COVER 1-4 August 2013 - ICSICS Rajiv Bajaj CS Ranjeet Pandey CSVineet K Chaudhary CSAtul Mittal CS...

National Best Regional Council (2004, 2007, 2008, 2009, 2010 & 2011)

InsightNIRC-ICSI

Annual Subscription : Rs.100; Single Copy —Rs.10Monthly Volume XXXIII No. 201• • 8•August 3

Theme of NIRC for the year 2013 : Brand Building & Innovation

NEWSLETTER

ndInauguration of 42 Foundation Day

Celebrations(25.7.2013):

Seminar on Corporate Restructuring

Contentious Issues (27.7.2013):

C u l t u r a l E v e n i n g ( 2 8 . 7 . 2 0 1 3 ) :

A n n u a l G e n e r a l M e e t i n g o f

NIRC(27.7.2013):

Sitting from

L to R CS Ranjeet Pandey, CS M G Jindal,

),

CS Nesar Ahmad, Mr. Praveen Trivedi

and

CS Manish Gupta. CS Deepak Kukreja,

Mr. T.R. Mehta, Mr. G R Wadhwa, CS Alka

Arora and other standing.

Inaugural

Session L to R CS Vineet K Chaudhary,

CS NPS Chawla, CS Sanjay Grover,

Mr. ManMohan Singh (Hon'ble Technical

Member, Customs, Excise & Service Tax

Appellate Tribunal), CS M G Jindal, CSAtul

Mittal and CS Manish Gupta.

Smt. Krishna Tirath (Hon'ble Union

Min i s te r fo r Women and Ch i l d

Development, Government of India

(Regional Head North, SEBI)

s

Shri Yogender Chaudhary (IRS, Govt

Advisor, Competition Commission of

India), CS Nesar Ahmad, CS Manish

Gupta, CS Ashu Gupta, CS Deepak

Kukreja, CS Dhananjay Shukla, CS Rajiv

Bajaj, CS Ranjeet Pandey, Mr. T R Mehta,

Past Chairmen of NIRC and others seen

after releasing Souvenir.

L to R CS NPS Chawla,

CS Ashu Gupta, CS Manish Gupta,

CS Ranjeet Pandey, CS Rajiv Bajaj,

CS M G Jindal, CS Harish K Vaid,

CS Nesar Ahmad, CS Sanjay Grover,

CS Deepak Kukreja, CS Vineet K

Chaudhary, CS Dhananjay Shukla &

CSAvtaar Singh.

NIRC-ICSI Wishes all members a Happy 67th Independence Day

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From the Chairman

NIRC-ICSI Newsletter August, 20132

The Regional Council

CS M.G. Jindal

CS Shyam Agrawal

CS NPS Chawla

CS Manish Gupta

CS Ashu Gupta (Ms.)

CS Avtaar Singh

CS Deepak Kukreja

CS Dhananjay Shukla

CS Punit K.Abrol

CS Rajiv Bajaj

CS Ranjeet Pandey

CSVineet K Chaudhary

CS Atul Mittal

CS Harish K.Vaid

CS Nesar Ahmad

CS Pradeep K. Mittal

CS Sanjay Grover

Mr. Praveen Trivedi

Regional Director (N)

T.R Mehta

CS M.G. Jindal

CS Dhananjay Shukla

T.R. Mehta

Chairman •

Vice-Chairman •

Secretary •

Treasurer •

Members •

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Ex-officio

Members •

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Co-opted

Members •

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Dy. Director •

Chief Editor •

Editor •

Publisher •

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09711196963

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9814170354

9314923451

9958535300

9212221110

9899021740

(In alphabetical 9899769697

order) 9871315000

9873347280

9872600007

9811453353

9810558049

9811577123

9810065744

9810188683

9810044367

9811044365

9810144530

9818479469

Editorial Board

Printed & Published by :

T.R.Mehta for and on behalf of Northern India

Regional Council of the Institute of Company

Secretaries of India 4,Prasad Nagar InstitutionalArea,

New Delhi-110005; E-mail: [email protected]; Phones:

49343000; Fax: 25722662; Printed at : Compudata

Services, 42 DSIDC Shed, Scheme-I, Phase-II, Okhla

Indl. Complex, New Delhi-20; Published at : NIRC-

ICSI,4,Prasad Nagar Instl.Area,New Delhi.

Disclaimer:While every effort has been made and care has beentaken in preparation of this Newsletter and to ensureits accuracy at the time of publication, NIRC of ICSIassumes no responsibility for any errors which,despiteall precautions, may creep in. It is suggested that thereaders should cross check all the facts and therelevant law position before acting on any matter.

©The Northern India Regional Council of the Instituteof Company Secretaries of India,2013

Help Desk of [email protected]

Dear Professional Colleagues

Optimism is the faith that leads to achievement. Nothing can be

done without hope and confidence. -Helen Keller

With the opening of international competition and exposing the

Indian industry to the world trade, the challenges faced by the

business houses have increased manifold. In order to cope up with

the unseen business situations, the professional, who advises the

Management, is forced to learn new things with different

backgrounds.

It is important for the professionals to possess knowledge,

professional competence and the diverse skills enabling them to gain

a competitive edge. To be successful we have to make constant

efforts towards updating our knowledge and unleashing our

potential in various unexplored areas. At NIRC, it has been our

continuous endeavor to provide opportunities to the members for

their knowledge updation by organizing more number of quality

professional development activities. Every month it has become a

regular practice and the month of July was no exception to it. The

following programs were organised by NIRC during the month of

July, 2013:

On 12th July, 2013 NIRC organised Regional Round of the 13th All

India Company Law Quiz -2013. Approx. 55 teams participated in

the Quiz. The team consisting of Mr. Deepak Yadav and Ms.

Nimisha was adjudged as the winning team. They represented

NIRC in the National Round of the Quiz on 26th July, 2013 organised

by Southern India Regional Council at Chennai. I wish to place on

record my sincere thanks & gratitude to the Judges & Quiz Master

for sparing their valuable time for the event.

On 25th July, 2013 NIRC-ICSI inaugurated its 42nd Foundation Day

celebrations. Mrs. Krishna Tirath, Hon'ble Union Minister for

Women & Child Development, Govt. of India was the Chief Guest on

the occasion. Saplings were also planted by the hands of Chief Guest

along with Regional Council Members present in the premises of

ICSI-NIRC. I take this opportunity to express my sincere thanks &

gratitude to Mrs. Tirath for sparing her valuable time and

inaugurating the Foundation Day celebrations of NIRC. I also

express my gratitude to Mr. Nesar Ahmad, Immediate Past

President, NIRC for sparing his valuable time for the occasion.

August, 2013 3 NIRC-ICSI Newsletter

From the Chairman

Yours sincerely,

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

5th August, 2013 Mobile : 09814170354

NIRC celebrated its 42nd Foundation Day byorganising series of programs for students as wellas for members. The celebrations began with theorganisation of the motivational talk for thestudents. NIRC also organised Debate, SpellingBee and Moot Court Competitions for the students.Large number of students participated in thesecompetitions and it proved to be a great source ofmotivation & encouragement for them. I wish toplace on record my sincere gratitude to the GuestSpeaker, Judges & Coordinator of thesecompetitions for sparing their valuable time forthe same.

During the week NIRC organised a Mega StudyCircle Meeting on 26th July, 2013 on the topic"INBOUND AND OUTBOUND INVESTMENTS -RECENT KEY POLICY CHANGES" at YMCAConference Hall, New Delhi. I wish to place onrecord my sincere gratitude to the Guest Speakersfor sparing their valuable time and sharing theirwords of wisdom with the participants.

