eNewseltter for the month of August 2016.cdr (Latest) · Governance, Cognizant Technologies Ltd,...
Transcript of eNewseltter for the month of August 2016.cdr (Latest) · Governance, Cognizant Technologies Ltd,...
Members
CS Nagendra D RaoCS Shastry P S
CS Dhanapal S
CS Ahalada Rao V CS Gopalakrishna Hegde CS Ramasubramaniam C
ChairmanCS Sivakumar P
Vice Chairman
Secretary
TreasurerCS Mohan Kumar A
CS Ganapathi G M
CS Ramakrishna Gupta R
Ex-officio
Co-opted Members
S B Gautam S Krishnan, I.A.S
SIRC eNewsletter Issue No.8
August 2016
SOUTHERN INDIA REGIONAL COUNCIL FROM THE CHAIRMAN
Dear Professional Colleagues,
From the Chairman
Forthcoming Programmes
Articles
SIRC Programme Photographs
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3
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st I have great pleasure in informing you that the 41
Regional Conference, an annual event of the ICSI-SIRC
is being held at Ramada Cochin Resorts, Kochi on
th thFriday & Saturday, the 14 & 15 October 2016. The
theme of the Conference is CS Rewarding Avenues -
Reaping Benefits: Growing by Leaps and Bounds. The topics of the
technical sessions to be deliberated on the two days Conference and the
relevant details are given in the newsletter elsewhere. I take this
opportunity to invite you to attend the Conference at Kochi. Eloquent
speakers and renowned intellects are being invited to speak at the
Conference to have an intellectual fare. All these things are arranged
with the delegates in mind, so that they carry with them memorable events
of the Two Day Conference. Needless to mention that the Regional
Conference is being organized after a gap of 22 years at Kochi. I have
every hope that all of you will be making your travel arrangements to attend
this memorable Conference and hope to see each and everyone of you in
th thKochi. Please block your dates to be with all of us on 14 & 15 October
2016 at Kochi. We are trying our best to be innovative and give you a
Conference that you will cherish for a long time.
thThe SIRC organized the 10 PCS Conference on the Theme “PCS –
th thWaves of Change: Ocean of Opportunities' on 5 & 6 August 2016 at
Madurai jointly with Madurai Chapter and Coimbatore Chapter. It was a
grand success with large Participation from Members & Quality inputs
from learned Speakers.
“ICSI-SIRC House”, No.9 Wheat Crofts Road, Nungambakkam, Chennai 600 034Tel No.28279898; 28268685, 28222212,Email: [email protected]: Website:www.icsi.edu
and Activity Report
Chapter's Activity Report
ICSI Publications
Announcement for Members
Announcement for Students
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58
61
65
ICSI-SIRC eNewsletter/ August 2016
During this year, the ICSI-SIRC has given Members who enrol as life members of the
considerable attention for organizing Career Company Secretary Benevolent Fund during the
Awareness Programmes to disseminate about the month of September 2016, are entitled to attend the
CS Course among the student community. At programmes of ICSI-SIRC free of charge during
Chennai, we had participated in Career October to December (3 Months) excluding the
Exhibitions organized by Leading Newspapers. I National Programmes, Regional Conference and
request the Joint Programmes.
Members to inform the Regional Office or the The CS Acceleration Centre (CSAC) was
Chapters regarding the details of Schools/Colleges, inaugurated at SIRC Premises by CS Mamta th
where the Career Awareness Programmes can be Binani, President, The ICSI on 8 June 2016. The
conducted and addressed either by you or by us. CS Acceleration Centre (CSAC) is a training &
Your support in this direction will go a long way in Academic Initiative of ICSI to hove the professional
creating an awareness about the CS Course skills of Company Secretaries. This initiative by
extensively among the students. ICSI holds a lot of significance in terms of
accelerating the Government of India led 'Startup,
The ICSI-SIRC is Celebrating the Month of Stand up India' drive.
September 2016 as CSBF Month.
I appeal to our Practicing Professionals to make the
The power of belongingness and brotherhood is best use of this facility at Southern India Regional
known to all of us. Many a times we tend to think that Office which will provide an excellent work place for
our success as a personal achievement and forget Company Secretary at a very nominal cost of
the contribution of the community we belong to-in our Rs.5,000 per annum and usage of 72 hrs per year.
case, as professional, the community of Company The CS Acceleration Centre (CSAC) is equipped
Secretaries. The CS Benevolent Fund is one of such with all state-of-the Art facilities to resemble a
collective effort towards extending the much-needed corporate look having Wi-Fi/internet, Telephone,
financial support to the community of Company Scanning & Printing, Reception Desk, Reference
Secretaries in times of distress. I appeal to Members Library, Web Camera and other basic
who have not joined the Company Secretaries
Benevolent Fund to become its life members and
extend the benevolence to your brothers in times of
sorrow.
You can submit Form A and also the subscription a
month of Rs.7500 ONLINE through Institute's Web
portal www.icsi.edu. Alternatively, you can submit
Form A, along with a Demand Draft or Cheque for
Rs. 7500 drawn in favour of 'Company Secretaries
Benevolent Fund', at any of the Offices of the
Institute/Regional Offices/Chapters.
Yours Sincerely,
CS Sivakumar PChairman, [email protected]
With regards,
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* It is only tentative, separate email will be sent before each programme
Block your Diary!
for the month of September 2016 (held / to be held)
ICSI-SIRC eNewsletter/ August 2016
Paid/Free
Date & Timing
Venue/ PCH
Event Speakers
Paid
03.09.2016 (Saturday) Rs, 750/- PCH 4
ICSI-SIRC House, Chennai
One Day Seminar on " Drafting & Vetting of Contracts”
Ms. Aarthi Sivanandh Partner, J Sagar Associates Chennai CS Srinivasan T A Senior General Manager-Head Corporate Legal, Dalmia Cement Bharath Ltd, Chennai Ms. Hufriz Wadia Partner Kochhar & Co., Chennai CS Deepa Baburaaj Director, Chief Counsel Contracts & Corporate Governance, Cognizant Technologies Ltd, Chennai
Free 16.09.2016 Friday PCH 1
ICSI-SIRC House, Chennai
Study Circle Meeting on "Latest updates on Dividend & Investor Education Protection Fund"
CS Chandra B Practising Company Secretary Chennai
Free 23.09.2016 ICSI-SIRC House, Chennai
Study Circle Meeting on “All you want to know on Company Audit”
CA Chinnsamy Ganesan Partner (Audit) – BSR & Co. LLP,Chennai
24.09.2016 ICSI-SIRC House, Chennai
Placement Programme
Paid
PCH 2
ICSI-SIRC House, Chennai
Half Day Seminar on “XBRL – Practical Issues””
CS Sucharita Practising Company Secretary, Chennai CS Pankaj Mehta Practising Company Secretary Chennai
3
4
- CS Sanka Indrani
- CS Achuthan R
Regulatory Updates during August 2016
Insolvency and Bankruptcy Code 2016
-CS Dhanapal S
My Nostalgia of CS Profession - 6-CS Subbaraman TP
ICSI-SIRC eNewsletter/ August 2016
August 2016
CS Subbaraman TP
Former Secretary, The ICSIMY NOSTALGIA OF CS PROFESSION – 6
In all recognized professions entry is given in the initial years to persons having adequate experience and
qualifications, without requiring them to undergo the requisite study and training for admission to
membership. Throughout the period the Institute was a company i.e. from 1968 to 1980, admission to all
eligible persons was a herculean task for the Council to decide and for me in implementing the decision
effectively. There were four categories of members provided in Article 4 for admission. Admission of
GDCS holders and those passing the Institute examinations and completing the required practical training
as members, was not a problem and I as Secretary was delegated the powers to admit them as members.
However, admission of foreign qualified secretaries and persons possessing secretarial experience with
other academic qualifications to the satisfaction of the Council posed innumerable difficulties for the
Institute as well as for the Government. Having seen the failure of the take off of the earlier Institute in
Calcutta, Government wanted the Institute to be liberal in admission of persons possessing other
qualifications and experience, to enable it later to prescribe the membership of Institute only for secretaries
under Section 383A of the Companies Act, 1956 for companies having a paid up capital of Rs,25 lakhs or
more, as desired by the Insitute. As Central Company Law Service officers also could have adequate
secretarial experience in regulating the working of companies, Government wanted the Institute to
consider their cases as well.
Experienced secretaries. Companies have their own modalities in designating their employees working
in their Secretarial Department, as Secretary or Joint/Deputy/Asst. Secretaries or even other executives
performing the duties of Secretary with some other designations, say Chief Accountant. In some cases it
was found that experience, trust and confidence of the top management was the sole criteria for
executives without adequate academic qualifications to hold top positions including as Secretary. With
the prevalence of Managing Agency and Secretaries and Treasurers system, some persons were
performing the services as Secretary for the holding as well as their subsidiary companies. Again, in
some cases it was found that some persons were working as Secretary in companies having less than 25
lakhs puc but having a larger turnover over the years. Therefore, in the initial stages when we strictly
applied our regulations, several applications got rejected for admission. They and several other equally
placed aspirants appealed to the Government for advising the Institute to be liberal in its approach. We
had to make a few permutations, combinations and even compromises in the regulations for admission of
experienced secretaries as members. Where we found inadequate academic qualifications (less than a
graduate), we gave exemption from Preliminary or Intermediate examinations and admitted them on
passing the final examinations, as members.
ICSI-SIRC eNewsletter/ August 2016 5
Central Co.Law Service officers. At the instance of the Central Government, we made regulations to
admit Grade III officers of CCLS having five years experience on the date of application, as Associate
members, considering their experience as equal to a Secretary of a company having a puc of Rs.25 lakhs or
more, provided it was also certified by a senior officer of the DCA. Later, we also sought reciprocation to
include our members for recognition for superior posts in CCLS. After all appeal cases of experienced
secretaries in corporate sector were finally considered and disposed off, the Council also closed
membership for DCA and CCLS officers as well.
Foreign qualified Secretaries. For members of Corporation of Certified Secretaries (till 1971 when it got
merged with the CIS) and Chartered Institute of Secretaries, admitted as their members with or without
passing all their examinations, we made some permutations and combinations as for experienced
secretaries, and admitted them as members upto a specified period. Earlier members of CIS were also
eligible under section 383A for five years from 1975, to be appointed as Secretaries. In 1979-80, the
Council had a dialogue with CIS India Association and persuaded them to withdraw their request to the
Government for renewal, as we decided to admit their members as members of the Institute. To remove
the hardship of ICSA students registered upto 31-7-1972 (when foreign exchange for writing their
examinations was stopped by RBI), it was decided to provide in the regulations for their admission once
they pass their final examination and undergo our prescribed training for admission as Associate members.
Thus all cases for direct admission as Associate members without writing our examinations were finally
closed by December 1980. In some cases where applicants went to High Courts and Supreme Courts for
direct entry, we defended our decision but lost a few and admitted them as members. We also had to
withstand great pressure from other professions, particularly CAs and Lawyers, for including their
qualifications also for appointment as secretaries in companies having a puc of Rs.25 lakhs or more.
Company Secretaries Qualification Rules, 1975 of 7 March 1975. These rules provided Institute
membership only for appointment as Secretary in companies having a puc of Rs.25 lakhs or more. It
further provided protection of a period of five years for those qualifying as members of Chartered Institute
of Secretaries, London. For companies having a puc of less than Rs.25 lakhs, persons passing the
Intermediate examinations also were eligible to be appointed as Secretaries. This was the first great
milestone statutory recognition for ICSI. Pressure was continuously mounted by other professionals,
particularly CAs and Advocates for including their qualifications also for this milestone recognition. In one
instance a news item appeared from Coimbatore that H.R.Gokhale, the then Law Minister had agreed to
include CAs also under these rules. I recollect Rajagopalan, then Secretary of Widia India Ltd., who was a
ICSI-SIRC eNewsletter/ August 2016 6
CA also, ringing me up from Bangalore asking me how that could happen. I received such calls from other
places including a student from a small place like Bhubaneswar. While the report was discouraging, I was
encouraged by the awakening calls from our members and students all over India. With unhappy
feelingswe fixed an appointment and met the Minister to convey our strong feelings. It finally transpired
that the Minister never made any such commitment but the request made by ICAI Coimbatore Chapter was
wrongly attributed to him.
CSQ Amendment Rules, 1979. As we did not succumb to the liberalization requirements of DCA for
admission of experienced secretaries, even when a Govt. nominee was persisting, a notification was issued
on 31-10-79 by DCA providing for a period of three years, that an employee of 383A company having
experience of performing secretarial duties or discharging secretarial functions for a period of not less than
ten years in a company, shall also be eligible to be appointed as secretary of that company, wef 31-7-79. We
were greatly distressed by the notification as undue advantage could be taken by many companies to the
detriment of our qualified secretaries. On our strong representation, the Government agreed to reduce the
period to one year and also clarified by a press note that the experience should be in the same company for
ten years and not elsewhere. We were watchful and until my retirement in 1993, the limit of Rs.25 lakhs was
not changed by the Government.
ICSI-SIRC eNewsletter/ August 2016 7
CS Dhanapal SPractising Company Secretary
S. Dhanapal & AssociatesChennai
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 – LEGISLATIVE HISTORY
The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha on 21 December, 2015 and the
same was referred to Joint Committee on The Insolvency and Bankruptcy Code, 2015 for examination.
The report of the Joint committee was presented in Lok Sabha and was laid down in Rajya Sabha on April
28, 2016. The code has been passed by Lok Sabha on May 05, 2016 and by Rajya Sabha on May 11, 2016.
The Insolvency & Bankruptcy Code, 2016 has received Presidential Assent on May 28, 2016 and is
published in the Official Gazette. However, this code shall come into force on such date as the central
government may, by notification in official gazette, appoint.
From the above it can be seen that, laws relating to Insolvency and Bankruptcy can be legislated by both
Central & State Governments. Whereas, since laws relating to regulation and winding up of companies /
corporations / Banking are coming in List I, it appears laws can be legislated only by Central Government
leaving laws relating to regulation and winding up of corporations, other than those specified in List I to State
Governments' Legislative Power.
The Code seeks to amend the following 11 enactments while repealing Presidency Towns Insolvency Act,
1909 and Provincial Insolvency Act, 1920;
· The Indian Partnership Act 1932
· The Central Excise Act 1944
· The Income Tax Act 1961
· The Customs Act. 1962
· Recovery of Debts Due to Banks and Financial Institutions Act, 1993
· The Finance Act 1994
· The Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act
2002
INSOLVENCY AND BANKRUPTCY CODE 2016
Versus
COMPANIES ACT 2013
CHANGES AND IMPACT - AN UNDERSTANDING
LEGISLATIVE AUTHORITY UNDER CONSTITUTION OF INDIA RELATING TO REGULATION,
WINDING UP OF CORPORATIONS ANDINSOLVENCY & BANKRUPTCY
Entry 43 List I Regulation and winding up of trading corporations, including banking, insurance and financial corporations, but not including co-operative societies
Entry 44 List I Incorporation, regulation and winding up of corporations, whether trading or not, with objects not confined to one State, but not including universities.
Entry 32 List II Incorporation, regulation and winding up of corporations, other than those specified in List I
Entry 9 List III Bankruptcy & Insolvency
ICSI-SIRC eNewsletter/ August 2016 8
· Sick Industrial Companies (Special Provisions) Repeal Act, 2003
· The payment and Settlement Systems Act 2007
· The Limited Liability Partnership Act 2008
· Companies Act, 2013 / 1956
The Insolvency and Bankruptcy Code, 2016, is divided into 5 parts. It consists of 238 clauses and 1 schedule.
Part I – Preliminary Part II – Insolvency Resolution and Liquidation for Corporate Persons Part III –
Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms Part IV – Regulation of
Insolvency Professionals, Agencies and Information Utilities Part V – Miscellaneous Code and this code
extends to the whole of India, but Part III i.e. insolvency Resolution and Bankruptcy for individuals and
Partnership Firms will not extend to Jammu & Kashmir.
