SIRC eNewsletter Issue No.7 July 2016
“ICSI-SIRC House”, No.9 Wheat Crofts Road, Nungambakkam, Chennai 600 034 Tel No.28279898; 28268685, 28222212 Email: [email protected]: Website:www.icsi.edu SIRC eNewsletter SOUTHERN INDIA REGIONAL COUNCIL Chairman CS Sivakumar P Vice Chairman CS Ganapathi G M Secretary C O N T E N T S CS Ramakrishna Gupta R Treasurer From the Chairman 1 CS Mohan Kumar A 3 Members Events CS Dhanapal S 4 CS Nagendra D Rao Articles CS Shastry P S SIRC Activity Report 30 Ex-officio CS Ahalada Rao V Chapter's Activity Report 38 CS Gopalakrishna Hegde CS Ramasubramaniam C Opportunities for Members Co-opted Members & Students 67 S Krishnan, I.A.S S B Gautam Announcement for Members 68 Announcement for Students 73
ICSI-SIRC eNewsletter/ July 2016 FROM THE CHAIRMAN
Dear Professional Colleagues,
The 10th Southern India Needless to mention that the Regional
Regional Conference of Conference is being organized at Kochi after a
P r a c t i c i n g C o m p a n y gap of 22 years. I have every hope that all of you
Secretaries on the Theme: will be making your travel arrangement to attend
PCS - Waves of Change: this memorable conference. We are trying our
Ocean of Opportunities was best to be innovative and give you a conference
organized on 5th & 6th, August 2016 (Friday & that you will cherish for a long time.
Saturday) at Hotel Heritage Madurai jointly hosted The SIRC is planning to organize a two day by Madurai & Coimbatore Chapters. Prof. S. programme on NCLT and NCLAT at Chennai. Shri Subbiah, Vice-Chancellor, Alagappa University K. Anantha Padmanabha Swamy, Member was the Chief Guest & Dr. CS Shyam Agrawal, (Judicial) and Ch. Mohd. Sharief Tariq, Member Vice President, The ICSI delivered the Special (Judicial) have kindly consented to preside over Address. The Conference was attended by the programme. I request the members to attend Members from all over the Southern Region, and the programme & enrich the deliberations. eminent Speakers addressed the gathering.
Hon’ble Jusitce S Vimala delivered the Valedictory The Last date for payment of Annual Membership
st address. Fee for the year 2016-2017 is 31 Aug 2016. Members who are yet to pay may kindly make the The next Mega Programme of the SIRC is the 41st payment through online or through the Regional Regional Conference on the theme Rewarding Office. Arena: Reaping Benefits - CS - Growing by Leaps
and Bounds is being held on 14th & 15th October The ICSI observed the month of July as the
2016 at Ramada Cochin Resorts (a 5 Star Students Month. The SIRC organized various
Deluxe luxury retreat), Kumbalam, programmes aimed at students, and conducted a
Ernakulam, Kerala. number of Career Awareness Programme in Tier II and III cities. I compliment the Mangalore & I invite you to attend the Conference and block the Hyderabad Chapter for having conducted the dates. Eminent Speakers and renowned intellects highest number of CAPs among all the chapters are being invited to Speak at the conference. in the country.
ICSI-SIRC eNewsletter/ July 2016 1 All India Student Conference which was to be held on 30th & 31st July 2016 at Bangalore was rescheduled due to Karnataka Bandh & the same is now being held on 23rd & 24th September 2016.
The power of belongingness and brotherhood is known to all of us. Many a times we lend to think that our success as a personal achievement and forget the contribution of the community we belong to-in our case, as professional, the community of Company Secretaries. The CS Benevolent Fund is one of such collective effort towards extending the much needed financial support to the community of Company Secretaries in times of distress. I appeal to Members 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.
The ICSI-SIRC is planning to organize the month of September as CSBF Month. The details of the CSBF month will be announced shortly. I look forward to your valuable support in making this effort a meaningful one.
With regards, Yours Sincerely,
CS Sivakumar P Chairman, ICSI-SIRC [email protected]
ICSI-SIRC deeply regrets to record the sad demise of CS Raju T S, Practising Company Secretary, Chennai May the Almighty give sufficient fortitude to the bereaved family members to withstand the irreparable loss. May the departed soul rest in peace.
ICSI-SIRC eNewsletter/ July 2016 2 for the month of August 2016 (held / to be held) Block your Diary! Paid/ Date & Venue/ Event Speakers Free Timing PCH . Hotel 10th Southern “Secretarial Audit” Paid 5-6, August Heritage India Regional CS Dr. Ravi B 2016 Madurai Conference of Practicing Company Secretary Practising Chennai (Saturday & Company Sunday) PCH – 8 Secretaries on “Arbitration and Mediation” “PCS - Waves of Shri. Thiruvengadam B C PDP - 16 Change: Ocean Senior Partner, Thiru & Thiru of Opportunities” Bengaluru
“FEMA-Changes in FDI Regulations” CS Sridhar R Partner, LeapRidge Advisors Ltd, (Member firm of Crowe Horwath International), Chennai
“Insolvency and Bankruptcy Code 2016” CS Om Prakash K V Director, Conscientia Consultancy P. Ltd Bengaluru
“NCLT / NCLAT” Shri R Vidya Shankar Partner, Ramani & Shankar Coimbatore Free 09.08.2016 ICSI- Study Circle CA Murali J SIRC Meeting on Chartered Accountant Tuesday House, "Latest updates Chennai Chennai on Sales Tax" PCH 1 Free 15.08.2016 ICSI- Independence Shri. S T Perumal SIRC Day Celebrations Wing Commander – Airforce Monday House, (Retd), Chennai Chennai Paid 26 & 27, ICSI- 2 day program Shri K. Anantha Padmanabha August 2016 SIRC on “NCLT/ Swamy, Member (Judicial) House, NCLAT” PCH -8 Chennai Ch. Mohd. Sharief Tariq, Member (Judicial)
* It is only tentative, separate email will be sent before each programme ICSI-SIRC eNewsletter/ July 2016 33 My Nostalgia of CS Profession - 5 -CS Subbaraman TP
Interview with Rank Holders in CS Foundation -CS Mohan Kumar A
Consolidated Financial Statement - CS Divesh Goyal
Regulatory Updates during July 2016 - CS Achuthan R - CS Sanka Indrani
ICSI-SIRC eNewsletter/ July 2016 4 CS Subbaraman TP Former Secretary, The ICSI MY NOSTALGIA OF CS PROFESSION – 5
Although the Institute got the exparte injunction vacated in Feb.71, Jaitley went on appeal to the court of Senior Sub Judge, Delhi. The Institute in the meanwhile advertised for the position of Secretary and no one joined for different reasons. Saharya (then ROC of Delhi) was requested to continue till a regular wholetime Secretary could be appointed. DCA permitted about 10 Govt. staff , working earlier in the CS Branch, to serve the Institute on deputation until Institute could establish its own Secretariat. With the limited finance available to the Institute, the Council decided to have an Asst. Secretary only in the initial stage, to perform the duties of Secretary. Santhanam, who joined as Sr. Assistant on deputation was promoted as Superintendent and was asked to officiate as Asst.Secretary till a regular Asst. Secretary could be appointed. This was the scenario in February 1971.
The Council decided to scrutinize the list of GDCS qualified persons and made a panel wherein my name also appeared. After interviewing the panel candidates, I was finally selected and offered the post through the Ministry of Defence where I was then working. I accepted the offer and joined as wholetime secretary in the rank of Asst. Secretary on the Tamil New Year day, 14th April, 1971.
At the first meeting after I joined, Krishnan as President set an aggressive target including holding of an All India Conference of Company Secretaries in May 1971 in Chennai, maintenance of an Employment Register for qualified GDCS, to revise syllabus and practical training requirements, to establish four Regional Councils with necessary regulations, to establish library in HQ, to provide library facilities in all RCs, to publish a regular journal for members, and to take steps for obtaining a plot for the Institute in Delhi.
Accordingly, with the assistance of my limited staff, we organized the first All India Conference of Company Secretaries on the role and responsibility of company secretaries, in Connemara Hotel, Chennai, on 21 & 22 May 1971. It was a great success, bringing visibility of company secretary as a professional on an All India basis, from North, South, East and West. R.Prasad, Secretary of DCA and our first President gave the cheering news that the Govt. is contemplating some amendments to Company Law to make it obligatory for companies above a particular size to employ qualified secretaries. Corporate bodies may not be allowed to function as CS, he said, perhaps intending to abolish the system of Managing Agents and Secretaries and Treasurers. He also desired to give a statutory status to the Institute and the CS as a professional. He expected that public and private sector would appoint a secretary as a necessity and not as luxury. D.L.Mazumdar and Bhaskar Mitter chaired two technical sessions and Justice Ram Mohan Rao spoke as a guest speaker. It was concluded that the status of Secretary ultimately depended on the individual himself and his total contribution to the corporate entity he served.
In July 1971, I was asked to organize a function with Dy.Minister Bedabrata Barua as Chief Guest, to open a library, establish RCs, provide regulations for their working and start a journal. The function was successfully organised on 31st July, 1971 on the lawns of the Institute Sectt. office in No.1, Rani Jhansi Road, New Delhi. The journal named Chartered Secretary was released as a quarterly on that date. A library was opened in HQ, four RCs with territorial jurisdiction was notified on that date and honorary FCS was conferred on the past two Secretaries of DCA, R.C.Dutt and R.Prasad. ICSI-SIRC eNewsletter/ July 2016 5 The President introduced Prof.M.C.Shukla, his erstwhile college professor to me and with his help and active assistance, we initiated steps to get study material written and provide postal coaching to all CS students by 1972 All these significant assignments were duly undertaken and completed in time by the fledgling Institute, with its meager resources and about a dozen staff for an All India Body.
The nominated Council totally ended and Govt. then nominated CC Ganapathy, B.P.Roy and P.B.Menon as Govt. nominees. For the others who retired, L.R.Puri from Calcutta. D.J.Kapadia from Bombay and K.V.Suryanarayanan from South were duly appointed as members of the new Council. It was found soon that the proxy system became unhealthy for a professional body and proportional representation became the required norm for CS professional body as well. We took advantage of section 265 for introducing proportional representation and also abolished the use of proxy system. As in other sister professional bodies, we also introduced the system of election of President and Vice President every year by the Council itself, by 1978.
The year 1972 was significant for the profession, the Institute and also to me. The long awaited provision of section 383(A), requiring every company having a paid up share capital of Rs.25 lakhs or more to appoint a qualified CS was introduced in the Companies Amendment Bill, 1972; the word “purely” was omitted from the definition clause of secretary taking into account the Panorma Development case of the U.K. and Turner Morrison case of India; and the Ministry of Finance notified CS as a profession in section 23(A) of the Income Tax Act.
The steps we initiated in 1971 brought more laurals, appreciation and nationwide visibility to our profession. The Sectt. was strengthened to cater to the needs of increasing number of students registering for the course. The Council itself was expanded from 9 to 12 and statutory and other committees of the Council were not only constituted but also started functioning regularly. The membership of the Institute was recognized by Ministry of Education for recruitment of superior posts in the Central Government where specialized knowledge of CS was required. As mentioned earlier, the postal coaching scheme was duly implemented; and guideline answers for past examinations were published for the benefit of students appearing for examinations. Chartered Secretary was converted as a monthly journal from April, 1972 and the court case appeal of P.L.Jaitly was finally dismissed.
The First National Convention on “Secretary – His place in Corporate Management” was inaugurated by the President of India, Shri V.V.Giri on 22nd September, 1972, with Ministers C.Subramaniam and Raghunatha Reddy and DCA Secretary R.Prasad chairing three technical sessions. It greatly enhanced the image of our Institute and brought all round visibility to the Institute and the professional across the country.
The Council promoted me wef from 1 August 1972 to the rank of Secretary with higher salary scale and conveyance and other allowances. All these were significant achievements in 1972.
But we soon started having problems with the requirements of the Government to have liberal approach for taking members directly in the initial years, from experienced secretaries, Govt. officers having knowledge of company law and foreign qualified members. We will discuss next as to how we tackled these requirement and how we initiated measures to have all the ingredients required for making our profession as a duly recognized profession .
ICSI-SIRC eNewsletter/ July 2016 6 CS A Mohan Kumar DGM Legal & Company Secretary INTERVIEW WITH RANKHOLDERS IN CS FOUNDATION Allsec Technologies Limited FROM MADURAI CHAPTER OF ICSI
Ms. G Sulochana Lalitha and Ms. Sreenidhi students who attended Oral coaching classes at Madurai Chapter of Institute of Company Secretaries of India have got all India Rank. While Ms. Sulochana got All India 19th rank, Ms. Sreenidhi got 25th rank.
We interacted with them and got to know how they prepared for the exams & their secrete for success. How many months you prepared for the Foundation exams? How many times you revised? Sulochana: Difficult to exactly specify the number of days or months that I spent preparing for the exam because I was doing internship at one of the online retailing concern as a part of my under graduation course during the month of May ; hence could not spend an entire day for the preparation. So I made it a point that I would spend the entire evening for the preparation and I revised as many times I could, until I understood a particular concept. Sreenidhi: Started my preparations as soon as coaching classes started, I was reading my books everyday and will read the book till I get satisfied and that was my way of revising.
Was the study materials sufficient for all the papers? What about Accounts & Statistics.. did you use any books for that? Sulochana: The study material was more than enough for all the papers. It is important for a student to work out all the sums in both the papers. In the case of Statistics, our tutor provided us with a lot of sums from other books as well which were of absolute help. Sreenidhi: Yes, the materials given by our institute was sufficient enough. Accounts and statistics requires more concentration, working out of all problems from text book was helpful
How did you manage to study/ focus in ACS Course despite going for regular college classes? Sulochana: It was quite difficult to focus on both. I was humongous and it ultimately depends on how one manages to balance both. In my case, I initially did have a few hiccups dealing with it but I somehow managed to get along with it. Sreenidhi: Managing both together is actually a difficult task and during the time of semester exams, its even more difficult. Since I read regularly it was possible for me to prepare well for CS foundation exam.
Did you use any scanner? Were they useful? How should the scanners be used? Sulochana: No, I did not see a need for it. Sreenidhi: Yes,I used Taxman question bank and it was really useful. I used it whenever i complete a particular chapter. People should complete reading from the material and then shall work out the scanner questions.
ICSI-SIRC eNewsletter/ July 2016 7 Do you advise students to study on their own or attend oral coaching classes? Sulochana: I would rather advise students to attend oral coaching classes because the tutors give the students an insight about the subject and it might sometimes help a student change one's perception towards the subject and as well as prepares a student to approach the subject from a different dimension. In case of Accounts and Statistics, tutors guide the students by teaching simple techniques and provide the students with various tips to calculate faster in order to save a few more seconds where normally, the calculation for a sum takes a few minutes. Sreenidhi: I prefer to attend oral coaching classes as it will be helpful to understand the subjects.
As per you, when should the students studying college join the CS Foundation course: Should they join in the First year or second year? Sulochana: I would suggest students to join during their second year of under graduation because most of the subjects in the Foundation level would have been covered in their course's curriculum in the first two semesters making it easy for them to apprehend. In the case of a fresher, the student would most probably not be aware of the different aspects that a subject making it a little difficult to imbibe the concepts. Sreenidhi: Its better for students to join foundation course in their first year of college as they can aim at completing the course before completing graduation.
Which papers in Foundation was easy and which was difficult? Sulochana: The first two papers were quite easy whereas in the last two papers I had to put a little more of my effort because they were completely application-oriented. Sreenidhi: Business Management and Business Environment were easy. Accounts,statistics and economics papers were difficult so they requires more preparation.
What are your plans for the Executive Sulochana: Currently, I do not have any ideas. But I'm planning to give my best at it! Sreenidhi: My plan is to attend coaching classes and read my subjects consistently.
What are the important reasons for your success & getting an All India rank? What is your advise to the students? Sreenidhi: My parents are my motivators. Chapter in charge and faculties also encouraged a lot. Sulochana: My parents and my teachers from the chapter were of great support which was the important reason for my success and little bit of hard work as well. "All work and no play makes Jack a dull boy", this is why I would rather suggest students not to stress themselves more with a particular work till a point where they get saturated. If you feel tired and restless, take a break and then get back to your work. If you feel sluggish, then do not hesitate to take a nap which actually calms you and as a matter of fact helps your brain to process whatever you have learnt and helps your brain to retain it. Form groups and make it a point to question yourselves in turn so that you get to familiarise with the subjects. Make sure that when you learn something, you give your complete attention to it and that you put your heart and mind into it and keep at it! ICSI-SIRC eNewsletter/ July 2016 8 CS Divesh Goyal Practicing Company Secretary CONSOLIDATED FINANCIAL STATEMENT Goyal Divesh & Associates SERIES NO 163 New Delhi
The 2013 Act mandates preparation of consolidated financial statements (CFS) by all Companies, including unlisted Companies, having one or more subsidiaries, joint ventures or associates. Previously, the Securities and Exchange Board of India (SEBI) required only listed Companies to prepare CFS. Mandating preparation of CFS is a step in the right direction to align the reporting requirements to the international reporting practices, since standalone financial statements do not present a true picture from an economic entity perspective.
Consolidated financial statements normally include consolidated balance Sheet, Consolidated statement of profit and loss, and notes, explanatory material that form an integral part thereof, and also consolidated cash flow statement (in case a parent present its own cash flow statement). Consolidated financial statements are presented, to the extent possible, in the same format as adopted by the parent for its separate financial statement.
FAQ'S RELATING TO CONSOLIDATION ARE GIVEN AT THE END OF THE ARTICLE
Objective of CFS: A move to Greater Transparency, The Government of India, in its endeavor to enforce and raise compliance standards, has legislated the Companies Act, 2013, the much required code for corporates in India in line with the developments taking place worldwide and in order to meet the growing demands of stakeholders towards greater transparency and ease of understanding.
The concept of CFS was brought with an objective of achieving the true and fair view of reporting the position of the company for the financial year, since the consolidated financial Statements are generally considered as the primary financial statements from an economic entity perspective, whereas the standalone Financial Statements projects only the position of the company in its individual performance and it does not provide the true and fair view to the shareholders about the overall performance of the company with its subsidiaries.
Key compliance requirements: CFS is to be prepared and laid before an AGM, in addition to SFS. Audited accounts of the listed companies, along with those of the subsidiaries, have to be made available on the website.
Audited accounts of all of the subsidiaries are required to be prepared and provided to shareholders on request
ICSI-SIRC eNewsletter/ July 2016 9 Requirement of Consolidation of Financial Statement:
,Section 129 sub section 3 states that Where a company has one or more subsidiaries, it shall in addition to financial statements provided under sub-section (2), prepare a consolidated financial statement of the company and of all the subsidiaries in the same form and manner as that of its own which shall also be laid before the annual general meeting of the company along with the laying of its financial statement under sub-section (2)'.
Explanation: — for the purposes of this sub-section, the word “subsidiary” shall include Associate Company and Joint Venture.
Financial Statement: As per section 2 clause 40 “Financial Statement” in relation to a company, includes— a) A balance sheet as at the end of the financial year; b) A profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year; c) cash flow statement for the financial year; d) A statement of changes in equity, if applicable; and e) Any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv):
Associate Company:
“Associate Company”, in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the company having such influence and includes a joint venture company.