NIRC also organised a one day seminar formembers at Hotel le Meridien, New Delhi on 27thJuly, 2013 on the topic "Corporate Restructuring-Contentious Issues". The presence of large numberof delegates made the program a grand success. Itake this opportunity to express my sinceregratitude to Shri ManMohan Singh, Hon'bleTechnical Member, Customs, Excise & Service TaxAppellate Tribunal for sparing his valuable time tobe the Chief Guest on the occasion. I express mygratitude to all the speakers of the seminar forsharing their knowledge and experience with theparticipants. On the same day the Annual GeneralMeeting of NIRC was convened at Hotel LeMeridian, New Delhi. The meeting was very livelyand interactive. Members gave good number ofvery valuable suggestions and I assure that at NIRClevel we will be implementing the same in letter aswell as in spirit.

On 28th July, 2013 an Exhibition of Arts, Crafts,Paintings & Souvenir and a Cultural Evening wereorganized at Airforce Auditorium, New Delhi. The

Exhibition and the Cultural Evening were dedicatedto Company Secretaries Benevolent Fund (CSBF).Entire surplus generated from these events istransferred to CSBF. These events gave ourmembers & students an opportunity to show casetheir hidden talent. I wish to place on record myheartfelt thanks & gratitude to the sponsors, donors,performers and also the participants. I also wish toexpress my sincere gratitude to all who have directlyor indirectly contributed to the grand success ofthe event.

On the last day of the month i.e. 31st July, 2013which is our Foundation Day, NIRC organised ablood donation camp & free Health Check Up formembers & students. Large number of students &members came forward for donating the blood.NIRC duly acknowledge the noble cause performedby the blood donors and the support provided byRed Cross Society of India & BLK Hospital.

Forthcoming Programs:

On 23rd August, 2013 NIRC-ICSI is organizing aStudy Circle meeting at the YMCA, New Delhi, on26th August, 2013 NIRC-ICSI is organizing meetingof the Practicing Company Secretaries and on 24thAugust, 2013 NIRC is organizing one day seminaron the topic "IPR & Brand Protection" at Hotel LeMeridien, New Delhi. I request all of you to attendall these Professional Development Programs inlarge numbers and make them a grand success.

We, at NIRC, have continuously been soliciting yourviews and suggestions. I once again appeal to all ofyou to send your valuable suggestions and requestyou to come forward and join hands to carry theflag of the Institute to newer heights.

With best regards,


Yours sincerely,

(CS DHANANJAY SHUKLA)[email protected]

5th August, 2013 Mobile : 09873347280

From the Desk of Editor

Dear Professional Colleagues,Every day do something thatwill inch you closer to a bettertomorrow. —Doug FirebaughThe success of a professionaldepends upon his ability toenhance his conceptual &academic knowledge and

interpersonal skills and that is possible only byconstant updation of knowledge and focus on theeffective knowledge management. In thecompetitive time, it is increasingly important forprofessionals like Company Secretaries to keep pacewith the changing time by acquiring newknowledge and developing new skills andrendering better services to the employers, clients,as the case may be. As professionals, what reallymatters is not how much intelligence one has buthow one can best use what he has. Few of the latestdevelopments are summarised below for yourreference:As per the extant guidelines, Indian companies inthe manufacturing, infrastructure sector (as definedunder the extant ECB policy) and hotel sector,which are consistent foreign exchange earners, areallowed to avail of ECB for repayment ofoutstanding Rupee loan(s) availed of from thedomestic banking system and / or for fresh Rupeecapital expenditure under the Approval Route. Ona review, it has been decided to extend the benefitof USD 10 billion scheme to Indian companies inthe aforesaid sectors which have established JointVenture (JV) / Wholly Owned Subsidiary (WOS) /have acquired assets overseas in compliance withextant regulations under FEMA, 1999 subject to theconditions as prescribed.The Reserve Bank of India (RBI) vide its CircularRBI/2013-14/117 A.P. (DIR Series) Circular No.01dated 04th July, 2013 informed that the Departmentof Industrial Policy and Promotion (DIPP), Ministryof Commerce & Industry, Government of India had,vide Press Notes 2 and 3 (2009 series) datedFebruary 13, 2009, issued guidelines for calculationof total foreign investment, i.e., direct and indirectforeign investment in Indian companies and forestablishment of Indian companies/ transfer ofownership or control of Indian companies from

resident Indian citizens to non-resident entities, insectors with caps. Further, DIPP, vide its Press Note2(2012 series) dated July 31, 2012, had made certainother changes. The Consolidated FDI PolicyCircular 1 of 2013 dated April 5, 2013 is available atwww.dipp.gov.in and is comprehensivelyincorporating the contents of these Press Notes.The Reserve Bank of India while taking additionalmeasures to address exchange market volatilitydecided to increase the requirement of minimumdaily CRR balance maintenance to 99 per centeffective from the first day of the fortnightbeginning July 27, 2013, which is currently aminimum of 70 per cent of the required CashReserve Ratio (CRR) during a fortnight, which isapplicable on all days of the reporting fortnight.For detailed text of these circulars you may visitwww.rbi.org.inI am pleased to share with you all that NIRC-ICSIorganised a Cultural Evening dedicated toCompany Secretaries Benevolent Fund (CSBF) onthe occasion of 42nd Foundation Day on 28th July,2013. Fifteen (15) members became the member ofCSBF and a good amount of donation was alsocollected for the Fund on the day of CulturalEvening. Friends, strengthening of the corpus ofCSBF is a continuous process. I appeal to themembers who have not yet became member ofCSBF to become member of CSBF and memberswho are already members of CSBF may generouslycontribute by way of donation to the Fund. Thestrengthening of corpus of CSBF will enable theInstitute to provide more & more financialassistance to the bereaved family members of thedeceased member.I look forward for your valuable suggestions forthe further improvements and enrichment of thecontents of NIRC-ICSI Newsletter Insight.

Thanks & Regards,


Compliance Checklist

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

1. Monthly Return of information relating Rule 9A CENVAT Credit 10th August Central Exciseto Principal Inputs (July, 2013) (Form Rules, 2004 AuthoritiesNo. ER-6)

2. Filing of Return of Central Excise and Rule 12 / Rule 9(7) Central Excise Rules, 10th August Central ExciseCenvat Credit for the month of July, 2002/CENVAT Authorities2013 (Form No. ER-1) (Non SSI Units) Credit Rules, 2004

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

4. Last Date for payment of Excise Duty Rule 8 Central Excise 16th August Central ExciseSSI units (July) Rules, 2002 Authorities

5. Last Date for payment of Excise Duty Rule 8 Central Excise 05th September Central ExciseNon SSI units (August) *(in case of Rules, 2002 *06th September AuthoritiesPayment through Internet banking)

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

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

8. Monthly ExciseReturn by EOU for Rule 17(3)A Central Excise 10th September Central Excisethe month of August, 2013 Rules, 2002 Authorities(Form No. ER-2)

SERVICE TAX RELATED COMPLIANCES

9. File Service Tax Return for the period CBEC Order No. 03/ Finance Act, 1994 31st August Service Taxcovering between October 2012 to 2013, dated 23.4.13 Service Tax Rules, AuthoritiesMarch 2013 1994

10. Pay Service Tax in Challan GAR 7 Section 68 Read with Finance Act, 1994 05th September Service Taxcollected for the month of August Rule 6 Service Tax Rules, *06thSeptember Authorities2013 by persons other than individuals, 1994proprietors and partnership firms*(in case of Payment through Internetbanking)

INCOME-TAX RELATED COMPLIANCES11. AIR - Annual Information Return Section 285BA Income-tax Act, 1961 31st August Income Tax

Authorities

12. Contractor's Bill / Advertising / Section 194C Income-tax Act, 1961 7th September Income TaxProfessional service Bill - TDS Section 194J Authoritiescollected for the previous monthSection 194J (August, 2013)

13. Monthly payment of TCS (August, 2013) Section 206 Income-tax Act, 1961 7th September Income TaxAuthorities

14. TDS from Salaries for the previous Section 192 Income-tax Act, 1961 7th September Income Taxmonth (August, 2013) Authorities