PROVISIONS OF COMPANIES ACT 2013 TO BE AMENDED / REPLACED
WITH THE PROVISIONS OF INSOLVENCY AND BANKRUPTCY CODE (IBC) 2016
UPON NOTIFICATION AS FOLLOWS;
Sl
Inserted
/Amended
Sections of
Companies
Act,2013
Impact in the provisions
of the Companies Act
2013 which stands
modified as per
Provisions of Eleventh
Schedule of Insolvency
and Bankruptcy Code
2016
Existing provisions of
Companies Act, 2013
Provisions of Eleventh
Schedule of
Insolvency Code
amend Companies Act
2013 as under.
1 2(23)
Definition of Company
Liquidator – Clause 23 is
getting substituted
Liquidator can be
appointed by the
Tribunal in case of
winding up by tribunal
or the Company /
creditors in case of
voluntary winding up
Liquidator can be
appointed only by the
Tribunal in accordance
with Section 275
2 2(94A)
New clause 94A inserted
in the Companies Act 2013
as per the Eleventh
Schedule of The Insolvency
and Bankruptcy Code 2016
to bring liquidation under
IBC, 2016 also within the
meaning of Winding up
under Companies Act 2013.
Originally winding up
only was covered
under Companies Act,
2013
Winding up also
includes liquidation
under IBC, 2016 as per
new clause 2(94A)
which stand inserted in
CA 2013.
ICSI-SIRC eNewsletter/ August 2016 9
8(9)
Transfer of excess assets of
Section 8 Company, in case
of winding up / dissolution.
For the words “the
Rehabilitation & Insolvency
Fund formed u/s 269”, the
words “Insolvency &
Bankruptcy Fund formed u/s
224 of the IBC, 2016” is
Substituted
“the
Rehabilitation &
Insolvency Fund
formed u/s 269”,
the words “Insolvency &
Bankruptcy Fund formed
u/s 224 of IBC, 2016”
stand inserted in Section
8(9) of Companies Act
2013.
66(8)
Reduction of Share Capital:
For the words “is unable,
within the meaning of section
271(2), to pay the amount of
his debt or claim” the words
“Commits default, within the
meaning of section 6 of the
IBC, 2016, in respect of the
amount of his debt or claims”
is substituted
Section 66(8)
triggers only when
commission of
default in payment
of debt / claim of a
creditor occurs.
the words “Commits
default, within the
meaning of section 6 of
the IBC, 2016, in respect
of the amount of his debt
or claims” stand inserted in
Section 66(8) of CA 2013.
77(3)
Duty to Register Charges etc
After the words “the
liquidator” the words
“appointed under this Act or
the IBC, 2016” is inserted
Unregistered
charges shall not
be considered by
the liquidator
appointed under
Companies Act,
2013
Unregistered charges shall
not be considered by the
liquidator appointed under
CA, 2013 as well as the
liquidator appointed under
the IBC, 2016
117 (3)(f)
Resolutions & agreements to
be filed:
For the words “section 304”
the words “section 59 of the
IBC, 2016” is substituted as
Chapter XX, Part II containing
section 304 to 323 dealing
with voluntary winding up is
fully omitted.
section 304
provided for
circumstances
where a company
can wound up
voluntarily
The words “section 59 of
the IBC, 2016” stand
inserted in Sec 117 (3)(f)
of CA 2013 in place of
words “section 304” as
Section 59 of IBC, 2016
provides for Voluntary
liquidation of companies.
224(2)
Winding up in pursuance
to the Inspectors Report:
After the words “wound
up under this Act” the
words “or under the IBC,
2016” is substituted
Section 224(2)
provides for Winding
up in pursuance to the
Inspectors Report
under this Act
The words “or under the
IBC, 2016” stand inserted
in Section 224(2) of CA
2013 in place of “wound up
under this Act”
ICSI-SIRC eNewsletter/ August 2016 10
230(1)&(6)
Power to compromise or
make arrangements with
creditors and members
Everywhere after the
word “Liquidator” the
words “appointed under
this Act or under the IBC,
2016” is inserted.
Section 230(1)&(6)
provides for Power to
compromise or make
arrangements with
creditors and
members.
The words “appointed
under this Act or under
the IBC, 2016” stand
inserted in Section 230 (1)
& (6) of CA 2013.
249 (1)(e)
Restriction on making
application u/s 248 in
certain situations, for
removal of name of the
Company
For the word “is being
wound up under Chapter
XX, whether voluntarily
or by the Tribunal” the
words “is being wound
up under Chapter XX of
this Act or under the IBC,
2016” is substituted
Section 249 (1) (e)
envisages Restriction
on making application
u/s 248 in certain
situations, for removal
of name of the
Company is being
wound up under
Chapter XX, whether
voluntarily or by the
Tribunal
the words “is being wound
up under Chapter XX of
this Act or under the IBC,
2016” stand inserted in
Section 249 (1)(e) of CA
2013 to replace the words
“is being wound up under
Chapter XX, whether
voluntarily or by the
Tribunal”
253-269 Chapter XIX – fully
omitted
CHAPTER XIX
comprising Section 253
– 269 deals with
Revival & rehabilitation
of Sick Companies.
Chapter XIX of CA 2013
stands fully omitted as
equivalent provisions were
got incorporated in the
Code.
270
Modes of winding up
Fully substituted as
follows;
"270. The provisions of
Part I shall apply to the
winding up of a company
by the Tribunal under this
Act."
Provisions of the
Section 270 envisage
as under;
Winding up:
1. By Tribunal
2. Voluntary
The new provisions of
Section 270 enable
winding up of a company
only by the Tribunal by
bringing out the scope of
Voluntary Winding up
outside the purview of
Companies Act 2013.
271
PART I.—Winding up by
the Tribunal
Circumstances in which
company may be wound
up by Tribunal –
(a) if the company is
unable to pay its debts;
(b) the company by special
resolution
(c) if the company has
acted against the interests
of the sovereignty and
integrity of India etc….
(d) winding up of the
company under Chapter
XIX;
Circumstances
specified under Clause
(b) (c) (e) (f) and
Clause (g) in which
company may be
wound up by Tribunal
under Section 271 of
CA 2013 are retained.
Circumstances specified
under Clause (a) and
Clause (d) in which
company may be wound
up by Tribunal Under
Section 271 of CA 2013
was removed by virtue of
amendments brought out
by IBC 2016
ICSI-SIRC eNewsletter/ August 2016 11
271
(e) application by the
Registrar or the Tribunal
(f) default in filing its
financial statements or
annual returns for
preceding five years; or
(g) just and equitable that
the company
272
Section 272 - Petition for
winding up by–
(a) the company;
(b) any creditor or
creditors,
(c) any contributory or
contributories;
(d) all or any of the above
together;
(e) the Registrar;
(f) any person authorised
by the Central Government
(g) in a case falling under
clause (c) of sub-section
(1) of section 271, by the
Central or State.
Persons specified
under Clause (a) (c) (e)
(f) and Clause (g) of
Section 272 of CA 2013
who were earlier
entitled to present
petition for the company
to be wound up by
Tribunal under Section
271 of CA 2013 are
permitted to enjoy the
same privilege.
Persons specified under
Clause b of Section 272 of
CA 2013 who was earlier
entitled to present petition
for the company to be
wound up by Tribunal
under Section 271 of CA
2013 is now permitted to
enjoy the such privilege
ONLY under IBC 2016.
275(2)
Appointment of
Liquidator Section
275(2)
Sub section (2) is
substituted which enable
appointment of Liquidator
by the Tribunal only from
amongst the Insolvency
Professional Agency under
the IBC, 2016.
Section 275(2)
envisages
Appointments of
Liquidator and permit
such appointment only
frompanel maintained
by the Central
Government consisting
of the names of
chartered accountants,
advocates, company
secretaries, cost
accountants.
Section 275(2) is
substituted enabling
appointment of Liquidator
by the Tribunal only from
amongst the Insolvency
Professional Agency to be
constituted under the IBC,
2016.
275(4)
Removal of liquidator by
Central government -
Section 275(4)
Removal of name of any
person by Central
Government from the panel
of liquidators on the
grounds of misconduct,
fraud, misfeasance, breach
of duties or professional
incompetence.
Lifted the right of
removal of liquidator by
Central government
who earlier has
authority to remove the
name of any person
from the panel of
liquidators on grounds
of misconduct etc
The Code contemplates
Establishment of an
Insolvency and Bankruptcy
Board of India to exercise
regulatory oversight over
insolvency professionals,
insolvency professional
agencies who in turn will
develop professional
standards, code of ethics
for insolvency
professionals,
ICSI-SIRC eNewsletter/ August 2016 12
280
Jurisdiction of Tribunal
(Section 280)
(a) any suit or proceeding
by or against the company;
(b) any claim made by or
against the company,
(c) any application made
under section 233;
(d) any scheme submitted
under section 262;
(e) any question of
priorities or any other
question
(Fully substituted with
same provisions and
removed clause (d) alone
in Sec 280)
Section 280 originally
envisaged Tribunal
also to have
Jurisdiction on the
matters relating to
scheme to be
submitted u/s 262 (now
removed clause (d)
outside purview of
Tribunal under CA
2013
IBC 2016 has introduced
changes such a way any
scheme submitted under
section 262 falls outside
purview of Tribunal under
CA 2013 u/s 262– as the
entire chapter XIX
relating to revival &
rehabilitation of sick
companies is omitted.
289
Power of tribunal on
application for stay of
winding up (Section 289)
Fully Omitted
It was contemplated that
the Tribunal can entertain
in case any application is
filed by promoter or
shareholder for
rehabilitation of company
after winding order is
passed.
Power of
Tribunal on application
for stay of winding up is
now removed as
provisions of Section
289 of the CA 2013 is
fully omitted.
IBC 2016 has introduced
changes such a way
Power of
Tribunal on application
for stay of winding up falls
outside purview of Tribunal
under CA 2013 as matter
relating to rehabilitation is
covered under IBC 2016.
304-323
Chapter XX, Part II
containing section 304 to
323 dealing with
voluntary winding up is
fully omitted.
It was contemplated that
the Tribunal can entertain
in case any matters of
voluntary winding up as
per provisions of Section
304-323 of the CA
2013.But after advent of
Insolvency code 2016, the
matters pertaining
voluntary winding up
appears to be dealt with
under the provisions of IBC
2016 and there hence
omitted under CA 2013..
Power of Tribunal to
entertain matters of
voluntary winding up as
per provisions of
Section 304-323 of the
CA 2013 is now
removed as fully
omitted.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of Tribunal
under CA 2013 as matter
relating to liquidation is
covered under IBC 2016.
325
Section 325 - Application
of Insolvency Rules in
winding up of insolvent
companies (fully
Application of
Insolvency Rules in
winding up of insolvent
companies as per
IBC 2016 has introduced
changes to ensure
Application of Insolvency
Rules in winding up of
ICSI-SIRC eNewsletter/ August 2016 13
It was contemplated to follow
Application of Insolvency Rules
in winding up of insolvent
companies as per provisions of
Section 325 of the CA 2013. But
after advent of Insolvency code
2016, the matters pertaining
voluntary winding up appears to
be dealt with under the
provisions of IBC 2016 and there
hence omitted under CA 2013.
provisions of Section 325 of
the CA 2013 is now
removed as fully omitted.
insolvent companies as per
provisions of Section 325 of the
CA 2013 to fall outside purview
as matter relating to liquidation
is covered under IBC 2016.
Section 326 - Overriding
preferential payments
(fully substituted)
A new set of Provisions for
Section 326 of the CA 2013
stands substituted with those
provisions restricting
applicability of section 326 only
to the winding up of the
Company within the purview of
the Companies Act 2013 as after
advent of Insolvency code 2016,
the matters pertaining voluntary
winding up appears to be dealt
with under the provisions of IBC
2016 and there hence omitted
under CA 2013.
Provisions of Section 326
before amendment:
Notwithstanding anything
contained in this Act or any
other law for the time being
in force, in the winding up
of a company,—
(a) workmen’s dues; and
(b) debts due to secured
creditors to the extent such
debts rank under clause (iii)
of the proviso to sub-section
(1) of section 325 pari passu
with such dues, shall be
paid in priority to all other
debts
Provisions of Section 326
after amendment:
"326. (1) In the winding up of a
company under this Act, the
following debts shall be paid in
priority to all other debts:
(a) workmen's dues; and;
(b) where a secured creditor has
realised a secured asset, so
much of the debts due to such
secured creditor as could not be
realised by him or the amount of
the workmen's portion in his
security, whichever is less, pari
passu with the workmen's dues:
Preferential Payments
New clause 7 inserted
New Sub section 7 is
introduced in Section 327 of
the CA 2013 which mandating
the applicability of section 326
which deals with overriding
preferential payments and sec
327 which deals with
Preferential Payments only to
the winding up of the Company
within the meaning and purview
of the Companies Act 2013 as
after introduction of Insolvency
Code 2016, the matters
pertaining to those preferential
payments appears not to be
applicable in the event of
liquidation under the IBC, 2016
Under the Companies Act
2013
In section 327,
(a) after sub-section (6) , the
following sub-section shall
be inserted, namely ;
" (7) Sections 326 and 327
shall not be applicable in the
event of liquidation under
the Insolvency and
Bankruptcy Code, 2016.";
New clause inserting provisions
that section 326 & 327 shall not
be applicable in the event of
liquidation under the IBC, 2016
as sub section 7 in Section 327
of the CA 2013 to exclude the
applicability of provisions of
section 326 and sec 327 of CA
2013 in the case of Liquidation
under and within the ambit of
IBC 2016.
ICSI-SIRC eNewsletter/ August 2016 14
327
Preferential Payments
Explanation for “relevant
date” is substituted to
provide for voluntary
winding up under IBC, 2016
(b) in the Explanation, for
clause (c) , the following
clause shall be substituted,
namely :-
" (c) the expression
"relevant date" means in
the case of a company
being wound up by the
Tribunal, the date of
appointment or first
appointment of a
provisional liquidator, or if
no such appointment was
made, the date of the
winding up order, unless, in
either case, the company
had commenced to be
wound up voluntarily before
that date under the
Insolvency and Bankruptcy
Code,2016;".
Section 327 of the
Companies Act 2013
has amended by
inserting a new
provisions in
replacement to the
existing explanation
after sub section 7 as
clause c to the
explanation and
therefore the
explanation of relevant
date stands modified
with the new provisions
Meaning of relevant date
has got changes to bring
reference of voluntary
winding up under IBC 2016
to replace the reference of
voluntary winding up under
Companies Act 2013.
Accordingly the clause c to
the explanation after sub
section 7 of section 327 of
the companies act stands
altered.
329
Transfers not in good
faith to be void
New section 329 is
substituted to replace the
present provisions of
Section 329 as follows;
(Fully substituted)
329. Any transfer of
property, movable or
immovable, or any delivery
of goods, made by a
company, not being a
transfer or delivery made in
the ordinary course of its
business or in favour of a
purchaser or
encumbrancer in good faith
and for valuable
consideration, if made
within a period of one year
before the presentation of a
petition for winding up by
the Tribunal under this Act
shall be void against the
Company Liquidator.".
Entire provisions of
section 329 is
substituted to replace
the existing provisions
of Section 329 to
exclude voluntary
winding up within the
purview of and for the
purpose of section 329
of the Companies Act
2013;
To replace the reference of
voluntary winding up under
section 329 under
Companies Act 2013.
Accordingly the clause c to
the explanation after sub
section 7 of section 327 of
the companies act stands
altered.
ICSI-SIRC eNewsletter/ August 2016 15
334
Transfers etc., after
commencement of
winding up to be void
Fully substituted to
remove
reference to voluntary
winding up under CA, 2013.
Following provisions stands
substituted by virtue of the
new amendments;
"334. In the case of a
winding up by the Tribunal,
any disposition of the
property including
actionable claims, of the
company and any transfer
of shares in the company or
alteration in the status of its
members, made after the
commencement of the
winding up shall, unless the
Tribunal otherwise orders,
be void.".