“Significant Influence” means control of at least twenty per cent. of total share capital, or of business decisions under an agreement.
Companies which have to consolidate its Financial Statement: Where a Company have one or more subsidiary (ies). Where a Company have Associate Company (ies). Where a Company have Joint Venture(s). Where a Company have Foreign Subsidiary (ies) Where a Company have wholly owned subsidiary. Where a Company have Subsidiaries, Associates and joint ventures all.
Applicability of Provision of Companies Act, 2013 Manner of Preparation of CSF: As stated in Section 129 (4) the provisions of this Act applicable to the preparation, adoption and audit of the financial statements of a holding company shall, mutatis mutandis, apply to the consolidated financial statements of the Company. The consolidation of financial statements of the company shall be made in accordance with the provisions of Schedule III of the Act and the applicable accounting standards (i.e. AS 21- Consolidated Financial Statements, AS 23-Accounting for Investments in Associates in Consolidated Financial Statements& AS 27-Financial Reporting of Interests in Joint Ventures). ICSI-SIRC eNewsletter/ July 2016 10 Presentation of Notes in CSF: As per MCA General Circular No. 39/2014 dated 14th October, 2014 Government has received representations from stakeholders seeking clarifications on the manner of presentation of notes in Consolidated Financial Statement (CFS) to be prepared under Schedule III to the Companies Act, 2013(Act). These representations have been examined in consultation with the Institute of Chartered Accountants of India (ICAI) and it is clarified that Schedule III to the Act read with the applicable Accounting Standards doesnot envisage that a company while preparing its CFS merely repeats the disclosures made by it under stand-alone accounts being consolidated. In the CFS, the company would need to give all disclosures relevant for CFS only.
It is clear from the above mentioned circular that there is no need to repeat the disclosures relates to only stand alone account of the Company. The would need to give all the disclosures relevant for CSF Only.
Accounting Standards
In case of company covered under sub-section (3) of section 129 which is not required toprepare consolidated financial statements under the Accounting Standards, it shall be sufficient if the company complies with provisions on consolidated financial statements provided in Schedule III of the Act.
According to Companies (Accounts) Rules, 2014 the consolidation of financial statements of the Company shall be made in accordance with the provision of schedule III to the Act and the applicable accounting standards. However, a Company which is not required to prepare consolidated financial statements under the accounting standards, it shall be sufficient if the Company complies with provisions on consolidated financial statements provided in schedule III of the Act.
Others:
The consolidated financial statements shall also be approved by the board of Directors before they are signed on behalf of the board, along with its own financial statements and shall also be laid before the annual general meeting of the Company along with the laying of its own financial statement.
Effective date of applicability: From Financial Year: 01.04.2014 31.03.2015 The provision of this section applicable on all the Companies w.e.f. 01st April, 2014. Every Company which falls under Section 129(3) requires preparing consolidated financial statement along with stand alone statement for the financial year commencing from 1st day of April, 2014 and ending on 31st March, 2015.
Exceptions:
As there were no transitional provisions for the Company preparing CSF for the First time therefore exemption was given to below mentioned companies from companies from consolidation financial statement for the financial year commencing from 1st day of April, 2014 and ending on 31st March, 2015.
ICSI-SIRC eNewsletter/ July 2016 11
i. A company having subsidiary or subsidiaries incorporated outside India only.
ii. 1In case of a company which does not have a subsidiary or subsidiaries but has one or more associate companies or joint ventures or both 9 for the consolidation of financial statement in respect of associate companies or joint ventures or both, as the case may be.) iii. An intermediate wholly-owned subsidiary Company incorporated in India would not be required to prepare CFS. The requirements, however, remain unchanged for those intermediate wholly-owned subsidiary Companies whose immediate parent is a Company incorporated outside India.
Only A will prepare CFS. A & B will prepare CFS. B will prepare CF
Who will prepare the Consociated Financial Statement?
As stated in Section 129 It is duty of the Parent Company (Management) to prepare the consolidated financial statement of the company and laid the same before the Annual General Meeting along with Stand alone financial statement.
What are the provisions in relation to audit of the consolidated Financial Statement of theCompany?
As stated in Section 129 the provisions of this Act relating to audit applicable on holding company shall, mutatis mutandis, apply to the consolidated financial statements of the Company. Therefore, all the provision of Audit applicable to stand alone financial statement will be applicable on audit of consolidated financial statements.
In determining control, whether potential equity shares (eg option, convertible bonds, debentures etc) need to be considered?
The potential equity shares of the investee held by the investor should not be taken into account for determining the voting power of investor.
ICSI-SIRC eNewsletter/ July 2016 12 Who will audit the consolidated Financial Statement of the Company? There could be two situations in an audit of consolidated financial statements- when the parent's auditor is also the auditor of all the components to be included in the consolidated financial statements and when the parent's auditor is not the auditor of one or more subsidiaries and therefore uses the work of other auditor in the audit.
The audit of the consolidated fanatical statements may not necessary be the auditor of the he separate financial statements of the parent or one or more of the components included in the consolidated financial statement.
If a Company have more than one Subsidiary then whether both the Parent Company will consolidate the account of Subsidiary?
A Company can be subsidiary of two Companies. If more than 50% of paid up share capital is hold by one Company and another Company control the composition of Board of Directors. In such cases, both parents to consolidate the same subsidiary
If Company (A) is subsidiary of another Company (B) on 29.03.2014 but not the subsidiary as on 31.03.2015 whether for the financial year ended 31.03.2015 Company (B) consolidate the account of Company (A)?
For the purpose of consolidate of financial statement relation of holding and subsidiary will be considered as on 31.03.2015. In the above situation A is not subsidiary on 31.03.2015 therefore there is no need to prepare consolidated financial statement.
Whether need to consolidate account of LLP?
First Situation: LLP as Joint Venture:
A joint venture is a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.
If a Company enters into a joint venture agreement with a LLP in which Company control more than 20% of business decision. Such Joint venture LLP shall be consider as associate as per definition of Section 2(6) of CA, 2013.
As a joint venture or associate there is need to consolidate the accounts of such LLP with the Company.
Second Situation: LLP as Subsidiary:
As per clause 87 of section 2 of CA, 2013 “subsidiary company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies.
* As per explanation of this definition: the expression “company” includes anybody Corporte * As per section 3 of LLP Act, LLP is Body Corporate. ICSI-SIRC eNewsletter/ July 2016 13 Therefore, LLP as a Body Corporate fall under the definition of Subsidiary. Therefore, Company required consolidating the accounts of LLP.
2(i)Whether a company H ltd is required to consolidate its subsidiary which is a Limited Liability Partnership (LLP) or a partnership firm?
(ii) Would the answer be different if LLP is an associate or joint venture of H Ltd?
(i)As per rule 6 of Companies (Accounts) Rules, 2014, under the heading 'Manner of consolidation of accounts' it is provided that consolidation of financial statements of a company shall be done in accordance with the provisions of Schedule III to the Companies Act, 2013 and the applicable Accounting Standards.
It is noted that relevant Indian Accounting Standard i.e., Ind AS 110, Consolidated Financial Statements provides that where an entity has control on one or more other entities, the controlling entity is required to consolidate all the controlled entities. Since, the word 'entity' includes a company as well as any other form of entity, therefore, LLPs and partnership firms are required to be consolidated. Similarly, under Accounting Standard (AS) 21, as per the definition of subsidiary, an enterprise controlled by the parent is required to be consolidated. The term 'enterprise' includes a company and any enterprise other than a company. Therefore, under AS also, LLPs and partnership firms are required to be consolidated.
Accordingly, in the given case, H ltd is required to consolidate its subsidiary which is an LLP or a partnership firm.
(ii) If LLP or a partnership firm is an associate or joint venture of H ltd, even then the LLP and the partnership firm need to be consolidated in accordance with the requirements of applicable Accounting Standards.
If Company A hold 35% Equity Shares and 75% preference share capital of Company B, then Whether Company B shall be Subsidiary of Company A?
Definition of Subsidiary: “subsidiary company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies. 2 Clarification by ICAI.
As per Definition holding will be determine on the basis on the total share capital (equity + preference) According to this Company B will be consider as subsidiary of company A and because of holding of 75% of preference share capital Company A required to prepare the consolidate financial statement including Company B.
What is the time period for filing of CSF with the ROC?
As stated in section 137(1) A copy of the financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under this Act, duly adopted at the annual general meeting of the company, shall be filed with the Registrar within thirty days of the date of annual general meeting.
ICSI-SIRC eNewsletter/ July 2016 14 A Company H ltd has no subsidiaries, but has investment in an associate and a joint venture. Whether H Ltd. is required to prepare consolidated financial statements for the year ending March 31, 2016, in the context of Companies (Accounting Standards) Rules,2006.
Section 129 (3) of the Companies Act, 2013 provides that where a company has one or more subsidiaries, it shall prepare a consolidated financial statement of the company and of all the subsidiaries. Further, an Explanation to this sub section provides that the word “subsidiary” shall include associate company and joint venture.
In view of the above, in the given case, though H ltd does not have any subsidiary, it is required to prepare consolidated financial statements for its associate and joint venture in accordance with the applicable Accounting Standards, viz, AS 23, Accounting for Investments in Associates in Consolidated Financial Statements and AS 27,Financial Reporting of Interests in Joint Ventures, respectively.
1) D has 3 wholly-owned subsidiary who hold 30% each in P, but D has no holding in P. How should P be consolidated?
D exercise control over more than 50% of total voting power of P, indirectly through D's wholly-owned subsidiaries. Therefore, irrespective of whether or not A exercises any direct control over the operations of P, D would have to consolidate P directly as a subsidiary, in preparing its CFS.
A Limited is controlled by two enterprises; one control by virtue of ownership of majority of the voting power and the other controls, by virtue of an agreement, the composition of the Board of directors so as to obtain economic benefits from its activities. Who should consolidate the accounts of A Limited? In such rare cases, both the controlling enterprises should consolidate the financial statements of A Limited. Because A limited is subsidiary Company of both the controlling enterprises.
3) If Company A holds 50% shares of Company B. One another shareholder of Company B grants a power of attorney to Company A for exercising voting power on his behalf at AGM. Whether Company A required consolidating financial statement of Company B.
No, the power of attorney doesn't result in Company A controlling the ownership, directly or indirectly through subsidiary (ies).
4) If P is holding 60% in Q and Q is holding 60% in R and R is holding 25% in S then whether P and Q will consolidate the accounts of S.
As per Act R will consolidate account of S, Q will consolidate the accounts of R (which already include S) and P will consolidate accounts of Q (which already include Q,R,S). I am in favour that one has to look at the group as one entity, since group is consolidated, S should be consolidate.
ICSI-SIRC eNewsletter/ July 2016 15 5) A has an 90% interest in subsidiary B. A holds direct interest of 25% of C and B holds a 30% interest in entity C. All shares have equal voting rights. Is company C a subsidiary or an associate Company of A.
Company C is subsidiary of Company A. Company A controls entity B and therefore, it controls (90%*30)= 27% voting power that B hold over C. in addition, A itself has a 25% direct interest and relating voting power, in entity C. Entity A's total voting power in C is (25%+27%=52%). Company A controls C and should therefore consolidate C as a Subsidiary. Effective of Companies bill, 2016 on Consolidation of Accounts:
1 Effect Change in Definition of Subsidiary Company
Definition of Subsidiary: “subsidiary company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies.
Bill: The Bill recommended that the term “Total Share Capital” be replaced with the term 'Total Voting Power', as equity share capital should be the basis for determining holding/ subsidiary status.
Effect: This would also prevent the occurrence of such a situation in which a preference shareholder becomes the holding company under the Act, however, during consolidation, the equity shareholder would show it as its subsidiary in its books of accounts.
III. Effect of Change in Section 134(1) (Signing of Financial Statement): Language of Section: The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board at least by the chairperson of the company where he is authorized by the Board or by two directors out of which one shall be managing director and the Chief Executive Officer, if he is a director in the company, the Chief Financial Officer and the company secretary of the company, wherever they are appointed, or in the case of a One Person Company, only by one director, for submission to the auditor for his report thereon
Bill- The following shall be substituted: The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board at least by the chairperson of the company where he is authorized by the Board or by two directors out of which one shall be managing director, if any, and the Chief Executive Officer, if he is a director in the company, the Chief Financial Officer and the company secretary of the company, wherever they are appointed,
Effect: As per the Bill, 2016, the CEO shall sign the financial statements including the Consolidated Financial Statements irrespective of the fact whether such CEO is also a director or not.
ICSI-SIRC eNewsletter/ July 2016 16 CS Achuthan R Company Secretary Regulatory Updates during July 2016 From Ministry of Corporate Affairs, Reserve Bank of India, CS Sanka Indrani Securities Exchange Board of India and Ministry of Company Secretary Labour and Employment Ministry of Corporate Affairs
Rules
1.Companies (Incorporation) Third Amendment Rules, 2016 Dt. July 27, 2016
The Central Government has amended the Companies (Incorporation) Rules 2014 and the Companies (Incorporation) Amendment Rules 2014.
Applicability: To all companies
Crux of the Rules: Through these rules the Central Government has made the following amendments to the Companies (Incorporation) Rules 2014.
a. Replacing/ substituting the following current rules
Sr Rule No. Existing Replaced/ substituted with No 1 3 (2) No person shall be eligible to A natural person shall not be incorporate more than a One Person member of more than a One Person Company or become nominee in more Company at any point of time and the than one such company. said person shall not be a nominee of more than a one Person Company
2 8 (2)(ii) it includes the name of a registered it includes the name of a trade mark trade mark or a trade mark which is registered or a trade mark which is subject of an application for subject of an application for registration, unless the consent of the registration under the Trade Marks owner or applicant for registration, of Act, 1999 and the rules framed the trade mark, as the case may be, there under unless the consent of the has been obtained and produced by owner or applicant for registration, of the promoters; the trade mark, as the case may be, has been obtained and produced by the promoters
3 8 (6)(n) Financial, Corporation and the like; Financial Corporation and the like;(Comma omitted)
[Rule 8 (6) clearly specifies the list of words or expression, the use of which in the name of a company would require prior approval of the Central Government]
ICSI-SIRC eNewsletter/ July 2016 17 4 29 (1) The change of name shall not be The change of name shall not be allowed to a company which has allowed to a company which has defaulted in filing its annual not filed annual returns or returns or financial statements or financial statements due for filing any document due for filing with with the Registrar or which has the Registrar or which has failed to pay or repay matured defaulted in repayment of deposits or debentures or interest matured deposits or debentures thereon: or interest on deposits or debentures. Provided that the change of name shall be allowed upon filing necessary documents or payment or repayment of matured deposits or debentures or interest thereon as the case may be. Insertion of the following in the rules
1. Explanation to Rule 16(1)(m):
Pursuant to Rule 16 (1)(m),every subscriber at the time of incorporation has to file their proof of identify with the Registrar. In this regard the Central Government has provided the following explanation:
“Explanation - In case the subscriber is already holding a valid DIN, and the particulars provided therein have been updated as on the date of application, and the declaration to this effect is given in the application, the proof of identity and residence need not be attached.”
2. Rule 26:
- Rule 26 (1) under the Companies (Incorporation) Rules 2014 is Rule 26 (2) under the Companies (Incorporation) Amendment Rules 2016.
- As per this amended Rules, Rule 26 (1) clearly states that every company which has a website for carrying an ONLINE business or otherwise has to publish its complete contact details along with its identification details (name, address of regd. off., ph no, CIN, fax no, email, etc…)
3. Third proviso in Rule 28 (2)
Prior to shifting of registered office within the same State, the company has to publish and service the notices as per Rule 28 (2) (a & b) not less than 1 month before filing any application with the RD.
In this regard the following third proviso to Rules 28 (2) has been inserted
“Provided also that on completion of such inquiry, inspection or investigation as a consequence of which no prosecution is envisaged or no prosecution is pending, shifting of registered office shall be allowed.”
4. Rule 30 (1)(j)
While shifting of registered office from one State or Union territory to another State, the applicant has to file Form INC. 23 with the Central Government along with the said documents for their approval. In addition to the existing list the government has added the following document through this amendment:
Rule 30(1)(j) “a copy of the No Objection Certificate from the Reserve Bank of India where the applicant is a registered Non-Banking Financial Company” ICSI-SIRC eNewsletter/ July 2016 18 5. Explanation to Rule 30 (10)
The following explanation is inserted after the proviso to Rule 30 (10)
"Explanation.- On completion of such inquiry, inspection or investigation as a consequence of which no prosecution is envisaged or no prosecution is pending, shifting of registered office shall be allowed.".
6. Rule 37
After the Rule 36 on the Integrated Process for Incorporation, the following rule is being inserted.
Rule 37 - A detailed procedure for conversion of unlimited liability company into a limited liability company by shares or guarantee.
7. Revision of form INC 11
Omission of the following rules
1. Rule 16 (1)(q) shall be omitted.
Pursuant to this omission, every subscriber at the time of incorporation need not file the Form No.INC.10 containing the specimen signature and the latest photograph of the subscribed which is duly verified by the banker or notary.
2. Rules 16 (2)(g)
The words “or partnership firm” is omitted.
3. Rule 30 (6)( c )
Omission of the words "and to the Securities and Exchange Board in the case of listed companies" While shifting of registered office from one State or Union territory the listed company need not serve a 14 day notice before the date of hearing to the Securities Exchange Board of India.
4. Omission of Form INC – 10
Source: http://mca.gov.in/Ministry/pdf/CompaniesThridAmendementRules_28072016.pdf
(2) Companies (Accounts) Amendment Rules, 2016 Dt. July 27, 2016
The Central Government has amended/ inserted certain provisos, rules and sub rules relating to:
- preparation of consolidated financials, - matters to be included in the board's report - appointment of internal auditors.
Applicability:
To all companies
Crux of the Rules:
Through these rules the Central Government has made the following amendments to the Companies (Accounts) Rules, 2014.
ICSI-SIRC eNewsletter/ July 2016 19 a.Replacing/ substituting the following current rules Sr Rule Existing Replaced/ substituted with No No. 1 8 (1) The Board’s Report shall be The Board’s Report shall be prepared based on the stand prepared based on the stand alone alone financial statements of financial statements of the the company and the report company and shall report on the shall contain a separate highlights of performance of section wherein a report on subsidiaries, associates and the performance and financial joint venture companies and position of each of the their contribution to the overall subsidiaries, associates and performance of the company joint venture companies during the period under report. included in the consolidated financial statement is presented. 1. 13 (1) Rule 13 – Companies (1) The following class of Required to appoint internal companies shall be required to auditors appoint an internal auditor which may be either an (1) The following class of individual or a partnership companies shall be firm or a body corporate, required to appoint an namely internal auditor or a firm of internal auditors, namely
1. New updated, form AOC 1 has been introduced.
Insertion of the following in the rules
1. Second proviso to Rule 6
The following companies have been exempted from the applicability of Rule 6 (Manner of consolidation of accounts)
a. If it is a wholly owned or partially owned subsidiary company of another company and all its members have been intimated in writing and none of them have objected to the company for not presenting the consolidated financials.
b. Such unlisted company or the company that is not in the process of listing either in India or outside India, &
c. Its ultimate holding company or any intermediate holding company files the consolidated financials with the registrar.