CENTRAL EXCISE RELATED COMPLIANCE

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


RBI RELATED COMPLIANCES

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

dated June 27, 200116. Monthly return (NBS-6) on exposure Para 13B NBFC Prudential 07th September RBI

to capital market Norms (Reserve Bank)Directions, 1998

17. Monthly Return on Important DNBS (RID) C.C. No. Circular 07th September RBIFinancial Parameters 57/02.05.15/2005-06

dated September 6 ,2005

18. Reporting of actual transactions of ECB Rules FEMA, 1999 09th September RBI throughECB in form ECB-2 within 7 working Authorized Dealerdays (August)

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

dated June 27,2001

ECONOMIC, INDUSTRIAL & LABOUR LAW RELATED COMPLIANCES20. Monthly payment of Provident Fund (a) Paragraph (a) Employees’ 15th August Provident Fund

(PF) (Non Corporate) 38 of Employees Provident Funds AuthoritiesProvident Funds and Misc. Provisions Trustees ofScheme, 1952 Act, 1952 Provident Fund(b) Section 418 of the (b) Exempted SchemeCompanies Act, 1956

21. File monthly return for employees Pragraph 20(2) read The Employees 15th August Provident Fundleaving / joining during the month with Paragraph 36(1) Pension Scheme, Commissionerof July(Form No.5) & (2) 1995 (For exempted

establishments underEmployees ProvidentFund and Misc.Provisions Act, 1952)

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

andEmployees StateInsurance (Gen.)Regulations, 1950

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

STOCK EXCHANGE24. Furnish Unaudited quarterly financial Clause 41 Listing Agreement 14th August Stock Exchanges

results in the prescribed format25. Submit Limited Review Report for Clause 41 Listing Agreement 14th August Stock Exchanges

the quarterDEPOSITORIES

26. Submit monthly statement on Regulation 54(5) SEBI (Depositories & 07th September Depositoriessubstitution of names of depositories Participants)in the previous quarter. Regulations, 1996





ICSI MEMBERSHIP FEES27. Last date for Payment of Annual Form D for COP See Reg. 10, 13 & 14 31st August ICSI

Membership fee and Certificate of Holders of ICSI Regulation &Practice fee ICSI Act, 1980

Note : While every care has been taken in the preparation of this Compliance Check List for the Month of August, 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 inthis newsletter. Neither this Newsletter nor the information contained herein constitutes a contract or will form the basis of a contract. Thematerial contained in this document does not constitute/ substitute professional advice that may be required before acting on any matter.


VISITING FACULTY FORORAL TUITION CLASSES

NIRC-ICSI Invites application for Visiting Faculty for itsOral Tuition Classes in the following subjects :Foundation Program• Business Management, Ethics & Communication• Business EconomicsExecutive Program• Company Law• Economic & Commercial Laws• Capital Market & Securities Laws• Industrial, Labour & General LawsProfessional Program• Company Secretarial Practice• Drafting, Appearances & Pleadings• Financial Treasury & Forex Management• Corporate Restructuring & Insolvency• Strategic Management, Alliances & International Trade• Advanced Tax Laws & Practice• Due Diligence and Corporate Compliance

Management• Governance, Business Ethics and Sustainability.Interested members may forward their application in theprescribed format (available at www.icsi.edu/niro) alongwithlatest profile to NIRC-ICSI, 4 Prasad Nagar Institutional AreaNew Delhi-110005 or E-mail at the id [email protected]

VISITING FACULTY FORSTUDENT TRAINING PROGRAMS

NIRC-ICSI Invites application for Visiting faculty for itsStudent Training Programmes viz ProfessionalDevelopment Programme, Executive DevelopmentProgramme & Student Induction Programme on thefollowing soft skills topics :• Communication skills /English Speaking Skills,/

Writing Ability- drafting etc.,• Personality Development / Life Skills – Basic Concepts• SWOT Analysis• Computer Literacy( XBRL/PP/Graphic/Latest

technology)• Moot Court/ Elocution Competition / Extempore

Presentation• Stress Management/ Motivation• Interview techniques & How to face interviews• Presentation & Business Communication Skills• Interpersonal and Team Skills/ Leadership Skills/

Negotiation Skills/ Decision Making Skills• Etiquettes/ Office CultureInterested members may forward their application in theprescribed format (available at www.icsi.edu/niro) alongwithlatest profile to NIRC-ICSI, 4 Prasad Nagar InstitutionalArea New Delhi-110005 or E-mail at the id [email protected] receiving the profiles, Panel will shortlist the sameand the shortlisted candidates will be called for personalinterview with the Panel.

CS Shyam AgrawalVice-Chairman & Chairman, OT & TEFC, NIRCE-mail: [email protected]: 09314923451

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

For further details, please contact :


Members Column

ACROSS1. As per Civil Procedure Code, 1908 the Court may

compel the attendance of any person to whom asummons has been issued under section 30 andfor this purpose can order him to furnish_______for his appearance. (8)

3. National Manufacturing Policy (NMP) 2011proposed to provide direct taxes incentives to promoteskill development by allowing Weighted deductionof 150% of the expenditure (other than land orbuilding) incurred in Public Private Partnership(PPP) projects for skill development in coordinationwith NSDC. In NSDC 'S' Stands for? (5)

7. As per Criminal Procedure Code, 1973, after hearingarguments and points of law (if any), the judgmentgiven by the judge in the case is called Judgment of________ or Judgment of Conviction. (9)

9. As per Companies Act, 1956 the ___________company may make an application for itsreconversion into inter-state cooperative society,following the procedure laid down in the Act. (8)

10. A company incorporated under the erstwhileCompanies Act, 1956 and desirous of Commencingbusiness of ___________ should have an initialminimum paid-up capital of Rs. 200 crores whichis to be raised to Rs. 300 crores within 5 years ofcommencement of business. (7)

DOWN2. ________ may be members of a company as long

as they are on the register of members. (10)4. In certain cases _________of share capital is not

to be treated as reduction of the capital. (10)5. An application for compounding of a contravention

under FEMA, 1999 may be submitted to theCompounding Authority (CA) on being advised ofa contravention under FEMA, 1999, either througha __________or Suo Moto on being made or onbecoming aware of the contravention. (10)

6. The Supreme Court pulled up ______Group realestate companies for not refunding investor'smoney & directed that no court in the country shallrestrain Securities and Exchange Board of India(SEBI) from taking steps to recover investor's moneyfor refunding it to them. (6)

8. A trust is extinguished when the trust beingrevocable is expressly _________. (7)

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 Chetan Sharma ACS-23055CS Sonia Gupta ACS-31121CS Kanishek Vardhen ACS-27298CS Vidisha Choudhary ACS-31761CS Neetu Agarwal ACS-30585CS Amita Verma ACS-26904CS Divya Sorayan ACS-29362Ms. Preeti Gupta Regn No. 220822667/02/2010Mr. Divesh Chanana Regn. No.220908586/08/2010Mr. Vivek Jain Regn No. 420569941/08/2008

ACROSS1. Trampled6. Negotiable7. Extension9. Regulatory

10. Transmission

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

DOWN2. Registration3. Croatia4. Member5. Possession8. Auditor


LEGAL UPDATES

Legal Updates

IN THE HIGH COURT OF DELHI AT NEW DELHI

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD ……….Petitioner

Vs.

TULIP TELECOM LTD. & ORS ………Respondent [25 April, 2013]

Crux of the Judgment:

Company has to obey the court’s order for payment of itsoutstanding debts & if it is unable to pay then the courtcan appoint Official Liquidator (OL) for its Winding Up.In Between Company cannot take the plea that it hasapplied for Corporate Debt Restructuring (CDR) Schemeand that too when the order is passed by the court &mutually agreed by the parties.

