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THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

CS FOUNDATION COURSEB U L L E T I NVOLUME X G NO. 5 G SEPTEMBEROCTOBER 2003 G Single Copy Rs. 5.00 G Annual Subscription Rs. 25.00

Dear Students,

The wise do not yearn for unattainable

things; they do not grieve for thingswhich they have lost; and they are not

perplexed when faced by adversity.

Vidura Neeti

Having enjoyed the festival seasonmerrily, I hope those of you who will be

appearing in the ensuing December 2003 examinationwould have by now switched over to serious preparations. I

would like to emphasize that if you want to face theexamination with confidence, you have to put in sincere

efforts and hard work to achieve the desired results. Preparethoroughly and write the examination with confidence

because if you set your heart and mind on a goal , nothingcan stop you from achieving positive results. Always have a

sense of pride in aiming at excellence in whatever workyou undertake.

Ideally, by this time, you would have acquired thoroughknowledge and understanding of all the relevant topics and

started the revision process. You can succeed in theCompany Secretaries Profession examination by adopting

a planned approach towards your studies. This includesadequate emphasis on all the subjects, assimilation of

concepts by linking theoretical concepts with the practicalwork. Avoid partial or selective studies. Questions in the

examinations can be set from any portion of the syllabus.

As such no chance should be taken in this regard.Friends, there are no short cuts for success and alwayskeep in mind that there is no substitute for hard work. The

road to success is neither short nor smooth and the journeyto reach the destination of success requires patience,

perseverance, dedication and devotion. Being the studentsof this premier professional Institute of the country, it is

important that your horizons of knowledge should be wide.Apart from reading the study material, you are expected to

read reference titles, all issues of Foundation CourseBulletin, Economic dailies and magazines, Bare Acts and

case law to have thorough, in-depth and up-to-dateknowledge of the subject. Writing self-evaluation answers

to the Test Papers given in the study material as if underexamination conditions will provide you the much-needed

self-confidence and writing practice. Writing answers to thepoint in a logical and orderly manner would also definitely

help you to get good marks. In addition, the GuidelineAnswers for June 2003 examination, which are already

available for sale, would prove to be a valuable guide toyou in properly writing the answers.

The Institute is constantly striving to groom and better equipthe students in their endeavour to become wholesome

professionals by constantly improving all the student-relatedfacilities. In this regard, this issue of the Bulletin contains

the gist of the comments and suggestions received fromthe examiners on the performance of the examinees in the

June 2003 examination. The main objectives of sharing theobservations made by the examiners are that it would

enable: (1) those of you who were not successful in theprevious attempt, to be better prepared this time, by noting

your drawbacks, and (2) those of you appearing for the firsttime, may note the general deficiencies and mistakes of

the predecessors and take due care not to repeat the same.In case you have any difficulty in any of your subjects, you

are most welcome to get in touch with the Directorate ofStudies and Publications at the Institutes Headquarters.

The Institute has stipulated 3 years period for the validity ofthe Foundation Course admission. Accordingly all those

students admitted up to November 2000 may please notethat their Foundation Course admission stands cancelled

on expiry of three years period. All such students are advisedto seek fresh admission in case they have neither passed

the Foundation examination nor completed graduation. Forseeking admission a fresh application in the prescribed form

FC-1 is to be made along with a sum of Rs 2100/-. FormFC-1 is appended to the copy of Foundation Course

prospectus, copy of which can be had against cash paymentof Rs. 70/- in the Institutes headquarters and Regional

Offices. This can also be obtained by sending a crosseddemand draft of Rs. 110/- (including postage) drawn in

favour of the Institute of Company Secretaries of India,payable at New Delhi. Blank application form can also be

had on remittance of Rs. 10/-. The last date for admission

FROM THE SECRETARYS DESK

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SEPTEMBER - OCTOBER 2003H 2 C.S. FOUNDATION COURSE BULLETIN

Pentium 1 D:\1.9.2003\C.S.Foundation\Sep-Oct\Sep\Oct.p65

to the Foundation Course for appearing in December, 2004

examinations is 31st March, 2004.

ISSUE OF ADMISSION CERTIFICATES (Roll Numbers)

for December, 2003 Examination.

The admission certificates (Roll Numbers) for December,2003 examination to all the eligible students will be sent byordinary post latest by 11th December, 2003. Similarly,

students who are not admitted on account of non-completionof coaching or any other reasons, such as late submission

of application, cancellation of admission etc., will also beinformed accordingly by the said date. If any student who

has applied for admission to the December, 2003examination, does not receive any communication with

regard to his/her admission certificate (Roll Number) orotherwise by 15th December, 2003, he/she should

immediately contact/write to I J Kalucha, Senior Director atthe Institutes address giving his/her student admission

number, date of application, particulars of payment. (Printednumber and date of demand draft/special pay-in-slip, name

of issuing bank and its branch), stage of examination centreopted and also acknowledgement, if any received from the

Institute, for prompt reply by the Institute. They may alsoplease contact the respective Regional/Chapter Offices of

the Institute for obtaining the duplicate admission certificatesfrom 22nd December, 2003 onwards and the students from

Delhi can contact personally at the Headquarters of theInstitute for obtaining duplicate admission certificates.

STUDY MATERIAL, ADMISSION LETTERS OR IDENTITYCARDS

Candidates admitted to the Foundation Course during themonth of August 2003 have already been supplied with the

Study Material, admission letter and Identity Card. Thecandidates admitted during the month of September, 2003

have also been supplied with the study material but theiradmission letter and identity cards are under issue and will

be received by the candidates in due course of time. Thosewho have not received Study Material, admission letter or

Identity Card, are therefore, advised to contact I J Kalucha,Senior Director at the Institutes address without any further

delay. Should you require any assistance in the matter, youmay approach the Institute at the earliest opportunity.

Students must write their admission number and completepostal address with pin code in all correspondence with the

Institute for prompt reply.

FACILITY OF ORAL COACHING

The Institute imparts compulsory postal tuition to all the

students for all the stages of Company Secretary shipCourse. In addition, the Institute has also authorized its

Regional Offices and Chapters to impart oral coachingclasses, which is optional and can be undergone in addition

to compulsory postal tuition being provided by the Institute.You may get in touch with the Regional Offices or Chapters

concerned for details. It may, however, be noted that oral

FROM THE SECRETARYS DESK

coaching centre would be charging oral coaching fee for

the purpose. A student attending oral coaching classes isnot required to submit the response sheets and he/she is

issued with the coaching completion certificate if he/shehas attended at least 75 per cent of the classes held and

has passed minimum number of classes held for eachsubjects.

IDENTITY CARDSAll candidates admitted to the Foundation Course are

advised to ensure that they are holding the valid IdentityCard issued by the Institute. It is a prerequisite that all the

candidates appearing in the examination must carry theirIdentity Card along with their admission certificate for

securing entry to the examination hall. Those who have notobtained the Identity Card are therefore, advised to complete

the formalities and obtain their Identity Card without anyfurther delay. Should you require any assistance in the

matter, you may approach the Institute at the earliestopportunity. While applying for duplicate Identity Card or for

any other matter, they should write their admission numberand complete postal address for prompt reply.

CHANGE OF ADDRESSChange of address, if any, should be intimated to the Institute

by sending a separate letter in this regard. While intimatingthe change in their mailing address, the students are advised

to invariably quote the PIN CODE number alongwith thestudent admission number, name and full postal address

with city, state in capital letters.

PIN CODE is required to be mentioned for quick delivery

of the mail. Students may, therefore, check up thecomputerized mailing address as printed on the C. S.

Foundation Course bulletin. In case, it does not carry orcarry the wrong PIN CODE number, the same may be

intimated immediately quoting student admission numberand full postal address with Postal Index Number so that

it could be incorporated in the computerized mailing list.

IMPORTANT

Candidates provisionally admitted to the Foundation Courseare advised to submit their Senior Secondary Marks sheet/

Pass Certificates for regularising their admission. Thecandidates who have already submitted their Senior

Secondary Marks sheets/Pass Certificates and have not

received any confirmation with regard to their admission,must contact the Institute immediately.With best wishes for the entire fraternity of student

community appearing in December, 2003 examination.

Yours sincerely,

Dated: 13-11-2003New Delhi ( N. K. JAIN )

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C.S. FOUNDATION COURSE BULLETIN SEPTEMBER - OCTOBER 2003H 3


ACADEMIC GUIDANCE

ACADEMIC GUIDANCE

ACCOUNTANCY

VALUATION OF GOODWILL1

Introduction

Goodwill is the value of the reputation of a business house inrespect of the profits expected in future over and above thenormal level of profits earned by undertakings belonging tothe same class of business. In otherwords, goodwill is thepresent value of a firms anticipated super normal earnings.The term super-normal earnings means the excess of earningsattributable to operating tangible and intangible assets (otherthan goodwill) over and above the normal rate of return earnedby representative firms in the same industry. It is observed

that when a man pays for goodwill, he pays for something whichplaces him in the position of being able to earn more moneythan he would be able to by his own unaided efforts. Goodwillis an intangible asset but not a fictitious one.

Factors affecting the value of goodwill

Value of goodwill depends upon the capacity of the businessto earn excess profits. Therefore, all such factors which help inincreasing the profitability of business will also affect ths valueof goodwill. This will depend on the following factors.

Reputation of management/owners:A business managed bypersons cf high integrity and efficiency wil! have higher profitabilityand will have more value for its goodwill.