Source: http://mca.gov.in/Ministry/pdf/CompaniesAccountsAmendmentRules_28072016.pdf
(3) National Company Law Tribunal Rules, 2016 & National Company Law Appellate Tribunal Rules, 2016 Dt. July 21, 2016
The Central Government has notified the rules related to the functioning of the National Company Law Tribunal and National Company Law Appellate Tribunal.
Applicability:
To all companies ICSI-SIRC eNewsletter/ July 2016 20 Crux of the Rules:
The Central Government has notified the rules related to the functioning of the National Company Law Tribunal and National Company Law Appellate Tribunal. They broadly provide the rules for the following:
- Time period fixed by the Tribunal for doing any act - Forms to be used under various circumstances - Detailed procedure and the applicable rules on the functioning of the Tribunal - Rights, powers and functions of President, Registrar and Secretary - Detailed procedure for institution of proceedings, petitions, appeals, appearance of authorised representatives, etc… - Procedure on recording and maintenance of proceedings and registers - Issuance of orders and disposal of cases - Procedures in respect of matters earlier dealt by other quasi judicial bodies, courts and tribunals - Procedure related to discovery, production and return of documents - Examination of witnesses and issue of commissions - Disposal of cases and pronouncement of orders - NCLT and NCLAT Orders - Fee schedule Source
http://www.mca.gov.in/Ministry/pdf/Rules_22072016_1.pdf
http://www.mca.gov.in/Ministry/pdf/Rules_22072016.pdf
1. Companies (Share Capital and Debentures) Third Amendment Rules, 2016 Dt. July 19, 2016
The Central Government has amended/ inserted certain provisos, rules and sub rules to Companies (Share Capital and Debentures) Rules, 2014 and to Companies (Share Capital and Debentures) Amendment Rules, 2014
Applicability:
To all companies
Crux of the Rules:
Through these rules the Central Government has made the following amendments to the Companies (Share Capital and Debentures) Rules, 2014 and to the Companies (Share Capital and Debentures) Amendment Rules, 2015
ICSI-SIRC eNewsletter/ July 2016 21 Replacing/ substituting the following current rules Sr Rule Existing Replaced/ substituted with No No. 1 13 (2)(h) where convertible securities where convertible securities are offered are offered on a preferential on a preferential basis with an option to basis with an option to apply apply for and get equity shares allotted, for and get equity shares the price of the resultant shares pursuant allotted, the price of the to conversion shall be determined- resultant shares shall be determined before hand on (i) either upfront at the time when the basis of a valuation report the offer of convertible securities of a registered valuer and is made, on the basis of valuation also complied with the report of the registered valuer provisions of section 62 of the given at the stage of such offer, Act or
(ii) at the time, which shall not be earlier than thirty days to the date when the holder of convertible security becomes entitled to apply for shares, on the basis of valuation report of the registered valuer given not earlier than sixty days of the date when the holder of convertible security becomes entitled to apply for shares:
Provided that the company shall take a decision on sub-clauses (i) or (ii) at the time of offer of convertible security itself and make such disclosure under sub-clause (v) of clause (d) of sub-rule (2) of this rule.” 2 18(1)(b) Such an issue of Such an issue of debentures shall be debentures shall be secured by the creation of a charge secured by the creation of on the properties or assets of the a charge, on the properties company or its subsidiaries or its or assets of the company, holding company or its associates having a value which is companies, having a value which is sufficient for the due sufficient for the due repayment of repayment of the amount the amount of debentures and of debentures and interest interest thereon. thereon 3 18(1)(d) Any specific movable any specific movable property of the (i) property of the company company or its holding company or subsidiaries or associate companies or otherwise
4. Rule 18(7)(b)(ii) & (iii)
The company shall create a Debenture Redemption Reserve for the purpose of redemption of debentures, in accordance with the conditions given in rule 18 (7).
In this regard the adequacy for DRR shall be 25% of the value of outstanding debentures.
ICSI-SIRC eNewsletter/ July 2016 22 Insertion of the following in the rules
1. Second proviso to Rule 8 (4)
Provided further that a startup company, as defined in notification number GSR 180(E) dated 17thFebruary, 2016 issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, may issue sweat equity shares not exceeding fifty percent of its paid up capital upto five years from the date of its incorporation or registration.”
2. Proviso to be inserted after Rule 12(1)(c)(ii)
Provided that in case of a startup company, as defined in notification number GSR 180(E) dated 17thFebruary, 2016 issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry Government of India, Government of India, the conditions mentioned in sub-clause (i) and (ii) shall not apply upto five years from the date of its incorporation or registration.
3. Rule 15
Notice to the registrar has to be filed:
a. When the share capital of the company is altered b. When the company redeems any preference shares or c. a company not having share capital increases number of its members (inserted newly)
4. Proviso to Rule 18(7)(b)(iii)
Provided that where a company intends to redeem its debentures prematurely, it may provide for transfer of such amount in Debenture Redemption Reserve as is necessary for redemption of such debentures even if it exceeds the limits specified in this sub-rule.”
Omission of the following in the rules
1. Rule 13 (2)(c )
The securities allotted by way of preferential offer shall be made fully paid up at the time of their allotment.
Source: http://mca.gov.in/Ministry/pdf/Rules_19072016.pdf
1. Companies (cost records and audit) Amendment Rules, 2016 Dt. July 14, 2016
The Central Government has amended/ inserted certain provisos, rules and sub rules to Companies (cost records and audit) Rules, 2014.
Applicability:
To all companies
Crux of the Rules:
Through these rules the Central Government has made the following amendments to the Companies (cost records and audit) Rules, 2014 ICSI-SIRC eNewsletter/ July 2016 23 Sr Rule Existing Replaced/ substituted with No No. 1 2 (d) “cost audit report” means the “cost audit report” means the duly signed report duly audited and cost auditor’s report on the cost records signed by the cost auditor examined and cost statements which are including attachment, prepared as per these rules, including annexure, qualifications or attachment, annexure, qualifications or observations etc. to cost observations attached with or included in audit report; such report; 2 6(5) Every cost auditor shall Every cost auditor shall forward his duly forward his report to the signed report to the Board of Directors of Board of Directors of the the company within a period of one company within a period of hundred and eighty days from the closure one hundred of the financial year to which the report and eighty days from the relates and the Board of Directors shall closure of the financial year consider and examine such report, to which the report relates particularly any reservation or and the Board of Directors qualification contained therein. shall consider and examine such report particularly any reservation or qualification contained therein. 3 6(6) Every company covered Every company covered under these under these rules shall, rules shall, within a period of thirty days within a period of thirty days from the date of receipt of a copy of the from the date of receipt of a cost audit report, furnish the Central copy of Government with such report along with the cost audit report, furnish full information and explanation on every the Central Government with reservation or qualification contained such report along with full therein, in Form CRA-4in Extensible information and explanation Business on Reporting Language format in the every reservation or manner as specified in the Companies qualification contained (Filing of Documents and Forms in therein, in form CRA-4 along Extensible Business Reporting with fees specified in the language) Rules, 2015 along with fees Companies specified in the Companies (Registration (Registration Offices and Offices and Fees) Rules, 2014 Fees) Rules, 2014.
1. Rule 3 Table A and Table B:
Amending and substituting the existing table on regulated sectors (Table A) and non – regulated sectors (Table B).
Insertion of the following in the rules
1. Rule 4(3)(iii)
(iii) which is engaged in generation of electricity for captive consumption through Captive Generating Plant. For this purpose, the term “Captive Generating Plant” shall have the same meaning as assigned in rule 3 of the Electricity Rules, 2005;
24 ICSI-SIRC eNewsletter/ July 2016 1. Proviso to Rule 6(1)
Provided that before such appointment is made, the written consent of the cost auditor to such appointment, and a certificate from him or it, as provided in sub-rule (1A), shall be obtained
2. Rule 6 (1)(1A)
Crux of the insertion:
The cost auditor appointed under sub rule 1 has to submit a certificate that
a. He/ firm is eligible for being appointed as a cost auditor b. He/ firm satisfies the criteria provided in section 141 c. The proposed appointment is within the limits laid down by or under the authority of the act and d. List of proceedings including those pending against the cost auditor.
3. Proviso to Rule 6 (3)
Provided that the cost auditor appointed under these rules may be removed from his office before the expiry of his term, through a board resolution after giving a reasonable opportunity of being and recording the reasons for such removal in writing;
Provided further that the Form CRA-2 to be filed with the Central Government for intimating appointment of another cost auditor shall enclose the relevant Board Resolution to the effect;
Provided also that nothing contained in this sub-rule shall prejudice the right of the cost auditor to resign from such office of the company.”
4. Rule 6 (3B)
The cost statements, including other statements to be annexed to the cost audit report, shall be approved by the Board of Directors before they are signed on behalf of the Board by any of the directors authorised by the Board, for submission to the cost auditor to report thereon Source: http://mca.gov.in/Ministry/pdf/Rules_15072016.pdf
MCA Notification
(6.) Designation of Special Court -Additional Sessions Judge-03, South-West District, Dwarka
MCA Notification: dated July 27, 2016
Designates the Court of Additional Sessions Judge-03, South-West District, Dwarka as Special court.
Applicability:
To all the companies
ICSI-SIRC eNewsletter/ July 2016 25 Crux of the Notification:
For the purposes of providing speedy trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more under the Companies Act, 2013, the Ministry has designated the Court of Additional Sessions Judge-03, South-West District, Dwarka as Special court in respect of jurisdiction at the National Capital Territory of Delhi.
Source: http://mca.gov.in/Ministry/pdf/designationofSpecialCourt_28072016.pdf
(7.) Applicability of Section 381 (1) (a) of the Companies Act 2013 to a Foreign Airlines Company
MCA Notification: dated July 19, 2016
Applicability of Section 381 (1) (a) of the Companies Act 2013 to a Foreign Airlines Company subject to certain exemptions and modifications.
Applicability:
Foreign Airlines Company having share capital
Crux of the Notification:
i. As per this notification, Section 381 (1) (a) of the Companies Act 2013 is applicable to Foreign Airlines Company subject to certain exemptions and modifications.
In this regard the company shall be deemed to have complied with the provisions of Section 381 (1)(a) of the act if it submits the following documents for the period ended March 31, 2016 to the ROC
a. Copies of latest consolidated financial statements of the parent foreign company, as submitted by it to the prescribed authority in the country of its incorporation under the provisions of the law for the time being in force in that country:
Provided that where such documents are not in English language, there shall be annexed to it a certified translation thereof in the English language.
b. in respect of its Indian Business operations, a statement of receipts and payments for the financial year, duly authenticated by a practicing Chartered Accountant in India or a firm or a Limited Liability Partnership of practicing Chartered Accountants in India.
c. the documents required to be filed with Registrar of Companies under sub-rule (2)of rule 4 of the Companies (Registration of Foreign Companies) Rules, 2014.
ii. On receiving a notice in writing from the Central Government, the above said company is required to furnish such other documents and information relating to its accounts as requested.
Source: http://mca.gov.in/Ministry/pdf/Notification_19072016.pdf
MCA Circular
(8.) Relaxation of additional fees and extension of last date of filing AOC 4, AOC 4 (XBRL) AOC 4 (CFS) and MGT 7 under Companies Act 2013
MCA Circular: Circular No. 08/2016 dated July 29, 2016
Relaxation of additional fees and extension of last date of filing of forms related to financial statements and annual returns. 26 ICSI-SIRC eNewsletter/ July 2016 Applicability:
To all the companies whose due date for holding the AGM is on or after April 1, 2016
Crux of the Circular:
The Ministry for the following reasons has relaxed the addition fees and extended the due date, upto October 29, 2016, for filing of the forms related to financial statements and annual return by those companies whose due date for holding the AGM was on or before April 1, 2016.
Reasons for extension of due date
- Revised forms AOC 4, AOC 4 (XBRL) AOC 4 (CFS) and MGT 7 would be deployed by the Ministry by the end of August 2016
- To provide a Time period for the companies to get familiarised with filing of the new forms.
Source: http://mca.gov.in/Ministry/pdf/GeneralCircular08_30072016.pdf
Reserve Bank of India and Foreign Exchange Management Act
Circulars (9.) Master Circulars/ Directions
RBI Circular:
RBI has consolidated all the guidelines / instructions / directions, issued by it and has prepared respective Master Circulars.
Applicability:
All the Companies
Crux of the Circular:
RBI has consolidated all the guidelines / instructions / directions issued by it and has prepared respective Master Circulars. The following are some of the master circulars related to companies.
Sr Name of the Master Applicability Date of Master No Circular/ Direction Circular 1 Master Directions on Frauds Scheduled Commercial July 1, 2016 – Classification and Banks (excluding RRBs) Reporting by commercial and All India Select banks and select FIs Financial Institutions 2 Master Circular – Policy All Prepaid Payment July 1, 2016 Guidelines on Issuance and Instrument Issuers, Operation of Pre-paid System Providers, Payment Instruments in India System Participants and all other Prospective Prepaid Payment Instrument Issuers
Source:
1. https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10477&Mode=0 2. https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10510&Mode=0 27 ICSI-SIRC eNewsletter/ July 2016 (10.) Guidelines for Relief Measures by NBFCs in areas affected by Natural Calamities
RBI Circular:
Circular No.RBI/2016-17/28 DNBR (PD) CC.No.083/03.10.001/2016-17 dated July 28, 2016
Applicability:
All Non-Banking Financial Companies
Crux of the Circular:
RBI has been decided to extend the below mentioned guidelines, mutatis mutandis, to NBFCs, in areas affected by natural calamities as identified for implementation of suitable relief measures by the institutional framework viz., District Consultative Committee/ State Level Bankers’ Committee.
- FIDD.No.FSD.BC.52/05.10.001/2014-15 dated March 25, 2015,
- FIDD No.FSD.BC.12/05.10.001/2015-16 dated August 21, 2015 and
- FIDD.No.FSD.BC.27/05.10.001/2015-16 dated June 30, 2016.
Source: https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10531&Mode=0 Securities Exchange Board of India
(11.) Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities
SEBI Circular:
Circular No: CIR/CFD/FAC/62/2016 dated July 5, 2016
Applicability:
To All Listed Entities
Crux of the Circular
The circular mainly covers the following:
a. Revision in the formats of financial results b. Implementation of Ind – AS c. Relaxation in the timeline and format of submitting the financial results for a limited period d. Clarification on issues related to Ind – AS implementation
Highlights of the circular
The following are the broad highlights of the circular
i. The unaudited/ audited financial results of the company shall be presented in compliance with the AS providing minimum information: Segment revenue, results, assets and liabilities, along with the Ind- AS compliant financial results till the period ended December 31,2016. 28 ICSI-SIRC eNewsletter/ July 2016 ii. Limited review/ audit of the same is not mandatory for the quarter/ period ended June 30, 2016 and September 30, 2016.
iii. The unaudited/ audited financial results of the company along with the respective annexure in the prescribed format for the period ended June 30, 2016 shall be submitted by September 14, 2016 and for the period ended September 30, 2016 shall be submitted by December 14, 2016. Also, the financials shall be published in the prescribed format
iv. For the period ended September 30, 2016 the Ind AS compliant financials has to be provided for the corresponding year to date and for the quarter ended September 30, 2016.
v. While submitting the results for the period ended June 30, 2016 and September 30, 2016, the submission of the compliant financial results for the respective previous year is not mandatory
However, management has to disclose that it has exercised adequate due diligence to ensure that the financial results provide a true and a fair view of its affairs.
vi. If a company chooses to provide the financial results in compliance with Ind AS then limited review or audit is mandatory
vii. The company can opt for submission of consolidated financial results in the second quarter instead of first quarter
viii. Unaudited/ audited financial results for the period/ quarter ended on or after March 31, 2017 shall be presented in the revised format.
Source:
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1467712561526.pdf
Ministry of Labour and Employment
(11.) Minimum Wages (Final) Notification Effective From 01-04-2016
The Rajasthan Government on July 5, 2016 has notified the revision in the minimum wages which shall be effective from April 1, 2016.
The notification further clearly details the following:
a. The minimum wages payable for skilled, unskilled and semi skilled workers b. The minimum wages to be paid to workers while working over time c. The minimum age requirement of a worker
29 ICSI-SIRC eNewsletter/ July 2016 SIRC Activity Report July 2016
1. Half Day seminar on "All you want to know on ESOP & All you want to know on Insider Trading” on Saturday, the 02nd July 2016 at ICSI-SIRC House, Chennai.
2. 28th MSOP Valedictory Session on Thursday, the 07th July 2016 at ICSI-SIRC House, Chennai.
3. Group Reading on “Model GST Laws” on 13, 14,. 16 & 20, 21, 22 July 2016 at ICSI-SIRC House, Chennai.
4. Foundation Day Programme and Seminar on Familiarization of Sections in Companies Act 2013 and All you want to know on NCLT/NCLAT Rules on 31.07.2016 at ICSI-SIRC House, Chennai
ICSI-SIRC eNewsletter/ July 2016 ICSI-SIRC eNewsletter 30 5 SIRC Programme Photographs Half Day seminar on "All you want to know on ESOP & All you want to know on Insider Trading” on Saturday, the 02nd July 2016 at ICSI-SIRC House, Chennai.
28th MSOP Valedictory Session on Thursday, the 07th July 2016 at ICSI-SIRC House, Chennai.
Group Reading on “Model GST Laws” on 13, 14,. 16 & 20, 21, 22 July 2016 at ICSI-SIRC House, Chennai.
31 ICSI-SIRC eNewsletter/ July 2016 Foundation Day Programme and Seminar on 31.07.2016
ICSI-SIRC eNewsletter/ July 2016 32 HALF DAY SEMINAR ON "ALL YOU WANT TO KNOW ON ESOP & ALL YOU WANT TO KNOW ON INSIDER TRADING”.
The ICSI-SIRC organized Half Day seminar on "All you want to know on ESOP & All you want to know on Insider Trading” on Saturday, the 02nd July 2016 at ICSI-SIRC House, Chennai.
1ST TECHNICAL SESSION The 1st technical Session during the program was taken by CS Naresh V V, Company Secretary, Intellect Design Arena Ltd (Polaris Group of Company), Chennai , speaking on eligibility for share based employee benefits, the speaker informed the Eligibility for the Schemes under the Regulations which excludes Independent Directors and Directors holding 10% of the equity shares directly or indirectly. The Speaker highlighted the circular issued by SEBI dated June 16, 2015 prescribing various requirements under the Regulations. He also explained them the practical procedure for ESOP allotment and concluded the session with the details of companies which are issuing ESOP.
The 1st technical session ended with vote of thanks by CS Mohankumar A, Treasurer, ICSI-SIRC.
2nd TECHNICAL SESSION The 2nd technical Session during the program was taken by CS Eshwar S, Practicing Company Secretary. The speaker spoke wherein he explained the ESOP where the company grants employee stock option directly or through a trust, and for Pricing-Company determines the exercise price as per the Guidance Notes on Accounting or Accounting Standards by ICAI, and the dealt with the Vesting period in detail. Then the speaker informed the gathering on STOCK APPRECIATION RIGHTS SCHEME (SARS), Implementation of these schemes through trust, compliances and disclosures of the SARS. The Speaker concluded the session with Comparative analysis between ESOP and SAR.
The 2nd technical session ended with vote of thanks by CS Mohankumar A, Treasurer, ICSI-SIRC.