Following provisions
stands removed by
virtue of the new
amendments;
334. (1) In the case of a
voluntary winding up,
any transfer of shares in
the company, not being
a transfer made to or
with the sanction of the
Company Liquidator,
and any alteration in the
status of the members
of the company, made
after the
commencement of the
winding up, shall be
void
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
334 under CA 2013 as
matter relating to voluntary
winding up is covered
under IBC 2016.
Accordingly provisions of
section 334 substituted to
ensure only the case
relating to a winding up by
the Tribunal is covered
within the provisions of the
section 334 of CA 2013.
336(1)
Section 336 - Offences by
officers of companies in
liquidation
Sub section 1 of Section
336 stands altered, to
enable and ensure
current provisions of Sub
section 1 of Section 336
are not overlapped with
the provisions of the IBC
2016, in the following
manner;
Clause (1) is substituted
to remove reference to
voluntary winding up under
CA, 2013
The provisions of
section 336 substituted
/altered to ensure only
the cases relating to a
winding up by the
Tribunal are covered
within the provisions of
the section 336 of CA
2013.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
336 under CA 2013 as
matter relating to voluntary
winding up is covered
under IBC 2016.
337
Section 337 - Penalty for
frauds by officers
Section 337 stands
altered, to enable and
ensure current
provisions of Section 337
are not overlapped with
the provisions of the IBC
2016, in the following
manner;
substituted to remove
reference to voluntary
winding up under CA, 2013
The provisions of
section 337 substituted
/altered to ensure only
the cases relating to a
winding up by the
Tribunal are covered
within the provisions of
the section 337 of CA
2013.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
337 under CA 2013 as
matter relating to voluntary
winding up /liquidation is
covered under IBC 2016.
ICSI-SIRC eNewsletter/ August 2016 16
342(2), (3),
(4)
Section 342 - Prosecution
of delinquent officers and
members of company;-
Section 342 stands
altered, to enable and
ensure current
provisions of Section 342
are not overlapped with
the provisions of the IBC
2016, in the following
manner;
Sub section (2), (3) & (4) is
fully omitted to remove
reference to voluntary
winding up under CA, 2013
The provisions of
section 342 substituted
/altered to ensure only
the cases relating to a
winding up by the
Tribunal are covered
within the provisions of
the section 342 of CA
2013.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
342 under CA 2013 as
matter relating to voluntary
winding up is covered
under IBC 2016.
343(1)
Section 343(1) - Company
Liquidator to exercise
certain powers subject to
sanction;
Section 343(1) stands
altered, to enable and
ensure current
provisions of Section
343(1) are not overlapped
with the provisions of the
IBC 2016, in the following
manner;
fully substituted to
remove reference to
voluntary winding up under
CA, 2013
The provisions of
section 343(1)
substituted /altered to
ensure only the cases
relating to a winding up
by the Tribunal are
covered within the
provisions of the
section 343(1) of CA
2013.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
343(1) under CA 2013 as
matter relating to voluntary
winding up is covered
under IBC 2016.
347(1)
Section 347(1)- Disposal
of books and papers of
company
Section 347(1) stands
altered, to enable and
ensure current
provisions of Section
343(1) are not overlapped
with the provisions of the
IBC 2016, in the following
manner;
Sub section (1) is
substituted to remove
reference to voluntary
winding up under CA, 2013.
The provisions of
section 347(1)
substituted /altered to
ensure only the cases
relating to a winding up
by the Tribunal are
covered within the
provisions of the
section 347(1) of CA
2013.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
347(1) under CA 2013 as
matter relating to voluntary
winding up is covered
under IBC 2016.
ICSI-SIRC eNewsletter/ August 2016 17
348(1)
Section 348(1) -
Information as to
pending litigation
Section 347(1) stands
altered, to enable and
ensure current
provisions of Section
348(1) are not
overlapped with the
provisions of the IBC
2016, in the following
manner; Sub section (1) is
substituted to remove
reference to voluntary
winding up under CA, 2013
The provisions of
section 348(1)
substituted /altered to
ensure only the cases
relating to a winding up
by the Tribunal are
covered within the
provisions of the
section 348(1) of CA
2013.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
348(1) under CA 2013 as
matter relating to voluntary
winding up is covered
under IBC 2016.
357
Section 357 -
Commencement of
Winding up of Tribunal
Fully substituted with the
following provisions:
"357. The winding up of a
company by the Tribunal
under this Act shall be
deemed to commence at
the time of the
presentation of the petition
for the winding up.".
With the above change
reference to voluntary
winding up got removed
and date of
commencement provided
as the date of submission
of petition in casae of
winding up by Tribunal.
The provisions of
section 357 substituted
/altered to ensure only
the cases relating to a
winding up by the
Tribunal are covered
within the provisions of
the section 357 of CA
2013.
IBC 2016 has introduced
changes to ensure
voluntary winding up falls
outside purview of section
357 under CA 2013 as
matter relating to voluntary
winding up is covered
under IBC 2016.
370
Section 370 -
Continuation of pending
legal proceedings -
Amended to give
reference to the IBC, 2016
as follows:
In section 370, in the
proviso, after the words
"obtained for the winding
up the company", the
words "in accordance
with the provisions of
this Act or of the
Insolvency and
Bankruptcy Code, 2016"
shall be inserted.
Few provisions in
section 370 stand
inserted /altered to
ensure the cases
relating to a winding up
covered within the
provisions of the
section 370 of CA 2013
and also of the
Insolvency and
Bankruptcy Code, 2016
covered.
IBC 2016 has introduced
changes to ensure winding
up within purview of section
370 under CA 2013 and as
well as winding up in
accordance with the
provisions of IBC 2016 is
also covered under section
370
ICSI-SIRC eNewsletter/ August 2016 18
372
Section 372 - Power of
court to stay or restrain
proceedings- Amended
to give reference to the
IBC, 2016;
In section 372, after the
words "The provisions of
this Act", the words "or of
the Insolvency and
Bankruptcy Code,2016,
as the case may be," shall
be inserted.
Few provisions in
section 372 stand
inserted /altered to
ensure the cases
relating to a winding up
covered within the
provisions of the
section 372 of CA 2013
and also Insolvency
and Bankruptcy Code,
2016 covered.
IBC 2016 has introduced
changes to ensure winding
up within purview of CA
2013 and as well as
winding up in accordance
with the provisions of IBC
2016 is also covered under
section 372
419
Section 419- Benches of
Tribunal
Fully substituted with the
following provisions:
In section 419, for sub-
section (4), the following
sub-section shall be
substituted, namely:—
"(4) The Central
Government shall, by
notification, establish such
number of benches of the
Tribunal, as it may consider
necessary, to exercise the
jurisdiction, powers and
authority of the
Adjudicating Authority
conferred on such Tribunal
by or under Part II of the
Insolvency and Bankruptcy
Code, 2016.
Provisions in sub-
section (4), of section
419 stand inserted /
altered to ensure
establishment such
number of benches of
the Tribunal to exercise
the jurisdiction, under
IBC Code, 2016
covered.
Amended to remove
reference to rehabilitation
of companies and provide
for establishment of
benches of Tribunal TO
exercise the jurisdiction,
under IBC Code, 2016
424(1)
Section 424 - Procedure
before Tribunal &
Appellate Tribunal -
Amended to give
reference to the IBC, 2016
as follows:
In section 424,—
(i) in sub-section (1), after
the words, "other provisions
of this Act", the words “or of
the Insolvency and
Bankruptcy Code, 2016"
shall be inserted;
(ii) in sub-section (2), after
the words, "under this Act",
the words "or under the
Insolvency and Bankruptcy
Code, 2016" shall be
inserted.
Provisions in sub-
section (1) and sub-
section (2), of section
424 stand inserted /
altered to ensure
Tribunal is empowered
also to regulate their
procedure to exercise
the jurisdiction, of and
under IBC Code, 2016.
Amendment Provisions of
the IBC 2016 attempt to
introduce changes to
ensure Tribunal is
empowered to regulate
their own procedure to
exercise the jurisdiction, of
and under IBC Code, 2016
in relation to matters filed
before it.
ICSI-SIRC eNewsletter/ August 2016 19
429(1)
Section 429(1) - Power
to seek assistance of
chief metropolitan
magistrate etc. -
Amended to remove
reference to sick
companies and provide
reference to the IBC,
2016" as follows
In section 429, for sub-
section (1), the following
sub-section shall be
substituted, namely:—
(1) The Tribunal may, in
any proceedings for
winding up of a company
under this Act or in any
proceedings under the
Insolvency and Bankruptcy
Code, 2016, in
order to take into custody or
under its control all
property, books of account
or other documents,
request, in writing, the
Chief Metropolitan
Magistrate, Chief Judicial
Magistrate or the District
Collector……
Power to seek
assistance of
chief Metropolitan
Magistrate etc under
section 429(1).
Amended to remove
reference to sick
companies and provide
reference to the IBC,
2016
Amended to remove
reference to sick
companies and provide
reference to the provisions
of IBC, 2016 in connection
with seeking assistance of
Chief Metropolitan
Magistrate and more
particularly amended to
give reference to the IBC,
2016;
434
Section 434 - Transfer of
certain pending
proceedings Amended to
give reference to the
provisions relating to and
matters to be dealt with
under IBC, 2016 as
follows;
Fully substituted
A newly inserted proviso
to Sub section 1 of
Section 434 is as under:
“Provided that only such
proceedings relating to the
winding up of companies
shall be transferred to the
Tribunal that are at a stage
as may be prescribed by
the Central Government.”
Provisos to clause d of
sub section 1 of Section
434 have been
removed and a proviso
to Clause c of Sub
section 1 of Section 434
has been inserted and
to give effect this
change, IBC 2016
attempts to substitute
the entire provisions of
section 434 of the
Companies Act 2013 .
The reference made
relating to BIFR and
corresponding provisions
removed; new proviso
inserted which provides
that only such
proceedings relating to
the winding up of
companies shall be
transferred to the tribunal
that are at a stage as may
be prescribed by the
Central Government.
ICSI-SIRC eNewsletter/ August 2016 20
468(2)
Section 486 (2) Powers of
Central Government to
make rules relating to
winding up
Amended to remove
reference to voluntary
winding up and provide
reference to IBC, 2016
Removed provisions
stated in clause ii of Sub
Section 2 of Section 468
of the Companies Act
2013 is as under:
(ii) for the voluntary
winding up of companies,
whether by members or by
creditors;
Provisos to clause d of
sub section 1 of Section
434 have been
removed and a proviso
to Clause c of Sub
section 1 of Section 434
has been inserted and
to give effect this
change, IBC 2016
attempts to substitute
the entire provisions of
section 434 of the
Companies Act 2013.
The reference made
relating to
(ii) for the voluntary
winding up of companies,
whether by members or by
creditors;
has been removed in sub
section 2 of Section 468 of
the
Companies act 2013.
Schedule
V, in Part
II, in
section III
In Schedule V, in Part II, in
section III, for clause (b),
the following clause shall
be substituted namely:
"(b) where the company-
(i) is a newly incorporated
company, for a period of
seven years from the date
of its incorporation, or
(ii) is a sick company, for
whom a scheme of revival
or rehabilitation has been
ordered by the Board for
Industrial & Financial
Reconstruction for a period
of five years from the date
of sanction of scheme of
revival, or
(iii) is a company in which a
resolution plan has been
approved by the National
Company Law Tribunal
under the Insolvency and
Bankruptcy Code, 2016 for
a period of five years from
the date of such approval,
it may pay remuneration up
to two times the amount
permissible under section
II.".
The following
provisions introduced
vide amendment
through IBC 2016 which
enables to pay
remuneration up to two
times the amount
permissible under
section II in Part II
Schedule V ".
iii) is a company in
which a resolution plan
has been approved by
the National Company
Law Tribunal under the
Insolvency and
Bankruptcy Code, 2016
for a period of five years
from the date of such
approval,
Special privilege is to pay
remuneration up to two
times the amount
permissible under section II
in Part II Schedule V is
given in case of resolution
plan has been approved by
the National Company Law
Tribunal under the
Insolvency and Bankruptcy
Code, 2016
The important objective of The Insolvency and Bankruptcy Code 2016 is to provide a specialised and
quick resolution mechanism for debt recovery. The Code attempts to provide one stop solution by
amending various laws relating to insolvency and reorganisation of corporate persons, partnership firms
and individuals in a time bound manner and for providing rehabilitation opportunity to persons who are
unable to repay their debts and for maximization of value of the assets of such persons and matters
connected therewith or incidental thereto. Further the primary objective of the National Company Law
Tribunal is to provide a specialised and quick dispute resolution mechanism for Indian Companies.
Wrap up
ICSI-SIRC eNewsletter/ August 2016 21
Company SecretaryCS Sanka Indrani
Company SecretaryCS Achuthan R
Regulatory Updates during August 2016 From
Ministry of Corporate Affairs, Reserve Bank of India, Securities Exchange Board of India and Ministry of
Labour and Employment
22ICSI-SIRC eNewsletter/ August 2016
Ministry of Corporate Affairs
Rules
1. Companies (Share Capital and Debentures) Fourth
Amendment Rules, 2016 Dt. Aug 12, 2016
The Central Government has amended the Companies (Share Capital and Debenture)
Rules 2014.
Applicability:
To all companies
Crux of the Rules:
Prior to this amendment companies had to comply with the conditions given in rule 18 of the Companies
(Share Capital and Debenture) Rules 2014while issuing secured debentures of any kind.
However, currently this amendment provides exemption for those rupee denominated bonds issued
exclusively to overseas investors (ECB).
In this regard the following sub-rule shall be inserted after sub-rule 10 of rule 18.
Sub-Rule (11): Nothing contained in this rule shall apply to rupee denominated bonds issued exclusively to
overseas investors in terms of A.P. (DIR Series) Circular No. 17 dated September 29, 2015 of the Reserve
Bank of India on External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds
overseas.
[https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=10049&fn=5&Mode=0]
Source:
http://www.mca.gov.in/Ministry/pdf/CompaniesFourthAmendmentRules_17082016.pdf
MCA Circular
2. Issuance of rupee bonds to overseas investors by Indian Companies – Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
MCA Circular
Circular No. 09/2016 dated August 3, 2016
The ministry provides clarity on the applicability of provisions of Chapter III of the Companies Act 2013 (Act)
and rule 18 of Companies (Share Capital and Debenture) Rules, 2014 on the issuance of rupee bonds by
23ICSI-SIRC eNewsletter/ August 2016
Applicability:
To all the companies
Crux of the Circular:
The Ministry provides the following clarification to its stakeholders who sought clarification on the applicability
of provisions of Chapter III of the Companies Act 2013 (Act) and rule 18 of Companies (Share Capital and
Debenture) Rules, 2014 on the issuance of rupee bonds by Indian Companies exclusively to persons
resident outside India.
Clarification:
Unless otherwise provided in the circular/ directions/ regulations issued by RBI, the provisions of Chapter III
of the Companies Act 2013 (Act) and rule 18 of Companies (Share Capital and Debenture) Rules, 2014 shall
not apply to rupee denominated bonds issued exclusively to overseas investors in accordance with
applicable sectoral regulation provisions (ECB policy framework issued by RBI).
Source:
http://www.mca.gov.in/Ministry/pdf/GeneralCircular09_03082016.pdf
3. Others MCA information
- The forms AOC-4, AOC-4 CFS, DIR-12, FC-2 and MGT-15 have been updated during the month
- The amended form AOC - 4 (XBRL) would be made available in the month of September 2016. The
amended form mandates the inclusion of CSR/ CARO related details. Further, the updated C&I Taxonomy
is likely to be made available on MCA portal in September 2016 and it shall be used for filing annual
financial statements in respect of financial years commencing on or after 01.04.2014.
- In the event of non resolving of the service complaints related to Name Reservation or Company
Incorporation, within 2 working days from the date of raising a receipt, then:
. the stake holder can escalate the matter by sending a mail to [email protected] containing the
details of the Helpdesk ticket SR number & date on which ticket was raised in the subject line along with the
specific problem details.
- The stakeholders can contact the Corporate Seva Kendra (0124-4832500) for any queries. They can
select Option '1' for queries related to Name Reservation and Company Incorporation, and Option '2' for all
other queries.
