Documents

Volume XXXV • Page 1-24 • No.07 • July, 2016 … 2016.pdfxxxxxxxxxxxxx NIRC - ICSI Newsletter | July 2016 1 Monthly • Volume XXXV • Page 1-24 • No.07 • July, 2016 1 One