Location of business :A favourable location of the business

helps to a great extent in attracting customers, leads to greaterprofitability and thus goodwill.

Prior entry in the business : A business older in age wil!have more goodwill since it is better known to the customers.

Nature of business : A business dealing in goods of amonopolistic type or goods having a stable demand will havea higher value of goodwill as compared to others.

Other factors :The reputation of the goods dealt in or thequality of service rendered, the patents, copywrite or trademarks owned by the firm have an effect on its value of goodwill.

Need for valuing goodwill

The necessity for the valuation of goodwill in a firm arises

in the following circumstances :(a) Where the profit sharing ratio amongst the partners is

changed.

(b) When a new partner is admitted.

(c) When a partner retires or dies.

(d) When the business is sold, and

(e) When a firm is amalgamated with another firm.

Methods of valuation of goodwill

Following are the different methods of valuing goodwill :

1. Prepared by M.A. Joseph, Asst. Director, The ICSI

(i) Average profit method

Goodwill is sometimes valued on the basis of a certain numberof years purchase of the average profits of the past few years.

While calculating average profits for the purposes ofvaluation of goodwill certain adjustments are made, which areas follows :

(a) AII actual expenses and losses not likely to occur in thefuture are added back to profits;

(b) Expenses and losses expected to be borne in future arededucted from such profits;

(c) AII profits likely to accrue in the future are added; and

(d) Even actual profits not likely to reccur in future arededucted.

After having adjusted profit in the light of future possibilities,average profits are estimated and then the value of goodwill iscalculated i.e. the average profits are ascertained then it ismultiplied by a particular number, say 3 or 4, representing thenumber of years purchase.

This method has nothing to recommend itself sincegoodwill is attached to profits over and above what one canearn by starting a new business or by normal business engagedin the same line of activity, and not to total profits. It ignoresthe amount of capital employed for earning the profit. However,it is usual to adopt this method for valuing the goodwill of thepractice of a professional person such as a charteredaccountant or a doctor.

(ii) Super profit method

In this case the future maintainable profits of the firm arecompared with the normal profits for the firm. Normal earningsof a business can be judged only in the light of normal rate ofearning and the capital employed in the business.

Hence, this method of valuing goodwill would require thefollowing information :

(i) A normal rate of return for representative firms in theindustry.

(ii) The fair value of capital employed.

(iii) Estimated future maintainable profits.

The normal rate of earning is that rate of earning whichinvestors in general expect on their investments in the particulartype of industry. Normal rate of earning depends upon the riskattached to the investment, bank rate, market need and theperiod of investment.

Capital employed may be expressed as aggregate of sharecapital and reserves less the amount of non-trading assets

such as investments. The capital employed may also beascertained by adding up the present values of trading assetsand deducting all liabilities. Super profit is the simple differencebetween future maintainable operating profit and normal profit.

There are three methods of calculating goodwill basedon super profit :

(a) Purchase of super profit

As per this method, value of goodwill be obtained bymultiplying super profit by a certain number of years.

(b) Annuity method

Goodwill according to the annuity method is the present

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ACADEMIC GUIDANCE

value of a terminal annuity of super profit for a reasonableperiod during which the super profit is likely to occur. It iscalculated as :

Super profit x Annuity rate

(c) Capitalisation of super profit

In this method, the value of goodwill is arrived at bycapitalising the super profit at the normal rate of return. It iscalculated as :

returnofrateNormal

100profitSuper

(iii) Capitalisation method

The capitalisation of profit method values goodwill at theexcess of capital that should have been employed for earningthe average profit over the capital which has been actuallyemployed. In this method the value of whole business is foundby using the formula :

returnofrateNormal

100profitAverage

From this figure, the net assets (excluding goodwill) ofthe firm are deducted and the resultant value will be thegoodwill.

Accounting Treatment

Para 16 read with para 36 of the Accounting Standard-10(AS-10)Accounting for Fixed Assets states that goodwillshould be recorded in the books of account only when someconsideration in money or moneys worth has been paid for it.Whenever a business is acquired for a price (payable in cashor in shares or otherwise) which is in excess of the value ofthe net assets of the business taken over, the excess shouldbe treated as goodwill. For example, when a partnership firm

of X and Y purchases the net assets of Z amounting toRs.6,00,000 for Rs.6,50,000 in cash, the additional paymentof Rs.50,000 is a payment for goodwill in cash. It is a case ofpurchased goodwill (an asset) and can be recorded in thebooks of account of X and Y. Therefore, only purchased goodwillshould be recorded in the books of account whether thepayment is made directly in cash or moneys worth. When nopayment is made for the purchase of goodwill, it is a case ofinternally generated goodwill or inherent goodwill. For instance,in the event of reconstitution of the firm as a result of admission,retirement, death or change in profit sharing ratio, goodwill ofthe firm is evaluated. In such cases, the value of goodwill shouldnot be brought into books of account as it is an inherent or selfgenerated goodwill and no money or moneys worth has been

paid for it. Then goodwill should be calculated as per any ofthe methods stated above and adjusted through the capitalaccounts of the partners. Hence no goodwill account shouldbe raised in the books of account on reconstitution of the firmor change in the profit sharing ratio among the partners.Therefore, it is stated that the internally generated or inherentgoodwill should not be raised in the books of account. Insteadit should treated through the capital accounts of the concernedpartners. In no case, the goodwill raised should be shown inthe balance sheet.

In the light of the above discussion, the various alternativecourses for the accounting treatment of goodwill may be as

follows :

(1) At the time of Admission of a Partner

(i) When the required amount of goodwill is brought inby the incoming partner

In this case, the amount of goodwill brought in by theincoming partner is shared by the old partners in their sacrificingratio. Journal entry will be as follows :

Bank Account Dr.

To Old Partners Capital A/c

(In the sacrificing ratio)

(ii) When the required amount of goodwill brought in bythe new partner is immediately withdrawn by the

partners

In this case the amount of goodwill is withdrawn by thepartners in the sacrificing ratio and the entry for withdrawalwill be :

Old Partners Capital A/c Dr.

To Bank

(iii) Where the new partner pays amount of goodwillprivately to the old partners

In this case, no entry is passed in the books of the firm.The amount to be paid to each partner should be calculatedas per the profit-sacrificing ratio.

(iv) Where the partner is unable to bring anything for

goodwill

In this case, the value of goodwill should not be raised inthe books. Since it is inherent goodwill. it is preferable thatsuch value of goodwill should be adjusted through partnerscapital accounts. The new partners capital account is debitedwith the share of goodwill and the amount is credited to oldpartners capital accounts in the ratio in which they makesacrifice of profits. The journal entry will be:

New Partners Capital A/c Dr.

To Old Partners Capital A/c

Instead of adjusting the value of goodwill of the firmthrough partners capital accounts, another practice is alsofollowed without raising goodwill. In this case goodwill accountis raised in the books by crediting the value of goodwill to oldpartners capital accounts in old profit sharing ratio and thenwriting off the value of goodwill by debiting all partners capitalaccounts in the new profit sharing ratio.

(v) When the new partner brings a portion of the required

amount of goodwill

In this case, the amount brought in by the new partner willbe shared by the old partners in the sacrificing ratio and theportion of amount of goodwill not brought in by the new partneris adjusted through the capital accounts of partners by debitingnew partners capital account with the amount and creditingthe old partners capital accounts in their sacrificing ratio.

(2) At the time of Retirement/Death of a Partner

In the case of retirement of a partner, the continuingpartners will gain in terms of profit sharing ratio. Hence thecontinuing partners have to share the burden of the share ofgoodwill of the retiring par tner in the gaining ratio. In this case

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the retiring partners capital account is credited with his shareof goodwill and the continuing partners capital account isdebited with the amount in the gaining ratio. Alternatively thetotal value of the goodwill is raised by debiting the goodwillaccount and crediting all the partners capital account in the

old profits sharing ratio. Then goodwill may be written bydebiting the capital accounts of the remaining partners in thenew ratio and crediting the goodwill account.

The net effect in the above cases is the same. The pointto be remembered is that in no case, goodwill account will beshown in the books of account. In case the goodwill account israised, it must be immediately written off.

Similarly in case of death of a partners, the continuingpartners should bear the share of goodwill due to the heirs ofthe deceased partner. The same accounting treatment as inthe case of retirement is to be followed on the death of a partner.

(3) Change in Profit Sharing Ratio

In case of change of profit sharing ratio, the value of

goodwill should be determined and adjusted through the capitalaccounts of the partners on the basis of their sacrificing ratio.Alternatively, goodwill is raised in the books of the firm bycrediting partners capital accounts in their old profit sharingratio and then immediately written off by debiting the partnerscapital account in the new profit sharing ratio.

(4) Amalgamation or Sale of Partnership Firm

When there is an amalgamation or sale of partnershipfirm to a company, the problem of recording goodwill wouldarise. If an existing partnership firm acquires another firm orbusiness of a sole trader and the purchase considerationexceeds the value of net assets required, the difference willbe shown as goodwill in the books of the purchasing firm. It isthen a case of purchased goodwill and not self-generated orinherent or raised goodwill.