Source:
http://mca.gov.in/MinistryV2/homepage.html
Reserve Bank of India and Foreign Exchange Management Act
Notifications
4. Master Directions RBI Notification: RBI has consolidated all the earlier directions issued by it andhasprepared respective Master Directions. Applicability: All the Companies Crux of the Notifications: RBI has consolidated all the earlier directions issued by it and has notified the following Master Directions during the month of August, 2016.
Sr No
Name of the Master Notification/ Direction
Applicability Date of Master Direction
1 Master Direction - Non-Banking Financial Companies Acceptance ofPublic Deposits (Reserve Bank) Directions, 2016. Ref. No: RBI/DNBR/2016-17/38 Master Direction DNBR.PD.002/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10563
NBFC, loan company, investment company and asset finance company not accepting/holding any public deposit, investment company
Aug 25, 2016
2 Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 Ref. No: RBI/DNBR/2016-17/39 Master Direction DNBR. PD. 003/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10564
Core InvestmentCompany
Aug 25, 2016
3 Master Direction - Exemptions from the provisions of RBI Act, 1934 Ref. No: RBI/DNBR/2016-17/40 Master Direction DNBR.PD. 001/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10565
NBFCs Aug 25, 2016
4 Master Direction - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016 Ref. No: RBI/DNBR/2016-17/41 Master Direction DNBR. PD. 005/03.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10566
financial institution Aug 25, 2016
24
ICSI-SIRC eNewsletter / August 2016
5 Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 Ref. No: RBI/DNBR/2016-17/43 Master Direction DNBR.PD.006/13.10.119/2016-17 https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10568
NBFC – Acceptance of Deposit
Aug 25, 2016
Source: https://rbi.org.in/Scripts/BS_ViewMasterDirections.aspx?did=333
Securities Exchange Board of India
5. Foreign Investment in Rupee denominated bonds issued overseas by Indian Corporates
SEBI Circular: Circular No:SEBI/HO/IMD/FPIC/CIR/P/2016/67 dated August 4, 2016 Applicability: To all foreign portfolio investors Crux of the Circular This circular modifies Para 5 of the SEBI circular CIR/IMD/FIIC/6/2013 dated April 01, 2013 on Rationalisation of Debt Limits. As per the earlier circular the FIIs can invest in Corporate Debt without purchasing debt limits till the overall investment reaches 90% after which the auction mechanism would be initiated for allocation of the remaining limits,as currently in place for Corporate Debt Long Term Infrastructure bonds. However, as per this circular it has been decided that the entire Combined Corporate debt limit of INR 244,323 cr shall be available on tap for investment by foreign investors. While all the other terms and conditions of the respective FPI investments in Corporate Debts continue to apply. Source: http://www.sebi.gov.in/cms/sebi_data/attachdocs/1470299109414.pdf
6. Revised Formats for Financial Results and Implementation of Ind AS by listed entities which have listed their debt securities and/or non - cumulative redeemable preference
shares
SEBI Circular:
Circular No: CIR/IMD/DF1/69/2016 dated August 10, 2016
Applicability:
To all listed entities 25ICSI-SIRC eNewsletter / August 2016
Crux of the Circular Listed companies having their debt securities and/or non-cumulative redeemable preference shares listed have to comply with the following in continuation to publishing the financial results:
- Until the period ending Dec 31, 2016 the companies shall publish their half yearly and annual financial results in the existing format only. (ie. As per SEBI circular dated Nov 27, 2015).
- The half yearly and annual financial results for the period ended Dec 31, 2016 shall be published in the format as specified in this circular. However banking companies and insurance companies shall follow the formats
prescribed under their respective acts/ regulations. Applicability of Ind AS:
- Listed companies shall adopt Companies AS rules 2006 until Ind AS is applicable.
- While publishing the results in Ind AS care has to be taken to ensure that the comparative financial results are also in compliance with Ind AS.
- For the purpose of smooth functioning, the SEBI has provided certain relaxations:
o the timeline for submitting the results has been extended by one month. Ie. within 75 days from the end of the half year, the half yearly financial results are to be filed.
o the limited review or audit is not mandatory for the half yearly results of the corresponding half year in the preceding year
o it is not mandatory to submit the comparative financial results for the whole preceding year. Further, even if listed entity opts to submit such results even then limited review or audit of such comparative full year results is not mandatory.
o In the event of the comparative financial not being subject to limited review or audit , the listed entities shall disclose the following:
§ comparative results have not been subjected to limited review or audit § management has exercised necessary due diligence to ensure that the
said comparative results provide a true and fair view of its affairs
- SEBI has provided clarification with regard to implementation of Ind AS and other issues.
Source: http://www.sebi.gov.in/cms/sebi_data/attachdocs/1470830193897.pdf
26ICSI-SIRC eNewsletter / August 2016
ICSI-SIRC eNewsletter 5
SIRC Activity Report
August 2016
27
th1. 10 Southern India Regional Conference of PCS on the Theme “PCS - Waves of Change:
th Ocean of Opportunities” on 5th & 6 August 2016 at Madurai.
2. Independence Day Celebrations 2016
3. Study Circle Meeting on “Latest updates on Sales Tax” on 13, 14,. 16 & 20, 21, 22 July 2016 at ICSI-SIRC House, Chennai.
4. Two Day Seminar on National Company Law Tribunal (NCLT) and Goods and Services Tax (GST)" held on 26-27 August 2016 at ICSI-SIRC House, Chennai.
ICSI-SIRC eNewsletter/ August 2016
SIRC Programme Photographs
ICSI-SIRC eNewsletter/ August 2016
th10 Southern India Regional Conference of PCS on the Theme “PCS - Waves of Change: Ocean of Opportunities”
thon 5th & 6 August 2016 at Madurai.
28
Independence Day Celebrations 2016
29ICSI-SIRC eNewsletter/ August 2016
Study Circle Meeting on “Latest updates on Sales Tax” on
Tuesday, the 9th August, 2016 at 6.00 pm at ICSI-SIRC House, Chennai
Two Day Seminar on National Company Law Tribunal (NCLT) and
Goods and Services Tax (GST)" held on 26-27 August 2016
at ICSI-SIRC House, Chennai
30ICSI-SIRC eNewsletter / August 2016
th10 Southern India Regional Conference of
Practising Company Secretaries
thDay 1- Friday, the 5 August 2016
TECHNICAL SESSION -I-Arbitration and
Mediation
CS Mohankumar A, Treasurer, ICSI-SIRC
introduced the speaker of the session. The first
technica l sess ion was taken by shr i .
Thiruvengadam B C, Advocate, Senior Partner
at Thiru& Thiru who spoke on Arbitration and
Mediation
proposed vote of thanks
TECHNICAL SESSION -II-Secretarial Audit
CS Kalyani, Practising company Secretary
introduced the speaker of the session. The Second
technical session was taken by CS Dr. B Ravi,
Practising Company Secretary who spoke on
Secretarial Audit CS Ramasubramania Raja A R,
Chairman, Coimbatore Chapter proposed vote of
thanks
TECHNICAL SESSION -III- FEMA- Changes on
FDI Regulations
The Third technical session was taken by CS R.
Sridhar, Practising Company Secretary who
spoke on FEMA- Changes on FDI Regulations
He also appreciated ICSI for Instituting gold medal
for the topper and registration fee waiver for top
three students graduating from the Department of thThe ICSI – SIRC organized the 10 Southern India corporate secretayship in University.
Regional Conference of Practising Company
Speaking at the function, Shyam Agrwal, vice Secretaries on 5-6 August, 2016 at Hotel Heritage
president of ICSI, urged for more research work to Madurai, Madurai.
be carried out by the Institute. He said that the roll of The Chief Guest was Prof. S Subbiah, Vice
GST will open up lot of opportunities for company Chancellor, Alagappa University, Madurai and CS
secretaries. Other senior office bearers also spoke Shyam Agrawal, Vice President, The ICSI,
at the inauguration of the conference, which will delivered the special address.
come to an end on Saturday.
th10 Inaugurating Southern India Regional
Conference of Practising Company Secretaries
organized by the Institute of Company Secretaries
of India (ICSI), Mr. Subbiah said that Corporate
Governance was increasingly being taken over by
youngsters, who are brimming with ideas and
equipped with latest technologies.
In Such a dynamically Changing environment,
professionals like the corporate secretaries are
constantly expected to reassess and enhance their
knowledge and skills so as to guide the company
management and board rooms effectively, he said.
Starting that the future looked bright for company
secretaries, Mr. Subbiah said that the Companies
Act 2013 had widely enhanced their scope in
terms of employment and practice.
He said that company secretaries had come a long
way from being conscience keeper of the
companies to compliance officer and now
governance professionals.
“Having earned the trust of government, regulators
and corporates, time has now come for the
corporate secretaries to assume leadership roles
and guide the corporates in strategy and vision, “he
said.
CS Nagendra D Rao, Member, ICSI-
SIRC
31
th about latest updates on sales tax which is due to the Day 2- Saturday, the 6 August 2016
change in the e filing procedures and introduction of TECHNICAL SESSION -IV- Insolvency and
New portal for filing TNVAT returns and also the Bankruptcy Code
method of payment of TNVAT which has also CS Rajvel P, Chairman, Madurai Chapter undergone considerable change.introduced the speaker of the session. The fourth
technical session was taken by CS Om Prakash P, During the session the speaker informed and
Director at Conscienta Consultancy P. Ltd, explained the participants about e-filing of monthly,
covered the topic Insolvency and Bankruptcy Code quarterly and annual returns along with annexures.
The speaker talked about the old/present system CS Ramakrishnan proposed vote of thanks and new system and also through his PPT he
TECHNICAL SESSION -V- NCLT/NCLATexplained the participants how to access E-
CS Ramakrishnan K S introduced the speaker of Template and showed the step by step process to file
the session. The fifth technical session was taken by returns, to make payments and at last he gave bird's
Shri. R Vidya Shankar, Advocate, Partner at eye view as to the number of annexures to be filed
Ramani & Shankar covered the topic NCLT/NCLAT every month by a dealer.
CS Palani Kumar S proposed vote of thanks
The Session ended with vote of thanks and INDEPENDENCE DAY CELEBRATIONS
Presentation of Memento to the speaker by CS th th
On 15 August 2016 ICSI-SIRC Celebrated 70 Jayanth Viswanathan, Practising Company
Independence Day by hoisting our National Flag at Secretary, Chennai.
ICSI-SIRC House, Chennai.
Two Day Seminar on National Company Law CS Mohankumar A, Treasurer, ICSI-SIRC,
Tribunal (NCLT) & Goods and Services Tax welcomed our chief guest Shri S T Perumal, Wing
(GST)Commander-Airforce (Retd) who hoisted our
The ICSI – SIRC organized the Two Day Seminar national flag at the premises of ICSI-SIRC house at
on National Company Law Tribunal & Goods and 8.30 AM in presence of members and students.
Services Tax on August 26-27, 2016 at ICSI-SIRC The formal vote of thanks was proposed at the end.
House, Chennai STUDY CIRCLE MEETING ON LATEST UPDATES
Shri. K Anantha Padmanabha Swamy, Hon'ble ON SALES TAX
Member (Judicial), National Company Law Tribunal,
The ICSI-SIRC organized study circle meeting on Chennai and Shri Ch. Mohd. Sharief Tariq, Hon'ble th"Latest updates on sales tax” on Tuesday, the 09 Member (Judicial), National Company Law Tribunal,
August 2016 at ICSI-SIRC House, Chennai. Chennai were invited as the chief guests for the
inaugural function. CS Ganapathi G M, Vice Mrs. Sarah Arokiaswamy, Joint Secretary, ICSI- Chairman, ICSI-SIRC, welcomed the dignitaries and SIRO welcomed the gathering and CS Prakash R the delegates. CS Ramasubramaniam C, Central introduced the speaker CA Murali J, Chartered Council member, The ICSI addressed the gathering. Accountant, Chennai and also spoke about the CS Mohan Kumar, Treasurer, ICSI-SIRC introduced necessary as to why this study circle meeting is the Chief Guests and later proposed vote of thanks.
32
33
The First Technical Session was on Oppression & Earlier, CS Balaji S R, Practising Company
Mismanagement cases before NCLT Secretary, Chennai introduced and welcomed the
Speaker and later proposed vote of thanks.
CS Mahesh Anant Athavale (Past President, The
ICSI), Kanj & Associates, Pune was the speaker. CS The Fifth Session on “Drafting of Petitions &
Mohan Kumar A, Treasurer, ICSI-SIRC introduced & appearance before NCLT – Practical Aspects” was
welcomed the first Speaker of the Session and CS addressed by CS Sridharan A M, Advocate,
Baranikumar, Company Secretary, Chennai Chennai. CS Bhoomijha Murali, Practising
proposed formal Vote of thanks. Company Secretary, Chennai introduced and
welcomed the speaker.
The Speaker for the Second Technical Session was
CS Dr. K S Ravichandran, Managing Partner, KSR & CS Balaji S R, Practising Company Secretary,
Co, Company Secretaries, Coimbatore. He spoke Chennai proposed vote of thanks.
on Compounding of Offences before NCLT. Mrs. Sarah Arokiaswamy, Joint Secretary, ICSI-
SIRO welcome & introduced the speaker CS Rajesh CS Baranikumar, Company Secretary, Chennai
R, Advocate, Chennai on “Important Provisions in introduced the speaker and CS Jayanth
NCLT – ACT & Rules”.Viswanathan, Practising Company Secretary,
CS Mohana Sundaram D, Practising Company Chennai proposed vote of thanks
Secretary thanked Mr. Rajesh for his elaborate
presentation CA Rajendra Kumar, Chartered Accountant, Sajiv
Shah & Associates, Chennai spoke on “GST – Model CS Eshwar S, Practising Company Secretary,
Law” during the Third Technical Session. Chennai and Mr. Dhanaraj B, Advocate, Chennai
were the Counsels for the Petitioner and
CS Usha B, Practising Company Secretary, Respondent at the Mock Session and Moot Courts.
Chennai introduced and welcomed the speaker and Shri Venkatavaradhan, Advocate, Chennai was the
CS Ravindran, Skill Will Solutions P Ltd, Chennai Judge at the Moot session.
formal vote of thanks for the Third session.
CS Rajesh R moderated the session on Moot Court
CS Sayee Mohan L, Senior Director, Deloitte, & Proposed vote of thanks.