Facts of the case

Pursuant to a facility agreement dated 3rd August 2011,ANZ sanctioned TTL a working capital facilityaggregating to Rs. 50,00,00,000 of which Rs.20,00,00,000 were in the form of overdraft facility andRs. 30,00,00,000 in the form of short term loan. TTLexecuted a demand promissory note of the same date infavor of ANZ for a sum of Rs. 50,00,00,000. Accordingto ANZ, as on 29th June 2012, the total outstandingdues of TTL were Rs. 49,22,89,203 along with interest@ 4% p.a. over and above the applicable rate of interest.A legal notice dated 29th June 2012 was issued by ANZ,followed by reminders on 13th and 24th July 2012. It isstated that on or around 26th July 2012, ANZ received aproposal from TTL setting out a repayment scheduleagreeing to pay Rs. 50,00,00,000 and in addition, a sumof Rs. 2,50,00,000 towards interest in four installments,beginning 7th August 2012 and ending 7th November2012. ANZ, in response, offered a revised repaymentschedule which was agreed to by TTL by a letter dated1st August 2012. TTL also issued post dated cheques(‘PDCs’) and furnished a personal guarantee dated 31stJuly 2012 issued and executed by its Managing Director(‘MD’) Lt. Col. Hardeep Singh Bedi (hereinafter referredto as ‘Lt. Col. Bedi’). A request was made by TTL toANZ to defer depositing PDCs by ten days but the saidrequest was declined. When ANZ presented the firstPDC in the sum of Rs. 12,50,00,000 on 7th August 2012for payment, it was dishonored. Thereafter, the windingup petition was filed.

Respondent states that a sum of Rs. 8 crores would bepaid within two weeks from today and another sum ofRs. 2 crores will positively be paid within 10 daysthereafter. The proposal for paying the balance amountin a time bound frame shall be placed before the Courton the next date. On 18th September 2012, petitionerpoints out that respondent in terms of the last order havenot been complied as the cheque issued by the respondentstood dishonoured. On 2nd November 2012, Court hasput a proposal to the respondent which is to the effectthat the entire payment be paid by the respondent to thepetitioner within an outer limit of 10 months from thenext date of hearing with interest at the agreed rate onthe reducing balance. On 21st November 2012, partiesarrived at a settlement that Respondent will pay a sumof Rs. 45.50 crores along with interest at the agreed rateon the reducing balance within a period of 14 monthsfrom today. Complete payment shall be made by31.12.2013. In case of even one single default thepetitioner shall be at liberty to take appropriate actionunder the contempt law. The provisional liquidator shallalso stand appointed.

Against the order dated 21st November 2012 TTL filedan appeal which was disposed of by the Division Bench.Respondent submitted that the order appointing theprovisional liquidator should not be passed today andthat the Respondent should be given an opportunity ofplacing on record certain documents concerning acorporate debt restructuring (‘CDR’) Scheme that hasbeen arrived at with the secured creditors. He, however,is candid that the said CDR Scheme does not deal withthe liability owing to the Petitioner. In the circumstances,the Court finds no justifiable reason for the Respondentnot filing a reply to the contempt petition till date.

Observations of the Court

The affidavit dated 5th December 2012 filed by Lt. Col.Bedi on behalf of TTL, in terms of the above order, reaffirmedthe agreement between the parties and was in the natureof an undertaking to stand by the agreement. Theconsequence of the failure to do so was spelt out in theorder dated 21st November 2012 itself. One was theappointment of a provisional liquidator and the other wasinitiation of contempt proceedings against TTL. The factthat there has been disobedience by TTL of the above orderis plain. The conduct of TTL in not making any move tohave the order varied, despite the order of the DB, despiteTTL applying for the CDR Scheme and despite TTLknowing that it was going to be unable to adhere to the


Legal Updates

payment schedules stated in the affidavit dated 5thDecember 2012, leads the Court to conclude that thedisobedience of the order dated 21st November 2012 byTTL is willful and not bonafide. The background to thepassing of the order dated 21st November 2012 has alsoto be kept in view. TTL does appear to have taken it forgranted that the CDR Scheme somehow absolved TTL ofthe responsibility of having to honour its commitments tothe Court. The binding nature and the solemnity of theundertaking given by parties to the Court has to beenforced if there has to be respect for the rule of law.

In light of the above discussion, the followingconclusions and directions are issued:

The OL is appointed as the PL of TTL. The OL is directedto take over all the assets, books of accounts and recordsof TTL forthwith. The OL shall also prepare a completeinventory of all the assets of TTL before sealing thepremises in which they are kept. He may also seek theassistance of a valuer to value the assets. He is permittedto take the assistance of the local police authorities, ifrequired. The Directors of TTL are directed to strictlycomply with the requirements of Section 454 of the Actand Rule 130 of the Rules and furnish to the OL astatement of affairs in the prescribed form verified by anaffidavit within a period of 21 days from when this orderbecomes operational. They will also file affidavits in thisCourt, with advance copies to the OL, within four weekssetting out the details of all the assets, both movable andimmovable, of TTL and enclose therewith the balancesheets, profit and loss accounts and copies of thestatements of all the bank accounts for the last three years.

[In the Competition Commission of India]

SHAILESH KUMAR……Informant

Vs.

M/s TATA CHEMICALS LTD.……Opposite Party No.1

M/s DCW LTD…….Opposite Party No. 2

M/s GUJARAT HEAVY CHEMICALS LTD ……Opposite Party No. 3

M/s NIRMA LTD…….Opposite Party No. 4

M/s SAURASHTRA CHEMICAL LTD…….Opposite Party No. 5

Crux of the Judgment:

Manufacturers cannot be accused of cartelization if thereis no evidence to prove that they were carrying outrestricted production.

Brief Facts of the Case:

The present information has been filed by Shri ShaileshKumar (‘the informant’) under section 19(1)(a) of theCompetition Act, 2002 (‘the Act’) against M/s TataChemicals Limited (‘the opposite party No. 1’/ TCL),M/s DCW Limited (‘the opposite party No. 2’/ DCW),M/s Gujarat Heavy Chemicals Limited (‘the oppositeparty No. 3’/ GHCL), M/s Nirma Limited (‘the oppositeparty No. 4’/ Nirma) and M/s Saurashtra ChemicalLimited (the opposite party No. 5'/ SCL) alleging interalia contravention of the provisions of section 3 of theCompetition Act, 2002.

The informant alleged cartelization by the aforesaidenterprises in the market of manufacturing and sale ofsoda ash in India under the umbrella of AlkaliManufacturers Association of India (AMAI). It wasalleged that the opposite parties, under the aegis ofAMAI, formed a cartel with a view to manipulate pricesand volume of production of soda ash in India bysharing information relating to data on production,installed capacity, capacity utilization, capacityexpansions including data on demand and supply,imports, exports, international prices in violation ofthe provisions contained in section 3 of the Act. It wasaverred that the said information was shared by theopposite parties through the website of AMAI and thatthe contents of the said website were passwordprotected and available only to the members of AMAI.

It was further alleged that whenever any consumer ofsoda ash invited quotation for procurement, all theopposite parties quoted either the same price or a pricewith little difference from each other. Similar revision inprice was made in quotations by the opposite partieswhen called for around the same time without any viablejustification. The informant also submitted that theopposite parties had manipulated information whileapproaching the Director General (DG Safeguards) andthe Director General of Anti-Dumping (DGAD) forimposition of safeguards duty and anti-dumping duty.On account of such manipulation, the claim of theopposite parties was accepted by the DG Safeguardsresulting into imposition of safeguards duty at the rateof 20% ad valorem on import of soda ash from Chinafrom 05.11.2009 till 19.04.2010, which was reduced to16% from 20.04.2010 to 19.04.2011 and 14% from20.04.2011 till 19.04.2012.