BUSINESS LAWS AND MANAGEMENT(Old Syllabus)

ELEMENTS OF BUSINESS LAWS AND MANAGEMENT(New Syllabus)

THE NEGOTIABLE INSTRUMENTS (AMENDMENT ANDMISCELLANEOUS PROVISIONS) ACT, 2002

2

The following amendments have been made to the NegotiableInstruments Act, 1881 by the Negotiable Instruments(Amendment and Miscellaneous Provisions) Act, 2002 whichwas assented by the President of India on 17.12.2002. Theprovisions of this Amendment Act have been brought into force

with effect from 6.2.2003. These amendments / changes areapplicable for the Dec.,2003 examination. Students are advisedto note the change carefully and prepare for the examination.

Amendments to the Negotiable Instruments Act, 1881

Substitution of new section for section 6

For section 6 of the Negotiable Instruments Act, 1881 thefollowing section shall be substituted, namely :

6, Cheque A cheque is a bill of exchange drawn on aspecified banker and not expressed to be payable otherwisethan on demand and it includes the electronic image of a

ACADEMIC GUIDANCE

truncated cheque and a cheque in the electronic form.

Explanation 1. For the purposes of this section, theexpression

(a) a cheque in the electronic form means a cheque whichcontains the exact mirror image of a paper cheque, and is

generated, written and signed in a secure system ensuringthe minimum safety standards with the use of digitalsignature (with or without biomentrics signature) andasymmetric crypto system;

(b) a truncated cheque means a cheque which is truncatedduring the course of a clearing cycle, either by the clearinghouse by the bank whether paying or receiving payment,immediately on generation of an electronic image fortransmission, substituting the further physical movementof the cheque in writing.

Explation II For the purposes of this section, the expressionclearing house means the clearing house managed by theReserve Bank of India or a clearing house recognised as such

by the Reserve Bank of India.Amendment of section 64

Section 64 of the principal Act shall be renumbered assubsection (1) thereof, and after sub-section (1) as sorenumbered, the following sub-sectinon shall be inserted,namely :

(2) Notwithstanding anything contained is section 6,where an electronic image of a trunated cheque is presentedfor payment, the drawee bank is entitled to demend any furtherinformation regarding the truncated cheque from the bankholding the truncated cheque in case of any reasonablesuspicion about the genuineness of the apparent tenor ofinstrument, and if the suspicion is that of any fraud, forgery,tampering or destruction of the instrument, it is entitled to furtherdemand the presentment of the truncated cheque itself forverification: Provided that truncated cheque so demanded bythe drawee bank shall be retained by it, if the payment is madeaccordingly.

Amendment of Section 81

Section 81 of the principal Act shall be renumbered assub-section (1) thereof, and after sub-section (1) as sorenumbered, the following sub-sections shall be inserted,namely :

(2) Where the cheque is an electronic image of a truncatedcheque, even after the payment the branker who received thepayment shall be entitled to retain the truncated cheque.

(3) A certificate issued on the foot of the print-out of theelectronic image of a truncated cheque by the banker whopaid the instrument, shall be prima facie proof of such payment.


Section 89 of the principal Act shall be renumbered assub-section (1) thereof, and after sub-section (1) as sorenumbered, the following sub-sections shall be inserted,namely :

(2) Where the cheque is an electronic image of a truncatedcheque, any difference in apparent tenor of such electronic imageand the truncated cheque shall be a material alteration and itshall be the duty of the bnak or the clearing house, as the case2. Compiled by Archana Kaul, Edn. Officer, The ICSI

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ACADEMIC GUIDANCE

may be, to ensure the exactness of the appared tenor ofelectronic image of the truncated cheque while truncating andtransmitting the image

(3) Any bank or a clearing house which receives atransmitted electronic image of a truncated cheque, shall verify

from the party who transmitted the image to it, that the imageso transmitted to it and received by it, is exactly the same.


In section 131 of the principal Act, Explanation shall berenumbered as Explanation I thereof, and after Explanation Ias so renumbered, the following Explanation shall be inserted,namely :

Explanation II It shall be the duty of the banker whoreceives payment based on an electronic image of a truncatedcheque held with him, to verify the prima faciegenuineness ofthe cheque to be truncated and any fraud, forgery or tamperingapparent on the face of the instrument that can be verifiedwith due dilligence and ordinary care.

Amendment of Section 138In section 138 of the principal Act,

(a) for the words term which may be extended to one year,the words a term which may be extended to two yearsshall be subsituted;

(b) in the proviso, in clause (b), for the words within fifteendays, the words within thirty days shall be substituted.


In section 141 of the principal Act, in sub-section (1), afterthe proviso, the following proviso shall be inserted, namely :

Provided further that where a person is nominated as adirector of a company by virtue of his holding any office oremployment in the Central Government or State Government

or a financial corporation owned or controlled by the CentralGovernment or the State Government, as the case may be, heshall not be liable for prosecution under this Chapter.


In section 142 of the principal Act, after clasue (b), thefollowing proviso shall be inserted, namely :

Provided that the cognizance of a complaint may be takenby the court after the prescribe period, if the complainantsatisfies the court that he had sufficient cause for not makinga complaint within such period.

Insertion of new sections after Section 142

After section 142 of the principal Act, the following sectionsshall be inserted, namely :

143. Power of court to try cases summarily (1)Notwithstanding anything contained in the Code of CriminalProcedure 1973 all offences under this Chapter shall be triedby a Judicial Magistrate of the first class or by a MetropolitanMagistrate and the provisions of sections 262 to 265 (bothinclusive) of the said Code shall, as far as may be, apply tosuch trials:

Providedthat in the case of any conviction in a summarytrial under this section, it shall be lawful for the Magistrate topass a sentence of imprisonment for a term not exceedingone year and an amount of fine exceeding five thousandrupees:

Providedfurther that when at the commencement of, or inthe course of, a summary trial under this section, it appers tothe Magistrate that the nature of the case is such that asentence of imprisonment for a term exceeding one year mayhave to be passed or that it is, for any other reason, undesirable

to try the case summarily, the Magistrate shall, after hearingthe parties, record an order to that effect and thereafter recallany witness who may have bee examined and proceed to hearor rehear the case in the manner provided by the said Code.

(2) The trial of a case under this section shall, so far aspracticable, consistently with the interests of justice, becontinued from day to day until its conclustion, unless the courtfinds the adjournment of the trial beyond the following day tobe necessary for reasons to be recorded in writing.

(3) Every trial under this section shall be conducted asexpeditiously as possible and an endeavour shall be made toconclude the trial within six months from the date of filling ofthe complaint.

144. Mode of service of summons. (1) Notwithstandinganything contained in the Code of Criminal Procedure, 1973,and for the purposes of this Chaper, a Magistrate issuing asummons to an accused or a witness may direct a copy ofsummons to be served at the place where such accused orwitness ordinarily resides or carried on business or personallyworks for gain, by speed post or by such courier services asare approved by a Court of Session.

(2) Where an acknowledgment purporting to be singedby the accused or the witness or an endorsement purportedto be made by any person authorised by the postal departmentor the courier services that the accused or the witness refusedto take delivery of summons has been received, the courtissuing the summons may declare that the summons has been

duly served.145. Evidence on affidavit. (1) Notwithstanding anything

contained in the Code of Criminal Procedure, 1973, theevidence of the complainant may be given by him on affidavitand may, subject to all just exceptions be read in evidence inany enquiry, trial or other proceeding under the said Code.

(2) The court may, if it thinks fit, and shall, on the applicationof the prosecution or the accused, summon and examine anyperson giving evidence on affidavit as to the facts containedtherein.

146. Banks slip prima facie evidence of certain facts. The court shall, in respect of every proceeding under thisChapter, on production of banks slip or memo having thereonthe official mark denoting that the cheque has been

dishonoured, presume the fact of dishonour of such cheque,unless and until such fact is disproved.

147. Offences to be compoundable. Notwithstandinganything contained in the Code of Criminal Procedure, 1973,every offence punishable under this Act shall becompoundable.

ECONOMICS/BASIC ECONOMICS AND BUSINESSENVIRONMENT

Foreign Direct Investment3

Foreign direct investment is an important component of

3. Prepared and compiled by V.P. Sharma, Dy. Director, The ICSI

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economic development particulary in case of development andunderdevelopment economies because it helps to bridge thegap of saving and investment along with transfer of latesttechnical know-how and creation of employment opportunitiesto the unemployed masses. FDI basically refers to investment

in and control over the production, distribution and otheractivities of a firm in one country by individuals/businessesfrom another country. Foreign Direct Investment flows constitutecapital provided by foreign investors, directly or indirectly toenterprises in another economy.

During the nineties, foreign direct investment (FDI)accounted for an increasing share of private capital flows todeveloping countries. According to the World InvestmentReport 2002 (WIR02) published by United Nations Conferenceon Trade and Development (UNCTAD), developing countriesreceived 28 per cent of the world FDI inflows in 2001. GlobalFDI inflows have, however, declined by 51 per cent in 2001,which also affected the flow to developing countries. Developingcountries witnessed a 14 per cent decline in FDI inflows in 2001

to US $ 205 billion from US $ 238 billion in 2000. A few developingcountries like China and India, however, registered increasedFDI inflows in 2001, which is indicative of their attractiveness forinternational investment.