3RD TECHNICAL SESSION
The 3rd technical Session during the program was taken by CS Balaji H, Assistant General Manager, Compliance Cholamandalam Investment and Finance Company Limited, Chennai on topic All you want to know on Insider Trading Speaking on the occasion he said that Insider trading which has been the topic discussed for a long time. He quoted few case laws to present a clear view with regard to the Prohibition of Insider Trading Regulations 2015. He also informed that all employees are covered under insider trading regulations and informed that any person who buys shares in a company is referred as connected person in insider trading regulations instead of designated person as it states that any person who does business with a company is termed as connected person. He further explained about irrevocable nature of the trading plan formulated by Designated Person once it gets approved and stated that plan should be reviewed and approved by Compliance officer of the organization as whether it complies with the SEBI regulations and shall disclose the trading plan to the Stock Exchanges. The speaker also explained about the disclosures requirements .He concluded the session with the reporting structure for insider trading.
The 3rd technical session ended with vote of thanks by CS Mohankumar A, Treasurer, ICSI-SIRC. 33 ICSI-SIRC eNewsletter/ July 2016 VALEDICTORY SESSION OF THE 28TH MSOP HELD ON 07TH JULY 2016
The Valedictory Session of the 28th MSOP was held on 07th July 2016 was presided by CS Sivakumar P, Chairman of ICSI-SIRC. CS Mohan Kumar A, Treasurer, ICSI-SIRC, CS Nagendra D Rao, Immediate Past Chairman, SIRC of The ICSI, and Ms. Sarah Arokiaswamy, Joint Secretary, ICSI – SIRO were also present.
CS Sivakumar P, Chairman of ICSI-SIRC in his valedictory address spoke on the opportunities for Company Secretaries under Companies Act, 2013 and he also stressed the need to become members of CSBF and express solidarity to the members in times of distress. CS Mohan Kumar A, Treasurer, ICSI-SIRC, requested students to exchange ideas to update their knowledge apart from Company law and build their network for mutual benefit. He invited the participants to take part in all Professional Development Programmes organized by the Institute.
Mrs. Sarah Arokiaswamy, Joint Secretary, ICSI – SIRO congratulated the participants and invited them to contribute articles for e-Newsletter, attend the professional development programmes of the Institute, and thereby earn the required credit hours apart from being updated.
The participation certificates were distributed by CS Sivakumar P, Chairman of ICSI-SIRC, CS Mohan Kumar A, Treasurer, ICSI-SIRC and CS Nagendra D Rao, Immediate Past Chairman, SIRC of The ICSI.
The participants of the 28th MSOP shared their joyful moments and feedback on the programme and the session concluded with vote of thanks.
GROUP READING PROCEEDINGS ON “MODEL GST LAWS”
The ICSI-SIRC organized Group reading on “MODEL GST LAWS” on 13, 14, 16 & 20, 21, 22 of July 2016 at ICSI-SIRC House, Chennai.
ON 13TH JULY 2016 - First day of Group Reading CS Ramasubramaniam C, Council Member, The ICSI addressed the gathering about Model GST that this Model GST law provides much needed visibility window for industry to understand the GST framework and also provides necessary feedback to shape the final law. CS Mohan Kumar A, Treasurer, ICSI-SIRC speaking on the occasion welcomed the gathering and introduced the speaker CS Dr. Soma Sundaram A.R, Practicing Company Secretary to the members.
All the 6 days of group reading was interactive as and when the members raised queries it was immediately clarified by the speaker of the session.
The group reading program concluded with a formal vote of thanks.
SEMINAR HELD ON FOUNDATION DAY PROGRAMME
The ICSI-SIRC organized seminar on “Familiarizing the important sections of the Companies Act 2013 & All you want to know on NCLT /NCLAT Rules” on Sunday , the 31st July 2016 at ICSI-SIRC House, Chennai.
CS Sivakumar A, Chairman, ICSI-SIRC at his foundation day speech addressed the gathering about the about the establishment of the Institute, its members & students. He said that Foundation Day has a special importance for all of us as all our senior members 34 ICSI-SIRC eNewsletter/ July 2016 have put in their untiring efforts, dedication and commitment and nurtured this profession and also said that
Ours is scholarly community engaged in common search for knowledge and wisdom, groom the students to reputed professional and above all be the Custodians of Corporate governance principles and he thanked all the chairman of the SIRC for their contributions with the support of the team members to develop this institute.
1st Session- Familiarizing the important sections of the Companies Act 2013
CS Mohan Kumar A, Treasurer, ICSI-SIRC introduced the speaker of the session.
The first session during the programme was taken by CS Rajendran S, Practising Company Secretary,
Chennai. He started the session why the Familiarization with Companies Act 2013 was needed and explained the various ways to tag the section of the Companies Act 2013 according to the individual capacity and creativity. He also put forth the question whether we are ready to say good bye to old Companies Act
1956 which was not yet so and briefed the sections which are yet to be notified under Companies Act
2013.He made familiarization in the unique way like power of One, Section 118 SS, keep them at distance for related party transactions and penalty as AK 47.
2nd Session- All you want to know on NCLT /NCLAT Rules
CS Mohan Kumar A, Treasurer, ICSI-SIRC introduced the speaker of the session.
The second session during the programme was taken by CS Rajesh R, advocate, Chennai. He started the session with Bird's eye view of NCLT rules and also the speaker elaborately covered the various NCLT-
NCLAT provisions and their procedures, explained the various forms which has to be filed, the E-filing facilities , schedule of Fees ,what are the registers to be maintained. He elaborated about the class action provisions and procedures.
The Foundation Day seminar concluded with formal vote of thanks by CS Mohan Kumar A, Treasurer,
ICSI-SIRC.
35 Details of Career Awareness Programmes conducted in July 2016
No. of S.No. Name of School/College Resource Person[s] Date Students
Lakshmi College of Science & Ms. Chitra Anantharaman, 1 01.07.2016 60 Technology, Chalakudy, Kerala Dy.Director, ICSI-SIRO
Govt. Higher Secondary School, Ms. Chitra Anantharaman, 2 01.07.2016 170 Kodakara, Kerala Dy.Director, ICSI-SIRO Ms. Chitra Anantharaman, 320 3 GHSS Kodakara 01.07.2016 Dy.Director, ICSI-SIRO [2 batches] Ms. Chitra Anantharaman, Singaram Pillai Girls Hr. Sec. 4 Dy.Director, ICSI-SIRO & 20.07.2016 55 School, Villivakkam CS Chadrasekaran M ( ACS 44832) Ms. Chitra Anantharaman, Singrampillay Matric Hr. Sec. 5 Dy.Director, ICSI-SIRO & CS 20.07.2016 120 School, Chennai Chadrasekaran M ( ACS 44832) Ms. Chitra Anantharaman, Our Lady of Velanganni Matric 6 Dy.Director, ICSI-SIRO & CS 20.07.2016 80 Hr. Sec. School, Villivakkam Chadrasekaran M ( ACS 44832) Ms. Chitra Anantharaman, Kings Matric Hr. Sec. School, 7 Dy.Director, ICSI-SIRO & CS 20.07.2016 85 Chennai Chadrasekaran M ( ACS 44832) JAYA-Arakkonam Arts & Science Ms. Chitra Anantharaman, 8 21.07.2016 College Dy.Director, ICSI-SIRO 375 Thiruvalluvar University College Ms. Chitra Anantharaman, 9 21.07.2016 415 of Arts & Science Dy.Director, ICSI-SIRO Ms. Chitra Anantharaman, Kalaimagal Vidhya Mandir Dy.Director, ICSI-SIRO 10 Matriculation Higher Secondary 23.07.2015 125 School, Madipakkam, Chennai CS Balasubramanian R PCS, Chennai Ms. Chitra Anantharaman, Vyasa Vidyalaya Matriculation Dy.Director, ICSI-SIRO 11 Higher Secondary School 23.07.2015 150 Puzhuthivakkam, Chennai CS Balasubramanian R PCS, Chennai Ms. Chitra Anantharaman, IIKM Business School 12 Dy.Director, ICSI-SIRO 26.07.2015 55 Nungambakkam, Chennai
St.Thomas Matrculation Higher Ms. Chitra Anantharaman, 13 Secondary School, Dy.Director, ICSI-SIRO 26.07.2015 60 Puzhuthivakkam, Chennai St. Joseph’s College of Arts & Ms. Chitra Anantharaman, 200 14 Science[Autonmous] Dy.Director, ICSI-SIRO 28.7.2016 I Year B.Com. Cuddalore students Ms. Chitra Anantharaman, Immaculate College for Women, 350 15 Dy.Director, ICSI-SIRO 28.7.2016 Pudupalayam, Cuddalore
36 ICSI-SIRC eNewsletter/ July 2016 200 Ms. Chitra Anantharaman, C.Kandaswami Naidu College for I Year B.Com. 16 Dy.Director, ICSI-SIRO 28.7.2016 Women, Cuddalore & BBA
Students 220 Ms. Chitra Anantharaman, III Year C.Kandaswami Naidu College for 17 Dy.Director, ICSI-SIRO 28.7.2016 B.Com. & Women, Cuddalore M.Com. Students C.K. School of Practical Ms. Chitra Anantharaman, 145 Knowledge Matriculation Higher 18 Dy.Director, ICSI-SIRO 28.7.2016 Students Secondary School, 10th Students Cuddalore 38 C.K. School of Practical Ms. Chitra Anantharaman, Students 19 Knowledge Matriculation Higher Dy.Director, ICSI-SIRO 28.7.2016 Plus one and Secondary School, Cuddalore Plus two 300 I Year St. Joseph’s College of Arts & Ms. Chitra Anantharaman, Computer 20 Science[Autonmous] Dy.Director, ICSI-SIRO 29.7.2016 Science & Cuddalore Comp. Applications 275 St. Joseph’s College of Arts & Ms. Chitra Anantharaman, I Year B.Sc. 21 Science[Autonmous] Dy.Director, ICSI-SIRO 29.7.2016 [Maths] & Cuddalore Physics Organized by Chief Educational Office,Cuddalore and Participated by St.Joseph’s Ms. Chitra Anantharaman, 615 Plus Two 22 GHSS,Manjakkuppam,Cuddalore Dy.Director, ICSI-SIRO 29.7.2016 Students St. Annes GHSS,Cuddalore GGHSS,Venugobalapuram ARLM MHSS, Cuddalore St.Marys MHSS, Cuddalore 170 I Year BBA & St. Joseph’s College of Arts & Ms. Chitra Anantharaman, B.Com. 23 Science[Autonmous] Dy.Director, ICSI-SIRO 29.7.2016 Bankign & Cuddalore Management Studies 300 Ms. Chitra Anantharaman, Sri Saraswathi Vidhyaalaya 10th, Plus 24 Dy.Director, ICSI-SIRO 30.7.2016 MHSS, Cuddalore Port One & Plus
Two Kamatchi Shanmugam MHSS, Ms. Chitra Anantharaman, 60 25 Sivanandapuram, Cuddalore Dy.Director, ICSI-SIRO 30.7.2016
Port Ms. Chitra Anantharaman, Sri Vidya Kala Kendram 26 Dy.Director, ICSI-SIRO 30.7.2016 65 Thiruvendipuram
37 ICSI-SIRC eNewsletter/ July 2016 SIRC Chapters’ Activity Report Bangalore July 2016 Coimbatore Calicut Hyderabad Kochi Mysore Mangalore Palakkad Salem Visakhapatnam
38 ICSI-SIRC eNewsletter/ July 2016 ICSI-SIRC eNewsletter 6 Bengaluru Chapter
Half Day Seminar on Secretarial Audit Reports- Companies, OPCs which is the right vehicle for Trends and Practices business – A study of their privileges and Restrictions
th The ICSI-Bengaluru Chapter organized a Half Day on 11 June 2016 at the Chapter Premises. Seminar on Secretarial Audit Reports Trends and The Seminar was presided by CS Vivek Hegde, th practices on 4 June 2016, at the Chapter Premises. Member, Managing Committee of The ICSI- The Seminar was presided by CS Nagendra D Rao, Bengaluru Chapter, CS V Karthick, Partner, JKS and Immediate Past Chairman, The ICSI-SIRC, CS Co, CS Padmavathi K, Practicing Company Rekha Kamath, Secretary, The ICSI-Bengaluru Secretary, CS Shilpa Sreeram, Practicing Company Chapter, and Mr. Shankar Jaganathan, Founder and Secretary. CEO, Cimplyfive Secretarial Services Ltd. CS Vivek Hegde, Member, Managing Committee of CS Nagendra D Rao, delivered the welcome The ICSI-Bengaluru Chapter did the welcome address and introduced the Speaker to the audience address and introduced the speakers to the present. audience Present. Mr. Shankar Jaganathan, during his session CS V Karthick, started his session by explaining informed the gathering that Statutory Audit Reports Section: 2 (40) -financial statement in relation to a evolved over 400 years and events that triggered company and applicable rule , Section 2(41) and changes in the Report.He informed that it is a applicable rule, Section: 2 (68):“Private company” mandate that Secretarial Auditors have to be means a company having a minimum paid-up share appointed by the Board of Directors and the Report capital of one lakh rupees or such higher paid-up should be addressed to the Members of the share capital as may be prescribed, and which by its Company and to be submitted to the Board of articles,-(i) restricts the right to transfer its shares;(ii) Directors. He then informed the gathering on except in case of One Person Company, limits the Evolution of Initial Financial Audit Reports, Form MR- number of its members to two hundred along with 3, Audit Process, Financial Laws (Direct and Indirect notification and amendment. The Speakers then Laws),Constitution of the Board, Notice & Conduct of explained the gathering on Companies Amendment Board Meetings,Systems and Process to ensure bill 2016, One Person Company and its privileges compliance etc before concluding his session. and restrictions, Small Companies their privileges The Seminar ended with vote of thanks and and restrictions, Private Companies their privileges presentation of memento to the speaker. and restrictions and proposed amendments in Companies Bill 2016 etc before concluding their Half day Seminar on Private Companies, Small Companies, OPCs which is the right vehicle for session. business – A study of their privileges and Restrictions The Seminar ended with vote of thanks and presentation of Memento to the Speakers. The ICSI-Bengaluru Chapter has organized a Half Day Seminar on Private Companies, Small
ICSI-SIRC eNewsletter/ July 2016 39 PCS Day Celebrations – 15th June 2016 CS Nagendra D Rao, Immediate Past Chairman, The ICSI-SIRC welcomed the gathering and invited The ICSI Bengaluru Chapter celebrated PCS Day on the dignitaries to occupy the dais. During his 15th June 2016 at the Chapter premises. The welcome address CS Nagendra D Rao, informed Celebration was presided by CS Nagendra D Rao, that today Indian Economy is growing into a strong Immediate Past Chairman, The ICSI-SIRC who did and robust economy against global competition with the welcome address and informed the audience the due contribution of Indian Capital Markets. He present on the history and importance of PCS Day has informed that Indian securities market has grown and why it is being celebrated. into a global dimension, and informed that ICSI has The Celebration was presided by Speakers CS V always been promoting the interest of investors, Sreedharan, Past Council Member, The ICSI and CS good governance, investor education by organizing Sumana Rao, Partner, JKS and Co along with CS the Capital Markets Week Celebrations PAN India Pradeep B Kulkarni, Treasurer, The ICSI-Bengaluru every year. Chapter. He then requested all the dignitaries on the dais to The Meeting was also presided by Senior Company inaugurate the programme by lighting the Lamp. Secretaries CS M Chandrappa, CS S Kedarnath, CS CS Gopalakrishna Hegde, Council Member, The Padmavathi K, CS B D Mohta, CS G V Srinivasa ICSI and Programme Director, while introducing the Murthy, CS S Ramesh, CS R Srinivasan, CS Rajesh theme informed that Capital Markets is the engine for S Narang, CS Jayachandran K who shared their creating wealth which plays very important role in the experience and thoughts and the way forward for the National economy. He informed that the quality of the profession. regulatory mechanism has improved so much that The Celebration ended with presentation of saplings the India has been ranked 7th position in 2014 in to all the Senior Company Secretaries and Speakers comparison to its 49th ranking in the year 2012, which is because of the quality of the regulations and the Capital Markets Week Celebration Mega professionals behind implementing these Programme on Theme: Transcending Horizons- Capital Markets Way regulations. Concluding his speech CS Gopalakrishna Hegde, Council Member informed The ICSI-Bengaluru Chapter Celebrated capital that the ability of a true professional is to say yes to Markets Week by organizing a mega programme on right kind of responsibilities and say no to wrong kind Theme: Transcending Horizons The Capital Markets of temptations. Way on 18th June 2016 at the auditorium of The ICSI- Bengaluru Chapter. CS Mahavir Lunawat, Council Member, The ICSI during his address thanked Bengaluru Chapter for The Mega Programme was presided by Chief Guest inviting him for the programme. He informed that CS Rajesh Ramaiah, Director and CFO, Premji ICSI is taking lot of initiatives and one among them is Invest, CS Gopalakrishna Hegde, Council Member, celebration of Capital Markets Week, so as to make The ICSI and Programme Director, CS Mahavir sure that Company Secretary Professionals can Lunawat, Council Member, The ICSI, CS Nagendra cater to the needs of Industry and stake holders in a D Rao, Immediate Past Chairman, The ICSI-SIRC, larger manner in such areas as capital markets CS Pradeep B Kulkarni, Treasurer, The ICSI- where all securities laws are getting changed and Bengaluru Chapter. revamped every 3 years. ICSI-SIRC eNewsletter/ July 2016 40 CS Rajesh Ramaiah, Chief Guest during his Market. He thanked Bengaluru Chapter for inviting address thanked Bengaluru Chapter for inviting him him for the session. He then informed the gathering for the programme. He informed he is aware of the on the background and overview of Commodities initiatives taken by ICSI in the area of Capital market and the major implications and differences Markets. He informed that effective governance is a between Commodity Markets and Capital Markets pre requisite for efficient functioning of Capital before concluding the 2nd technical session. Markets and ICSI being a custodian of Corporate Governance in India is playing a very important role 3rd Technical Session in the development of Capital Markets. He then The 3rd technical session at the Mega Programme emphasised the role a company secretary plays in was taken by CS Shivaram Adiga, Vice President the Capital Markets arena. Legal and Company Secretary on topic “SEBI CS Pradeep B Kulkarni, Treasurer, The ICSI- LODR regulations”. The Speaker started his Bengaluru Chapter proposed vote of Thanks. session by explaining the Overview of SEBI LODR
st Regulations, Applicability of SEBI LODR 1 Technical Session: Regulations 2015, Common Obligations of Listed The 1st Technical Session at the Mega Programme Entities & Obligations of Listed Entity which has on Topic: Start Up and Accelerate Empowering listed its Specified Securities, periodic India's MSME's Sector through Institutional Trading disclosures, Event-based disclosures by listed Platform & SME Exchange was taken by Speaker entity, Committees to be constituted by listed CS Mahavir Lunawat, Council Member, The ICSI entities as per SEBI (LODR) Regulations, 2015, and Group Managing Director, Pantomath Advisory Related Party Transaction, Provisions relating to Services Group. During the session the speaker listing, Documents & Information to shareholders, explained the alternate raising platforms and A n n u a l R e p o r t s , opportunities for Company Secretaries, Emerging Transfer/transmission/transposition of securities, platforms for growth funding, SMEs and their Dividend, Voting by shareholders, Duties and eligibility norms, advantages of SME Listing, Due Obligations of the Stock Exchanges, Procedure Diligence and Transition Management, SME IPO, for action in case of default, Imposition of Penalty
ITP Listing and Opportunities for Company rd etc before concluding the 3 technical session. Secretaries before concluding the 1st Technical 4th Technical Session Session.