Chennai was the speaker for the fourth session on
“Compliance under GST: Procedural Aspects and
Practical Challenges”
ICSI-SIRC eNewsletter/ August 2016
S.No. Name of School/College Resource Person[s] Date
No. of Students
1 Sir Theyagaraya College, Chennai
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
1.8.2016 75
2 Bharathidasan Govt. College Puducherry
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
8.8.2016 30
M.Com 3 Achariya Arts and Science
College,Villianur, Puducherry Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
8.8.2016 50
B.Com 4 Achariya Arts and Science
College Villianur, Puducherry
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
8.8.2016 50
B.Com [CS]
5
Sanatana Dharma College Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Solly Sunoj, Company Secretary, Duroflex Latex P Ltd.,Alappuzha Mr.Yohan, ICSI Counsellor, Kollam
16.8.2016 120
6
St.Michaels College, Cherthala, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Solly Sunoj, Company Secretary, Duroflex Latex P Ltd.,Alappuzha Mr.Yohan, ICSI Counsellor, Kollam
16.8.2016 98
7 Bishop Moore Vidyapith, CMS Jn., Cherthala, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO Mr.Yohan, ICSI Counsellor, Kollam
16.8.2016 50
8 Naipunnya School of Management, Cherthala, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO Mr.Yohan, ICSI Counsellor, Kollam
16.8.2016 90
9 St. Joseph’s College for Women, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
17.8.2016 125
10 S.D.V. English Medium Higher Secondary School, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
17.8.2016 75
[Plus One]
11 S.D.V. English Medium Higher Secondary School, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
17.8.2016 75
[Plus Two]
12 Chinmaya Vidyalaya, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
17.8.2016 75
[Plus Two]
13 S D V College of Arts & Applied Science, Alappuzha
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
17.8.2016 150
14 Sree Narayana College, Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
18.8.2016 240
15
S.N. Trust Higher Secondary School, Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
18.8.2016 120
16 S.N. College for Women, Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
18.8.2016 180
Career Awareness Programme
34
17
Organized by Directorate of Higher Secondary Education-Career Guidance & Adolescent Counselling Cell Participated by N.S.S.H.S.S., Pralikulam Govt. H.S.S.,West Kollam St.Goretti H.S.S., Punalur Govt. H.S.S., Anjalummoodu,Kollam V.V.H.S.S., Poredom, Kollam G.H.S.S., Perinad, Kollam T.K.M.H.S.S., Karicode, Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
18.8.2016 359
Plus Two Best students
18
Amrita School of Arts & Science, Amrita Vishwa Vidyapeetam,Amrita University, Amritapuri,Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
19.8.2016 80
B.Com Students
19 Amrita Vidyalayam Amritapuri,Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
19.8.2016 120
Plus Two Students
20 BJM Government College Chavara, Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
19.8.2016 85
B.Com Students
21
Organized by Directorate of Higher Secondary Education-Career Guidance & Adolescent Counselling Cell Participated by Govt H.S.S., Karunagapally, Kollam
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO
19.8.2016 540
Plus two Students
22 Co-operative Arts & Science College, Thampanoor, Thiruvananthapuram
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Jayashree C.O. Managing Committee Member, ICSI-TVM Chapter
20.8.2016 60
Plus two Students
23 Arya Central School, Pattom, Thiruvananthapuram
Ms. Chitra Anantharaman, Dy.Director, ICSI-SIRO CS Jayashree C.O. Managing Committee Member, ICSI-TVM Chapter
20.8.2016 90
Plus two Students
24
Chellammal Vidyalaya Senior
Secondary School,
Nanganallur, Hindu Colony,
Chennai,
CS Balasubramanian R Practising Company Secretary Chennai
27.8.2016
250 10th, Plus one and Plus two
Students
35
ICSI-SIRC eNewsletter 6
SIRC Chapters’ Activity ReportAugust 2016
36
Bangalore HyderabadCoimbatoreKochiMysoreMangalorePalakkadSalemVisakhapatnamAmaravatiCalicut
ICSI-SIRC eNewsletter/ August 2016
Bengaluru ChapterVana Mahotsava presentation of Memento to the Speakers.
The ICSI Bengaluru Chapter has organized Vana Student Parent Induction Programme Mahotsava – Tree Plantation in front of the Chapter
The ICSI-Bengaluru Chapter organized Student premises. The Programme was presided by CS Hari thParent Induction programme on 7 July 2016 at the Babu Thota, Chairman, The ICSI-Bengaluru
Chapter Premises. The Programme was presided by Chapter, CS Rekha Kamath, Secretary, The ICSI-
CS Vivek hegde, Member, Managing Committee, Bengaluru Chapter, CS G M Ganapathi, Vice
The ICSI-Bengaluru Chapter, who informed the Chairman, The ICSI-SIRC, CS Vivek Hegde, Member,
gathering about the Institute, Stages to become a Managing Committee, The ICSI-Bengaluru
Company Secretary, Online Services of ICSI, Chapter, CS Ramesh, Company Secretary, along
Training, Cut of dates of CS Examinations, Fee with Members and Students of Bengaluru Chapter.
Structure, Concessions, Scholarships, Oral Half Day Seminar on Preparation of
Coaching Classes, benefits of Coaching classes, etc Consolidated Financial Statements- Challenges,
before concluding the Induction Programme.Compliances under Companies Act, 2013,
The Programme was presided by more than 120 Accounting Standards & IND AS
StudentThe ICSI Bengaluru Chapter has organized a Half
Inauguration of Classroom Teaching Day Seminar on Preparation of Consolidated
Financial Statements- Challenges, Compliances The ICSI-Bengaluru Chapter has organized under Companies Act, 2013, Accounting Standards Inauguration of Classroom teaching – July 2016
ndth& IND AS on 2 July 2016 at the Chapter Premises. batch on 7 July 2016. The programme was
presided by CS Hari Babu Thota, Chairman, The The programme was presided by CS Hari Babu
ICSI-Bengaluru Chapter, CS Vivek hegde, Member, Thota, Chairman, The ICSI-Bengaluru Chapter, CS
Managing Committee, The ICSI-Bengaluru Chapter Rekha Kamath, Secretary, The ICSI-Bengaluru
and Chief Guest Mr. Anil Kumar S, Principal, SSMRV Chapter, CS G M Ganapathi, Vice Chairman, The
Degree College.ICSI-SIRC, CS Vivek Hegde, Member, Managing
Committee, The ICSI-Bengaluru Chapter. CS Hari Babu Thota, Chairman, welcomed all the
students and parents, and informed that Bengaluru The Programme was presided by Speakers CA
Chapter will provide all the facilities to the students, Umesh A N, Associate Director and CA R
and informed them to contact the Chapter office in Anantharaman, Manager, working with Big 4 Audit
case of any clarifications/suggestions.Firms.
Mr. Anil Kumar, Chief Guest, during his address
CS Hari Babu Thota, Chairman, welcomed the thanked Chairman for inviting him for the
gathering and introduced the speakers to the Inauguration, and gave valuable suggestions and
audience. The Speakers during their session tips to the students on how to increase their
informed the gathering on applicability, memory power. He also gave many other
exemptions, preparation, challenges, compliances, suggestions to the students on how to prepare for
key disclosure requirements etc before concluding examinations etc before concluding his address.
their session.The inauguration was presided by more than 120
students and parents.The Seminar ended with vote of thanks and
ICSI-SIRC eNewsletter / August 2016 37
38
Inauguration and Valedictory of 8 days The technical sessions during the programme were
Executive Development Programme taken by the following speakers:-
stThe ICSI-Bengaluru Chapter organized 8 days 1 technical session on Bankruptcy Code –
Executive Development programme for students in International Perspective was taken by Mr. Martin ththe Old Training Structure of ICSI from 8-16 July Kenny, Managing Director of Investigations,
2016 at the Chapter Premises. MARTIN KENNEY & CO., Solicitors through
Skype. The 2nd technical session on Laws The Inauguration of 8 days EDP was presided by
pertaining to Insolvency before the Code was taken Chief Guest CS Shilpa Sreeram, practicing Company
by Mr. Shreyas Jaisimha, Founder, Aarna Law. The Secretary, who during her address informed the
3rd technical session on Application of the New students on importance of training, and how it will
Code was taken by Ms. Aparna Ravi, Advocate, help the students in their professional career.
Samvad Partners, and the 4th technical session on
The Valedictory session of 8 days EDP was presided Infrastructure for Insolvency Resolution Process
by CS Hari Babu Thota, Chairman, The ICSI- under the Code, Ms. Swati Tata, Advocate, Aarna
Bengaluru Chapter, CS Madhu N Rao, Practicing Law.
Company Secretary. The Dignitaries congratulated
The Seminar ended with vote of thanks and the participants for completing 8 days EDP and
presentation of Mementos to the Speakers and distributed participation certificates to all the
Presentation of Memento to ICAI Bangalore participants.
Branch.Joint Seminar in association with ICAI
Study Circle Meeting on Banking Ombudsman Bangalore Branch on Insolvency and
Scheme Bankruptcy Code
The ICSI-Bengaluru Chapter organized a Joint The ICSI-Bengaluru Chapter organized Study
Seminar with ICAI-Bangalore Branch on Insolvency Circle Meeting on Banking Ombudsman Scheme th thand bankruptcy Code 2016 on 9 July 2016 at the on 14 July 2016 at the Chapter premises. The
Chapter Premises. Meeting was presided by CS Rekha Kamath,
Secretary, The ICSI-Bengaluru Chapter, Mr. The Programme was presided by CS Hari Babu
Deepak S, NSE Certified Market Professional, Thota, Chairman, The ICSI-Bengaluru Chapter, CS
SEBI Financial Education Resource Person & Rekha Kamath, Secretary, The ICSI-Bengaluru
Certified Associate of Indian Institute of Banking Chapter, CS Nagendra D Rao, Immediate Past
and Finance.Chairman, The ICSI-SIRC, CMA Sreepada H R, Vice
Chairman, The ICAI-Bangalore Branch, CMA CS Rekha Kamath, Secretary welcomed the
Ravindranath Kaushik, Secretary, The ICAI- gathering and introduced the speaker to the
Bangalore Branch. audience present. Mr. Deepak S during his session
informed The Banking Ombudsman Scheme CS Hari Babu Thota, Chairman, welcomed the
enables an expeditious and inexpensive forum to gathering which was followed with address by CS
bank customers for resolution of complaints Nagendra D Rao, Immediate past Chairman, The
relating to certain services rendered by banks. ICSI-SIRC.
ICSI-SIRC eNewsletter / August 2016
39
The ICSI-Bengaluru Chapter hosted Peer The Banking Ombudsman Scheme is introduced rd
reviewers Training Programme of The ICSI on 23 under Section 35 A of the Banking Regulation Act,
July 2016 at the Chapter Premises.1949 by RBI with effect from 1995. He informed All
Scheduled Commercial Banks, Regional Rural The Programme was presided by CS Hari Babu Banks and Scheduled Primary Co-operative Banks Thota, Chairman, The ICSI-Bengaluru Chapter.are covered under the Scheme. The Speaker then
The Programme was presided by Speakers CS V informed the gathering on grounds of complaints,
Sreedharan, Past Council Member, The ICSI, CS procedure for filing the complaint before the
Dwarakanath C, Past Chairman, The ICSI-SIRC, Banking Ombudsman, etc before concluding his
CS J Sundharesan, Past Chairman, The ICSI-session.
Bengaluru Chapter and CS Gopalakrishna Hegde,
The Session ended with vote of thanks and Council Member, The ICSI.
presentation of Memento to the Speaker.
Student Study Circle Meeting rd
Full Day Training and Seminar on XBRL – 23
he ICSI-Bengaluru Chapter organized Students July 2016
Study Circle Meeting on Over View of NCLT and rdThe ICSI-Bengaluru Chapter organized Full Day NCLAT on 3 July 2016 at the Chapter Premises.
rdTraining and Seminar on XBRL on 23 July 2016 at The programme was presided by CS Nishvitha V, the Chapter Premises. The programme was Company Secretary, Prestige group, Bengaluru.presided by CS Hari Babu Thota, Chairman, The
The Speaker started the session by explaining the ICSI-Bengaluru Chapter, CS Rekha Kamath, gathering that The National Company Law Tribunal Secretary, The ICSI-Bengaluru Chapter, and (NCLT) and the National Company Law Appellate Speaker Mr. Ankit Varshney, Domain Expert, XBRL, Tribunal (NCLAT) have been constituted by Central Webtel Electrosoft Pvt ltd.Government with effect from 1 June, 2016. This
CS Rekha Kamath, Secretary, welcomed the would effectively dissolve the Company Law Board
gathering and introduced the speaker to the (CLB) as constituted under the Companies Act,
audience Present. Mr. Ankit Varshney, speaker 1956 from the same day. The NCLT will start
during his address informed XBRL is a type of XML functioning with eleven Benches – two at New Delhi
(extensible markup language), which is a and one each at Ahmedabad, Allahabad,
specification that is used for organizing and Bengaluru, Chandigarh, Chennai, Guwahati,
defining data. XBRL uses tags to identify each piece Hyderabad, Kolkata and Mumbai. The Principal
of financial data, which then allows it to be used Bench of the NCLT will be at New Delhi. Some
programmatically by an XBRL-compatible provisions of the Companies Act, 2013 (mainly
program. He then took hands on session on XBRL pertaining to powers of the CLB) relating to powers
software and filing in XBRL one to one with all the of Tribunal have also been notified by the
participants present. Government (which were not effective due to no
constitution of NCLT) except provisions pertaining The Seminar ended with vote of thank and
to compromise and arrangement, winding up etc.presentation of Memento to the Speaker.
The Session ended with vote of thanks and
Peer Reviewers Training Programme presentation of Memento to the speaker.
ICSI-SIRC eNewsletter / August 2016
40
Student Study Circle Meeting Student Study Circle Meeting
The ICSI-Bengaluru Chapter organized Students The ICSI-Bengaluru Chapter organized Students thStudy Circle Meeting on 24 July 2016 on topic Study Circle Meeting on Filling of Advance
“Over View of IS and IND AS”Reporting, FC- GPR and statement of assets and
Liabilities on 10th July 2016 at the chapter The Programme was presided by speaker CA
premises.Venkatesh Palavalli, Chartered Accountant. The The Programme was presided by CS Anup V speaker during the session informed Accounting Kulkarni, Consultant, J Sagar Associates. The Standards, Principles of accounting, how to learn Speaker started his session by explaining that New Ind-As effectively, Various sets of Accounting foreign investment comes into India in various Standards, New Terminologies , Ind-AS, forms. Following the reforms path, the Reserve Components of Financial Statements, History of Bank has liberalized the provisions relating to such Accounting, Few Examples of New Accounting investments. The Reserve Bank has permitted Framework, etc before concluding the session.foreign investment in almost all sectors, with a few The Session ended with vote of thanks and
exceptions. Foreign companies are permitted to set presentation of Memento to the speaker.
up 100 per cent subsidiaries in India. He informed thChapter Level Round of 14 All India Moot Court that in many sectors, no prior approval from the
Competition Government or the Reserve Bank is required for
non-residents investing in India.The Government As a part of Student Month Celebration, The ICSI-
allows Indian companies to issue Global Depository Bengaluru Chapter has organized Chapter Level
Receipts (GDRs) and American Depository Receipts Round of 14th All India Moot Court Competition on
(ADRs) to foreign investors The GDRs/ADRs issued 2nd July 2016.
by Indian companies to non-residents have free CS & Adv Madhu N Rao and CS &Adv Vinay Devraj convertibility outside India. He then informed the
were the judges for the said competition.gathering on FC- GPR and Statement of assets and liabilities etc before concluding the session.Total 5 teams participated in the event and the
The Session ended with vote of Thanks and team comprising of Presentation of Memento to the speaker.
(Team 1- Ms. Nikita Nagori - 140081380/02/2014,
Student Study Circle Meeting Rajshree Lohia - 150700951/02/2013, Ramya C -
340141893/02/2015 were the winners) and The ICSI-Bengaluru Chapter organized Students
th (Team 2 - Ms.Sushmita R - 340057787/02/2014 and Study Circle Meeting on 17 July 2016 on topic “The Ms. Pallavi daryani - 440153210/02/2014 were the Art of Cracking Job Interview”.runners).
The Programme was presided by speaker CS Ravi
Vaswani, Company Secretary Puma Sports India Pvt Softskills Training Programme for Oral
Ltd. Coaching Students of The ICSI
The Speaker gave valuable tips on how to be The ICSI-Bengaluru Chapter organized Soft Skills
successful while facing Job Interviews to all the Programme for Foundation and Executive
participants present.Programme Students of Oral Coaching Classes July
The Session ended with vote of thanks and 2016 batch at the Chapter Premises.
Presentation of Memento to the Speaker
ICSI-SIRC eNewsletter / August 2016
The ICSI-Bengaluru Chapter has conducted the Inauguration of Foundation Day Celebrations
below Career Awareness Programmes at various On 3 August 2016 Chapter has organised
colleges during the month of July 2016. Inauguration of Foundation Day Celebrations month
at Centre of Excellence. CS Mamta Binani, President,
The ICSI inaugurated the Foundation Day
Celebrations month brochure and addressed the
students.