2. With the opening up of the Indian economy in the earlynineties, FDI inflows have shown a consistent growth, bringingin US $ 4 billion in 2001-02 as compared with US $ 129 millionin 1991-92. The up ward trend has been sustained during thefirst quarter of fiscal 2002-03 with FDI inflow of US $ 1.35 billion(Net of ADRs GDRs as against US $ 0.63 billion Net of ADRsGDRs ) in the corresponding period of fiscal 2001-02representing 106 percent growth. Several independent surveyshave rated India among the favourite destinations for FDI. The

WIR02 projects bright prospects for FDI in the Asia-Pacific regionover the next three to five years with China topping the list,followed by Indonesia and Thailand. Another survey ranks India,Malaysia and Singapore as favoured destinations. The WIR02,however, ranks India at 119th position in terms of Inward FDIPerformance Index, which is the ratio of a country's share inglobal FDI flows to its share in global GDP. This raises the issueof international comparability of cross-country data on FDI. Forexample, FDI data released by Reserve Bank of India (RBI)comprises equity and preference share capital only and do notinclude reinvested earnings and other direct capital flows, whichotherwise form part of FDI as per International Monetary Found(IMF) classification. As such, these data are not readily availableto strengthen the reporting arrangements in order to facilitate

proper international comparisons.Some of the factors that explain the recent spurt in FDI

inflows into India are:

l Progressive liberalisation of FDI policy has strengthenedinvestors' confidence- opening up of new sectors (integratedtownships, defence industry, tea plantations, etc.); removalof FDI caps in most sectors, including advertising, airports,private sector oil refining, drugs and pharmaceuticals, etc,;and greater degree of automaticity for investment.

l Liberalisation of foreign exchange regulations by way of

simplification of procedures for making inward and outwardremittances.

l Sectoral reforms, especially in sectors such as telecom,information technology and automobiles have made themattractive destination for FDI.

l Policy to allow foreign companies to set up wholly ownedsubsidiaries in India has enabled foreign companies toconvert their joint ventures into wholly owned subsidiaries.The percentage of FDI through merger and acquisition routehas increased to around 30 per cent (from around 10 percent in 1999), which is still much lower than the globalpercentage of 70-80 per cent.

l Public sector disinvestment has finally emerged as animportant means to promote FDI.

l Liberal policy towards Foreign Venture Capital Investment(FVCI) has given an impetus to investment in technologyand infrastructure projects.

l Various investment facilitation measures such as facility forelectronic filing of applications, online chat facility with theapplicants, online status on registration/ disposal ofapplications, dedicated e-mail facility for investment relatedqueries, etc., have also contributed substantially toimproving investors' confidence. On an average, about 2,000responses in a year are given to investors and potentialinvestors.

l Government has set up an interministerial Committee toexamine the extant procedures for investment approvalsand implementation of projects, and suggest measures tosimplify and expedite the process for both public and privateinvestment. The committee, which was set up in September2001, has submitted Part I of its report to the Government,which is under examination. A sub-Group of the Committeeis specifically looking into simplification of procedures

relating to private investment. The sub-Group will submit itsreport shortly.

l The Foreign Investment Implementation Authority (FIIA) hasbeen activated and now meets at regular intervals to reviewand resolve investment-related problems. A recent studyconducted by FICCI, FIIA acknowledges that it has emergedas a problem-solving platform.

ACADEMIC GUIDANCE

OBSERVATIONS AND COMMENTS ON THEPERFORMANCE OF EXAMINEES IN JUNE 2003EXAMINATION4

The June 2003 session of the Foundation CourseExamination was held from 2nd June , 2003 to 6th June, 2003.The pass percentage for all papers both under the Old Syllabus

and New Syllabus have been compiled and given in Table-Aherein below for the information of the students. Though thepass percentage showed a good performance by thecandidates, some candidates were not able to clear theexamination due to various drawbacks in their answers.Therefore, it would be beneficial for these candidates to knowthe general weaknesses/drawbacks in their answers. Although,it is not possible to give comments on each and everycandidates answer scripts, some common drawbacks basedon the comments and observations given by the examinershave been culled and given paper wise hereunder for

4. Compiled from the Examiners Report

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information of the candidates so as to enable them to overcometheir deficiencies and improve their performance in theforthcoming examination.

Table A

Statement Showing the Percentage of CandidatesPassed in June 2003 Examinations

Subjects % of Candidates Secured

40 to 49 % 50% andmarks above marks

OLD SYLLABUS

1. Business Communication 41.9 36.02. Business Laws and

Management 31.7 24.0

3. Principles of Accountancy 30.7 20.1

4. Economics and Statistics 41.4 17.3

NEW SYLLABUS

1. English and BusinessCommunication 40.9 29.3

2. Basic Economics andBusiness Environment 30.3 12.5

3. Financial Accounting 18.9 39.3

4. Elements of BusinessLaws and Management 35.4 26.4

5. Information Systems andQuantitative Techniques 25.7 31.7

OLD SYLLABUS

1. BUSINESS COMMUNICATION

Question No. 1 was very well attempted. Part (ii) and (iv)were very popular. Few candidates could write an essay onBio-Terrorism. Most of the candidates attempted the firstalternative in Question No. 2. In Question No. 3 both thealternatives were well attempted by most of the candidates.Question No. 4 was attempted by a large number of candidatesatisfactorily. More candidates were getting familiarized withthe formats of different types of communication. Question No.5(i) was written as a letter by quite a majority of candidates.Many candidates attempted Question No. 6 satisfactorily.However, some examinees did not use the precis sheet orused it inappropriately.

2. BUSINESS LAWS AND MANAGEMENT

In this paper, the performance of the candidates wassatisfactory but not upto the mark. The performance of Hindimedium candidates was below satisfactory level. It wasobserved that the candidates did not possess in-depthknowledge about the subject and did not write the answers inproper way. Many candidates simply filled the pages by writingirrelevant answers.

In Question No.1, many candidates secured good marks.The performance in Question No.2, 3 and 4 was average.Majority attempted Question Nos.2 and 4, whereas QuestionNo.3(b) was not attempted correctly by many candidates.Candidates could not comment satisfactorily on fiduciary

relationship of the promoters in Question No.3(c). The answerswritten to Question Nos. 5 and 6 were good as many candidatesscored good marks in these questions. The performance ofthe candidates in Question No.7 was average. In Question No.8,the performance was good. Both the parts, i.e, co-ordination

and its techniques as well as the principles of delegation ofauthority were answered well by the candidates.

Candidates are advised to read the study material andother suggested readings thoroughly so as to have an in-depthknowledge of the subject. It is equally important that they shouldbe aware of the contents of the syllabus. Candidates shouldread case law and mention relevant legal provisions andleading case law while writing answers to the questionspertaining to Business Laws.

3. PRINCIPLES OF ACCOUNTANCY

It was observed that the candidates did not attempt thispaper seriously as only about 50 percent of the candidatescould secure 40 percent and more marks. Since this paper is

practical oriented, a good scoring in this paper could havehelped the candidates to increase their total marks and passpercentage.

In Question No.1 though the given topics were commonin accounting parlance, candidates gave irrelevant answers toconvince the examiners. The terms such as business entityconcept, self-balancing ledgers etc. were narrated in vaguemanner. In Question No.2(a), candidates in general gavecorrect answers for the rectifying journal entries. But in part(b) regarding account current most of them were not clearabout the basic concept involved therein. Some candidateswrote about current account instead of account current. Byand large, Question No.3 pertaining to delcrederecommission

and the distinctive points of operating and finance lease werewell attempted. In Question No.4(a), many candidates failedto calculate the amount of discount to be borne by X regardingthe second bill which was discounted for Rs.40,500. In part(b), many candidates could not calculate the stock reserve foropening stock as well as closing stock while preparing generalprofit and loss account. In Question No.5, candidates miserablyfailed to show the statement showing the distribution of cashunder maximum loss method in the dissolution of the firm.Calculation of the amount of additional depreciation was themain mistake in Question No.6. Many candidates madehaphazard attempt in preparing the plant and machineryaccount. Only few candidates could correctly prepare receiptsand payments account and income and expenditure account

in Question No.7. Many candidates made mistakes incalculating the amount of subscriptions as they had taken careof only for 150 members excluding 5 members who left theclub in October 2002. In Question No.8, majority of thecandidates failed to prepare the trading and profit and lossaccount and balance sheet. The working notes given were farfrom satisfactory.

This paper being practical oriented, candidates areadvised to work out as many practical questions as possibleto familiarise the various topics and its treatments inaccountancy. Proper format for journal entries and ledgeraccounts should be followed while answering the relevant

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questions. Further, working notes wherever necessary shouldalso be given to score good marks.

4. ECONOMICS AND STATISTICS

The overall performance of the candidates in this paperwas good as 59 percent of canditates secured 40 or moremarks. The question-wise analysis of the candidates in thispaper are given as under :

The answers to Question No.1, 2, 3 and 4 were satisfactory.However, few candidates could not understand QuestionNo.2(b) on goods of snob-value and answered wrongly.Candidates answered to Question No.5 and 6 comfortably.Answers of the candidates to Question No.6, 7 and 8 weresatisfactory. Being the practical questions, majority of thecandidates attempted the questions comfortably.

Candidates can further improve the performance in thispaper by logical presentations and more practice to NumericalOriented Statistical Questions.

NEW SYLLABUS1. ENGLISH AND BUSINESS COMMUNICATION

Question No. 1 was well attempted by the majority of thecandidates. Some candidates scored 70%-80% marks in thispaper. In Question No. 2, majority of the candidates attemptedessay on life without computers. In Question No. 3, the overallperformance was good. However, some candidates failed tocomprehend the question. In Question No. 4, a large numberof candidates wrote the answers on preparation of resumegiving their own details. Question No. 5 being divided in fourparts, the level of answer was not upto the mark. The candidatescould not respond to the questions in proper format. Part (i)and (ii) were attempted well but the part (iii) and (iv) were notattempted properly by majority of the candidates. In QuestionNo. 6 the performance of the candidates was poor. Answerswere not written in proper format. Sentences were erroneousand ungrammatical. In Question No. 7, the candidates werefound unaware of the art of writing precis.