The matter was considered by the Commission in itsordinary meeting held on 20.10.2011 and found


substance in the allegations made in the informationwith regard to cartelization among the soda ashmanufacturers who also happened to be the members ofAMAI. The Commission observed that these soda ashmanufacturers of AMAI appeared to be involved in theactivities of sharing business and commercialinformation amongst themselves through the web-siteof AMAI. The Commission also felt that various actsand conduct of the soda ash manufacturers mentionedin the information prima facie appeared to be incontravention of the provisions contained in section 3(3)read with section 3(1) of the Act. In light of the above,the Commission was of the opinion that there existed aprima facie case to direct the Director General (DG) tocause an investigation into the matter.

An investigation was conducted by the DG and aninvestigation report finding no contravention wassubmitted to the Commission. The Commission thenforwarded a copy of the DG report to the informant forfiling his objections, if any. Accordingly, the informantfiled its objection to the report of the DG and the counselappearing for the informant made submissions beforethe Commission.

Views of the Commission

The Commission had very carefully perused the materialavailable on record. The counsel appearing for theinformant was also heard at length. The Commissionhad gone through the report of the DG and the objectionsof the informant thereon.

At the outset, it would be apposite to note that therewere product market characteristics that made themarket of soda ash amenable to cartelization. TheCommission, however, noted that existence of suchconducive scenario for cartelization in itself was notenough to reach a finding of contravention against theparties. The same had to be established with the help ofcogent evidence.

With regard to the allegation made by the informantrelating to contravention of Section 3 of the Act, theCommission held the view that, to invoke the provisionsof Section 3 of the Act, the existence of an agreement issine qua non. The term ‘Agreement’ has been defined asincluding any arrangement or understanding or actionin concert whether or not formal in writing or is intendedto be enforceable by legal proceedings. However, theCommission did not find any direct evidence of anyaction in concert.

With regard to the allegation made by the informantthat the manufacturers have indulged in limitingsupply of soda ash in the Indian market bymanipulating data while approaching DGAD and DGSafeguards to ensure that imports of soda ash in theIndian market did not threaten their ability to controlprices in India, the Commission held the view thatdespite imposition of anti-dumping duty andsafeguards duty, around 20 per cent of the market iscatered to by imports. In such a scenario, any concertedsupply constriction and price elevation effort of thedomestic suppliers may be countered by the buyers byshifting demand to overseas suppliers. Hence, thecontention of the informant regarding the presentationof manipulated information by soda ash manufacturersfor getting anti-dumping duty imposed had nosubstance and was liable to be rejected.

With regard to the allegation made by the informantrelating to sharing of commercially sensitive informationby the soda ash manufacturers under the aegis of AMAI,the Commission noted that there was no evidence onrecord to show that AMAI was collecting the pricing orproduction data of soda manufacturers and sharing thisdata with them. If AMAI was disseminating theaggregated data of the industry, it could not be held thatit was facilitating collusion among the sodamanufacturers.

With regard to the allegation made by the informantrelating to similar quotations made by the soda ashmanufacturers, the Commission, after considering thedetailed report of the DG and the material availableon record, held the view that there is not sufficientevidence to show that the soda ash manufacturersindulged in bid rigging or collusive bidding orotherwise entered into an agreement or indulged inconcerted practice to fix or determine the sale price ofsoda ash.

On an overall view, the Commission was of theopinion that not sufficient evidence had been broughton record to establish a finding of contraventionagainst the soda ash manufacturers. In such ascenario, the Commission deemed it appropriate toorder closure of the case.

Compiled by

Ms. Swati Chhabra, LCS–[email protected]

CS Manish Gupta, FCS–[email protected]

Legal Updates


Annual Membership Fees

The annual membership fee and certificate ofpractice fee for the year 2013-14 became due forpayment w.e.f. 1st April, 2013. The last date forpayment of fee was 30th June 2013 which has nowbeen extended upto 31st August, 2013.The membership and Certificate of Practice fee isas 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 accompaniedby a declaration in form D duly completed in allrespects and signed. The requisite form ‘D’ isavailable on the website of Institute www.icsi.eduMODE OF REMITTANCE OF FEEThe fee can be remitted by way of :(i) On-Line (through payment Gateway of the

Institute’s web-site (www.icsi..edu ) byfollowing the steps given below:-The payment can be made online throughInstitute’s portal www.icsi.edu by following thesteps given below:-Kindly ensure that your browser is IE8, IE9,Mozila 15.0.1 and above, Chrome 21.0, Safari4.0.3 and the best resolution for view is 1024x768pixels.(a)Login to portal www.icsi.edu.(b) Click online services on the right top corner

and then click ‘Member’s Tab’ on page.(c) Login for self profile by entering the

membership number (like A1234) as perthe sample given on the page andpassword. In case you do not have apassword. You may retrieve yourpassword in case your email is correctlyregistered in the institute alternativelyyou may send an email request forpassword with your ACS / FCSmembership number to [email protected]

PAYMENT OF ANNUAL MEMBERSHIP AND CERTIFICATE OF PRACTICE FEEFOR THE YEAR 2013-14

(d) After login, select the ‘Member Option’then click on “Online Services “

(e)Select the check box if you are CP holder(for COP payment).

(f) Click on Proceed for Payment button forpayment.

(g) Keep the generated acknowledgment forfuture reference and record.

(ii) Credit card at the Institute’s Headquarterat Lodi Road, New Delhi or Regional Officeslocated at Kolkata, New Delhi, Chennai andMumbai.

(iii) Cash/ local cheque drawn in favour of ‘TheInstitute of Company Secretaries of India’,payable at New Delhi at the Institute’sHeadquarter or Regional/ Chapter Officeslocated at Kolkata, New Delhi, Chennai,Mumbai and Chandigarh, Jaipur, Bangalore,Hyderabad, Ahmedabad, Pune respectively.Out Station cheques will not be accepted.However, at par cheques will be accepted.

(iv) Demand draft / Pay order drawn in favourof ‘The Institute of Company Secretaries ofIndia’, payable at New Delhi (indicating on thereverse name and membership number).

For queries, if any, the members may pleasecontact Mr. D.D. Garg, Admn. Officer orMrs. Vanitha Dhanesh on telephone Nos.011-45341062/64 or Mobile No.8130454693 / throughe-mail ids: [email protected], [email protected]

ACHIEVER’S COLUMNNIRC-ICSI congratulates:

CS Anil K. Dhingra, on his appointment as JointAdvisor in Telecom Regulatory Authority of India(TRAI) and on winning Silver Medal by his son masterDev Anil Dhingra (physically disabled) in SpecialOlympic winter Games 2013 in South Korea.Members may send their achievements at e-mail [email protected] publication in the NIRC Newsletter-Insight. Decision of theEditorial Board of Newsletter in this regard will be final.