Earlier CS Mahadev Tirunagari, Chairman of the
Chapter welcomed the President and requested to
inaugurate the poster. CS Ahalada Rao V, Council
Member, The ICSI graced the Foundation Day
Celebrations and addressed the students and
Interactive Session with CS Dinesh Chandra members. CS R. Venkata Ramana, Vice-Chairman of
Arora, Secretary, The ICSI the Chapter, CS Issac Raj P G, Immediate Past
Chariman and CS R. Ramakrishna Gupta, Secretary, On 31 July 2016 Chapter has organised Interactive
SIRC also graced the occasion. Session with CS Dinesh Chandra Arora, Secretary, The
ICSI at Chapter Premises CS Mahadev Tirunagari, Press Meet with President, ICSI
Chairman of the Chapter welcomed the students and On 3 August 2016 Chapter has organised Press
informed the students about the importance of the conference with CS Mamta Binani, President, the ICSI
visit of the President, the ICSI and advised the at Novotel. She expressed that the institute is
students to interact with the Secretary actively and get providing its total support to the Goods and Service
clarifications, if, any. Tax Bill and is bringing out a special magazine on it
CS P.S. Shastry, Member, SIRC graced the occasion next month and also conducting National Seminar on
and addressed the students. GST. She further mentioned that, ICSI WILL TAKE OUT
a National GST Awareness Walk early in the morning CS Dinesh Chandra Arora, Secretary, The ICSI in his
on 21 August 2016 at Hyderabad in a bid to effectively address spoke on Hard Work, how to tackle situation,
depict the Institutes stand on GST. struggle, Attitude, Character, Knowledge & wisdom,
strong passion, thinking and positive thinking, power CS Ahalada Rao V, Council Member, The ICSI and CS
thoughts, Commitment, desire, will power. He also Mahadev Tirunagari, Chairman of the Chapter also
stressed on how to prepare for Examination etc. participated in the press meet.
Dr. P.V. S. Jagan Mohan Rao and CS Datla Hanumanta Panel Discussion on Gender Diversity in Corporate
Board Room Raju, Former Presidents of the Institute graced the
occasion and addressed the students. On 3 August 2016 Chapter has organised Panel
Discussion on Gender Diversity in Corporate Board
CS Kavitha Rani S, Secretary of the Chapter proposed Room. CS Mahadev Tirunagari, Chairman Hyderabad
vote of thanks. Chapter has welcomed all the participants of the
meeting and introduced the topic of the meeting.
Hyderabad Chapter
ICSI-SIRC eNewsletter / August 2016 41
CS Mamata Binani , President in her speech explained mode of making declarations and other related
the importance of the family support to achieve matters thereto. Thereafter Secretary ICSI Hyderabad
professional success and given example of herself Chapter, requested Sri P.V Rao to give a brief on
how she adjusted in a family of 44 members from a Income Declaration Scheme and share his experience.
family of 4 members and thanked her family, in laws Sri P.V Rao, Commissioner, Income Tax addressed the for their invaluable support.gathering. He had taken the technical session on IDS-
Mrs. Binani asked each of the participant to express 2016 as well as addressed some important questions
their views on the topic.Every participant present at of Members and role of Company Secretary in IDS-
the venue has expressed their views and given 2016.
suggestions. And all the lady participants who spoke
at the meeting has expressed their gratitude towards
their family for their support and encouragement and
pointed out the importance of taking initiative to do
their jobs and other participants expressed their views
how to support women to take the lead and how to
make them part of corporate world.
One of the participant has suggested the president to
make representation with government to make it
mandatory for every board to include women director
in every board.
CS Ahalada Rao V, Council Member, The ICSI graced
the occasion and addressed the participants. CS
Kavita Rani, Secretary of the Chapter proposed vote of
thanks.
Meeting on Income Declaration Scheme-2016
On 4 August 2016 Chapter has organised Meeting on
Income Declaration Scheme-2016. CS Mahadev
Tirunagari Chairman of the Chapter welcomed all
the members and Guests.
Sri. B. Murali Kumar, Principle Commissioner, Income
Tax shared his experience and addressed the
members on the Income Declaration Scheme wherein
he explained the road map with brief insights to IDS-
2016. Sri B Murali Kumar also motivated and shared
among members the speech of Sri Narender Modi Ji
in man ki baat regarding IDS-2016.
Sri Sushil Kumar, Commissioner, Income Tax Dept.
explained the importance of the scheme and also on
insights which includes salient features of the scheme,
Thereafter, Sri. B. Murali Kumar addressed all the
queries to the satisfaction of Members and students.
CS S.Kavitha Rani, Secretary of the Chapter
Proposed vote of thanks.
Cricket and other Sports
ndOn 7 August 2016 on the eve of 42 Foundation day
Celebrations Chapter has organised a Cricket and
other sports at PG College, Gagan Mahal for
members and students. This outdoor programme
attracted lot of the members and Students. Four
Teams from ICSI Students XI and One Team from
Members XI of the ICSI. The Members team won the
Match. The match was a great joy.
Indoor Games
ndOn 14 August 2016 on the eve of 42 Foundation day
Celebrations Chapter has organised Indoor Games.
The objective of the and Importance of conducting
the indoor games is to refresh the mind of the
student to develop more concentration towards their
studies
th70 Independence Day Celebrations
On 15 August 2016 Chapter has celebrated the
Independence Day in very unique manner. The
chapter has organised a bicycle ride under the title
“Pedal the Peace Cycle”. Members and Students
have participated with lot of enthusiasm and also
displayed the placards depicting the slogans about
benefits of GST. The rally of cycles carrying the flags
of Tricolour and our ICSI had created a magnificent
image among the public viewers.
ICSI-SIRC eNewsletter / August 2016 42
43
Later CS Mahadev Tirunagari, Chairman of the Students Programme on SEBI Financial Education
Chapter hoisted the National Flag at the chapter Workshop. CS R. Venkata Ramana, Vice-Chairman
premises and It was followed by signing of National of the Chapter welcomed the gathering. CS Mahadev
Anthem by all the participants. CS Ahalada Rao V Tirunagari, Chairman of the Chapter in his opening
Council Member, The ICSI, CS R. Ramakrishna remarks he spoke on making the dreams into reality
Gupta, Secretary, SIRC, CS R. Venkata Ramana, which requires knowledge along with money and
Vice Chairman of the Chapter, CS Issac Raj, further emphasized to inculcate the habit of saving the
Immediate Former Chairman of the Chapter and CS money to the possible extent. CS Ahalada Rao V,
Datla Hanumanta Raju, Former President, The ICSI Council Member, The ICSI informed about the theme
along with few other members and students and its importance and advised the participants to thaddressed the participants on the occasion of the 70 interact with Chief Guest.
Independence Day. CS S. Kavitha Rani, Secretary of Shri N Muralikrishnan, Deputy General Manager,
the Chapter Proposed vote of thanks. SEBI, Chief Guest spoke on Financial Market,
ICSI - GST& CSR 5K WALK Savings and Investments. He told SEBI has taken the
Programme of Financial Education to protect the On 21 August 2016 Chapter has organised of ICSI-
investors. He also informed that SEBI is a regulator of GST & CSR 5 K Walk at Neclace Raod. The
Indian Capital Markets and Company Secretary is programme was a grand success where in more than
considered as a compliance officer. He also informed 1500 people have participated and the event was
SEBI considers compliance officer as an interface covered by Print & Electronic Media in a big way. The
between SEBI and other Intermediaries. He further Occasion was graced by Dr K Laxman, President,
informed that Prime mandate of SEBI is to protect Bharatiya Janata Party [BJP], Telengana State &
Investors, to develop Securities Markets, to regulate MLA, Shri Chitala Ramachandra Reddy, MLA and
Securities Markets, for the investor protection. He Shri Ramachandra Rao, MLC, Shri M. Srinivas,
also stated that SEBI is taking up various Commissioner ,Customs, Central Excise & Service
programmes in the gamut of Investor Education, Tax and and daivagna sharma numerologist were the
Financial Education etc. Special Guests along with Father of P V Sindhu,
Silver medal achiever in Rio Olympics. CS S. Kavitha Rani, Secretary of the Chapter
proposed vote of thanks for the inaugural session. Earlier CS Mahadev Tirunagari, Chairman of the
Chapter welcomed the big gathering and informed In the Technical session CS Ahalda Rao V, "Financial
about importance of the ICSI-GST & CSR 5K Walk. Resource Person (Certified by SEBI)” was the
CS Ahalada Rao V, Council Member, ICSI , CS R. speaker. He spoke on Financial literacy, financial
Ramakrishna Gupta, Secretary SIRC, CS R. education, Financial planning, Inflation, Investment,
Venkata Ramana, Vice Chairman & CS Issac Raj, Smart goals, risk & return, compounding, how not to
Immediate Former Chairman graced the occasion. lose money, retirement planning etc. All the students
CS S. Kavitha Rani, proposed vote of thanks. actively participated in the interactive session and
raised various concerns, which were clarified by the Exclusive Students Programme on SEBI
SpeakerFinancial Educational Workshop.
On 24 August 2016 Chapter has organised Exclusive
ICSI-SIRC eNewsletter / August 2016
44
Career Awareness Week- 18-29, July 2016
As part of the “ICSI-Udaan” initiated by ICSI-HQ during July 2016, Coimbatore Chapter has organized
Career Awareness Week from 18-29, July, 2016 and conducted 25 Career Awareness Programmes in
the particular week in various Colleges and Schools in rural and semi urban areas in and around Coimbatore
and about 4900 students have participated in 25 Career Awareness Programmes. The Managing
Committee Members and Officials of the Coimbatore Chapter have actively participated in this mega event.
Coimbatore Chapter
CAREER AWARENESS WEEK DURING THE PERIOD FROM 18.07.2016 TO 29.07.2016
SL.No. Date College/School Name Speaker
1 18.07.2016 Nehru College of Arts & Science, Madukkarai, Coimbatore
CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter
2 18.07.2016
PSG Krishnammal College of Arts & Science, Coimbatore
CS P. Eswaramoorthy, Past Chairman, ICSI-Coimbatore Chapter
3 19.07.2016
Suburban Matriculation Higher Sec. School (Govt.) ,Ramnagar, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
4 19.07.2016
Sankara College of Arts & Science, Saravanampatti, Coimbatore
CS R.Maheswaran, Secretary, ICSI- Coimbatore Chapter
5 19.07.2016
Dr. SNS Rajalakshmi College of Arts & Science, Saravanampatti, Coimbatore
CS R.Maheswaran, Secretary, ICSI- Coimbatore Chapter
6 20.07.2016
CMS College of Arts & Science, Saravanampatti, Coimbatore
CS R.Maheswaran, Secretary, ICSI- Coimbatore Chapter
7 20.07.2016
KG College of Arts & Science, Saravanampatti, Coimbatore
CS R.Maheswaran, Secretary, ICSI- Coimbatore Chapter
8 20.07.2016 VLB Janaki Ammal College of Arts & Science, Kovaipudur, Coimbatore
CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter
9 21.07.2016
Suburban Matriclulation Higher Sec. School (AIDED) ,Ramnagar, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
ICSI-SIRC eNewsletter / August 2016
10 21.07.2016
Nirmala College of Arts & Science, Red Field, Coimbatore
CS P. Eswaramoorthy, Past Chairman, ICSI-Coimbatore Chapter
11 21.07.2016
Bishop Ambrose College of Arts & Science, Race Course, Coimbatore
CS P. Eswaramoorthy, Past Chairman, ICSI-Coimbatore Chapter
12 22.07.2016
Pioneer College of Arts & Science, Jothipuram, Coimbatore
CS R. Venkateswaran, Past Chairman, ICSI-Coimbatore Chapter
13 22.07.2016 Pioneer Higher Sec. School, Jothipuram, Coimbatore
CS R. Venkateswaran, Past Chairman, ICSI-Coimbatore Chapter
14 22.07.2016
Kikani Matriculation Higher Sec. School (State Syllabus) , R.S.Puram, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
15 22.07.2016 Dr.NGP College of Arts & Science, Kalapatti, Coimbatore
CS P. Eswaramoorthy, Past-Chairman, ICSI-Coimbatore Chapter
16 22.07.2016
Corporation (Co-Ed) Higher Sec. School (Govt.), R.S.Puram, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
17 23.07.2016
Nirmala College of Arts & Science, Red Field, Coimbatore
CS P. Eswaramoorthy, Past Chairman, ICSI-Coimbatore Chapter
18 23.07.2016 Sree Saraswathi Thyagaraja College of Arts & Science, Pollachi, Coimbatore
CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter
19 25.07.2016 Hindustan College of Arts & Science, NavaIndia, Coimbatore
CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter
20 26.07.2016 Dr.NGP College of Arts & Science, Kalapatti, Coimbatore
CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter
21 27.07.2016 Govt. Arts College, Coimbatore
CS R Dhanasekeran, Past Chairman, ICSI-Coimbatore Chapter
22 28.07.2016
Corporation Higher Secondary School, Ramanathapuram, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
ICSI-SIRC eNewsletter / August 2016 45
23 29.07.2016 Kovai Kalaimagal College of Arts & Science, Narasipuram, Coimbatore
CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter
24 29.07.2016 PSG College of Arts & Science, Avinashi Road, Near Airport, Coimbatore
CS A.R.Ramasubramania Raja, Chairman, ICSI-Coimbatore Chapter
25 29.07.2016 SRP Ammainiammal Higher Sec School, RS Puram, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
Career Awareness Programmes
SL.No. Date College/School Name Speaker
1 20.08.2016
Bharathiya Vidhya Bhavan Matriculation Higher Secondary School, R.S.Puram, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
2 20.08.2016
Shri Nehru Vidhyalaya Matriculation Higher Secondary School, R.S.Puram, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
3 26.08.2016 Kendriya Vidhyalaya School, Puliyakulam, Coimbatore
Mr. Sreejith.P, EO, ICSI-Coimbatore Chapter
thCoimbatore Chapter jointly 10 Southern India Regional Conference of Practising Company
Secretaries
thCoimbatore Chapter jointly hosted 10 Southern India Regional Conference of Practising Company
Secretaries with Madurai Chapter which was held on 5-6, August, 2016 at Hotel Heritage, Madurai.
Professional Development programme on “Insider Trading under SEBI Regulations”
Coimbatore Chapter organised a Professional Development programme on “Insider Trading under SEBI
Regulations” on Saturday, 20.08.2016 at 6.00 P.M. at ICSI-Coimbatore Chapter premises. CS
C.V.Madhusudhanan, Partner, KSR & Co., Company Secretaries LLPs, Coimbatore was the speaker of the
programme. He said that Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT
Regulations”) which was issued on August 24, 2015 under regulation 11 of the PIT Regulations providing
guidance to the market to remove certain difficulties in the interpretation or application of the provisions of the
regulations. He further covered key areas of regulation. The programme got benefited by 45 participants
including CS Members and students.
ICSI-SIRC eNewsletter / August 2016 46
Career Awareness Programmes
During August 2016, the following career awareness programmes were conducted.
Kochi Chapter
ICSI-SIRC eNewsletter / August 2016 47
Sr.Sl.no Date Name of Schools Counsellor No of
Students
attended
1 01.08.2016 Govt HSS
Chottanikkara,Ernakulam
Sreekumar TS
Office incharge
80
2 01.08.2016 Govt HSS
Piravom,Ernakulam
Sreekumar TS
Office incharge
120
3 01.08.2016 SNHSS,
Ayyappankavu,Ernakulam
CS Mithun B Shenoy 150
4 05.08.2016 GHSS,
N.Paravoor,Ernakulam
Sreekumar TS
Office incharge
120
5 05.08.2016 St.Xaviers College, Aluva Dr.KH Shahjahan,
Counsellor
55
6 12.08.2016 GHSS, Ernakulam South Sreekumar TS
Office incharge
60
7 12.08.2016 MES College,
Marampilly,Perumbavoor
Dr.KH Shahjahan,
Counsellor
84
8 12.08.2016 Padanilam HSS,
Nooranadu,Alapuzha
CS Suhaz MH,
Counsellor
52
9 12.08.2016 St.Micheal College,
Mayathara,Alapuzha
CS Suhaz MH,
Counsellor
50
10 19.08.2016 CAP at St.Peters HSS,
Kumbilangi
Sreekumar TS
Office incharge
60
11 23.08.2016 CAP at SRV HSS,
Ernakulam South
Sreekumar TS
Office incharge
62
12 26.08.2016 Chendamangalam Gram
Panchayat, Ernakulam
District
Sreekumar TS
Office incharge
126
INDEPENDENCE DAY CELEBRATIONS AND P.M. with a vote of thanks to the speaker by
THE PROFESSIONAL DEVELOPMENT Secretary of Chapter.