2. BASIC ECONOMICS AND BUSINESS ENVIRONMENT

The candidates performance in this paper was justsatisfactory. Approximately 43 percent of candidates secured40 percent or more marks. The question-wise analysis ofperformance of the candidates in this paper is given hereinbelow :

The answers to Question No. 1(a) were satisfactory. Someof the candidates did not have conceptual and analytical clarityon the subject. The answers to Question No.(2) were also

satisfactory. Few candidates were confused with QuestionNo.2(d) where they discussed properties of indifference curveinstead of Assumption of indifference curve. Question No.3(a)was attempted satisfactorily whereas many candidatesattempted Question No.3(b) correctly on domestic sectorincome. The performance of the candidates in Question No.4was unsatisfactory. Most of the candidates could notunderstand even the requirements of the Question. Theanswers to Question No.5(a) on stagflation and QuestionNo.5(b) on components on balance of payments were alsonot upto mark. Candidates instead of discussing componentsof balance of payments discussed the measures to overcome

the balance of the payments deficit. The answers to QuestionNo.6 and 7 were good and majority of the candidates attemptedwell. The answers to Question No.7 and 8 were unsatisfactory.Majority of the candidates discussed the problem in generaland casual way.

There is lot of scope for the candidates to improve theirscore in this paper. Candidates are advised to prepare thesubject thoroughly with the help of study material, standardsuggested readings for conceptual clarity, analytical and logicalpresentation of the answer. It may be noted that trying the luckwithout adequate preparation cannot ensure good dividend.While answering, it should be ensured that answers should bespecific, to the point and relevant to the question. In economics,diagrams should be given wherever required.

3. FINANCIAL ACCOUNTING

It was observed that due to lack of preparation, most ofthe candidates could not write well and secure only averagemarks. However, some candidates performed well and scored

good marks. Lack of conceptual clarity and the inability to solvethe problems correctly were the reasons noted for poorperformance.

In Question No.1 regarding short notes many candidateswrote lengthy and detailed answers without clearly discussingthe concepts involved. Even some candidates were confusedwith accounting concepts and accounting conventions. Inter-department transfers were described in the context of transferof employees from one department to another. Quality ofanswers was poor in Question No.2 pertaining to lease andloss of profit policy. Only a few candidates could give theaccounting treatment for financial lease and operating lease.Though many candidates could explain the loss of profit policy,but only a few could narrate the steps taken for calculating the

claim under loss of profit policy. Candidates performed well inQuestion No.3(a) and calculated the cost of goods sold andprofit. However, in Question No.3(b) the application of suspenseaccount was not clear among many candidates. In part (c),many candidates made mistakes due to the treatment ofcreditors for stationery at the beginning and at the end of theyear while calculating the amount of stationery used. By andlarge, Question No.4 was well attempted, but some candidatesmade mistakes in arriving at the amount of gross profit due tothe wrong treatment of goods taken for personal use. QuestionNo.5, admission in partnership was popular among thecandidates. Calculation of new profit sharing ratio and the shareof Rs capital were the areas in which candidates mademistakes. Journal entry for goodwill was also written wrongly

in many cases. In Question No.6 on joint venture, manycandidates made mistakes in preparing joint venture accountwith Manish in the books of Bangar as they lacked knowledgein preparing the personal accounts of co-venturers. However,

joint venture account was prepared correctly by majority ofthe candidates. In Question No.7 many candidates mademistakes in calculating interest on hire prrchase as well as inthe preparation of Modern Machinery Ltd. Account. Manycandidates could not understand Question No. 8(a) as theypassed journal entries in the books of Anoop instead of Deepak.Journal entries for noting charges and interest were wronglypassed in many cases. Some candidates did mistake in the

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calculation of the amount of deficiency due to insolvency.

Candidates should develop clear understanding of thebasic concepts and techniques of accounting. While writingtheory questions unnecessary details should be avoided. Short-notes should be specific and brief. Candidates should

remember to write correct narration while passing journalentries. Candidates must understand the question thoroughlybefore answering the same. In order to be thorough with thesubject and its applications, candidates are advised to referthe suggested readings along with the Study Material andsuggested answers supplied by the Institute.

4. ELEMENTS OF BUSINESS LAWS AND MANAGEMENT

By and large the overall performance of the candidates inthis paper was satisfactory. It was observed that somecandidates performed well in Business Laws portion whereassome performed well in the Management portion. Most of thecandidates did not give proper reasoning in compulsoryquestions displaying lack of in-depth knowledge about the

fundamentals of the subject. Some candidates gave very briefreasons, whereas some candidates wrote lengthy and vagueanswers. The problem-based questions were answered ongeneral knowledge of the subject without quoting any caselaws and relevant legal provisions. Many candidates could notapply legal knowledge properly to the practical questions.

The general performance of the candidates in QuestionNo.1 was average and the quality of the answers werereasonably good. In Question No.2, many candidates seemedto be confused with the concept of insufficiency ofconsideration. Some candidates could give good explanationabout contingent contracts. Some candidates displayed goodknowledge about the subject in Question No.3 and thepresentation of answers was cogent. Question No.3(c) was

wrongly attempted by many candidates. Very few candidatesdisplayed accurate knowledge about the role of a director inQuestion No.4(a) whereas Question No.4(b) was poorlyattempted by many candidates. The performance in Question4(c) was also not upto the mark. In Question No.5, theperformance of the candidates was good. Candidates wereconversant with the fundaments of management. However,some candidates could not give proper reasoning. QuestionNo.6 was attempted by majority of the candidates and thequality of answers written by many were fairly good givingsufficient and satisfactory explanation. In question No.7(a), theperformance of the candidates was fair whereas in QuestionNo.7(b) it was not upto the mark. Many wrote wrong explanationto Douglas McGregors theory of motivation. The overall

performance of the candidates in Question No.8 was poor.Answers to Question No.8(a) were not upto the mark. Co-ordination and its principals in Question No.8(b) were answeredproperly only by few candidates.

In view of answers written to theoretical questions, it hasbeen observed that there is scope for improvement. This ispossible only when the candidates concentrate and studythoroughly the study material as well as the suggested readingsso as to have an in-depth knowledge about the subject.Candidates should learn how to present answers to thequestions by referring the Guideline answers and suggestedanswers of previous sessions. Answers should be precise and

to the point. Understand the question properly before writingthe answers. Quote relevant legal provisions and latest caselaw wherever necessary.

5. INFORMATION SYSTEMS AND QUANTITATIVETECHNIQUES

Question No. 1 was answered fairly by majority of thecandidates. However, the concepts of Plotter and Networkingsoftware were not clear to some candidates. In Question No. 2(a) the definition of system was not clear to some student.Some candidates were not able to provide even the basiccharacteristics of the management information system.Question No. 2 (b) on the difference between information anddata was well attempted by the candidates. Question No. 2(c) on the computer peripherals was very well attempted bymost of the candidates. In question No. 3(a) candidatesdisplayed the lack of knowledge of the subject. The answerswere vague and the practical aspect was missing. In Question3 (b), most of the candidates could not provide different typesof computer programming languages. Question No. 4 (a)required the candidates to have practical knowledge of IT. Veryfew candidates attempted this question and the answers werefar from satisfactory. Question No. 4 (b) was well attempted bymajority of the candidates. Question No. 5 being very easywas well attempted by most of the candidates. Question No. 6being a practical question was well attempted by most of thecandidates. Question No. 7 (a) was attempted fairly by most ofthe candidates. However, candidates could not providesatisfactory answers to the theoretical questions in Question7 (b). In Question No. 8 candidates were unable to formulatethe linear programming problem. Majority of the candidatesfailed to show the feasible region by graphic method. Overallthe performance was below average in this question.

ACADEMIC GUIDANCE

STUDENTS SERVICES

EXAMINATION

1. DECEMBER, 2003 EXAMINATION

The next examination for Foundation Course, scheduled inDecember, 2003, will simultaneously be held under old as wellas new syllabuses from Tuesday, the 30th December, 2003 toSaturday, the 03rd January, 2004 as per the Examination Time-Table and Programme given below :

EXAMINATION TIME TABLE & PROGRAMMEFoundation New Syllabus

Date & Day Morning Session(9.30 A.M. to 12.30 P.M.)

30.12.2003 Tuesday English & BusinessCommunication

31.12.2003 Basic Economics & BusinessWednesday Environment

01.01.2004 Thursday Financial Accounting

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STUDENTS SERVICES

02.01.2004 Friday Elements of Business Laws andManagement

03.01.2004 Saturday Information Systems andQuantitative Techniques

Foundation Old Syllabus

Date & Day After-Noon Session(2.00 P.M. to 5.00 P.M.)

30.12.2003 Tuesday Business Communication

31.12.2003 Business Laws and ManagementWednesday

01.01.2004 Thursday Principles of Accountancy

02.01.2004 Friday Economics & Statistics

The list of examination centres along with venue is

published elsewhere in this issue.