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

Date Program Chief Guest /Speakers Present

News from NIRC

Vaishali Study GroupMeeting on Valuation ofBusiness & Shares

13.07.2013 CS Pranav Kumar, CS GauravKumar Sharma and members

Mr. Manish Khanna & Mr. ManojBhandari

South Zone Study GroupMeeting on PracticalImplications in Disqualification& Vacation of Directors u/s 274& 283 of the Companies Act, 1956

19.07.2013 CS Navneet Arora, CS AwanishDwivedi & Members

CS Samir Biswas, Ex-RegionalDirector-MCA (Western & SouthernRegion)

West Zone Study GroupMeeting on SME Listing

20.07.2013 CS Pradeep Debnath, CS AmitKaushal and Members

North Zone Study GroupMeeting on Stamp Duty -KeyIssues

21.07.2013 CS NPS Chawla, CS ChetanGupta, CS Nitesh Sinha &Members

CS Satwinder Singh, Past Chairman,NIRC-ICSI

Chief Guest: Smt. Krishna Tirath,Hon'ble Union Minister for Womenand Child Development,Government of India

Mega Study Circle Meeting onInbound and OutboundInvestments - Recent KeyPolicy Changes

26.07.2013 CS NPS Chawla, CS Manish Gupta,CS Avtaar Singh, CS RanjeetPandey, CS Vineet K Chaudhary,Mr. T R Mehta and Members

Guest Speakers: CS Atul Mittal(Council Member, ICSI) &CS Satwinder Singh (Past Chairman,NIRC-ICSI),

Inauguration of FoundationDay Celebrations &Plantation of Sapling

25.07.2013 CS Nesar Ahmad, CS M G Jindal,CS Manish Gupta, CS RanjeetPandey, CS Deepak Kukreja,Mr. Praveen Trivedi, Mr. TRMehta, Members and students

One day Seminar onCorporate Restructuring -Contentious Issues

27.07.2013 CS M G Jindal, CS Manish Gupta,CS Ashu Gupta, CS DeepakKukreja, CS Dhananjay Shukla,CS Rajiv Bajaj, CS RanjeetPandey, CS Vineet K Chaudhary,Mr. T R Mehta and Members

Chief Guest: Mr. ManMohan Singh(Hon'ble Technical Member, Customs,Excise & Service Tax Appellate Tribunal),Guest Speakers: CS Sanjay Grover,Council Member, ICSI, Mr. Sunil JKadam (General Manager, CFD, SEBI),Mr. G.R. Bhatia (Partner, Luthra &Luthra), CS Atul Mittal, CouncilMember, ICSI, Mr. Rajiv Singh (Director& Co- Founder Explico Consulting Pvt.Ltd.) and Mr. NPS Chawla (PrincipalAssociate, Vaish Associates)

Annual General Meeting ofNIRC

27.07.2013 CS Harish K Vaid, CS NesarAhmad, CS Sanjay Grover, CS MG Jindal, CS NPS Chawla,CS Manish Gupta, CS AshuGupta, CS Avtaar Singh, CSDeepak Kukreja, CS DhananjayShukla, CS Rajiv Bajaj, CS RanjeetPandey, CS Vineet K Chaudhary,Mr. T R Mehta and Members

-

CS Hemadri Mukhreja


News from NIRC

Date Program Chief Guest /Speakers PresentExhibition of Crafts, Arts,Photographs, Paintings &Souvenir

28.07.2013 CS NPS Chawla, CS ManishGupta, CS Ashu Gupta, CS DeepakKukreja, CS Dhananjay Shukla, CS Rajiv Bajaj, CS Ranjeet Pandey,Mr. T R Mehta, CS Alka Arora,Members and students

-

Cultural Evening for Membersand their families followed byDinner (Felicitation of CS JatinGarg on Successfully clearingthe IAS 2012 Exam. with235th rank)

28.07.2013 CS Nesar Ahmad, CS NPS Chawla,CS Manish Gupta, CS AshuGupta, CS Deepak Kukreja, CSDhananjay Shukla, CS Rajiv Bajaj,CS Ranjeet Pandey, Mr. T R Mehta,Members and their families

Chief Guest: Shri YogenderChaudhary, IRS, Govt Advisor,Competition Commission of IndiaGuest of Honour: Shri PawanKumar, IRS, Chief Commissioner,Income Tax

Health Check-up by team ofDoctors from BL KapurHospital and Blood DonationCamp by Red Cross Society

31.07.2013 CS Manish Gupta, CS DeepakKukreja, CS Ranjeet Pandey,CS B K Sharma, members andstudents

-

For Students

Regional Round of 13th AllIndia Company Law Quiz

12.07.13 Mr. T.R. Mehta, CS Alka Aroraand Students

Judges: CS Ashok Tyagi & CS SakshiSeth; Quiz Master: CS Vishal Arora

Valedictory Function of 177thMSOP

12.07.2013 CS M G Jindal, CS P K Mittal, CSAvtaar Singh, CS Deepak Kukreja,Mr. T.R. Mehta, CS Alka Arora andStudents

Chief Guest: CS S C Khaneja,Chairman & Managing Director,Integrated Master Securities (P) Ltd.;Guest of Honour: CS Mohinder Bajaj,Vice President-Legal & CompanySecretary, Ansal Housing &Construction Ltd.

76th Student InductionProgram (SIP)

4-12.07.13 Students of the InstituteMembers of the Institute and otherprofessionals

32nd Executive DevelopmentProgram (EDP)


33rd Executive DevelopmentProgram (EDP)





24.07.13 to01.08.13

Students of the InstituteMembers of the Institute and otherprofessionals

Debate Competition26.07.13 CS Alka Arora & students of theInstitute

Judges: CS Ankush Aggarwal &CS Ishleen Kaur

Spelling Bee Competition29.07.13 Mr. T R Mehta, CS Alka Arora &students of the Institute

Coordinated by CS Ishleen KaurJudge: Prof. J M Manchanda, DelhiUniversity

Motivational Talk25.07.13 CS Alka Arora & students of theInstitute

Mr. Vivek Sahni, Corporate Trainer


Date Program Chief Guest /Speakers PresentMoot Court Competition30.07.2013 CS Alka Arora & StudentsJudges: CS J K Bareja, CS S

Narayanan, Mr Jeetender Kapoor,CS Anupam Jha, CS Harish Kumar,CS Himanshu Harbola , CS VandanaPankaj, CS Vishal Aggarwal

Inauguration of 178th MSOP01.08.2013 CS Shyam Agrawal, CS NPSChawla, CS Avtaar Singh, CSDeepak Kukreja, Mr. T.R. Mehta,CS Alka Arora and Students

Chief Guest: CS A G Agarwal, FormerDirector (Finance), ITDC Ltd.Guest of Honour: CS BParmeshwaran, Head (Legal) &Company Secretary, Shahi ExportsPvt. Ltd.

COMPULSORY ATTENDANCE OF PROFESSIONAL DEVELOPMENT PROGRAMS BY THE MEMBERS OF ICSI

1. Current block of three years April 1, 2011 to March 31, 2014

2. 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, 2011

3. Minimum number of PCH to be acquired by Members in Employment 10 PCH in each year or 35 PCH in a block(i.e. members in whose name Form 32 has been filed to work as CS of three years w.e.f. April 01, 2011

under the provisions of Sec. 383A of the Companies Act, 1956)

4. Min. number of PCH to be acquired by Members above theage of 60 years

Presently the members of the age of 65 years are not required to obtainPCH. This age limit stands reduced to 60 years and the members abovethe age of 60 years shall be requied to obtain 50% of the PCH requiredto be obtained by the members 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


News from Chapters

CHAPTERS ACTIVITIESName of Date of Program/ Program/Meeting & topic Present Chapter Meeting Chief Guest/SpeakerChandigarh 27.6.2013 Talk on NBFC CS Punit K Abrol, CS Mukesh Sharma,

Speaker: Mr. Satya Narayan, CS Vishawjeet Gupta, CS G S Sarin &DGM, RBI, Chandigarh others

22.7.2013 Career Awareness Program at CS Vishawjeet Gupta &Delhi Public School Mrs. Nishi Gupta

22.7.2013 Career Awareness Program at CS Vishawjeet Gupta & Mrs. Nishi GuptaDelhi Public School

Ghaziabad 13.7. 2013 Professional Development CS Deepa Singhal, CS Gulshan Thapar,Programme / Full Day Seminar CS Ankit PoddarChief Guest: CS Ranjeet Pandey;Speaker: CS Monica Suri

Gurgaon 21.6.2013 Study Circle Meeting on CS Pankaj Tandon & Members"Finalization of Balance Sheetand Role of CS"Speaker: Mr Eish Taneja