PROGRAMME ON 'OPPRESSION AND
PROGRAMME ON 'GOODS AND SERVICE TAX MISMANAGEMENT'
(GST)'
The ICSI Kochi Chapter celebrated Independence
The ICSI Kochi Chapter organized the Programme Day on Monday, August 15, 2016 at Chapter
on 'Goods and Services Tax' held on Saturday, Premises, Kochi. CS. Shyam Kumar R, Chairman
August 27, 2016 at 3:00 P.M. as a part of GST hosted National Flag at 9:00 A.M. in the presence of
Awareness Month being observed by the Institute. members and students. Thereafter he delivered
CS. Syam Kumar R, Chairman of the Chapter Independence Day message. This was followed by
delivered the welcome address to the delegates. Morning Professional Development Programme on
This was followed by Introduction of Speaker by CS. 'Oppression and Mismanagement'.
Arun Kamalolbhavan, Vice Chairman of the
The PDP started at 10.00 A.M. with welcome speech Chapter.
by
CA. Veeramani, Partner of RGN Price & Co,
Chartered Accountants, Kochi led the session. He
told that GST is destination based tax and removes
The session was led by CS. Rajesh Kumar, the multilevel taxation. It is essentially tax only on
Executive Vice President of Yogakshemam Loan value addition at each stage and a supplier at each
Limited with a brief explanation on the provisions of stage permitted to set off through tax credit
'Oppression and Mismanagement' under mechanism. The final consumer will thus bear only
Companies Act, 2013. He is of view that majority of the GST charged by the last dealer in the supply
members are entitled to exercise the powers of the chain with set off benefits at all the stages. The
Company and generally control its affairs subject to Unified tax will take in the form of a 'Dual' GST, to be
the conditions that it is as per provisions of levied by both the Central and State Governments.
Memorandum and Articles of Association and also Tax such as Excise duty, Service tax, Central Sales
should not be inconsistent with the provisions of the tax, Value Added Tax, Entry Tax or Octroi will be
Act or any other statute or constitute any fraud. If subsumed by the GST under single umbrella. He is
majority members are infringing the rights of of view that GST is expected to simplify tax
minority, then minorities are protected under the administration, ensure 'Ease of doing business' and
provision of the Act. He then explained the concept Promote the 'Make in India' project. But on the other
of Oppression and Mismanagement with various hand, GST can lead to inflation.
examples. He thereafter promulgated various cases
He then clarified to the queries raised by the law to make this topic readily understandable.
members and students and the session was
The queries of the Students and Members were concluded at 5.30 P.M. with a vote of thanks by CS.
clarified and the session was concluded at 12.30 Mithun B. Shenoy, Secretary of the Chapter.
Chairman of the Chapter. Formal introduction of
speaker was done by CS. Mithun B. Shenoy,
Secretary of the Chapter.
ICSI-SIRC eNewsletter / August 2016 48
Mysore Chapter
49
1. CAREER AWARENESS PROGRAMMES
ICSI-Mysore Chapter organised the following Career Awareness Programmes during the month.
S.NO
NAME OF THE
SCHOOL/COLLEGE
WITH ADDRESS
ADDRESSED BY NO. OF
PARTICIPANTS DATE
1
KAUTILYA FIRST
GRADE COLLEGE,
MYSORE
CS AJAY MADAIAH B B 150 14.07.2016
2
GOVERNMENT
DEGREE
COLLEGE,
MANDYA
MR. RAVIKUMAR 180 18.07.2016
3 DEPAUL COLLEGE,
BELAGOLA CS MANJUNATH S 120 21.07.2016
4
VIDYA VIKAS
DEGREE
COLLEGE,
MYSORE
CS VEERASH M J 60 29.07.2016
5 MICA COLLEGE,
MYSORE CS MANJUNATH S 50 05.08.2016
6 KAVERI COLLEGE,
GONIKOPPA CS ANSHUMAN A S 130 09.08.2016
7
MAHARANI’S
COLLEGE,
MYSORE
CS ANSHUMAN A S 90 11.08.2016
The Speakers in all the above sessions highlighted Members, Students & Parents of Mysore Chapter
the importance of making the right career choice so were participated in the event
as to be successful in life. They then spoke about the FELICITATION PROGRAM FOR FOUNDATION
role of a Company Secretary and importance of the PASSED STUDENT
profession of Company Secretary in the changing
In order to motivate the students, a felicitation economic scenario. Brochures containing brief
program was arranged by Mysore Chapter on details of the Company Secretaryship Course were
15.08.2016, in chapter premises for the Foundation distributed to the participants. Various doubts and
Examination (June 2016) passed students. Mr. issues raised by the participants were clarified.
Prakash Kothari, Managing Director, Shubham
Electronics was the Chief Guest for the program. INDEPENDENCE DAY CELEBRATIONS
Mysore Chapter Chairman CS Bhansali M C., On 15.08.2016, ICSI-Mysore Chapter celebrated
welcomed the gathering. CS Pracheta M, Secretary th70 Independence Day in Chapter Premises. Dr. delivered the thanking notes to the participants.
Vaman Rao Bapat hoisted the National Flag and Members, Students & Parents of Mysore Chapter
delivered the Independence Day address to the were participated in the event.
students. Mysore Chapter Managing Committee
ICSI-SIRC eNewsletter / August 2016
SEMINAR ON GST JOINTLY WITH CII-MYSORE
Morning Session S E S S I O N O N 2 5 Y E A R S O F I N D I A
LIBERALISATION
the Capital Small Finance Bank has started its
operations by launching 10 branch offices in Punjab,
and aims to increase the number of branches to 29 in
the current FY 2016-17.
S S Bhandare, Advisor, Economic and Government Speaking during session on '25 Years of
Policy, Tata Strategic Management Group who also Liberalisation and Shaping the Future' organized by
spoke on the occasion said “According to Economic ICSI, CII & Forum of Free Enterprise at private hotel
Survey, 2015-16, India stands out a haven of stability here on Thursday Dr Amitha Sehgal, Prof. Banking &
and an outpost of opportunity. Its macro-economy is Faculty Member, Management Institute said “With
stable, founded on government's fiscal consolidation the new initiative 'JAM' opening of banks accounts
and low inflation. Its economic growth is amongst the has made easy. Earlier people were finding difficult to
highest in the world, helped by a re-orientation of open bank accounts due to various procedures and
government spending toward public infrastructure.” formalities but now if they have Aaadar card its
“India has now established all the wherewithal of enough. Bank account can be easily opened. There
potentially achievable annual economic growth rate are nearly 80 percent smartphone users in the
of 7 to 7.5% in a longer-term perspective. There is an country, by 2020 bank account holders will be equal
inspiring backdrop of relative high economic to smartphone users in the country. Apart from this
performance of the past 25 years; a policy framework the government also set targets for all the banks, so
that is well-entrenched and evolving; and centrality of going by all this by 2020, one can see more than 80
eight transformational determinants of India's percent of the people with bank account”.
emerging economic resurgence. The broad She also mentioned that because of responsible
philosophy and fundamental spirit of liberalization innovation from RBI, even though many countries
have clearly been accepted through the length and including UK, US, China and Japan suffered severe
breadth of the country and over generations in time. recession in 2008, India didn't had any such problem.
The paradigms of an open economy, role of She also mentioned that GST uniformity one nation
competition in promoting economic welfare, growing one tax will enable uniformity in tax across India.
role of the private sector as leading agent of
“Reserve Bank of India Governor Raghuram Rajan economic change and necessity of withdrawal of the
has been felicitated with the Central Banker of the State from a host of activities, are no longer debated
Year Award (Global and Asia Pacific) for 2016 by The as fiercely as they were, when the reforms had just
Banker, the Financial Times Group's monthly begun. India is now endowed with power of youth,
publication. RBI's focus on taming inflation - India is power of technology, power of 'four D' ethos –
set to hit its 6 per cent target in 2016 - was key to this Democracy, Demographics, Demand & Direction of
performance and reinforced foreign investors' Future Policies” added Bhandare.
confidence in India's currency” added Amitha. She
also mentioned India's first small finance bank called
ICSI-SIRC eNewsletter / August 2016 50
Dr N Muthukumar, Chairman, CII Mysuru during his
address mentioned that in the last 25 years there is
substantial progress especially in the field of
Telecommunication, Automobile and Service
Industry. He also mentioned that always we should
have dissatisfaction which will be motivating factor
for further improvement.
CS M C Bhansali, Chairman of ICSI-Mysore chapter
welcomed the gathering. Over 50 Finance Heads,
Company Secretaries & Students from various
organizations took part in the session.
to encourage better tax compliant. Almost
everything will be same but we will be changing
nomenclature. The processes are going to be the
same only thing the way we are doing the process
will be different. It is just like instead of having food in
hand we will be having it in spoon. To start with it will
be difficult to have food in spoon but once you get adjusted it will be easy. Once it is implemented filing
returns will be hassle free. Everything will happen at
the click of button. Earlier once in year, people used
to scratch their head, but now they may not know
what to do in their free time. For GST, industries
Afternoon Session should be well equipped with IT infrastructure"
added Mr. Balamurugan. Goods and Services Tax is one of the biggest tax
Mr K V Satya Prakash, Additional Commissioner, reforms we are undertaking after independence said
Commercial Taxes, Government of Karnataka who Mr K Balamurugan, Additional Commissioner,
also spoke on the occasion said “Whoever having Ministry of Finance, Department of Revenue,
VAT will automatically get migrated to GST. Under Government of India.
GST filing of returns will be online and one can file it
through their credit cards. Creating awareness Speaking during session on 'Goods and Service Act
about GST is need of the hour, the awareness and (GST) organized by ICSI-Mysore Chapter in
training for not only staffs but also for stakeholders is association with Confederation of Indian Industry
equally important. (CII) & Forum of Free Enterprise at private hotel here
this afternoon he said “GST is all is set for rolling out. Mr Ravi Prasad, Joint Commissioner, Commercial
It is long ten years journey. There were many Taxes, Government of Karnataka also briefed about
criticism that it is taking too much of time; it is one of GST. He also responded to queries on the occasion.
biggest tax reforms we are undertaking after Participants from many industries took part in the
independence naturally it has to take more time but session.
also will take more time to streamline as well. Once Dr N Muthukumar, Chairman, CII in his address said it is implemented which is expected to be from April
in particular the manufacturing sector is expected to next year, one will have lot of work but not going to do
be huge beneficiary of GST as the economic system anything new. It will be same work and same
will become more competitive. The supply chain will number. Government will be getting same revenue
become faster, seamless and more efficient due to what it is getting now. It is a hugely beneficial reform
uninterrupted movement of goods across the which will cut both transaction costs and double
country. GST once implemented will lead to a taxation”. simplified, assessee friendly tax system making the “The proposed GST will not have any problem for
country a national market and contributing those who are paying tax sincerely and honestly but
significantly to the growth of the economy he added. it will have effect on those who are not paying tax
CS MC Bhansali, Chairman, ICSI-Mysore Chapter properly. The main reason behind coming out GST is
welcomed the gathering.
ICSI-SIRC eNewsletter / August 2016 51
Salem ChapterICSI GST Awareness Month – Aug, 2016 : Group expressed their eagerness to know more and more
Discussion on Goods and Service Tax about the new legislation.
ICSI – Salem Chapter conducted a Group
Discussion on “Goods and Service Tax” as part of
the celebration of ICSI GST Awareness month
announced by the Institute. Office bearers, ICSI Mangalore Chapter of SIRC Conducted a
members and student members participated in the Career Awareness Programme on Month of July –
discussions. August,2016 in varies Colleges in all the Districts.
The Mangalore Chapter office In Charge to Arrange CS N Santhanam, Chairman of the Salem Chapter
the all the CAP Programmes, The CAP Programmes initiated the Group Discussion on the Goods and
Conducted With support of Counllors and Members Service Tax Bill laid before both the Houses of
of the Mangalore Chapter. In Charge Shankar B Also Parliament. He outlined the salient features of the
attended the programmes and monitoring the all the GST and this is expected to benefit the consumers
Consullors programmes. The speakers are and the common man at large by removing various
explained in Details of CS Foundation program, CS taxes and duties being levied at various stages and
Executive Programme and CS Professional by various States apart from the Central
Programme, syllabus Structure of the course, online Government. The GST aims at adopting a dual tax
registrations and the job opportunity after completed system through input tax credit system which
the CS Course both the employment and practice. ultimately would remove the cascading effect on
And explain for the foundation & Executive course double tax on the same input.
examination patron of on line and so on, after he has CS S Gnanasekharan , Vice Cha i rman
completed to explanation, Chapter office in Charge supplemented the discussion by highlighting the
Mr. Shankar B explained the how to Registration for various terms like supply and services defined in the
online mode and how to making the payment of Bill. He said the word “supply” includes transfers,
Registration fee for foundation and Executive and leasing, renting out, exchange or barter. He also
Professional. He has to explain to the Oral Coaching highlighted what is consideration and furtherance of
Class Conducted to the ICSI Chapter office at business which are essential to understand the
Mangalore for the June and December provisions of the Bill.
Examination, and also he had distributed the CS Other Members and student members raised a
Course broachers for all the Students Students number of queries and they are answered by other
Attuned the Career Awareness Programm, after practicing members.
the Students Rise the queries, Explained the Each
The discussion brought out an awareness about the query to successfully.
GST Bill and members and student members
1] Career Awareness Programmes
Mangalore Chapter
ICSI-SIRC eNewsletter / August 2016 52
SL.NO DATE COLLEGE/INSTITUTION SPEAKERS
1 7th July Govt. first Grade College for
Women Puttur- Dhakshina
Kanada Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
2 8th July Govt. P U College Kabaka,
Puttur- Dhakshina Kanada
Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
3 11th July ShithaRaghava P U College -
Dhakshina Kanada Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
4 12th July Govt P U College Kumbettu-
Puttuer Dhakshina Kanada
Disrt.
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
5 14th July Indus Colles Bolwar, Putter-
Dhakshina Kanada Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
6 20th July Govt. P U College
Uppinangady- Dhakshina
Kanada Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
7 25th July Sri Ramachnadra P U college-
Bantwal Tq- Dhakshina
Kanada Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
8 26th July Bushra Pre-University college
Kavu, Puttur, Dhakshina
Kanada Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
9 27th July Govt. First Grade College
Vittal - Dhakshina Kanada
Disrt
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
10 28th July Govt. Pre-university College
Kumbra DK
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
11 29th July BEM Aided P U college-
Mangalore
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
12 29th July Narayana Guru P U College –
Mangalore
Mr. Bindusara Shetty
Counselor- Dhakshina Kada
disrt-2
13 August
5th
Milagres Degree College,
Kallianpura-Udupi Disrt
Shanthosh Prabhu
Counsellor – Udupi dist
ICSI-SIRC eNewsletter / August 2016 53
14 August
08nd
SDM Law College –
Mangalore Dhakinakanada
disrt
Shanthosh Prabhu Counsellor –
Udupi dist
15 August
9th
St Agnes Degree college-
Mangalore - Dhakishna
Kanada Disrt
Shanthosh Prabhu Counsellor –
Udupi dist
15 August
11th
Sathya Sai PU College, Alike-
Dhakishna Kanada Disrt
Shanthosh Prabhu Counsellor –
Udupi dist
SL.NO DATE COLLEGE/INSTITUTION SPEAKERS
17 Aug 16th Govt First Grade College, Koppa Nagesh Shenoy P
Counsellor of
Chikmagular dist
18 Aug 16th Govt PU College, Koppa Nagesh Shenoy P
Counsellor of
Chikmagular dist
19 Aug 17th Govt PU College, Kamaradi Nagesh Shenoy P
Counselor of
Chikmagular dist
20 Aug 17th ARS PU College, Hariharapura Nagesh Shenoy P
Counsellor of
Chikmagular dist
21 Aug 18th Govt PU College, Sringeri Nagesh Shenoy P
Counsellor of
Chikmagular dist
22 Aug 18th BGS PU College, Sringeri Nagesh Shenoy P
Counsellor of
Chikmagular dist
23 Aug 19th BGS PU College, Jayapura Nagesh Shenoy P
Counsellor of
Chikmagular dist
24 Aug 19th BGS Degree College, Jayapura Nagesh Shenoy P
Counsellor of
Chikmagular dist
25 Aug 19th BES PU College, Balehonnuru Nagesh Shenoy P
ICSI-SIRC eNewsletter / August 2016 54
Palakkad Chapter
Date Name of School/College Speaker No of students
25.08.2016 Mercy College Palakkad CS Sreejith S. Warrier &
Ms. Roby Joseph Office
in Charge
65
26.08.2016 Government Victoria
College, Palakkad
CS Sreejith S. Warrier &
Ms. Roby Joseph
Office in Charge
75
27.08.2016 Jayamatha College,
Palakkad
Ms. Roby Joseph
Office in Charge &
Adv Remya Nair
120
CAREER AWARENESS PROGRAMMES
Palakkad Chapter of SIRC of the ICSI conducted 3 Career Awareness Programmes during the
month of August the details of the same is summarised as below.