2. USE OF CALCULATOR IN EXAMINATION

Candidates are allowed to use their own battery operatednoiseless and cordless pocket calculators with not more than6 functions, 12 digits and 2 memories. Exchange or lending/borrowing of calculators among students will not be allowed inthe examination hall.

3. HINDI AS AN OPTIONAL MEDIUM FOR WRITING THE

FOUNDATION, INTERMEDIATE AND FINAL

EXAMINATIONS

Candidates are allowed to use Hindi as an optional

medium for writing all papers of the Foundation [except; (i)

Business Communication paper under Old Syllabus; and (ii)

English & Business Communication paper under New

Syllabus]on the following conditions:

(i) (a) Business Communication; and (b) English and

Business Communication papers are required to be

attempted in English only;

(ii) option once exercised is irrevocable for that particular

session of examination;

(iii) answer books of candidates who write part of papers/

answers in one medium and the remaining part in other

medium are liable to be cancelled without any notice;

(iv) the Question Papers of Foundation examinations (except

(i) Business Communication Old Syllabus; and (ii)

English and Business Communication New Syllabus)

will be printed/supplied both in English and Hindi;

(v) if a candidate writes his/her answers in Hindi mediumwithout having exercised such an option in the enrolment

application form, he/she may not be given credit for his/

her answers;

(vi) candidates having opted Hindi medium for the examination

must write HINDI MEDIUMin bold letters on the top of the

cover page of Answer Book No(s).1 and 1B, as the case

may be; and

(vii) candidates having opted Hindi medium may write answers

to practical questions, headings, quotations, technical or

legal terms, sections, rules, etc., in English.

4. IMPORTANT INSTRUCTIONS TO EXAMINEES

Candidates enrolled for appearing in December, 2003

examinations are advised to carefully read and observe the

Instructions to Examinees printed on the backside of the

Admission Certificate (Roll Number), and also on the Question

Papers and Answer Books. However, attention of candidates

is especially invited to the following instructions:

(i) on receipt of Admission Certificate (Roll No.), first of all, the

candidates must verify carefully the entries appearing

therein. Discrepancy/error, if any, in the Admission

Certificate concerning spellings of his/her name, stage of

examination and examination centre; medium of writing the

answers, subject of examination in which exemption was

sought/shown, etc., should, at once, be brought to the notice

of Shri Sohan Lal, Dy. Director or Sr. Director, (Administration

and Students Services) well on time and atleast 4 5 days

before commencement of the examination;

(ii) candidates are required to carry their Admission Certificatesand Student Identity Cards daily to the Examination Hall

show them to staff on duty to secure admission to the

respective examinations, failing which they may not be

allowed admission to the Examination Hall and/or to appear

in the examination;

(iii)before attempting to write answers in the answer books,

each candidate must write his/her Roll Number on top of

Question Paper and on the special slip affixed to Answer

Book Nos. 1, 1-B and 1C, date of examination, stage of

examination, name of the paper, etc. against the relevant

columns on the first page of the main answer books;

(iv)candidates must attempt questions in accordance with the

direction given on each Question Paper and Answer Books.If questions are attempted in excess of the prescribed

number, only the questions attempted first upto the required

numbers will be valued and awarded marks and the

remaining questions will be ignored;

(v)each question should start on a fresh page and sub-

question(s) be attempted consecutively;

(vi)while attempting a fresh question/sub-question, candidates

should distinctly mention respective question number

against the answer in bold capital letters with coloured sketch

pen/different colour ink and underline the same [e.g. Ans.

to Q. No. 3(A)] on the left-hand side margin of the answer

book and also simultaneously mark (X) in the table provided

on the cover page against the respective question number;

(vii)candidates are expected to write precise and to the point

answers to questions asked in the examinations in neat

and legible handwriting citing relevant provisions of the Act/

rules quoting case laws, etc., in support of the answers

wherever applicable;

(viii)no candidate shall leave/be allowed to leave the

Examination Hall; (i) within first one hour of commencement

of examination, (ii) during last 15 minutes of examination

timing, (iii) without signing the attendance sheet, and (iv)

without properly handing over his/her answer books to the

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STUDENTS SERVICES

Invigilator on duty;

(ix)a few minutes prior to the time of conclusion of examination

or before handing over the answer books to the supervisory

staff, candidates must re-check and ensure that they have

filled up relevant particulars on the cover page of Answer

Book Nos. 1, 1-B and 1-C, as the case may be, and properly

tied up all the additional answer books along with the main

answer book;

(x) candidates should strictly follow the instructions given by

the Invigilator(s)/Supervisors in the Examination Hall;

(xi)candidates are strictly forbidden to carry with them into the

Examination Hall any book or printed/handwritten material,

notes, pager, mobile/cell phone, etc., OR to talk or converse

inter sewith other candidates in and around Examination

Hall, Corridors, toilets/ urinals, etc., during the currency of

examinations. Violation of this instruction will signify on

making intent to attempting unfair means in the examination;

(xii)no candidate shall, leave his/her seat in the examinationhall during the course of examination without the specific

permission of the Invigilator on duty for any reason

whatsoever;

(xiii)on completion of examination or expiry of the prescribed

examination timing, the answer book must be handed over

immediately to the Invigilator on duty and Invigilators

signatures be obtained in the relevant column of

acknowledgement printed on the Admission Certificate in

token of handing over the answer books. The

Superintendents of Examination Centres have suitably been

advised in this regard;

(xiv)it shall be the personal responsibility of the candidate

concerned to properly hand over his/her answer book(s) tothe Invigilator on duty in the Examination Hall and obtain

acknowledgement therefor. Any representation regarding

omission to surrender the written answer book(s) or not

obtaining the acknowledgement from the Invigilator at the

time of handing over his/her answer book(s) for any reason

whatsoever will not be entertained after the conclusion of

that particular session of examination; and

(xv)any attempt or act of violation of Instructions to Examinees

shall be viewed seriously and entail disciplinary action under

the Company Secretaries Regulations, 1982.

NOTIFICATION

ICSI NO. 6 OF SEPTEMBER, 2003MERIT-CUM-MEANS ASSISTANCE SCHEME, 1983

In pursuance of para 13 of the Merit-cum-MeansAssistance (Company Secretaryship Course) Scheme, 1983,as amended upto 18th August, 2000, applications are invitedto reach the Institute in the prescribed form on or before 25th

November, 2003 for award of 15 numbers each of financialassistance for pursuing studies for Intermediate and Finalcourse of the company secretaryship from students who fulfilthe eligibility criteria laid down under the said scheme.

According to the scheme, a candidate applying forassistance should have passed Foundation (Old/New Syllabus)

or Both Groups of the Intermediate (Old/New Syllabus)examination without exemption in any paper, at one sitting, inthe first attempt in June, 2003 examination. The income of sucha candidate, if employed or is having an independent sourceof income, should not be more than Rs.60,000 per annum and

if he/she is dependent on his/her parents/guardian/spousewhether partially or wholly, the combined income from allsources should not be more than Rs.84,000 per annum.

Prescribed application form together with a copy of theMerit-cum-Means Assistance (Company SecretaryshipCourse) Scheme, 1983 can be obtained from the Institute freeof cost by sending a self-addressed envelope of 23cms. x 11cms. size duly affixed with postage stamp worth Rs.8/-.Applications not made on the prescribed forms and/or withoutsupporting documents, incomplete applications, applicationsnot fulfilling the eligibility criteria laid down under the schemeor applications not reaching the Institute on or before 25th

November, 2003are liable to be rejected.

BY ORDER OF THE COUNCIL

File No.207:Exams:2003 (N. K. JAIN)

New Delhi 110 003. Secretary

Dated, the 01st September, 2003

UNFAIR MEANS IN EXAMINATION

While considering the matters relating to conduct ofInstitutes June, 2003 examinations, the ExaminationCommittee found four students (i) Foundation (New Syllabus)examinee Roll Number 58819; (ii) Final examinee RollNumber 30512; (iii) Intermediate (Old Syllabus) examinee Roll No. 7433; and (iv) Final examinee Roll No. 31265 guiltyof resorting unfair means in writing of examinations.Accordingly, the Committee (a) cancelled results of theirappearance in June, 2003 examination; and (b) further,debarred candidates mentioned at Sl. No. (i) and (ii) fromappearing in next two sessions of examination and candidatesmentioned at Sl. No. (iii) and (iv) from appearing in next threesessions of Examination.

The Committee further observed that such an unbecomingconduct was not befitting the aspirants intending to join theprofession of Company Secretaries and, therefore, any suchattempt to indulge in unfair practice by the examinees shall beviewed seriously.

N. K. JAIN

Secretary

ATTENTION STUDENTS !Opening of Examination Centres at Gurgaon, Nashik

and Varanasi - December, 2003 Examinations.

Students will be pleased to learn that the Institute hasdecided to open three new examination centres at (i)Gurgaon (Centre code: 224); (ii) Nashik (Centre code: 414);and (iii) Varanasi (Centre code: 225), on experimental basis,effective from December, 2003 session of examination for thebenefit of students located in and around these areas. Studentsintending to appear in ensuing examinations from these centersmay opt for the same while filling-up their enrolment applicationforms.

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NOTIFICATION

ICSI No.7 of September, 2003

In accordance with the Merit-cum-Means Assistance(Company Secretaryship Course) Scheme, 1983, as in force,the following students have been awarded Merit-cum-MeansAssistance for Intermediate Course on the basis of their resultsof Foundation Examination, December, 2002 and fulfilling theeligibility criteria :

Sl. Name of the StudentNo. Student Regn. No.