th 2nd Technical Session: The 4 technical session at the mega programme was taken by CS S Kannan, Past Chairman, The The 2nd Technical Session at the Mega Programme ICSI-Bengaluru Chapter & Consultant Company was taken by CS Ananda Kumar M K, Chief - Secretary on topic “Company Secretary – Corporate Services & Company Secretary, Professional facilitator in Capital Markets”. The National Commodity And Derivatives Exchange Ltd Speaker started his session by explaining the role on topic “Commodity Market Vis a Vis Capital of Company Secretary in Capital Markets is to take 41 ICSI-SIRC eNewsletter/ July 2016 care of Issue management by facilitating The Chief Guest in his inaugural address intermediaries, Disclosure (Compliance) congratulated all the participants for completing CS. Management, Appraisal and Review Management He informed that Bengaluru Chapter is one of the of Internal Audits etc, Corporate Actions and most vibrant chapters in ICSI and thanked the Management, Regulatory Management and Managing Committee of Bengaluru Chapter for Investor Management before concluding his inviting him for the event. session. CS Hari Babu Thota Chairman, Bengaluru Chapter The mega programme concluded with vote of proposed the vote of thanks for the inaugural function thanks and presentation of Mementos to all the of 27th MSOP. speakers. The Valedictory of 27th MSOP was presided by CS Yoga Day Celebrations – 21st June 2016 Hari Babu Thota, Chairman, The ICSI-Bengaluru Chapter, CS Nagendra D Rao, Immediate Past The ICSI- Bengaluru Chapter to commemorate Chairman, The ICSI-SIRC and Chief Guest CS International Yoga Day, organized yoga celebration Venkat Narayana, Executive Director and CFO, at the Chapter Premises on 21st June 2016. Prestige Estates Projects Ltd. The yoga day celebration was presided by CS Hari The Dignitaries present congratulated all the Babu Thota, Chairman, The ICSI-Bengaluru participants for completing MSOP and distributed Chapter and CS Nagesh KN, Principal and Yoga MSOP completion certificates to all the participants. Instructor Sri PrasannaAnjaneya Yoga Kendra, Bengaluru. Student Study Circle Meeting on 12th June 2016, Chapter Premises CS Nagesh K N along with his team demonstrated yogasanas for health and prosperity. The programme The ICSI Bengaluru Chapter organized Students was attended by Company Secretaries, Students and Study Circle Meeting on Modes of Issuance of Staff of Bengaluru Chapter of ICSI Securities and Amendments thereof on 12th June 2016 at the Chapter premises. Inauguration and Valedictory of 27th Management Skills Orientation Programme (MSOP The Meeting was presided by CS Chandrasekhar, Associate at Nishit Desai Associates, Bengaluru. The The ICSI Bengaluru Chapter organized Inauguration Speaker started his session by explaining that some of 27th batch of MSOP on 2ndJune 2016 at the Chapter of the major methods of issuance of securities are Premises. Public Issue, IPO, Private Placement, Offer for sale, The Inaugural session was presided by CS Hari Babu Sale through intermediaries, sale to inside coterie, Thota, Chairman, The ICSI Bengaluru Chapter and Sale through privileged brokers and privileged CS M Chandrappa, Past Chairman, The ICSI-SIRC subscriptions. The Speaker also explained many was the Chef Guest. other details along with examples before concluding CS Hari Babu Thota, Chairman The ICSI Bengaluru his session.
Chapter delivered the welcome address and The Session ended with vote of thanks and introduced the Chief Guest. The Chief Guest Presentation of Memento to the Speaker. inaugurated the programme by lighting the lamp. ICSI-SIRC eNewsletter/ July 2016 42 Student Study Circle Meeting Price or alternatively MarketValue of a firm.He then informed Steps to Dividend Decision, Characteristics The ICSI Bengaluru Chapter organized Students of Dividends, Capital Return Program,Features of Study Circle Meeting on Labour Law Compliances
th Buyback etc before concluding his session. on 19 June 2016 at the Chapter premises. The Session ended with vote of thanks and The Meeting was presided by CS Veena Kannan, Presentation of Memento to the Speaker. Company Secretary who took session on topic Labour Law Compliances, the Speaker during the Coimbatore Chapter s e s s i o n i n f o r m e d P r o f i l e o f L a b o u r legislations,Karnataka Shops and Establishments CAP at Nehru College of Arts & Science, Act, 1961, Registration formalities under Shops On 23.06.2016, Coimbatore Chapter conducted a Act,Contract Labour Act, 1970,Payment of wages Career Awareness Programme at 11.30 A.M at Nehru act, 1936,Minimum Wages Act, 1948,Employee's College of Arts & Science, Madukkarai,Palakkad Provident Fund and Miscellaneous Act, 1952, Road, Coimbatore. CS A.R. Ramasubramania Raja, Employee State Insurance Act, 1948,Maternity Chairman, Coimbatore Chapter of SIRC of ICSI was Benefit Act, 1961,Payment of Gratuity Act, the speaker. 1972,Payment of Bonus Act, 1965,Sexual The speaker explained the opportunities available Harassment of Women at Workplace(Prevention, after completion of the Company Secretaryship Prohibition and Redressal) Act, 2013etc before Course both in employment and in practice and concluding the session. further explained the new opportunities available The Session ended with vote of thanks and under the Companies Act 2013. Mandatory Presentation of Memento to the Speaker. appointment of Company Secretary and Key Student Study Circle Meeting Managerial Personnel as per the Companies Act 2013 were also highlighted. The ICSI Bengaluru Chapter organized Students Study Circle Meeting on Dividend Policy and The mode of registration, syllabus, course contents, Unresolved Controversy on 26th June 2016 at the fee structure, placement services and oral coaching Chapter premises. facilities being provided to the students were explained. Further, the speaker highlighted the The Meeting was presided by CS Shrikanth M, various support given by the institute for pursuing CS Financial Analyst Cum Company Secretary John course by way of Scholarships, ICSI Education Fund Crane Sealing Systems India Pvt Ltd who took Trust and the MOU agreement with Canara Bank for Session on topic “Dividend policy and Unresolved availing education loan. Controversy”. The Speaker started his session by explaining Dividend Policy Refers to Whether Career leaflets were distributed amongst the students Distributable profit be paid to shareholders in form of and they were appraised about the new examination Dividend? Or, alternatively retain them in form of pattern and online services of ICSI. Further the Retained Earnings considering its impact on Share speaker informed the students about the placement
ICSI-SIRC eNewsletter/ July 2016 43 facilities including the proposed Campus Placement CS A.R.Ramasubramania Raja, Chairman, ICSI- Programme of the Chapter & other students' Coimbatore Chapter, Officials & Students of ICSI- programmes of the Chapter. Nearly 250 students Coimbatore Chapter has participated in the from Bcom (Corporate Secretaryship) attended the programme. CS A.R.Ramasubramania Raja, Career Awareness Programme. The queries raised Chairman briefed the importance of the day and by students were aptly replied by the speaker. initiative of the institute for organizing this awareness programmes on PAN India basis. He Swachh Pakwada advised the students that everyone can plant a Coimbatore Chapter of ICSI has actively sapling during the occasion of their birthday or their participated in the endeavour of Swachh Pakwada lovable birthdays or parents wedding anniversary and has undertaken the responsibility of Cleanliness which are all the possible happy moments in one's th Drive on 30 June, 2016 at 11 A.M at Suburban life which leads a mass support towards the Mother Matriculation Higher Secondary School, Earth to live in a longer life. The programme was Coimbatore. concluded with plantation of saplings at the School A special speech on importance of 'Swachhata premises of Suburban Matriculation Higher Pakhwada' drive was organised for school students Secondary School, Coimbatore. Specially designed followed by Pledge Taking Ceremony administered banner provided by ICSI-HQ were displayed at the by CS A.R. Ramasubramania Raja, Chairman, ICSI- place of the event. Coimbatore Chapter. While addressing the Emerging aspects in corporate laws covering students, he mentioned that Children can play a very Companies (Amendment) Bill, 2016, Insolvency important role in achieving a Healthy Youth & and Bankruptcy Code 2016, NCLT and its role Healthy India. He said that students can become As part of “ICSI-UDAAN” initiated by ICSI-HQ, ambassadors of cleanliness and motivate others to Coimbatore Chapter of SIRC of ICSI has organized keep their homes, schools and surroundings clean. a Special Programme on “Emerging aspects in The message about the 'Swachhata Pakhwada' corporate laws covering Companies (Amendment) drive and ICSI initiative were spread among school Bill, 2016, Insolvency and Bankruptcy Code 2016, students and school authorities attended the NCLT” for the students at Coimbatore on 5th July, cleanliness drive. 2016 at ICSI-Coimbatore Chapter premises. CS P. Around 120 students from the Suburban Eswaramoorthy, Past Chairman, Coimbatore Matriculation Higher Secondary Schools, Chapter of SIRC of ICSI was the speaker. He briefed Coimbatore were participated in the programme and the Constitutional Set-up & the Validity of NCLT spent around one hour time for the Cleanliness (National Company Law Tribunal). He also Drive in and around the School Premises. discussed the process to present the Case before
Van Mahotsav NCLT (National Company Law Tribunal) and focused on the difference between the new & old As part of “ICSI-UDAAN” initiated by ICSI-HQ, Companies Act. Coimbatore Chapter of SIRC of ICSI has celebrated “VAN MAHOTSAV” on 01st July, 2016 at the Further the speaker discussed about the topic on premises of Suburban Matriculation Higher “Insolvency & Bankruptcy Code 2016” and he Secondary School, Coimbatore. briefed that the Insolvency and Bankruptcy Code, 2016 seeks to consolidate and amend the existing ICSI-SIRC eNewsletter/ July 2016 44 ICSI-SIRC eNewsletter/ July 2016 45 was the speaker of the programme. The chapter demand and opportunities of CS profession. briefed that the Insolvency and Bankruptcy Code, During this Campaign the Managing Committee 2016 seeks to consolidate and amend the existing Members and the Officials of Coimbatore chapter laws on bankruptcy and insolvency matters and had visited around 22 Schools & Colleges at creates a unified legal framework for resolution of Coimbatore for the special meeting and for handing insolvency/bankruptcy issues in a time bound over the specially designed posters. Schools and manner. The speaker added that the Code applies College Authorities were also made a special to companies, limited liability partnerships, announcement in each class rooms about CS partnership firms, other corporate persons, and course, last date of admission and about the individuals, and any other body specified by the Posters which are placing on their Notice Board. Government. He further explained its applicability, This promotional strategy has helped the students role of Insolvency Board, professionals and to have constant reminders about the last date of agencies & Adjudicating Authority. He also CS registration, registration procedures, Chapter explained the process of Corporate Insolvency Contact details etc. Resolution such as Initiation of Proceedings, Broad During the special meeting, we further invited the Steps after admission of application, Time Period, attention of Schools/Colleges authorities about the Liquidation Proceedings, Cross-Border Insolvency, detailed definition of CS, Institute name & its role, Offences and Penalties. Importance & Functions of CS etc. mentioned in Special Career Awareness Campaign – Plus Two Commerce Book – Tamilnadu State Admission Utsav (Matriculation) Syllabus (English & Tamil medium) As part of the “ICSI-Udaan” initiated by ICSI-HQ (5th Chapter , page no.149-152). This strategy got during July 2016, Coimbatore Chapter has good response from the Schools/Colleges organized a Mega Campaign viz. “CS Admission authorities and they were well impressed about the Utsav”. The main objective of this campaign is to CS profession and its importance. make aware the students about CS course and Apart from this Campaign Chapter has also remind the students about the last date of CS organized around 20 Career Awareness Admissions, Fees, Scholarships, Coaching Programmes during July, 2016. Facilities, etc. Posters were specially designed by CAP at Kongu Arts & Science College, Erode the chapter for this campaign which includes the (ICSI-Study Centre) details of CS admission last dates, fees, Importance of CS course, Scholarships, Coaching Facilities at On 01.07.2016, Coimbatore Chapter conducted a Chapter, Contact details etc. The specially Career Awareness Programme at 09.30 A.M at designed posters were distributed among Schools Kongu Arts & Science College, Erode. The college & Colleges for placing the same on their Notice was recently received the approval of ICSI-Study Board (Permanently). A special meeting had also C e n t r e s c h e m e f r o m I C S I - H Q . C S arranged before handing over the posters with A.R.Ramasubramania Raja, Chairman, Colleges/ Schools Authorities (including Coimbatore Chapter of SIRC of ICSI was the HOD/Commerce Faculties) for disseminating the speaker. 46 ICSI-SIRC eNewsletter/ July 2016 The speaker explained the opportunities available after completion of the Company Secretaryship Course both in employment and in practice and further explained the new opportunities available under the Companies Act 2013. The mode of registration, syllabus, course contents, fee structure, placement services and oral coaching facilities being provided to the students were explained. He highlighted the various support given by the institute for pursuing CS course by way of Scholarships, ICSI Education Fund Trust and the MOU agreement with Canara Bank for availing education loan.
Career leaflets were distributed amongst the students and they were appraised about the new examination pattern and online services of ICSI. Nearly 350 students from Bcom streams had attended the Career Awareness Programme.
Career Awareness Week
As part of the “ICSI-Udaan” initiated by ICSI-HQ during July 2016, Coimbatore Chapter has organized Career Awareness Week from 18-26, July, 2016 and conducted 20 Career Awareness Programmes in various Colleges and Schools in rural and semi urban areas in and around Coimbatore and about 4600 students have participated in 20 Career Awareness Programmes.
The Managing Committee Members and Officials of the Coimbatore Chapter have actively participated in this mega event. Further, around 15 Career Awareness Programmes have been scheduled through the references from Schools & Colleges and we have planned to conduct these Career Awareness Programmes during August, 2016.
SL. College/School No. of Date No. Name participants Speaker
CS A.R.Ramasubra Nehru College of mania Raja, 300 Arts & Science, Chairman, ICSI- [All students 1 18.07.2016 Madukkarai, Coimbatore from Bcom & Coimbatore Chapter BBA]
CS P. PSG Krishnammal 300 Eswaramoorthy, 2 18.07.2016 College of Arts & [Bcom all Past Chairman, ICSI- Science, Coimbatore streams] Coimbatore Chapter Suburban Mr. Sreejith.P, EO, Matriculation Higher ICSI-Coimbatore 120 3 19.07.2016 Sec. School (Govt.) Chapter [Plus 1 &2 ,Ramnagar, Commerce] Coimbatore Sankara College of CS R.Maheswaran, 150 Arts & Science, Secretary, ICSI- 4 19.07.2016 [All streams from Saravanampatti, Coimbatore Chapter Bcom] Coimbatore Dr. SNS Rajalakshm CS R.Maheswaran, i College of Arts & Secretary, ICSI- 400 5 19.07.2016 Science, Coimbatore Chapter [All streams Saravanampatti, from Bcom & Bcs] Coimbatore 47 ICSI-SIRC eNewsletter/ July 2016 CMS College of Arts CS R.Maheswaran, 150 & Science, Secretary, ICSI- 6 20.07.2016 [1st & 2nd year Saravanampatti, Coimbatore Chapter Bcom] Coimbatore KG College of Arts & CS R.Maheswaran, Science, Secretary, ICSI- 350 7 20.07.2016 Saravanampatti, Coimbatore Chapter [All Bcom] Coimbatore
CS A.R.Ramasubra VLB Janaki Ammal mania Raja, 400 College of Arts & Chairman, ICSI- [All students 8 20.07.2016 Science, Coimbatore from Bcom Kovaipudur, Chapter streams] Coimbatore
Suburban Matriclulat Mr. Sreejith.P, EO, ion Higher Sec. ICSI-Coimbatore 140 9 21.07.2016 School (AIDED) Chapter [Plus 1 &2 ,Ramnagar, Commerce] Coimbatore Nirmala College of CS P. 200 Arts & Science, near Eswaramoorthy, 10 21.07.2016 [1st & 2nd year Red Field, Past Chairman, ICSI- Bcom] Coimbatore Coimbatore Chapter Bishop Ambrose CS P. 300 College of Arts & Eswaramoorthy, 11 21.07.2016 [All students from Science, Race Past Chairman, ICSI- Bcom] Course, Coimbatore Coimbatore Chapter Pioneer College of CS R. 250 Arts & Science, Venkateswaran, Past 12 22.07.2016 [All students from Jothipuram, Chairman, ICSI- Bcom] Coimbatore Coimbatore Chapter CS R. 200 Pioneer Higher Sec. Venkateswaran, Past [Plus 1 & 2 13 22.07.2016 School, Jothipuram, Chairman, ICSI- commerce Coimbatore Coimbatore Chapter students] Kikani Matriculation Mr. Sreejith.P, EO, Higher Sec. School ICSI-Coimbatore 110 14 22.07.2016 (State Syllabus) , Chapter [Plus 1 &2 R.S.Puram, Commerce] Coimbatore
CS P. Dr.NGP College of Eswaramoorthy, 200 Arts & Science, Past-Chairman, 15 22.07.2016 [Students from Kalapatti, ICSI-Coimbatore BBA] Coimbatore Chapter
Corporation (Co-Ed) Mr. Sreejith.P, EO, 100 Higher Sec. School ICSI-Coimbatore 16 22.07.2016 [Plus 1 &2 (Govt.), R.S.Puram, Chapter Commerce] Coimbatore
ICSI-SIRC eNewsletter/ July 2016 48 CS P. Nirmala College of 150 Eswaramoorthy, Past 17 23.07.2016 Arts & Science, Red [Bcom (PA) 1st & Chairman, ICSI- Field, Coimbatore 2nd year] Coimbatore Chapter
CS A.R.Ramasubra Sree Saraswathi Thy mania Raja, 200 agaraja College of Chairman, ICSI- [All students 18 23.07.2016 Arts & Science, Coimbatore from Bcom Pollachi, Coimbatore Chapter streams]
CS A.R.Ramasubra Hindustan College of mania Raja, 400 Arts & Science, Chairman, ICSI- [All students 19 25.07.2016 NavaIndia, Coimbatore from Bcom Coimbatore Chapter streams]
CS A.R.Ramasubra Dr.NGP College of mania Raja, 200 Arts & Science, Chairman, ICSI- 20 26.07.2016 [1st & 2nd year Kalapatti, Coimbatore Bcom] Coimbatore Chapter
Calicut Chapter
Half Day Program Soft Skill Development Pogramme Calicut Chapter of SIRC of ICSI conducted a Half Calicut Chapter of SIRC of ICSI successfully day Professional Development Programme on conducted a Student Development Programme in topic “NCLT- constitution, transitional provisions support to the students month celebrations of ICSI and related matters on Saturday, the 25th day of on 22/07/2016. June, 2016. The topic selected was “Role of soft skills in career The Technical session was handled by Shri. Mr. C. growth and development”. It helped the students to V. Madhusudhanan B.Sc., B.L., FCS, Practicing understand the need to develop and polish the Company Secretary; Partner, KSR & Co., skills necessitated by the industry along with Company Secretaries LLP. sufficient significance for their academic The program was marked by an excellent Session excellence. Around fifteen students benefited from with 15 Members & 20 Students benefiting from the the programme. program. 48 ICSI-SIRC eNewsletter/ July 2016 Hyderabad Chapter
Half-A-Day Seminar on Key Highlights of The conference with CS Mamta Binani, President, the Companies [Amendment] Bill 2016, Insolvency ICSI at Taj Deccan. CS Mamta Binani spoke on & Bankruptcy Code 2016 And NCLT. Common Corporate Governance code. With the world now becoming a global village, we feel a On 5 July 2016 Chapter has organised Half-A-Day common code will go a long way in ease of doing Seminar on Key Highlights of The Companies business. She further informed about Youth Skill [Amendment] Bill 2016, Insolvency & Bankruptcy Fest- Yuva Kaushal to be conducted by the Code 2016 And NCLT at Chapter Premises. CS R. Hyderabad Chapter on 15 July 2016 and 'Global Ramakrishna Gupta, Secretary- the ICSI- SIRC and Congruence' on International Corporate CS R. Venkata Ramana, Vice-Chairman of the Governance Day to be held in December. She Chapter were the speakers. They have explained in further spoke on Secretarial Standards, Gender detail about the updates in Companies Amendment diversity and women entrepreneurs and the Bill 2016, Insolvency & Bankruptcy code and NCLT. company secretary professionals available in India Students meet with President, ICSI and serving the Corporate.