28.6.2013 Study Circle Meeting on CS K K Singh & Members"Managment Dispute Redressal"Speker Mr Hemant Sharma

17.6.2013 Professional Development Students of the InstituteProgram (PDP) for students

18-25.6.2013 18th Student Induction Program (SIP)3.7.2013 12th MSOP Inaugural CS Parvesh K Kheterpal,

Chief Guest: CS Sanjeev Gemavat CS K K Singh and participants(Sr. VP DLF Group)

19.7.2013 Half Day Seminar on 'Prevention CS Vineet K Chaudhary, CS Parveshof Sexual Harassment of Women Kheterpal & CS Hitender Mehtaat work place"Speaker Ms Payal Puri, CompanySecretary & Head Legal with HSIL Ltd.,

19.7.2013 12th MSOP Valedictory CS Atul Mittal, CS Parvesh Kheterpal,Chief Guest: CS Rakesh Prusthi, CS Hitender Mehta & CS K K SinghGeneral Counsel & CS, Carrefour India Pvt Ltd. ,

20.7.2013 Professional Development CS K K SinghProgram (PDP)

23-31.7.2013 19th Student Induction ProgramLucknow 30.6.2013 to 6.7.2013 38th Student Induction Program Shri Manish Khare, Global Service Project

Manager, Sandwin and CS Anuj Tiwariand Students

Ludhiana 29.6.2013 Study Circle Meeting on Related Managing Committee Members ofParty Transactions and Balance Sheet Chapter

Noida 20.6.2013 to Inauguration of 14th Management CS Ravi Bhushan, CS Vineet K6.7.2013 Skills Orientation Program Chaudhary,

Chief Guest: CS Sutanu Sinha-Chief Executive - ICSI

8-15.7.2013 24th SIP CS Ravi Bhushan & Members16-23.7.2013 25th SIP CS Ravi Bhushan & Members24.31.7.2013 26th SIP CS Ravi Bhushan & Members

Sonepat 15.6.2013 Seminar on Motivation for Managing Committee Members ofStudents Chapter


An Appeal for Becoming Member of CSBF

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

COMPANY SECRETARIES BENEVOLENT FUNDMembers enrolled as life Members of the CompanySecretaries Benevolent Fund from Northern Regionduring Cultural Evening organized by NIRC on 28thJuly 2013 at Air Force Auditorium, New Delhi.

S.No. Name Mem. No.1. CS Abhishek Adiya ACS-31067

2. CS Harish Chawla ACS-28928

3. CS Amit Kishor Singh ACS-18038

4. CS Vivek Gupta ACS-12898

5. CS Richa Arya ACS-28873

6. CS Suman Kumar FCS-5824

7. CS Ravinder Negi ACS-31244

8. CS Iqneet Kaur ACS-13624

9. CS Saloni Agarwal ACS-32361

10. CS Akhil Sharma ACS-32197

11. CS Bhaskar Joshi ACS - 24674

12. CS Dheeraj Kr Mishra ACS-25723

13. Mr Abhishek Gupta (Applied for membership)

14. CS Swati Sandhal ACS-32784

15. CS B L Agrawala FCS-6583

OBITUARY‘NIRC-ICSI Newsletter’ deeply regrets the sad demiseof CS Rainy Pahuja (ACS-23762) of FaridabadMay the Almighty bestow courage to the bereavedfamily members to withstand the irreparable loss.May the Departed Soul rest in peace.

COMPANY SECRETARIES BENEVOLENT FUNDMembers who donated to Company SecretariesBenevolent Fund from Northern Region duringCultural Evening organized by NIRC on 28th July2013 at Air Force Auditorium, New Delhi.

Name Mem. No. AmountCS Manas Ranjan Das ACS-21629 25000(Dharampal Satyapal Ltd.)CS Dhananjay Shukla FCS-5886 5100CS K Sriram ACS-23619 5000


LIST OF DONORS WHO SUPPORTED THE VICTIMSWHO HAVE SUFFERED “EXTENSIVE DEVASTATION”IN THE STATE OF UTTARAKHAND (PRIMEMINISTER'S RELIEF FUND):

S. Name of the Member / Mem. No./ Amount No. Student Regn. No (Rs.)

1. CS Rakesh Wadhwa FCS-5097 11000

2. CS Sanjay Aneja ACS-31699 5100

3. MG Jindal & Associates FCS-2725 5100

4. CS Madan Lal Arora FCS-1226 5100

5. CS Ranjeet Pandey FCS-5922 5000

6. Bakshi HK & Associates FCS-1732 5000

7. CS Aditya Mathur FCS-2391 5000

8. VK Sharma and Co 5000

9. Debasis Dixit & Associates ACS-18720 5000

10. CS Neeru Bhalla ACS-14181 5000

11. CS Sunita Khandelwal ACS-20444 5000

12. CS Shyam Sunder Sharma FCS-1650 5000

13. S.Ganesh & Associates 5000

14. Parveen K Garg and Co FCS-5275 3100

15. CS Mohit Kumar Singhal FCS-6042 3100

16. CS I. S Srivastava FCS-4102 2500

17. Members & Students of 2251Karnal-Panipat Chapter of NIRC

18. CS Raju Singh Tomer FCS-5617 2100

19. Avinash Karwa ACS-20424 2100

20. Gaurishna Consultants Pvt Ltd FCS-5006 2000

21. CS Saket Sharma FCS-4229 2000

22. CS Gaurav ACS-21153 2000

23. CS Manish Gupta FCS-5123 1100

24. CS Abhishek Bansal ACS-22280 1100

25. CS Rakesh Dhawan FCS-6831 1100

26. R Chouhan and Associates FCS-5118 1100

27. CS Aanshik Kumar Deore ACS-28973 1001

28. CS Shashi Bhushan Garg FCS-1577 1000

29. CS Ravi Sharma ACS-26835 1000

30. Ms. Reena Jayara 1000

31. CS Jitesh Grover ACS-23116 1000

32. CS Ankit Mishra ACS-30650 500

33. CS Vipul Kumar Srivastava ACS-26231 500

14th ALL INDIA STUDENTSCONFERENCE - 2013

Theme:"Company Secretary-Imparting wisdom,empowering lives"

Day & Date : Saturday, 7th September 2013

Time : 9.00 AM onwards

Venue : Manekshaw Centre, Khyber Lines, DelhiCantonment, New Delhi

Delegate Fee : Rs 600/- per student (for non-residential); Rs 1600/- per student (Residential - on twinsharing basis); Rs 1300/- per student (Residential - ontriple sharing basis);

PDP Hours for Students: 08

UP STATE STUDENT'S CONFERENCE(Host: Kanpur Chapter)

Theme:"UDAAN-Lead the Corporate Word throughCorporate governance & Ethics"

Day & Date : 17 & 18 August, 2013

Time : 9.00 AM onwards

Venue : Lajpat Bhawan, Moti Jheel, Kanpur

Delegate Fee : Rs 600/- per student;

Rs. 1000 (for 16 PDP Hours)

13th ALL INDIA ESSAY WRITINGCOMPETITION FOR STUDENTS - 2013

NIRC of ICSI is organizing an all India Essay WritingCompetition for the students on the following theme:

“Empowering Women : Rebuilding the Society”

For further details of the above programs,please visit http://www.icsi.edu/niro

Students Programs


STUDY CIRCLE MEETINGTopic :

(will be informed through e-mail)Date:

23rd August, 2013 (Friday)Time

5.45 PMVenue :

New Delhi YMCA Tourist Hostel Auditorium ,1 Jai Singh Road, New Delhi-110 001

(Tea : 5:30 P.M.)

MEETING OF COMPANYSECRETARIES IN PRACTICE

Topic :(will be informed through e-mail)

Date :26th August, 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)

Forthcoming Programs


Corporate Membership

LIGHTER SIDE OF THE PROFESSION"Can I see your Sales Manager?""Why?""I am pleasantly surprised that in this lean period and Sluggish Economic Scenario,your Company'sGraph of Sales is showing very healthy movement in the upper direction.""Sorry Sir,actually in the morning the upper nail on which this Sales Graph was hanging gotuprooted and thus the Sales Graph which is resting on the lower nail is just showing the reversepicture."