1. BHOLE SHANKAR NR0367286

2. JAYA MOORJANI (MS.) NR0365645

3. ANIL KUMAR NR0368246

4. SUBODH RAMESH ZARE WR0312793

5. VIVEK HARNARAYAN MAHESHWARI WR0312300

COMPANY SECRETARIES EXAMINATION -

DECEMBER, 2003

List of Examination Centres and Addresses

S. Examination Centre Address

No. Centre

1. Agra St. Johns College, Agra - 282002

2. Ahmedabad I CS I K M S ch oo l of Bu sin es s

Education, Sir L A Shah Law College

Building, GlS Campus Opp. Law

Garden, Ellisbridge, Ahmedabad

380 006

3. Allahabad Arya Kanya Degree Col lege, 886,

Muthiganj, Allahabad 211 003

4. Ambala Shri Atmanand Jain (P.G.) College,

Jain College Road Ambala City 134

002

5. Bangalore St Josephs Indian High School, Near

Mallya Hospital, 2 Grant Road,

Bangalore 560 001

6. Bhilwara M.L.V. Tex ti le Insti tu te, Pur Road,

Bhilwara 311 001

7. Bhopal Sarojini Naidu Govt Girls (Nutan) P.G.

College, Shivaji Nagar,Bhopal 462 016

8. Bhubaneswar B. J. B. (Autonomous) College, Lewis

Road, Bhubaneswar 751 014

9. Chandigarh I.S. Dev Samaj Girls Senior Secondary

School Sector 21 C,

Chandigarh 160 022

10. Chennai D G Vaishnav College, Gokul Bagh,

833, Periyar EVR High Road,

Arumbakkam, Chennai 600 106

11. Coimbatore PSG College of Arts & Science, Civil

Aerodrome Post, Coimbatore 641

014

12. Dehradun Gover nm ent Gi rl s I nte r C ol le ge,22, Rajpur Road, Dehradun 248 001

13. Delhi (East) Nutan Vidya Mandir Senior SecondarySchool G.T.B. Enclave, DilshadGarden, Delhi 110 093

14. Delhi (North) JVSD Girls Sr. Sec. School, D II LinkRoad, (Near Bagga Petrol Pump -Hanuman Statue), Karol Bagh,

New Delhi 110 005

15. Delhi (South) Summer Fields School, KailashColony, New Delhi 110 048

16. Delhi (West) Pusa Public School, M Block, BehindDDA Community Centre, Vikas Puri,New Delhi 110 018

17. Dubai Consulate General of India, Dubai,U.A.E.

18. Ernakulam Governmen t Law Co ll ege, Pa rkAvenue Road, Ernakulam,

Kochi 682 011

19. Faridabad Vidya Mandir Public School, Sector 15 A, Faridabad - 121007

20. Ghaziabad Shambhu Dayal (P.G.) College, G.T.

Road, Ghaziabad 201 001

21. Guwahati Ar ts & La w Building, GuwahatiUniversity, Guwahati - 781014

22. Gurgaon Under Finalisation

23. Hyderabad Wesley Post Graduate College, 145,Mc Intyre Road, Opp. Anand Theatre,Secunderabad 500 003

24. Indore Devi Ahilya Arts & Commerce College,Jaora Compound, 8/1, Usha Ganj,Indore 452 001

25. Jaipur University Commerce College,

Jawahar Lal Nehru MargJaipur 302 004

26. Jammu Govt. SPMR College of Commerce,Old University Campus, Canal Road,Jammu 180 001

27. Jamshedpur Mrs. K.M.P.M. Inter College, MainRoad, Bistupur, Jamshedpur 831 001

28. Jodhpur Onkarmal Somani College ofCommerce, Kamla Nehru Nagar,Chopsani Road, Jodhpur 342 009

STUDENTS SERVICES

S. Examination Centre AddressNo. Centre

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29. Kanpur Kanpur Vidya Mandir Mahila P.G.Mahavidyalaya, 7/147, Swaroop

Nagar, Kanpur 208 002

30. Kolkata Under Finalisation

31. Lucknow National P.G. College, 2, Rana Pratap

Marg, Lucknow 226 001

32. Ludhiana Govt. Col lege for Boys, Civ il L ines,

Ludhiana 141 001

33. Madurai The American College, New Building(Ground Floor), Tallakulam Post,Madurai 625 002

34. Mangalore Shri Dharmasthala

Manjunatheshwara Law College

Mangalore 575 003

35. Meerut Kanohar Lal Snatakottar MahilaMahavidyalaya, Sharda Road,

Meerut 250 002

36. Mumbai (CG) Sydenham College of Commerce AndEconomics, B. Road, Churchgate,Mumbai 400 020

37. Mumbai (GTK) Smt. P.N. Doshi Womens College ofArts (S.N.D.T. College) Ratan Baug,Cama Lane, Ghatkopar (West),

Mumbai 400 086

38. Mumbai (JOG) Govt. of Maharashtra I.Y. College ofArts, Science And Commerce,Jogeshwari (East), Mumbai 400 060

39. Mysore SBRR Mahajana Pre-UniversityCollege, Jayalakshmipuram

Mysore - 570012

40. Nagpur C.P. & BERAR E.S. College, Tulsibag,Mahal, Nagpur 440 032

41. Noida Goverment Inter College, Sector 12,Noida 201301,

Dist. Gautam Budh Nagar (U.P.)

42. Nashik BYK College of Commerce, CollegeRoad, Nashik-422 005

43. Panaji S.S. Dempo College of CommerceAnd Economics, Serra Building (NearA.I.R.), Altinho, Panaji 403 001

44. Patna Science College, Ashok Rajpath,Patna 800 005

STUDENTS SERVICES

45. Pondicherry Bharathidasan Govt. Col lege forWomen, Mahatma Gandhi Road,

Muthialpet, Pondicherry 605 003

46. Pune SNDT College of Arts & Comm., forWomen, Maharishi Karve Vidya Vihar,Karve Road, Pune 411 038

47. Raipur School of Studies In ComputerScience, Pt. Ravishankar ShuklaUniversity, Raipur 492 010

48. Rajkot Shri P.D. Malaviya College ofCommerce, Malaviya Road

Rajkot 360 004

49. Ranchi D.A.V. Jawahar Vidya Mandir, Shyamali,

Post Doranda, Ranchi 834 002

50. Shimla S.D. Senior Secondary School, GanjBazar, Shimla 171 001

51. Surat The Surat Peoples Bank Vanijya VidyaBhawan Sir K.P. College of Commerce,Athwa Lines, Jawahar Lal Nehru Marg,Surat 395 001

52. Thiruvanantha- Govt. Arts College, Thycaud Post,

puram Thiruvananthapuram 695 014

53. Tiruchirapalli St. Josephs College (Autonomous),Teppakkulam (Post) Tiruchirapalli

620 002

54. Udaipur M.V. Shramjeevi College, RajasthanVidyapeeth, Near Town Hall,

Udaipur 313 001

55. Vadodara M.S. University of Baroda, Faculty ofLaw, Near. Rly Station, Sayajiganj,Vadodara 390 002

56. Vijayawada Satavahana College, Sitaramapuram,Eluru Road Vijayawada 520 002

57. Visakha- Dr. V. S. Kr ishna Governmentpatnam Degree College Maddilapalem,

Visakhapatnam 530 013

58. Varanasi Mahatma Gandhi KashiVidyapeeth University Campus,Varanasi-221 002

59. Yamuna D.A.V. College For Girls,

Nagar Jagadhari Road,

Yamuna Nagar - 135 001



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NEWS AND ANNOUNCEMENTS

EASTERN INDIA REGIONAL COUNCIL

CAREER AWARENESS PROGRAMMES

During the months of August and September 2003 theRegional Council conducted a number of Career AwarenessProgrammes which were as under :-

On 5.8.2003 the Career Awareness Programme was heldat Army Public School, Ballygunge Maidan Camp; on 6.8.2003at Maheshwari Girls School, Rabindra Sarani; on 7.8.2003 atSalt Lake Point School; on 9.8.2003 at Shree Digambar jainBalika Vidyalaya and also at Shibpore S.S.P.S. Vidyalaya; on13.8.2003 at Gyan Bharati School; on 14.8.2003 at M.P. BirlaFoundation H.S. School; on 18.8.2003 at Rajasthan VidyaMandir; on 22.8.2003 at Haryana Vidyamandir; on 25.8.2003

at Seth Sooraj Mal Jalan Girls School; on 27.8.2003 atBangabasi Collegiate School; On 29.8.2003 at Our Lady Queenof the Mission School; on 30.8.2003 at Don Bosco School; On1.9.2003 at Rose Bud School; on 3.9.2003 at St. Pauls College;on 4.9.2003 at Chandannagar College and also at KrishnaBhavini Nari Siksha Mandir, Chandannagar, on 8.9.2003 atSri Deedoo Maheshwari Panchayat Vidyalaya and at KendriyaVidyalaya, Fort William, Kolkata; on 10.9.2003 at KendriyaVidyalaya , Cossipore, Kolkata and at W.W.A. CossiporeEnglish School, Kolkata; on 11.9.2003 at Kendriya Vidyalaya-No.1. Kancharapara; on 12.9.2003 at Kendriya Vidyalaya,Kankinara; on 16.9.2003 at Vivekananda College, Thakurpukur,Kolkata; on 19.9.2003 at Niopany Institute of Management