On 12 July 2016 Chapter has organised a Students On this occasion CS Mahadev Tirunagari, interactive session with CS Mamta Binani, Chairman of the Chapter and CS Ahalada Rao V, President, ICSI at Chapter Premises. CS Kavitha Council Member, the ICSI also spoke with the media Rani, Secretary of the Chapter welcomed the and explained about the CS Course, Youth Skill Fest President, ICSI and other dignitaries on to the dais. and International Corporate Governance etc.
CS Mahadev Tirunagari, Chairman of the Chapter Members Meet with President, ICSI welcomed the students and informed the students On 12 July 2016 Chapter has organised Members about the importance of the visit of the President, Meeting with CS Mamta Binani, President, The the ICSI and advised the students to interact with ICSI. CS Mahadev Tirunagari, Chairman of the the President actively. CS Ahalada Rao V, Council Chapter welcomed the gathering. Member, ICSI addressed the gathering. CS Mamta Binani, President, ICSI spoke on New CS Mamta Binani, President, the ICSI spoke on the Initiatives of the ICSI such as Corporate importance of the profession of Company Secretary Governance Day, Dubai global convention, ICSI and congratulated the students for choosing a great outreach , ICSI ASCENTIA 2016, National seminar profession for their career. President gave an over series – Companies Act, 2013: 'NCLT and NCLAT view of the initiatives taken by the Institute for its Convergence of Corporate jurisdiction', ICSI students and for the profession. All the students Signature Award, International Day of Yoga actively participated in the interactive session and Celebrations, CS Olympiad, ICSI Study Centres, raised a various concerns, which were clarified by Initiatives For Students, Training Programmes for the President to the utmost satisfaction of the Peer Reviewers, ICSI-SMASH Project, Global students. Congruence On International Corporate Press Meet with President, ICSI Governance Day to be held at Hyderabad etc. On 12 July 2016 Chapter has organised Press 49 ICSI-SIRC eNewsletter/ July 2016 CS R. Ramakrishna Gupta, Secretary, The ICSI- Excellence and Smt. Amala Akkineni, Co-founder, SIRC and CS Ahalada Rao V, Council Member also Blue Cross of Hyderabad addressed the gathering graced the occasion and addressed the gathering. and congratulated the ICSI for organising such On the occasion an interactive session with good event Youth Skill Fest – Yuva Kaushal and Members with CS Raghu Babu, Practising emphasised on the importance of the skills of the Company Secretary on 'Growing Professional youth and its usage for the development of Nation. Services – Entrepreneurial Way' was organised The students made their skill presentations in front wherein he clarified / answered the members. of the Jury and the gathering and explained the Youth Skill Fest- Yuva Kaushal theme of their skill. A good number of students participated and presented their skills. The Jury On 15 July 2016 Chapter has organised the first of consisting of very senior dignitaries from various its kind program i.e, “Youth Skill Fest – Yuva disciplines of other Institutes/bodies has selected Kaushal” at JNTU Auditorium. The Mega event the best 4 presentations. inaugurated by lighting of the Lamp by Swami Bodhamayanandaji Maharaj, Director Vivekananda In the valedictory session Shri K Taraka Rama Rao, Institute of Human Excellence; Smt. Amala Minister for IT, Municipal Administration & Urban Akkineni, Co-founder, Blue Cross of Hyderabad; CS Development, Industries & Commerce, Public (Dr.) Shyam Agrawal, Vice President, the ICSI, CS Enterprises, Sugar, Mines & Geology, NRI Affairs, Mahadev Tirunagari, Chairman of the Chapter, CS and Government of Telangana was the Chief Guest Ahalada Rao V and CS Ramasubramanyam C, for Valedictory session. Shri Bontu Rammohan, Council Members, the ICSI and other dignitaries. Mayor of the Municipal Corporation of Hyderabad; Shri M Krishna Rao; MLA; Registrar of JNTU and CS R. Venkata Ramana, Vice Chairman of the other dignitaries also graced the valedictory Chapter and convenor of the program made his session. opening remarks and introduced the dignitaries. The Chief Guest and other dignitaries addressed CS Mahadev Tirunagari, Chairman of the Chapter; the gathering and Prizes for winners of the skill CS R. Ramakrishna Gupta, Secretary, ICSI-SIRC ; presenters were distributed in the hands of Shri K. CS Ahalada Rao V, Council Member, the ICSI; CS Taraka Rama Rao, Minister for IT. Ramasubramanyam C, Council Member, the ICSI spoke on the occasion. The programme was a grand success where in m o r e t h a n 1 2 0 0 s t u d e n t s o f v a r i o u s CS (Dr.) Shyam Agrawal, Vice President, the ICSI colleges/Institutions in Twin Cities have participated congratulated the ICSI Hyderabad Chapter for apart from a large number of members of the organising such innovative event for the student Institute. Large number of Media officials attended community. In his address the Vice President the Valedictory Session and the event was widely emphasised about the profession of the Company covered in newspapers & Electronic Media in a big Secretary and various initiatives taken by the way by telecasting the event in the news channels. Institute. CS S. Kavitha Rani, Secretary of the Chapter The Chief Guest Swami Bodhamayanandaji Proposed Vote of thanks. Maharaj, Director Vivekananda Institute of Human 50 ICSI-SIRC eNewsletter/ July 2016 Kochi Chapter 5 Days Skill Development Programme & 5 Days Entrepreneurship Development
Kochi Chapter organised PSDP and PEDP programmes for executive level qualified students during July first and third week. 16 students participated in each programme and Senior professionals handled various sessions in the programme.
Class Room Coaching
On 1st July 2016, Kochi Chapter commenced Class room coaching for all levels [Foundation Programme, Executive Programme and Selective papers for professional programmes]. Altogether 60 students registered for Class room coaching and admission will be closed on 29th July 2016.
Soft Skill Development Training
As part of Students month Celebrations, Kochi Chapter organized a full day soft skill development programme ' On Your Mark....!' for CS Students on 22nd July at Renewal Centre, Kochi. The programme was led by Mr.Sandeep K, CEO, Glowmind Training Consultancy Pvt Ltd, Ernakulam. 54 students participated in the programme.
Career Counsellors and Counsellors meet
As directed by the Head Quarters, 8 counsellors were appointed under the jurisdiction of Kochi Chapter. Among the eight counsellors 3 nos for Ernakulam district, 3 nos for Idukki district, 1 no for Pathanamthitta district, 1 no for Kottayam district. All counsellors were given a target of minimum 20 numbers programme in a year.
On 22nd July 2016, a meeting of Career Counsellors was held at Kochi chapter and Chairman briefed about Mission CAP. Counsellors kits were distributed to the Counsellors. The Meeting concluded with high tea.
Date Name of Schools Counsellor No of Students attended
19.07.2016 CAP at KPM HSS, Sreekumar TS 60 Poothotta, Ernakulam Office incharge
21.07.2016 CAP at Bhagavathi Sreekumar TS 56 Vilasam HSS, Nayarambalam, Vypin Office incharge
22.07.2016 CAP at Koothattukulam Sreekumar TS 63 HSS Office incharge
22.07.2016 CAP at St.Teresa’s Girls Sreekumar TS 80 HSS Office incharge Ernakulam 51 ICSI-SIRC eNewsletter/ July 2016 Study Circle Meeting July 2, 2016 at Silver Jubilee Hall, ICAI Chapter, Kaloor at 5:30 P.M. CMA. Pushpy Murikan Kochi Chapter organized a Study Circle Meeting on Secretary of ICAI Cochin Chapter delivered the 13th July 2016 on the topic 'Allotment of Securities welcome address and CMA. Anil Xavier, Chairman, by Pvt and Unlisted Public Co's'. Discussion was PDP Committee did the Introduction of speaker. The moderated by CS Pradeep PC, Practising Session was handled by CA. Ramankutty, Company Secretary, Ernakulam. The session was Practising Chartered Accountant, Kochi. He said well attended by the members and students of the Krishi Kalyan Cess is effected from June 01, Kochi chapter. 2016 at 0.5% on taxable services and that made Study Circle Meeting on New SEBI Listing service tax increased to 15%. The cess will be Regulations utilised mainly for the improvement of Agricultural The ICSI Kochi Chapter organised a Study Circle activation and also for the welfare of the farmers. He Meeting on the topic 'New SEBI Listing Regulations' further informed that in line with the Organisation for on Wednesday, June 29, 2016 at Chapter premises Economic Co-operation and Development's Base at 5:00 P.M. CS. Jayan K, Managing Committee Erosion and Profit Shifting project to tax e- Member of the ICSI Kochi Chapter delivered the commerce transactions, the Finance Act 2016, had welcome address. Discussion was moderated by inserted a separate Chapter VIII titled 'Equalisation CS. CMA. Anil Xavier, Practising Company Levy'. The newly inserted provisions of the Act Secretary, Kochi. He touched upon regulatory provide for an equalisation levy of 6% to be compliance and main provision under new listing deducted from amounts paid to a non-resident not regulations. The session was well attended by the having any permanent establishment in India, for CS members and students. Members participated specified services. He further expressed in his in the Swachh Bharat Pledge. The Session was session that any service provided by Government or ended up with vote of thanks by CS. Mithun B. a local authority to a business entity has been made Shenoy. taxable w.e.f April 1, 2016. Various examples along with detailed discussion went on in the session. The This was followed by Annual General Body Meeting session was concluded with vote of thanks by CS. of the Chapter at 6:30 P.M. Around 20 members Mithun B. Shenoy. participated in the meeting. Members raised queries on financials and future prospects of the Mysore Chapter chapter and the chairman replied to the queries. Thereafter unanimously members approved the F I R S T B A T C H O F 5 D AY S S K I L L accounts presented before meeting. The meeting DEVELOPMENT PROGRAM concluded at 7:15 P.M. ICSI-Mysore Chapter has conducted first batch of 5 Days Skill Development Program from 27th June, Joint Programme on Krishi Kalyan Cess 2016 to 01st July, 2016 at Chapter premises. The 5
ICSI Kochi Chapter jointly with ICAI (Erstwhile Days program was conducted by various faculties ICWAI) Cochin Chapter organised session on with related experience in the field. The 5 days Skill 'Krishi Kalyan Cess, Services rendered by Development Program was attended by 10 Government and Equalisation levy' on Saturday students. 52 ICSI-SIRC eNewsletter/ July 2016 VAN MAHOTSAV & ORAL COACHING consultant. CS. Ramakrishna Gupta, Secretary of INAUGURATION SIRC, ICSI and CS. Amit Gupta, Management Committee member of NIRC and Member of st On 01 July 2016, ICSI-Mysore chapter observed Research Committee highlighted the need for the Van Mahotsav, by planting saplings, keeping research and also briefed the structure of the abreast with the traditions initiated by Kulapati Dr. K programme. CS. Bhansali M.C., Chairman of the M Munshi, creating awareness and importance of ICSI-Mysore Chapter welcomed the gathering the planting trees. Further, the oral coaching classes for CS. Pracheta M., Secretary of the ICSI-Mysore the Executive programme students were also Chapter proposed the vote of thanks. inaugurated at the chapter premises. The Chairman of ICSI-Mysore chapter, CS M C Bhansali delivered The participants of the research symposium were the inaugural address advising CS aspirants to divided into groups and each group was assigned have, the zeal to excel. Shri. Parashivamurthy, with a Chapter under the Companies Act, 2013. The Assistant Professor of Government First Grade groups were expected to deliberate on the critical College, T Narsipura who was the Guest of Honour aspects and also improvise the Research material. motivated and inspired the students to strive for the The next part of the programme was inter-group best. The students pledged Swatchhata Pakhwada deliberations where each group presented their a mission to have a healthy and happy environment. views on the critical issues identified by them. This Members of the Mysore Chapter Managing was a brain storming session and was able to open Committee, Students & Parents participated in the up the debate on such issues. Overall, this said events. symposium helped the participants to develop their interpretational skills and provide a thorough insight RESEARCH SYMPOSIUM into the Companies A ct.
The ICSI-Mysore Chapter in association with the CS. Amit Gupta, Lucknow; CS. Anshul Jain, ICSI-CCGRT organised a 2 days' research Mumbai; CS. Chidambaram S., Hyderabad; CS. symposium on the Companies Act, on 8th and 9th Karthik V., Bengaluru; CS. Ramakrishna Gupta, July, 2016 under the theme- “Decoding the Hyderabad; CS. Venkataramana S., Hyderabad; unsolved mysteries of the Indian Companies Act”. CS. Thirupal Gorige, Bengaluru were the Mentors The symposium was attended by around 65 for the participants, who were successfully in delegates from many cities of Southern India igniting the minds of the participants by their queries
The event was inaugurated on 8th July, 2016 by the on the various chapters of the Companies Act. Dr. Muthukumar N., President and Wholetime On 9th July 2016, the symposium concluded with the Director of Automotive Axles Limited and Chairman Release of the 150th edition of the e-magazine, of CII, Mysore. He emphasised the need for followed by the Valedictory session. CS. Ahalada research in this time of ever changing regulatory Rao V, Central Council member and Chairman of framework. He also called upon the Company the Research Committee highlighted the need for Secretaries to concentrate on adding value to the Research under the Companies Act for the organisations they serve, either as employee or professionals and their growth. 53 ICSI-SIRC eNewsletter/ July 2016 In his inspiring speech on the occasion, CS (Dr.) CS. Bhansali M.C., Chairman of the ICSI-Mysore Shyam Agrawal, called upon the fellow Chapter welcomed the gathering; CS. Ajay professionals to imbibe integrity in all walks of life, Madaiah B.B., introduced the guests and CS. which is a combination of Character, Courage and Pracheta M., Secretary of the ICSI-Mysore Consistency. He also requested the members to Chapter proposed the vote of thanks. The Chapter continue their research activities. CS. Bhansali also recognised the contribution from all editors M.C., Chairman of the ICSI-Mysore Chapter and columnists of the eMagazine. welcomed the gathering; CS. Ajay Madaiah B.B., introduced the guests and CS. Pracheta M., Mangalore Chapter Secretary of the ICSI-Mysore Chapter proposed the vote of thanks. INAUGURATION OF ORAL COACHING CLASSES FOR MADULE-I OF EXECUTIVE TH RELEASE OF 150 EDITION OF THE MYSORE PROGRAMME FOR THE DECEMBER 2016 eMAGAZINE BY CS SHYAM AGRAWAL – VICE SESSION:
PRESIDENT Mangalore Chapter of the ICSI Inauguration of
On 09th July 2016, grand release of 150th Edition of Oral Coaching Class for Executive Program, the Mysore eMagazine was celebrated. CS (Dr) Madule-I for the December exams 2016, Session Shyam Agrawal, Vice President of the Institute of was inaugurated on 22-06-2016 at 10am at the Company Secretaries of India released the Chapter office premises, total 50 number of edition. CS Dattatri H.M., Chief Editor of the Students for Executive program was attended the eMagazine shared the colourful journey of the program, CS PV Rai Chairman of the Mangalore eMagazine. CS Ahalada Rao V., Central Council Chapter explained in detail of the Course offered Member and Chairman of the Research by the Institute and the criteria for eligibility for the Committee of the ICSI spoke on the occasion and course, examination, requirements of training etc. lauded the efforts of the Editorial team for the He has explain the role of a company Secretary, quality and outreach of the eMagazine. Job opportunities etc. He is also clarified the various doubts were raised by students. In his inspiring speech on the occasion, CS (Dr.) Shyam Agrawal, called upon the fellow professionals to imbibe integrity in all walks of life, which is a combination of Character, Courage and Consistency. He briefed on the popularity of the eMagazine and lauded the efforts of the team on bringing out the newsletter with enriching content and innovativeness. He emphasized the need of research and publishing the researched topics for the general benefit of the professionals. 54 ICSI-SIRC eNewsletter/ July 2016 2] Student Success Meet at Chapter office Premises on Dated 30-06-2016
The Institute of Company Secretaries of India, (ICSI) Declared Results of Foundation Programme Exam of Company Secretaries on Wednesday,29th June, 2016. Out 168 Students appeared for the Exam from Mangalore centre, 90 Students have passed. All the students who have attended the Class room Teaching (Oral Coaching) arranged by The ICSI Managalore Chapter have passed and registered 100 % result. The Chairman of The ICSI Mangalore Chapter, Sri P V, Rai has Congratulated the achievers for their outstanding academic excellence and earning laurels to the ICSI Mangalore Chapter.
3] Van Mohtsav Divas - 1st July 26, 2016.
The Institute of Company Secretaries of India, (ICSI), Mangalore Chapter of SIRC Celebrated the Van Mohtsav Divas by planting saplings in the Surroundings areas of Mangalore chapter on Friday 1st July 2016 at 10am. CS P V Rai chairman of Mangalore Chapter of ICSI along with Chapter office Members, In Charge Mr. Shankar and 35 Registered Students of ICSI participated in the Programme.