Course leaflets were distributed amongst the effects of alcohol, drugs etc. The Chief Guest,
students and faculties and they were appraised elucidated how addition to the same would dismantle
about the course, opportunities available after the strength of Our Nation and why should we
completion of the Company Secretaryship Course, abstain from these stuffs. He explained to the
mode of registration, syllabus, course contents, fee students as future citizens of the nation how we
structure, placement services etc. The various could play a role in our lives to respect our country
support given by the Institute for pursuing CS course and make it a better place for Indians to live and
by way of Scholarships, ICSI Education Fund Trust experience the freedom, peace and unity in diversity.
etc. was also explained to the participants. The Chief Guest recited the National Pledge to all the
INDEPENDENCE DAY CELEBRATIONS participants of the programme. The Independence Day
celebrations was followed by launching of the second Palakkad Chapter of SIRC of the ICSI celebrated
edition of Corporate Synergy- Students Magazine. The Independence Day with great enthusiasm and
th programme concluded with a Vote of Thanks by CS respect at the Chapter premises on 15 of August
Neeraj Vasudevan, Vice Chairman and distribution of 2016. The programme started with singing the
sweets to the participants.National Song Vande Mataram. CS N.N. Krishnan,
Chairman welcomed the gathering and introduced SESSION ON INVESTMENTS, LOANS AND
the Chief Guest. DEPOSITS UNDER COMPANIES ACT 2013
Shr i . Jayanth i Vasan, Assis tant Excise Palakkad Chapter of SIRC of the ICSI had organised a
Commissioner (Thrissur Circle) was the Chief Guest Half Day Professional Development Programme on
of the Programme. To commemorate the sovereignty Investments, Loans & Deposits under Companies Act
of our Nation Shri. Jayanthi Vasan, spoke about the 2013 on 7th August 2016 at ICSI Palakkad Chapter
importance of the occasion. He stated about the ill
ICSI-SIRC eNewsletter / August 2016 55
Visakhapatnam Chapter
T h e s e s s i o n w a s i n a u g u r a t e d b y C S Sivaramakrishna Chapter In charge welcomed to
ndS.N.Ananthasubramanian, Former ICSI Prersident and 2 Session NCLT speaker CS Marathy SS started
Founder Partner of S.N. Ananthasubramanian & Co., with history, notification, benefits, and powers,
Company Secretaries, Thane. The session was handled NCLT Rules, NCLT Filing, Drafting and ended with
by CS George Mathew, Practicing Company Secretary dress code.
from Kozhikode.
SPONSORING OF NEWSPAPERS TO SCHOOL 54. The, Principal, Aditya Degree College,
STUDENTS THROUGH MADHURAM MALAYALAM Rajahmundry on 23.08.2016 participated B.Com,
PROGRAMMEFinal year Students approx 150 nos.
ICSI Palakkad chapter as part of its CSR and branding 55. The HOD Commerce, Govt College A,
activities, have set forth an innovative idea of distributing Rajahmundry on 23.08.2016 participated B.com,
Newspaper to all grades of Government L.P.School, Final Year Students Approx 300 nos
Nurani for one year starting from August 2016. The 56. The Principal, Smt Bullammai Mahila Degree
programme is being implemented through the College, Rajahmundry on 23.08.2016 participated
Madhuram Malayalam initiative of Mathrubhumi B.com, Final Year Students approx 125 nos.
Newspaper.
57. The Principal, SKVT Degree College, CS N.N.Krishnan, Chairman ,ICSI Palakkad Chapter
Rajahmundry on 23.08.2016 participated B.com inaugurated the programme and explained the need and
Final Year Students approx 150 nos. importance of reading newspapers daily. He urged them
to inculcate the habit of reading newspapers daily.
Full day Seminar on Insolvency & Bankruptcy
Code, Companies (Amendment) Bill 2016, ICSI Visakhapatnam Chapter organized full Day
Board’s Report and Goods & Service Tax (GST)seminar on NCLT and Modes of Funding
The ICSI-Amaravati Chapter organized a Full day The ICSI Visakhapatnam Chapter Organized Full
Seminar on “Insolvency & Bankruptcy Code, Day Seminar on 06.08.2016 at Chapter Premises.
Companies (Amendment) Bill 2016, Board’s Report CS SV Rao Member welcomed to all the
and Goods & Service Tax (GST)” on Friday, the 26th stparticipants and introduced 1 session speaker CS
August, 2016 from 10.00am to 5.00pm at Hotel Venkataramana R, PCS – Hyderabad. The speaker
Kartikeya Grande, Guntur. CS K Srinivasa Rao, started with Funding, Why funds are required for
Chairman, ICSI-Amaravati Chapter welcomed the business, Modes of raising Funds, Types of share
Members and students. CS Ramakrishna Gupta, Capital, Issue of Securities and Recent
Company Secretary in Practice & Secretary, SIRC amendments on High lights of share capital and
of the ICSI, CS Venkata Ramana R, Company debenture 3rd Amendment rules 2016, Difference
Secretary in Practice & Vice- chairman, ICSI between private placement and Preferential
Hyderabad Chapter & CS Fahim Aslam Khan a l lo tment , Buy back shares. Mr. PRV
Career Awareness Programmes
Amaravati Chapter
ICSI-SIRC eNewsletter / August 2016 56
Calicut Chapter
57
Chartered Accountant, Guntur were the speakers. Companies (Amendment) Bill 2016 with brief
CS J V Rama Rao, Vice chairman, ICSI-Amaravati summary of various sections.
Chapter appreciated the speakers with the The session concluded with CS Anjaneyulu CH,
introduction of speakers. Company Secretary thanked speakers, all the
The first technical session started with the CS members and students participated in the
Ramakrishna Gupta R addressed on the Insolvency programme.
& Bankruptcy Code. In this session he was explained
about what is Insolvency and Bankruptcy, Existing
Legal System in India, Need for the uniform code,
Essential features of the code, Opportunities for CS
and other professionals, saving & Repeals with
power point presentations.
The Second technical session started with the CS
Venkata Ramana R addressed Preparation and
presentation of Directors’ Report under the
companies Act, 2013, Boards’ Report, Relevant
Sections of Boards’ Report & Directors’ Report,
Nature of Fraud and Irregularities, Corporate Social
Responsibility, other disclosures, and common
mistakes in Notice, Agenda Notes & Directors’
Report, Imprisonment & Penalties for Non-
Compliance with power point presentations and
video clippings.
The Third technical session started with the CA Anil
Kumar Thota addressed on Goods and Service Tax
(GST). In this Session he explained about what is
GST, Need for GST, Model GST, Comparison of
Present Tax structure and proposed Tax Structure
Under GST with illustrations, Benefits of GST.
The last technical session taken by the CS Fahim
Aslam Khan addressed on Key highlights of
Independance Day Celebrations
th India's 70 Independence Day was ceremonialized
by Calicut Chapter of SIRC of ICSI with great
devoutness.
The day commenced at 8:30 A.M. in the morning,
when Members and students totaling to around 20
numbers agglomerated at the Chapter premises to
commemorate the day. The Chairman, C S Riyas
Babu unfurled the national flag at 8.45 A.M and the
flag hoisting was followed by the national anthem.
Chairman and Secretary addressed the gathering
and shared their views on values of freedom and
patriotism. The celebrations concluded with the
distribution of sweets to everyone.
ICSI-SIRC eNewsletter / August 2016
Particulars Price
GN on Diligence Report For Banks 499.00
GN on Internal Audit Of Stock Brokers 300.00
Badges 50.00
Neck Tie(New) 500.00
T-Shirt 300.00
CD-CSJ 8th Edition 39 years 1000.00
Est of Branch Liaison Project Offices in India 200.00
Ref on Fillling and Filing of Eforms 23AC and 23ACA 100.00
GN on related Party Transactions 150.00
GN on listing of Corporate Debt 150.00
HB on Mergers Amalgamations and Takeovers L&P Revisied 695.00
DNA of Integrity 200.00
G N On Board Processes 50.00
G.N.Dividend 150.00
G.N. Meeting of Board of Directors 150.00
Hand Book on Internal Audit of DP 150.00
CS regulation 1982 upto 2010 100.00
CS Act 1980 50.00
Hand Book on Arb & Alt.Dispute Res 175.00
Securties management & compliances 225.00
GN Compliance 125.00
CG Insights 200.00
Gn on General Meeting 150.00
Reference on Secretarial Audit 500.00
GN On Buy-Back Of Securities 150.00
GN On Corporate Governance Cert(II Revised Edt) 200.00
CAP 60.00
GN on certification under IP 50.00
Reference on XBRL (revised) 200.00
GN on Code of Conduct for CS (new) 250.00
Delisting of Equity Shares 250.00
Beyond Clause 49 100.00
Board Committees 100.00
Peer Review Manual 200.00
Referancer on certifi.secur.transfer 100.00
Referancer on Recon.share.capital.audit 100.00
Basics of Mutual fund investment 150.00
Capital money and commedity 250.00
Internal Concert.adiut of dp 200.00
Sebi A Quick referancer 200.00
Referencer on transfer Pricing 100.00
ICSI-SIRC eNewsletter/ August 2016
ICSI Publications 2016
58
ICSI-SIRC eNewsletter/ August 2016 59
ICSI-SIRC eNewsletter/ August 2016 60
Announcement for Members
61ICSI-SIRC eNewsletter/ August 2016
ICSI-SIRC eNewsletter Announcement for Members
62ICSI-SIRC eNewsletter / August 2016
I. OBJECTIVES
a. To promote and guide start-ups
b. To promote innovations
c. To help start ups in getting necessary capital to take-off
d. To support and guide business acceleration
II. BENEFIT TO MEMBERS
· Newly inducted members into practice can avail office facilities at a nominal cost on prior
booking/ confirmation basis (in different slots during office hours).
· CS Chamber will provide office facilities to PCS for dealing with their clients.
III. FACILITIES AVAILABLE AT CAC
· The CAC Chambers is well equipped with all state-of-the Art facilities to resemble a corporate
look having WiFi/internet, Telephone, Scanning & Printing, Reception Desk, Reference Library,
and other basic amenities. Cafeteria facility can be provided (on cost basis).
· Additional facility of Web Camera can be arranged on need basis
IV. ONLINE REGISTRATION PROCEDURE
1. An active member of ICSI is eligible for login to the CAC Application through the link
https://www.icsi.in using his/her valid online user credentials.
2. After successful Log In, the Home page of the CAC application will appear.
3. From the Home page, a member can click on ‘Registration for CAC’ for registration. The list of
available office location/s will appear on the screen.
4. Member can select the desired location from the list of office location for the registration. All
available services on this location will appear along with their charges like Registration charge etc.
5. Registration for multiple locations can also be done simultaneously. The total accumulated charges
will appear on the screen.
6. On clicking the ‘Proceed for Payment’ button system will redirect to the Payment Gateway screen.
63ICSI-SIRC eNewsletter / August 2016
1. On confirmation of the payment member can get the Payment Receipt for CAC registration.
The registration is valid for One year from the date of booking. An email and SMS will be sent
to the member on successfully completing the registration process.
2. Registered members can book their time slot depending upon their requirements and also
depending upon the availability of the CAC office for the selected location by clicking on
‘Booking for CAC’ menu item. It will show the status of booking for the already registered
location office(s). The available date can be checked from the check button.
3. Booking Receipt will get generated after the successful booking. Member can take the printout
of the same to show his booking details to location office at the time of entering the premise.
An email and SMS will be send to the Member and as well as the Location Office for the same.
4. Members can cancel their bookings by clicking on the menu item ‘Cancellation of CAC
Booking’. All the valid booking details will appear for cancellation. A confirmation message
will appear before final cancellation. Once a booking is cancelled for selected date, booking
time will again be returned back to the member’s account.
5. The menu item ‘Receipt for CAC booking’ will be used for getting the receipts for the
Payment and as well as the Booking data. Member can generate the receipts and take the
printout of the receipts as and when required.
6. About Page is available for providing the guidelines about how to use the CAC application.
7. After certain time the member will be logged out automatically and redirected to the Login
page of the application.
8. A report facility has also been generated for the admin user of the corresponding office to view
the Booking status.
9. The registration fees and other charges are as follows:
i. Annual Registration charge (for each location): INR 5000/-
ii. Scanning Charges: INR 3.00 per page to be charged on actuals
iii. Photo Copy Charges: INR 1.00 per page to be charged on actuals
I. GUIDELINES TO THE USERS
The permissible use of CAC shall be maximum 06 (six) hours per month per member. The
membership to CAC is non-transferable and only registered member can avail the facilities. If a
member wants to use more than 6 hours in a month, no additional charges need to be collected for
the same. However, the number of extra hours used in that month shall be deducted from the total
hours allotted in a year. Further, if a member does not use 6 hours in that month, it will get lapsed
in that month and any unutilized allocated hours will not be carried forward to the next month.
Booking can be done in advance for maximum of two months from the current date.
64ICSI-SIRC eNewsletter / August 2016
Announcement for Students
65ICSI-SIRC eNewsletter / August 2016
*Excluding Elective subjects
For further details please contact: SIRC OF THE ICSI9, Wheat Crofts Road, Nungambakkam, Chennai – 600 034Phone: (044) 28279898, 28268685 E-mail: [email protected]
66
Commencement of Class Room Teaching
SIRC of the ICSI commenced Class Room Teaching for Professional Programme thModule-III for December 2016 examination on 27 August, 2016 at “ICSI-SIRC
House”, Chennai.
CLASS ROOM TEACHING:
Stage Date of Commencement
Fee
Professional Programme
Module-I for December
2016 examination
03.09.2016 Rs.6100/-
Professional Programme
Module-II for December
2016 examination
03.09.2016 Rs.6100/-
Executive Programme
Module-I Morning for
June 2017 examination
03.10.2016 Rs.6100/-
Executive Programme
Module-II Evening for
June 2017 examination
03.10.2016 Rs.5600/-
Foundation Programme
Morning Batch for June
2017 examination
19.12.2016 Rs.5100/-
Foundation Programme
Morning Batch for June
2017 examination
19.12.2016 Rs.5100/-
ICSI-SIRC eNewsletter / August 2016
Meeting on proposed New Syllabus
The SIRC of the ICSI conducted a Meeting of the Faculty, Chennai Members Coordination Group
(CMCG) and Class Room Committee on 30.08.2016 at ICSI-SIRC House, Chennai. CS
Ramasubramaniam C, Chairman, Syllabus Review Board and Council Member, ICSI
welcomed the faculty members and highlighted the importance of the meeting and requested to give
their suggestions and views for structuring a new syllabus which will meet the requirements of all
stakeholders.
Twenty Four members attended the above meeting. Faculty members gave their suggestions in
structuring the proposed new syllabus. CS A. Mohankumar, Chairman, Class Room Committee, ICSI-
SIRO participated and interacted with the faculty members.
Ms. Sarah Arokiaswamy, Joint Secretary, ICSI-SIRO proposed vote of thanks.
67