Studies, and at Oriental Seminary (Higher Secondary) Kolkata;on 20.9.2003 at G.D. Birla Foundation Higher SecondarySchool for Girls Kolkata; on 22.9.2003 at St.Francis XaviersSchool, Kolkata; on 23.9.2003 at Shree Jain Vidyalaya for GirlsHowrah and Shree Maheshwari Vidyalaya for Boys, Kolkata.;on 24.9.2003 at Kendriya Vidyalaya No.1, Salt Lake,Kolkata;on 25.9.2003 at Kendriya Vidyalaya No.2. Salt Lake, Kolkata.;on 26.9.2003 at Shree Maheshwari Vidyalaya for Girls Kolkata;on 27.9.2003 at Shri Daulatram Nopany Vidyalaya,Kolkata; on29.9.2003 at Shree Maheshwari Balika Vidyalaya, Kolkata andat Shree Jain Vidyalaya for Boys Kolkata. The speakers of theCareer Counselling Programmes were one or the other of thefollowing : P.K. Basu Ray, Executive Officer, A.K.Srivastava,Education Officer, Sandeep Banerjee, Desk Officer, Utpal

Mukherjee, Desk Officer, EIRO, S.C. Bhattacharjee, S.K. Jain,Rajendra Chotia , Preeti Singhania, Dilip Shah, ChandreyeeGanguli, Dr.S.K. Sarbadhikari , Mahavir Lunawat, A.C.Bhattacharjee Members of the Institute and Manoj Banthia,Chairman, EIRC. The speakers explained the growthand development of the profession, functions andresponsibilities of company secretaries , opportunities availableto the profession both in employment and in practice , teachingand training schedule, admission procedure etc. The speakersalso replied the queries raised by the participants of theprogramme.

NEWS AND ANNOUNCEMENTS

FIRST INTER-SCHOOL DEBATE COMPETITION

On 29.8.2003 the Regional Council organised the firstinter-school debate competition for students of class XI andXII at St.Xaviers College Auditorium, Kolkata. The debatecompetition was on in the opinion of the house, Democracy

in India is only for the elite. Twenty one schools, includingthe top schools of the city, participated in the event. The basicobjective behind organizing such an event was to createawareness amongst the student and teacher community ofthe profession of Company Secretaries.

Programmer Convenor Deepak Kumar Khaitan welcomedthe guests and students and explained them the missionbehind organising such an event. He said that though theelders take decisions, it is the youth and the teenagers whoactually decide the fate of democracy by virtue of theirenergetic nature. Prof. Saugato Roy, Ex MP and presentlyMLA, West Bengal inaugurated the event. Prof. SumanMukherjee, well known academician chaired the session as

the moderator. All the 42 speakers from 21 educationalinstitutions set the stage to fire. The speakers kept theaudience enthralled throughout the event which lasted formore than 4 hours. They also replied the queries put forwardby the Jury and kept the spirit of the event on.

The speakers were judged by a panel of judges,comprising Prof. Saugato Roy ,Prof.Amit Jyoti Sen, FacultyMember, IIM Joka, Prof. Rajib Dasgupta, Senior Lecturer -University of Calcutta, Jimmy Tangree, Station Manager - 93.5Red FM, and Khokan Mukherjee, President, Concern forCalcutta. Priyo Ranjan Ghosh, Programmer Convenor invitedthe judges to the dias and extended hearty felicitations onbehalf of the Institute. Honble Justice Kalyan Jyoti Sengupta

awarded prizes to the winners and also gave participationprizes to all the participants. Those who emerged winnerswere as under :-

The 1st Best Team Award went to Frank Anthony PublicSchool. Birla High School for Girls bagged the 2nd Best TeamAward whereas Kendriya Vidyalaya, Ballygunge bagged the3rd Best Team Award.

The Prizes & gifts given to the dignitaries, students andfor the lucky draw were sponsored by Emami, CalcuttaChemicals, Oxford Stationery, SaReGaMa, Add Gel Pens,ITC (Food Division), Aquatica and 93.5 Red FM. Theevent was supported by Microsec. ATN World was the OfficialTV Partner and 93.5 Red FM was the Official RadioPartner.

INAUGURATION OF EIRC LIBRARY

On 25.8.2003 the Regional Council organized Inauguralfunction of its refurnished Library at its premises. Pavan KumarVijay, President, the ICSI, inaugurated the Library. In hisaddress he advised the students to maximize the use ofLibrary for their studies. He also advised them to use theReading and Lending sections on regular basis. ManojBanthia, Chairman, EIRC, informed that the Regional Councilhad put all out efforts to improve the infrastructure as muchas possible for the benefit of students.

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NORTHERN INDIA REGIONAL COUNCIL

FOUNDATION COURSE ORAL COACHING CLASSES FOR

JUNE 2004 EXAMINATIONS

W.e.f. 2.12.2003 the Regional Council proposes to

conduct its next batch of Foundation Course Oral

Coaching Classes at ICSI-NIRC Building, 4, Prasad NagarInstitutional Area, New Delhi 110005. The classes will be

held between 10 A.M. and 2 P.M. Fees: Rs.3,000/- For further

information / deposit of fees student may contact the

Regional Office at the above address. Phone: 25769352,

25763090, 25767190 Fax: 25722662. Email : [email protected]

or [email protected]

Collaborative Oral Coaching Centres of NIRC

The collaborative Centres of NIRC are as under :-

ICSI-RDIAS Collaborative OTCentre

C/o Rukmini Devi Institute of Advanced Studies

2A & 2B, Madhuban Chowk, RohiniDelhi 110085. Phone: 27867301, 27864596; Fax: 27867212

ICSI-LPS Collaborative OT Centre

C/o Laxman Public School

Hauz Khas Enclave

New Delhi 110016. Phones : 2696 3240 / 26865095 ; Fax:26524432

ICSI-MTIM Collaborative OT Centre

Mother Teresa Institute of Management

C Block, Preet Vihar, New Delhi 110092

Phones: 22201900, 22057500 Fax: 22209200

CAREER AWARENESS PROGRAMMES

The Regional Council organised a series of CareerAwareness programmes as per the details given below:

On 8.9.2003 the Career Awareness Programme was heldat Keshav Mahavidyalaya, Ashok Vihar , Delhi ; on 19.9.2003at Mira Model School, Janakpuri; on 20.9.2003 at Bosco PublicSchool, Paschim Vihar; on 23.9.2003 at Ryan InternationalSchool, Delhi.During the Career Awareness Programmes thestudents were informed of mode of registration, syllabus,structure of the course etc. and were also informed of theavenues available to the profession of company secretariesboth in employment as well as in practice. Pamphlets aboutthe career in company secretaryship course were alsodistributed to the students.

AMRITSAR SATELLITE CHAPTER

INAUGURATION OF AMRITSAR SATELLITE CHAPTER

On 21.9.2003 the Amritsar Satellite Chapter of the Institutewas inaugurated by Pavan Kumar Vijay. A brief introductionwas given about the Institute of Company Secretaries of India,its achievements and landmarks in history.

M.L. Aeri, Principal, DAV College, Amritsar welcomed theChief Guest. He appreciated the dynamism displayed by PavanKumar Vijay in the activities of the Institute and wished himsuccess. He also offered the President his support in providinginfrastructure and faculty for conduct of oral tuition classes at

Amritsar which was accepted by the President.

R. K.Agarwal,Chairman, NIRC emphasized the greaterneed of coordination between the Institute and the companysecretaries stationed in cities in various parts of India for growthof profession. He also informed the gathering that the Institutehas opened a number of Chapters and Satellite Chapters inthe recent past to achieve this.

It was emphasized that the members are required to worktogether in unity to achieve the goal of excellence in profession.The idea of Punjab Chapter in light of different Chapters inLudhiana, Jalandhar and Amritsar was also coined by thespeaker.

Another speaker expressed optimism on the potential ofthe members of the Institute in particular and public in generalin this city of martyrs. He also delighted the audience with hisanecdotes about Gurus and teachers.

Pavan Kumar Vijay, motivated the members to strive forgreater heights. He made a power point presentation on thediversified role and the huge potential of company secretariesin the Corporate World. He also formally introduced the officebearers of the Satellite Chapter. On the occasion Heads ofDepartments of Commerce and eminent professors of GuruNanak Dev University congratulated the members on the birthof Satellite Chapter and offered their support and services infuture programmes of the Institute.

GURGAON CHAPTER

ICSI TEAM, HEADED BY SR. DIRECTOR, VISITS THE

CHAPTER OFFICE

On 5.10.2003 I.J. Kalucha, Senior Director and R.K. Verma,Assistant Director, the ICSI visited Gurgaon Chapter. The ICSIofficials noted that the Chapter was conducting oral coachingclasses for CS Foundation and Intermediate courses fromrented premises. Kalucha and Verma had an interactive sessionwith the students. Kalucha listened to the suggestions madeby the students. He apprised the students of the future of thecompany secretaries profession. He also informed that withthe efforts of the Managing Committee of the Chapter Gurgaonhas been granted permission for the first time by ICSI to conductcompany secretaryship examination in Gurgaon. He furtherinformed that the Centre for December 2003 examination willbe Summer Fields School, DLF City, Phase I, Gurgaon 122002.

JAIPUR CHAPTER

CAREER AWARENESS PR

Sep-Oct-2003

Documents

Transcript of Sep-Oct-2003