4] Career Awareness Programmes – Student's Month Celebrations
SL. DATE COLLEGE/INSTITUTION SPEAKERS NO 1 02-07-2016 MAPS Degree College – CS Narasimha Pai Member of Mangalore ICSI Mangalore Chapter & Shankar B In Charge of the Chapter office 2 16-07-2016 ALVAS Degree College- CS Narasimha Pai Member of Moodbidri Mangalore ICSI Mangalore Chapter & Shankar B In Charge of the Chapter office 3 18-07-2016 Government First Grade Santhosh Probhu Counselor & College –hiriadka-Manipal Shankar b office In charge of Udupi Mangalore Chapter 4 21-07-2016 B G S PU & Degree College Santhosh Probhu Counselor & –Kavoor-Mangalore Tq Shankar b office In charge of Mangalore Chapter 5 22-07-2016 New Bharth College – Vivekanand Kamath lect Uppala Kerala commerce & Shankar B office In charge 6 22-07-2016 Ayur Jamadi Islamic Shooll – Vivekanand Kamath lect Uppala kerala commerce & Shankar B office In charge 7 23-07-2016 Govt H S S College Bangara Vivekanand Kamath lect Manjeswara-Karala commerce & Shankar B office In charge
CAREER AWARENESS PROGRAMME: Through Counselors
SL.NO DATE COLLEGE/INSTITUTION SPEAKERS 8 Govt. Composite College, Ilwala, CMA Trinesha Counselor of 02-07- 2016 Mysore Dist Hassan Dist 9 04-07-l Govt. P U college CMA Trinesha Counselor of 2016 Ramanathapura, Hassan Dist Hassan Dist
ICSI-SIRC eNewsletter/ July 2016 55 10 Govt. Composite College, CMA Trinesha Counselor of 11-072016 Nuggehalli, Hassan Dist Hassan Dist
11 12-07- Govt. Junior College, Hunsur, CMA Trinesha Counselor of 2016 Mysore Dist Hassan Dist
12 13-07- Basaveswara college, CMA Trinesha Counselor of 2016 Kamplapura, Mysore Dist Hassan Dist
13 14-07- Govt. First Grade College, CMA Trinesha Counselor of 2016 Bilikere, Mysore Dist Hassan Dist
14 18-07- Sheshadripuram College, CMA Trinesha Counselor of 2016 Mysore Hassan Dist
15 23-07- Pushpa P U College, Didaga, CMA Trinesha Counselor of 2016 Mandya Dist Hassan Dist
16 08-07-2016 Govt. Pre-University College. Counsellor: Tenka Mijar-574225, CHANDRALEKHA V Mangalore Taluk, Dakshina Counselor: of Dhakshina Kannada. Kanada
17 12-07-2016 Falah Girls’ Pre- University Counsellor: College, K.C.Road, Vidyanagar, CHANDRALEKHA V Talapady. 575024 Counselor: of Dhakshina Kanada
18 14-07-2016 Govt. First Grade College Counsellor: Bettampady-574259, Puttur CHANDRALEKHA V Taluk, Dakshina Kannada, Counselor: of Dhakshina Karnataka Kanada
19 15-07-2016 Govt.Pre-university College, Counsellor: Maninalkuru, Bantwala Taluk, CHANDRALEKHA V Dakshina Kannada, -574285 Counselor: of Dhakshina Kanada
20 15-07-2016 B.E.M. composite Pre- Counsellor: University College, Lower Car CHANDRALEKHA V street Mangalore Counselor: of Dhakshina Kanada
21 18-07-2016 Govt. First Grade College, Counsellor: Bantwala-574219, Jodumarga CHANDRALEKHA V B.C.Road, Counselor: of Dhakshina Kanada
22 19-07-2016 Govt.Pre-university College, Counsellor: Mudarangadi-574113 Pilaru CHANDRALEKHA V Post, Udupi Taluk and District Counselor: of Dhakshina Kanada 56 ICSI-SIRC eNewsletter/ July 2016 23 20-07-2016 Govt. First Grade College. Counsellor: Punjalakatte-574233. CHANDRALEKHA V Beltangady taluk, D.K Counselor: of Dhakshina Kanada
24 21-07-2016 Thumbay-Pre-University Counsellor: College, Thumbay-574143, CHANDRALEKHA V Bantwal Taluk, D.K Counselor: of Dhakshina Kanada
25 22-07-2016 Badriya- Pre university College, Counsellor: Mangalore, Dakshina Kannada- CHANDRALEKHA V 575001 Counselor: of Dhakshina Kanada
26 23-07-2016 Philomena College, Philonagar, Counsellor: darbe-574202 CHANDRALEKHA V Counselor: of Dhakshina Dakshina kannada District Kanada Karnataka
27 24-07-2016 Govt .First Grade College For Counsellor: women Balmatta. Mangalore. CHANDRALEKHA V Counselor: of Dhakshina Kanada
28 25-07-2016 St.Philomina First Grade Counsellor: College .Philomina CHANDRALEKHA V nagar Puttur Counselor: of Dhakshina Kanada
29 26-07-2016 Government First Grade Counsellor: College Balmata . Mangalore CHANDRALEKHA V Counselor: of Dhakshina Kanada
30 01-07- MANIPAL JUNIOR COLLEGE- Shanthosh Phrabu 2016 MANIPAL Counselors
Udupi District
31 01-07- VIDYANIKETHAN –KAPU Shanthosh Phrabu 2016 UDUPI Counselors
Udupi District
ICSI-SIRC eNewsletter/ July 2016 57 32 07-07- JNANA GANGA COLLEGE Shanthosh Phrabu 2016 MOODUBELLE - Counselors,Udupi District UDUPI
33 08-07- GOVT DEGREE COLLEGE, Shanthosh Phrabu 2016 HIRIYADKA-UDUPI Counselors,Udupi District
34 09-07- TRISHA COLLEGE –UDUPI Shanthosh Phrabu 2016 Counselors,Udupi District
35 12-07- DURGAPARAMESHWARI Shanthosh Phrabu 2016 COLLEGE, MANDARTHI-UDUPI Counselors,Udupi District
36 12-07- POORNAPRAHNA EVENING Shanthosh Phrabu 2016 COLLEGE-UDUPI Counselors,Udupi District
37 13-07- JYOTHI PU COLLEGE, AJEKAR- Shanthosh Phrabu 2016 UDUPI Counselors, Udupi District
38 16-072016 SHAMILI PU COLLEGE, UDUPI Shanthosh Phrabu Counselors, Udupi District
39 19-07- PESAT , SHIVAMOGGA Shanthosh Phrabu 2016 Counselors, Udupi District
40 19-07- KAMALA NEHARU, S Shanthosh Phrabu 2016 SHIVAMOGGA Counselors, Udupi District
41 21-07- B G S COLLEGE KAVOOR - Shanthosh Phrabu 2016 MANGALORE Counselors, Udupi District
42 22-07- GOVT. GIRLS PU COLLEGE , Shanthosh Phrabu 2016 UDUPI Counselors, Udupi District
43 28-07- SRS PU COLLEGE, HEBRI-UDUPI Shanthosh Phrabu 2016 Counselors, Udupi District
44 22-06- VIVEKA KOTA -UDUPI Shanthosh Phrabu 2016 Counselors, Udupi District
45 23-06- CHRIST KING COLLEGE -UDUPI Shanthosh Phrabu 2016 Counselors, Udupi District
46 28-06- YIDYODAYA COLLEGE -UDUPI Shanthosh Phrabu 2016 Counselors, Udupi District
47 30-06- SVT KARKALLA -UDUPI Shanthosh Phrabu 2016 Counselors, Udupi District
ICSI-SIRC eNewsletter/ July 2016 58 Palakkad Chapter
VAN MAHOTSAV DIVAS CELEBRATIONS Foundation Examination, 2016) by awarding her a memento and a cash award of Rs. 5,000/- in The Palakkad Chapter of SIRC of the ICSI memory of Late R Nagandi, Company Secretary celebrated Van Mahotsav Divas at Government from Palakkad. This cash award has been Lower Primary School, Nurani, Palakkad on 1st of sponsored by our MC member CS Sabari Girish. July 2016 at 9.45am. The Chapter Committee members along with CS Students participated in the The technical session for the day on the theme Programme. The Chairman, CS N.N. Krishnan “Recent Amendments in Companies Act, 2013 briefed the importance of tress and the significance handled by CA Jomon K George, Secretary, SIRC of of the Day to the students. The Head Mistress, Smt. the ICAI followed with a dinner. Savithri thanked the Team for the valuable gift contributed to the kids. The session got concluded with a vote of thanks by CS N N Krishnan, Chairman, Palakkad Chapter of The saplings of Mango, Teak, Gooseberry, Guava ICSI. The program was well attended by the and Neem were planted in the school premises by members and students of both the professions MC Members and Students. CAREER AWARENESS PROGRAMME HELD AT SEMINAR ON RECENT AMENDMENTS IN GOVERNMENT ARTS & SCIENCE COLLEGE COMPANIES ACT, 2013 KOZHINJAMBARA, PALAKKAD
Palakkad Chapter of ICSI jointly with the Palakkad On 20th July 2016 ICSI Palakkad Chapter organised Branch of ICAI organised a Half Day Seminar on a Career Counselling Programme at Government Companies Act 2013 on the 6th of July 2016 at ICAI Arts & Science College Kozhinjambara, Palakkad. Bhawan Palakkad. The Guest of honour was CA Around 125 students from Commerce stream Phalguna Kumar E. Chairman, SIRC of the ICAI. attended the programme.
CA Arun A., Chairman ICAI Palakkad delivered the The Session on Road Map to CS was handled by welcome address and introduced the Chief Guest to CS Sreejith S. Warrier, Member, Palakkad Chapter. the Participants present. Chief Guest CA Phalguna During the session, he explained in detail the Kumar E. Chairman, SIRC of the ICAI inaugurated course offered by the Institute and the criteria for the program by lighting the Traditional Lamp. course registration, training requirements etc. The speaker also highlighted the vast opportunities The Chief Guest of during his address, underscored open for a Company Secretary and highlighted the that the strength of profession lies in proportion to importance of making a right career choice so as to the knowledge and expertise acquired by the make a successful life. The importance of members and therefore skill updation is of Company Secretary, opportunities in the career, paramount importance. KMP, attractive salary package etc were also explained to the students. Brochures related to the At the function ICSI Palakkad Chapter felicitated course were circulated among the students and th Ms. Mrudhula R. Menon (24 Rank Holder in CS faculties. 59 ICSI-SIRC eNewsletter/ July 2016 SESSION ON SOFT SKILLS & BASIC CONCEPTS OF ACCOUNTING
Palakkad Chapter of SIRC of the ICSI as part of Student Month Celebrations organised a special session on Soft Skills & Basic Concepts of Accounting for CS students at the Chapter premises on 23rd July 2016. The sessions were handled by Shri. L.P. Lawrence. The morning session was on Basic Concepts of Accounting and the afternoon session was on Soft Skills. The programme was attended by 17 students and was remarked as a very useful session for them. Visakhapatnam Chapter
STUDENTS’ MONTH CELEBRATIONS –JULY 2016 Programme Particulars 1.Van Mahotsav Divas (Plantation of tress can be undertaken) -1st July 2016
Organized by ICSI Visakhapatnam Chapter students and Members at Chapter and other areas on 1st July 2016 2.Issue of Press Release on CS Olympiad Sent to local print media to release the by all Chairman of Regions and Chapter same on 01st July 2016 (draft copy attached)- 1st July 2016 3. Student Prog on Companies Organized on 05th July 2016 Amendment Bill 2016, Insolvency Act. Organized at Chapter Premises. 3.On 7th July, 2016, activated Class Room Activated on 07th July2016 Teaching- 7th July 2016 for Executive Mod-I & Mod-II, Foundation Programee. 4.Parent teachers meet Organized on Organized on 09th July 2016 09.07.2016 5. Student Special Programme organized on IND AS on 9.7.2016 5.Faculty induction Programme -16th We already organized in Feb 2016. July 2016 6.Communication / soft skills development 18th July – win win situation, 19th July, Programme for students who are attending Communications Respect, 20th July- classes.- 18- 22 July 2016 Stress Management, 21st July- Personality Development, 22nd July Change and Time Management. 7.Swachh bharat Abhiyan related activities Organized on 27th July 2016 would be carried out during the month. - 27th July 2016
CAREER AS COMPANY SECRETARY ORGANISED BY ICSI VISAKHAPATNAM CHAPTER DURING STUDENT MONTH JULY 2016 S. Name of the College No.of Taken by Date No and Address participants 1 THE PRINCIPAL 60 Mr. PRV 1STJULY2016 SHREERAM AIDED Sivaramakrishna JUNIOR COLLEGE Chapter In Charge GARIVIDI-535101
60 ICSI-SIRC eNewsletter/ July 2016 2 THE PRINCIPAL 60 Mr. PRV 2NDJULY2016 GAYATRI JUNIOR Sivaramakrishna COLLEGE,CHEEPUR Chapter In Charge IPALLI-535101 3 THE PRINCIPAL 75 Mr. PRV 4TH JULY2016 CHAITANYA Sivaramakrishna DEGREE Chapter In Charge COLLEGE,SKOTA 4 THE PRINCIPAL 60 Mr. PRV 5TH JULY 2016 GOVT DEGREE Sivaramakrishna COLLEGE,CHEEPUR Chapter In Charge UPALLI-535101 5 THE PRINCIPAL 60 Mr. PRV 6TH JULY2016 SATYA RAMA Sivaramakrishna DEGREE Chapter In Charge COLLEGE,CHEEPUR UPALLI-535101 6 THE LIBRARIAN 80 Mr. PRV 7TH JUL 2016 GMR VARALAKSHMI Sivaramakrishna FOUNDATION,PRAT Chapter In Charge HIBA LIBRARY RAJAM,SRIKAKULA M DIST 7 THE PRINCIPAL 75 Mr. PRV 8TH JULY2016 SRI VIVEKANANADA Sivaramakrishna DEGREE Chapter In Charge COLLEGE&P.G COLLEGE,SKOTA,VI ZAYANAGARAM DIST 8 THE PRINCIPAL 60 Mr. PRV 11TH JULY2016 GNR DEGREE Sivaramakrishna COLLEGE,RAJAM,S Chapter In Charge RIKAKULAM DIST 9 THE PRINCIPAL 80 Mr. PRV 11TH JULY2016 GNR JUNIOR Sivaramakrishna COLLEGE,RAJAM,S Chapter In Charge RIKAKULAM DIST 10 THE PRINCIPAL 150 Mr. PRV 12TH JULY2016 SRI GCSR DEGREE Sivaramakrishna COLLEGE,RAJAM,S Chapter In Charge RIKAKULAM DIST 11 THE PRINCIPAL 60 Mr. PRV 12TH JULY2016 SSN DEGREE Sivaramakrishna COLLEGE,RAJAM,S Chapter In Charge RIKAKULAM DIST 12 THE PRINCIPAL 350 Mr. PRV 12TH JULY2016 GOVT DEGREE Sivaramakrishna COLLEGE,RAJAM,S Chapter In Charge RIKAKULAM DIST 13 THE PRINCIPAL 150 Mr. PRV 13TH JULY2016 GCSR JUNIOR Sivaramakrishna COLLEGE,RAJAM,S Chapter In Charge RIKAKULAM DIST
ICSI-SIRC eNewsletter/ July 2016 61 14 THE PRINCIPAL 55 Mr. PRV 14TH JULY2016 GOVT DEGREE Sivaramakrishna COLLEGE,SKOTA,VI Chapter In Charge ZIANAGARAM DIST 15 THE PRINCIPAL 150 Mr. PRV 15TH JULY 2016 GOVT DEGREE Sivaramakrishna COLLEGE,SALURU, Chapter In Charge VIZIANAGARAM DIST 16 THE PRINCIPAL 60 Mr. PRV 16TH JULY2016 SUNDARA REDDY Sivaramakrishna DEGREE Chapter In Charge COLLEGE,SALURU, VIZIANAGARAM DIST 17 THE PRINCIPAL 90 Mr. PRV 16TH JULY2016 GOVT JUNIOR Sivaramakrishna COLLEGE,SALURU, Chapter In Charge VIZIANAGARAM DIST 18 THE PRINCIPAL 60 Mr. PRV 19TH JULY2016 GOVT JUNIOR Sivaramakrishna COLLEGE,CHEEPUR Chapter In Charge EPALLI,VIZIANAGAR AM DIST 19 THE PRINCIPAL 75 Mr. PRV 21ST JULY2016 SRINIVASA JUNIOR Sivaramakrishna COLLEGE ARTS Chapter In Charge VIZIANAGARAM 20 THE HOD 90 Mr. PRV 22ND JULY2016 COMMERCE Sivaramakrishna MR(A)COLLEGE,VIZI Chapter In Charge ANAGARAM DIST
21 THE PRINCIPAL 60 Mr. PRV 23RD JULY2016 SDS(A)COLLEGE,SH Sivaramakrishna REERAM Chapter In Charge NAGAR,GARIVIDI,VI ZIANAGARAM DIST 22 THE HOD 60 Mr. PRV 26TH JULY2016 DEPARTMENT Sivaramakrishna DR.BULLAYA Chapter In Charge P.G.COLLEGE,VISAK HPATNAM 23 THE PRINCIPAL 70 Mr. PRV 27TH JULY2016 GAYATHRI DEGREE Sivaramakrishna COLLEGE,ANANDAP Chapter In Charge URAM,VISAKHAPAT NAM 24 The Chief Financial 30 Mr. PRV 29th July 2016 Officer Sivaramakrishna Visakhapatnam Chapter In Charge Industrial Water Supply Company Ltd [GVMC, Visakhapatnam] 62 ICSI-SIRC eNewsletter/ July 2016 25 The Principal 150 Mr. PRV 29th July 2016 SDS A College, Sivaramakrishna Shreeramnagar,Vizian Chapter In Charge agaram Dist. Non Commerce 26 The HOD 50 Mr. PRV 30th July 2016 Management Studies, Sivaramakrishna MR PG College Chapter In Charge Vizianagaram Dist 27 The HOD Commerce 200 Mr. PRV 30th July 2016 MR PG College Sivaramakrishna VizianagaramDist Chapter In Charge 28 The NCC Officer 75 Mr. PRV 31st July 2016 SDS A College Sivaramakrishna Shreeramangar Chapter In Charge 14[A] Btn NCC Candidates
CAREER AS COMPANY SECRETARY ORGANISED BY ICSI SRIKAKULAM STUDY CENTRE UNDER ICSI VISAKHAPATNAM CHAPTER DURING STUDENT MONTH JULY 2016
S. Name of the College and No.of Taken by Date No Address participant s 1 THE PRINCIPAL 250 ICSI SRIKAKULAM 13TH JULY SRI VENKATESWARA STUDY CENTRE 2016 ENGG AND MGMT, SHRI PATNAIK SRIKAKULAM 2 THE PRINCIPAL 300 ICSI SRIKAKULAM 15TH JULY SRI SAI KRISHNA JR STUDY CENTRE 2016 COLLEGE, SHRI PATNAIK 21ST JULY SRIKAKULAM 2016 3 THE PRINCIPAL 100 ICSI SRIKAKULAM 18TH JULY NEW CENTRAL STUDY CENTRE 2016 SCHOOL SHRI PATNAIK 19TH JULY SRIKAKULAM 2016 4 THE PRINCIPAL 200 ICSI SRIKAKULAM 25TH JULY GOVT DEGREE STUDY CENTRE 2016 COLLEGE SHRI PATNAIK 27TH JULY SRIKAKULAM 2016 5 THE PRINCIPAL 100 ICSI SRIKAKULAM 28TH JULY NCS DEGREE STUDY CENTRE 2016 COLLEGE SHRI PATNAIK SRIKAKULAM 6 THE PRINCIPAL 200 ICSI SRIKAKULAM 29TH JULY PRATHIBA DEGREE STUDY CENTRE 2016 COLLEGE SHRI PATNAIK SRIKAKULAM
CAREER AS COMPANY SECRETARY ORGANISED BY ICSI TIRUPATHI STUDY CENTRE UNDER ICSI VISAKHAPATNAM CHAPTER DURING STUDENT MONTH OF JULY2016 1 THE PRINCIPAL 65 Mr. T. Praneeth 13TH GATE DEGREE AND Swaroop Director JULY2016 P.G.COLLEGE,TIRUPA Seicom Group of THI,CHITTOOR DIST Institutions. 2 THE PRINCIPAL 70 Mr. T. Praneeth 15TH GAYATHRI DEGREE Swaroop Director JULY2016 AND Seicom Group of P.G.COLLEGE,TIRUPA Institutions. THI,CHITTOOR DIST
ICSI-SIRC eNewsletter/ July 2016 63 3 THE PRINCIPAL 80 Mr. T. Praneeth 17TH JULY2016 VIVEKANANDA DEGREE Swaroop COLLAGE,MADANAPALLI Director Seicom Group of Institutions. 4 THE PRINCIPAL 70 Mr. T. Praneeth 19TH JULY2016 VIGNANASUDHA Swaroop DEGREE Director Seicom Group COLLEGE,CHITTOOR of Institutions.