*****"Can I have an appointment with your HRD Manager?""Sir,which HRD Manager,Ashok Ji or Paramjeet Ji?""How come you are having two HRD Managers in One Company?""Sir, due to labour disturbance in the company every other day the Company decided to avail theservices of Paramjeet Ji as Human Resources Deployment Manager."

—CS PRAMJEET SINGH, [email protected]

Members may send their contribution for this column at e-mail [email protected] for publication in theNIRC Newsletter-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 33 Career Awareness Programs/Career Fairs during the month of July,2013 in various schools & colleges located in Delhi and surrounding areas. CS JK Bareja, CSShiv 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.


TWO DAY REGIONAL CONFERENCE(Host: Ludhiana Chapter)

onPROFESSIONAL AND ENTREPRENEUR PARTNERSHIP:

DRIVER TO THE INDUSTRIAL GROWTHon

Friday-Saturday, the 13th & 14th September, 201311.00 AM onwards

atHotel Park Plaza, Ferozepur Road, Ludhiana

Fee: 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; Free for Corporate Members of NIRC (Non-residential For Self Only)

Credit Hours: 08 (PDP Hours for students:16)Registration: In order to make necessary arrangements, Members are requested to enrol well in advance withDeputy 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 bedrawn in favour of NIRC of ICSI payable at New Delhi OR Ludhiana Chapter of NIRC of ICSI payable at Ludhiana.

FORTHCOMING MEETINGS OF STUDY GROUPSDay, Date Program Venue Credit Hours Feesand TimeSaturday West Zone Study Group Meeting CMC Limited Community One Free24.08.2013 on RECENT UPDATES ON FEMA Centre C-11, 3rd Floor6.00 pm Janak Puri New DelhiFriday South Zone Study Group Meeting AMDA, 7/6 Sirifort Instl. One Free30.08.2013 on RECENT UPDATES ON FEMA Area August Kranti Marg,5.00 pm New DelhiSaturday East Zone Study Group Meeting Mother Teresa Public School One Free31.08.2013 on RECENT UPDATES ON FEMA C Block, Preet Vihar6.00 pm Delhi


NIRC-ICSI WILL BE CONVENING STUDY GROUPS MEETINGS ON A PARTICULARTHEME EVERY MONTH. ACCORDINGLY, THIS MONTH THE STUDY GROUPSMEETINGS WILL BE HELD ON RECENT UPDATES ON FEMA



ONE DAY SEMINARon

INTELLECTUAL PROPERTY RIGHTS & BRAND PROTECTIONon Saturday, the 24th August, 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: In order to make necessary arrangements, Members are requested to enrol well in advance withDeputy Director, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. The cheque for delegate fee may pleasebe drawn in favour of NIRC of ICSI payable at New Delhi. Tel.:+91-11-49343000, Fax: 25722662 E-mail: [email protected]

TWO DAY UP STATE CONFERENCE (Host: Lucknow Chapter)

onBUSINESS GOVERNANCE IN UP, PROFESSIONAL OPPORTUNITIES & CHALLENGES

on Saturday & Sunday, the 31st August, 2013 & 1st September, 2013

10.00 AM onwardsat

Jaipuria Institute of Management, LucknowFee: Rs.1350/- (Non-residential) inclusive of Service Tax; Rs.1125/- (Non-residential)inclusive of Service Tax; Rs.4,000/- (Residential on twin sharing basis for one day) inclusiveof Service Tax Tax; FREE for Corporate Members of NIRC (Non-residential for Self only).

Credit Hours: 08 (PDP Hours for students: 16)Registration: In order to make necessary arrangements, Members are requested to enrol well in advance withDeputy Director, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi Tel.:+91-11-49343000, Fax: 25722662E-mail: [email protected] OR Executive Officer, Lucknow Chapter of NIRC-ICSI, 1/157, Vivek Khand, Gomti Nagar,Lucknow Phone: 0522-4109382; E-mail: [email protected]. The cheque for delegate fee may please be drawn infavour of NIRC of ICSI payable at New Delhi OR in favour of Lucknow Chapter of NIRC of ICSI payable atLucknow.

NIRC-ICSI Newsletter August, 201323

t hV a l e d i c t o r y F u n c t i o n o f 1 7 7MSOP(12.7.2013):

Inauguration of 178th MSOP(1.8.2013):

Regional Round of 13th All India Company LawQuiz:

Ghaz iabad Chap te r - P ro fess iona lDevelopment Program / Full Day Seminar(13.7.2013):

Gurgaon Chapter - Seminar on Prevention ofsexual harassment of work of women at workplace (19.7.2013):

Chandigarh Chapter - Talk on NBFC(27.6.2013):

Sitting from L to R CSAvtaar Singh, CS Deepak Kukreja, CS M GJindal, CS Mohinder Bajaj, (Vice President-Legal & Company Secretary, Ansal Housing &Construction Ltd.), CS S C Khaneja,(Chairman& Managing Director, Integrated MasterSecurities (P) Ltd.) and CS P.K. Mittal. Mr. T.R.Mehta, CS Alka Arora, Best Presentors andBest Participants standing.

Groupphotograph of participants alongwith CS A GAgarwal (Former Director Finance, ITDC Ltd.),CS B Parmeshwaran (Head-Legal & CompanySecretary, Shahi Exports Pvt. Ltd.), CS ShyamAgrawal, CS NPS Chawla, CS Avtaar Singh,CS Deepak Kukreja, Mr. T.R. Mehta & CS AlkaArora.

Sitting from L to R CS Alka Arora,CS Vishal Arora, CS Ashok Tyagi, CS SakshiSeth & Mr. TR Mehta.

Sitting from L to R CS AnkitPoddar, CS Ranjeet Pandey, CS DeepaSinghal and CS Gulshan Thapar.

CS Payal Puri addressing.Others sitting from L to R CS Parvesh Kheterpal& CS Hitender Mehta.

Sitting from L to R VishawjeetGupta, Mr. Satya Narayan (DGM, RBI),CS Mukesh Sharma, CS Punit K Abrol &CS GS Sarin.

NIRC-ICSI IMAGES

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Posting date 8-9.08.2013Printing Date : 5.08.2013

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If undelivered, please return to :

Northern India Regional Council of the

Institute of Company Secretaries of India

4, Prasad Nagar Institutional Area,

New Delhi-110005

Seminar on Corporate RestructuringContentious Issues (27.7.2013):

Seminar on Corporate RestructuringContentious Issues (27.7.2013):

Mega Study Circle Meeting onInbound and Outbound Investments -R e c e n t K e y P o l i c yChanges(26.7.2013):

Cultural Evening (28.7.2013):

FirstTechnical Session L to R CS RajivBajaj, CS Sanjay Grover, Mr. Sunil JKadam (General Manager, CFD,SEBI), Mr. G.R. Bhatia (Partner,Luthra & Luthra), CS Atul Mittal andCSAshu Gupta.

Second Technical Session–Mr. RajivSingh (Director & Co-Founder ExplicoConsulting Pvt. Ltd.) addressing.Others s i t t i ng f rom L to RCS Manish Gupta, CS NPS Chawla &CS Deepak Kukreja

CS Atul Mittaladdressing. Others sitting from L to RCS Manish Gupta, CS Avtaar Singh,CS Vineet K Chaudhary, CSSatwinder Singh and CS NPSChawla.

Groupphotograph of participants alongwithRegional Council Members of NIRC &Others.

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COVER 1-4 August 2013 - ICSICS Rajiv Bajaj CS Ranjeet Pandey CSVineet K Chaudhary CSAtul Mittal CS...

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