5 THE PRINCIPAL 65 Mr. T. Praneeth 22ND JULY2016 RC REDDY DEGREE Swaroop COLLAGE,TIRUPATHI, Director Seicom Group CHIITTOR DIST of Institutions.
6 THE PRINCIPAL 50 Mr. T. Praneeth 26TH JULY2016 VIDWA Swaroop KENDRASCHOOL,NAIDU Director Seicom Group PETA of Institutions.
7 Seicom Degree & PG 150 Mr. T. Praneeth 28th July 2016 & College Swaroop 29th July 2016 Tirupathi Director Seicom Group of Institutions.
CAREER AS COMPANY SECRETARY ORGANISED BY ICSI NELLORE Councilor UNDER ICSI VISAKHAPATNAM CHAPTER DURING STUDENT MONTH OF JULY 2016
1 THE PRINCIPAL 60 Mr. Narendra ICSI 11TH JULY2016 DR C.V.RAMAN DEGREE Nellore Counselor COLLEGE,NAIDUPETA 2 THE PRINCIPAL 70 Mr. Narendra ICSI 15TH JULY2016 VEEMA JUNIOR Nellore Counselor COLLEGE,NAIDUPETA 3 THE PRINCIPAL 50 Mr. Narendra ICSI 18TH JULY2016 NBKR ARTS Nellore Counselor COLLEGE,VIDYANAGAR
4 THE PRINCIPAL 55 Mr. Narendra ICSI 22ND JULY2016 VEEMA ENGLISH Nellore Counselor MEDIUM SCHOOL,NAIDUPETA
Members Programme organized on 09th July 2016 on Indian Accounting Standards 2 & 10
speaker CA Srinivasareddy explained in brief difference between the accounting standards and
Indian accounting standards also clarified each doubts of participants.
ICSI-SIRC eNewsletter/ July 2016 64 Salem Chapter
Special Lecture on the Companies Act, 2013 Salem Chapter of Cost Accountants stressed the need of the seminar. Special Lecture on the Companies Act, 2013 was organised to the Students of 3rd Year B. Com (CA) at Technical Session I : Gearing up for NCLT / Shri Sakthikailassh Women's College, Ammapet, Insolvency and Bankruptcy Code Salem on 27.7.2016. CS Dr. K.S. Ravichandran, Managing Partner, KSR & Co LLP, Coimbatore made a presentation on the The Following are the points explained to the establishment of the National Company Law Students by CS B. Akilan B, Member of the Salem Tribunal and the National Company Law Appellate Chapter : Tribunal and deliberated on the significance and Introduction of Company law 1956 and 2013 and scope of such constitution and abolition of the Main object for implementation of Companies Act, existing Company Law Board. He said that the 2013. Brief important points for Type of companies. importance of setting of these two Tribunals is to Incorporation of Companies forms and rules there ensure speedy disposal of corporate grievances on. Meaning of Executive Directors and non- which was expected for long thanks to the Eradi executives Directors. Appointment of Directors and Committee Report. He also informed the their brief procedures. Rising of Funds by issuing of delegates that with the introduction of Insolvency shares and borrowings. Types of meetings and and Bankruptcy Code 2016 the role of the three importance of meetings. Annual Compliances. professionals has enlarged and there is much Closure of the companies. Amendment in scope for all the three professionals and they have companies act, Women Director, Secretarial Audit, to gear up themselves in meeting the challenges Deposits. ahead. SANGAMAM - ONE DAY JOINT SEMINAR Technical Session II : Reporting under One day joint seminar was organized jointly by the Companies Act, 2013 for Small and Medium Salem Branch of the Institute of Chartered Companies Accountants of India, Salem Chapter of the Institute CA P.V. Rajarajeswaran, Madurai made a of Company Secretaries of India and Mettur – presentation on the reporting of Small and Medium Salem Chapter of the Institute of Cost Accountants Companies under the Companies Act, 2013. He of India named “SANGAMAM” on the 30th July, drew reference to the CARO 2016 and drew the 2016 at Salem. Past Chairmen, Office bearers, attention of the Chartered Accountants to be members and student members of all the three vigilant and careful while certifying clauses in the institutes participated in this seminar apart from Auditors Report. He explained how a small others. negligence would snowball into a big problem to the CA A.V. Arun, Chairman of the Salem Branch of practicing professional under the new Act. He SIRC of ICAI welcomed the gathering. CS N. insisted that all the required details have to be Santhanam, Chairman, Salem Chapter of SIRC of called for form the management, cross verified the ICSI introduced the theme of the seminar and before considering an opinion by the professional CMA K.M. Krishnamurthy, Chairman, Mettur – lest it should result in avoidable penal provisions. ICSI-SIRC eNewsletter/ July 2016 65 Technical Session III : An Insight into the SIRC of ICAI gave a vote of thanks. Judiciary and Administration of Company Law – Career Awareness Programmes during July Who, Where, When to approach 2016 CS P. Sriram, Practising Company Secretary & ICSI – Salem Chapter conducts the following Promotor Director, Prowis Corporate Services Pvt. Career Awareness programmes during July 2016. Ltd., Chennai dwelt with the various courts like Special Courts identified for addressing criminal 1. K.S. Rangasamy College of Arts & Science, offences under the Companies Act, 2013 apart from Tiruchengode, Namakkal District for the the NCLT and NCLAT which are meant for non- students of Commerce Department (UG) – st rd criminal offences. He indicated that there is no 1 & 3 Year B. Com. on 15.7.2016 special court set up for Tamil Nadu. Certain Judicial 2. K.S. Rangasamy College of Arts & Science, Magistrates have been identified as the Special Tiruchengode, Namakkal District for the Courts under the Companies Act, 2013 for speedy students of Commerce Department (UG) – disposal of cases. Cases that fall under cognizable 1st Year B. Com. (CA) on 15.7.2016 offences / non-cognizable offences under the 3. K.S. Rangasamy College of Arts & Science, Companies Act, 2013 will be dealt by Special Tiruchengode, Namakkal District for the Courts. He cautioned the professionals to exercise students of Commerce Department (PG) – utmost care and diligence while certifying and filing 2nd Year M. Com. (CA) on 15.7.2016 forms /returns with the ROC as under Section 447 they may have to face severe consequences 4. Shri Sakthikailassh Women's College, through Special Courts. Ammapet, Salem for the students of Commerce Department (UG) – 3rd Year B. Technical Session IV : Investment Strategies Com. (CA) Mr. Va. Nagappan, Financial Consultant and 5. Vivekanandha College of Arts & Sciences for Investment Coach, Oriental Stocks, Chennai Women (Autonomous), Elayampalayam, addressed on the investment strategies. He Namakkal District for the students of informed the delegates that analysis of investments Commerce Department (UG) – 1st Year B. call for technical as well as analytical scrutiny of Com. & B. Com. (CA) investments before taking a wise decision. Past events may not suffice since the advent of CS Santhanam N, Chairman, CS Gnanasekharan technological upgradation and updation proved to S, Vice – Chairman & Sundar Swamy S, Chapter In negate such decisions. Hence a prudent way to – Charge gave a presentation on CS Course investment is to adopt a strategy which will result in stages, duration, eligibility, fees structure, subjects, safe and sustained returns on investment better online registration process and training structures. than the bank rates. He cited various examples and In addition to the above, he also explains about the stressed the need for considering all aspects before employment opportunities, scope of the Company arriving at a decision to invest. Merely going by the Secretary in Practice, role of Company Secretary in advice of friends, relatives or agents would a Corporate Pyramid, Campus Interviews adversely affect the investment itself but a careful conducted by the Regional Offices and the Head examination would at least save the investment to Quarters. The availability of Library and Class some extent. Room teaching facility at Salem Chapter was also informed. CS Course informative pamphlets were Around 90 Students and Members from all the three issued to the participants and their queries were Institutes participated in this Seminar and at the end clarified. CA S. Suresh Kumar, Treasurer, Salem Branch of 66 ICSI-SIRC eNewsletter/ July 2016 Opportunities for Members & Students
ICSI-SIRC eNewsletter/ July 2016 67 Announcement for Members
68 ICSI-SIRC eNewsletter/ July 2016 ICSI-SIRC eNewsletter Announcement for Members
ICSI-SIRC eNewsletter/ July 2016 69 Extension in the last date for payment of Annual Membership and Certificate of Practice Fee for the Year 2016-17
The annual membership and certificate of practice fee for the year 2016-17 became due for payment w.e.f. 1st April, 2016. The last date for payment of fee was 30th June, 2016 which has now been extended upto 31st August, 2016.
The membership and certificate of practice fee payable is as follows:
1. Annual Associate Membership fee Rs.1125/- (*) 2. Annual Fellow Membership fee Rs.1500/- (*) 3. Annual Certificate of Practice fee Rs.1000/- (**)
· * A member who is of the age of sixty years or above can claim 50% concession and a member who is of the age of seventy years or above can claim 75% concession in the payment of Associate/Fellow Annual Membership fee subject to the furnishing of declaration in writing duly signed that the member is not in any gainful employment or in practice. · **The certificate of practice fee must be accompanied by a declaration in form D duly completed in all respects and signed. The requisite form ‘D’ is available on the website of Institute www.icsi.edu and also printed elsewhere in the journal.
MODE OF REMITTANCE OF FEE
The fee can be remitted by way of:
(i) Online mode through payment gateway of the Institute’s website (www.icsi.edu)
(ii) Cheque at par/Demand draft or Pay order payable at New Delhi (indicating on the reverse name and membership number) drawn in favour of ‘The Institute of Company Secretaries of India’ or in cash at the Institute’s Headquarter or Regional/Chapter offices.
For queries, if any, the members may please write to Mr. Jitendra Kumar, Executive Assistant at email id [email protected]
ICSI-SIRC eNewsletter/ July 2016 70
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.
ICSI-SIRC eNewsletter/ July 2016 71 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.
ICSI-SIRC eNewsletter/ July 2016 72 Announcement for Students
ICSI-SIRC eNewsletter/ July 2016 73 Student Programme Photographs
Class Room Teaching on 7th July 2016
Student-Parent Induction Programme on 7th July 2016
Celebration of 'Van Mahotsav' on 07th July 2016
74 ICSI-SIRC eNewsletter/ July 2016 Campus Placement Programme organized by the ICSI – SIRC on 9th July, 2016 at “ICSI – SIRC House”, Chennai
3 days e-Governance programme on 14.07.2016
SIRC Webcast Programme on 16.7.2016
14th All India Moot Court Competition – Regional Round
ICSI-SIRC eNewsletter/ July 2016 75 Soft Skills Development Programme on 19.07.2016
Faculty Induction Programme on 18.07.2016
Swachh Bharat Abiyan on 27.07.2016
Full time Class Room Teaching on 30.07.2016
76 THE INSTITUTE OF COMPANY SECRETARIES OF INDIA SOUTHERN INDIA REGIONAL COUNCIL
ORAL COACHING CLASSES FOR PROFESSIONAL PROGRAMME
ALL MODULES FOR DECEMBER 2016 EXAMINATION
DATE OF MODULE DAYS TIMING FEE COMMENCEMENT 27.08.2016 Module-I Saturdays 01.30 p.m. to 03.30 p.m.
Sundays 07.00 a.m. to Rs.6100/- 09.00 a.m.
Mondays 6.00 p.m. to and 8.00 p.m. Tuesdays 27.08.2016 Module-II Saturdays 03.45 p.m. to 05.45 p.m. Rs.6100/-
Sundays 09.15 a.m. to 11.15 a.m.
Wednesdays 6.00 p.m. to and 8.00 p.m. Thursdays 27.08.2016 Module-III Fridays 6.00 p.m. to * 8.00 p.m. Rs.6100/-
Saturdays 06.00 p.m. to 08.00 p.m.
Sundays 11.30 a.m. to 01.30 p.m.
*Excluding Elective subjects
For further details please contact: SIRC OF THE ICSI 9, Wheat Crofts Road, Nungambakkam, Chennai – 600 034 Phone: (044) 28279898, 28268685 E-mail: [email protected]
77 Commencement of Class Room Teaching
SIRC of the ICSI commenced Class Room Teaching on 7th July, 2016 for Executive Programme Module-I Evening and Module-II Morning for December 2016 examination at “ICSI-SIRC House”, Chennai. 48 Students registered for Module-I and 41 students registered for Module-II Classes.
CS P.Sivakumar, Chairman, SIRC inaugurated the Class Room Teaching. While addressing the students, he told that SIRC of the ICSI is organizing various programmes for the benefit of students and advised them to participate in all programmes. CS B. Ravi, Past Chairman, SIRC congratulated the students for having chosen the CS course and gave practical tips for successful completion of the CS course. CS A. Mohankumar, Treasurer and Chairman, Class Room Teaching Committee explained about the modalities of the oral coaching, its importance and advised the students to utilize the opportunities provided by the Institute. He also advised to have interaction with the faculties and rise the queries on subjects / topics which they find it difficult and also told them to attend the classes regularly.
Earlier, Ms. Sarah Arokiaswamy, Joint Secretary, SIRO welcomed all the students who have joined the Class Room Teaching.
Student-Parent Induction Programme
The SIRC of the ICSI conducted Students-Parents Meeting on 07.07.2016 at”'ICSI-SIRC House”, Chennai. Ms. Sara Arokiaswamy, Joint Secretary, ICSI-SIRO welcomed the Parents and Students. Shri A. Mohankumar, Chairman,Class Room Teaching Committee, ICSI-SIRC while addressing the Parents and Students informed them about the various steps taken for the benefit of students and advised them to attend all the meetings/programmmes organized by the Institute. They interacted with CS P. Sivakumar, Chairman, ICSI-SIRC and various queries were replied by him suitably.
Celebration of 'Van Mahotsav'
The SIRC of the ICSI celebrated 'Van Mahotsav' on 7th July, 2016 at “ICSI-SIRC House”, Chennai. In the presence of CS P.Sivakumar, Chairman, SIRC, 12 saplings were planted in SIRC premises. CS Nagendra R Rao, immediate past Chairman, SIRC CS A. Mohankumar, Treasurer, SIRC and Ms. Sarah Arokiaswamy, Joint Secretary, SIRO also participated and planted the trees in SIRC premises. Large number of students took part in the event.
Campus Placement Programme organized by the ICSI – SIRC
The ICSI – SIRC organized a Campus Placement on Saturday, the 9th July, 2016 at ICSI – SIRC House, Chennai for members and students. Around 30 members and 42 students participated in the event.
A total number of 32 Companies including Practicing Company Secretaries participated in the campus placement programme for selecting the candidates as Members / Trainees for them.
The Campus Placement was organized by the Placement Committee of the ICSI – SIRC comprising of CS A.Mohankumar, Treasurer, ICSI – SIRC as its Chairman, CS Sivakumar P, Practising Company Secretary, CS Ramakrishna Gupta R, Practising Company Secretary, CS S.Sandeep, Practising Company Secretary
ICSI-SIRC eNewsletter/ July 2016 78 CS Damodaran, Practising Company Secretary, CS Naresh, Company Secretary, Polaris Software Lab Limited, CS Srinivasan P, Practising Company Secretary, CS Palaniappan N, Company Secretary & Sr. Manager – Finance, Blue Dart Aviation Limited, and CS Muthukrishnan S, Practising Company Secretary, Chennai as its Members. Ms. Sarah Arokiaswamy, Joint Secretary, ICSI-SIRC welcomed the recruiters, members and students and briefly outlined about the programme, its objectives and requested the participants to utilize the opportunity.
CS A.Mohankumar addressed the members and students and shared the modalities of the campus placement.
Commencement of Class Room Teaching
SIRC of the ICSI commenced Class Room Teaching on 11th July, 2016 for Foundation Programme both Morning and Evening Batch for December 2016 examination at “ICSI-SIRC House”, Chennai.
Webcast Programme
SIRC of the ICSI organized Webcast Programme on 16.7.2016 at “ICSI-SIRC House”, Chennai on the topic: Company Law (Chapter XI, XII and XIII). The speaker was CS Dr. B.Ravi, Practising Company Secretary, Chennai CS V.N.Shivshankar, Corporate Lawyer, Chennai addressed the participants on “SEBI (LODR) Regulations, 2015”
3 DAYS E GOVERNANCE PROGRAMME
ICSI –SIRC organized 2nd batch of 3days E Governance Program from 14th to 16th July 2016 at ICSI- SIRC House, Chennai.
The First day of the 3 days E Governance program started with 1st session on the topic E-governance & electronic filing initiatives of GOI by CS Smita Chirimar, Practicing Company Secretary, 2nd session of the day is about the legal aspects of E Commerce and its types handled by Dr. Lakshmi Manean, then on 3rd session topic was Sensitization and familiarization of Websites MCA, SEBI, RBI, BSE/NSE taken by CS Balasubramanian R, Practicing Company Secretary.
The Second day of the 3 days E Governance program started with1st session on the topic Electronic maintenance of statutory registers - practical approach to be adopted, by CS Anuradha, Practicing Company Secretary, then the 2nd session on the topic XBRL- Overview and filing by CS Sucharitha R, Practicing Company Secretary and the 3rd session of the day was on the topic Advanced Google search and Utilization of various gadgets for professional services, by CS L.V.Shyamsundar, Practicing Company secretary.
The third day of the 3 days E Governance program started with1st session on the topic Exposure to MS Office & Advanced features of Power point presentation, Advanced MS Word, Advanced MS Excel and also Preparing your own website - issues related with domain registration, server, database, language
ICSI-SIRC eNewsletter/ July 2016 79 consideration was taken by CS Subhasree G, Practicing Company Secretary and 2nd session of the day was on ICSI website (all student related sections and Apps) handled by Smt Sarah Arokiaswamy, Joint Secretary, ICSI-SIRO and 3rd session of the day was on the topic Submitting online application for PAN, IT Act 2000 (Overview),Licensed software Vs. Pirated software was handled by CS Nrithya. M. Ganam, practicing Company Secretary and 4th session was on Types and uses of Digital Signature taken by CS Vidya Laxmi R, Executive(Academics),ICSI-SIRC.
The program completion certificates of 3 days E Governance Programme were distributed to all the participants.
Faculty Induction Programme
SIRC of the ICSI organized Faculty Induction Programme on 18th July, 2016 at “ICSI-SIRC House”, Chennai.
Soft Skills Development Programme
SIRC of the ICSI conducted Soft Skills Development Programme for the students of the ICSI on 19th July, 2016 at “ICSI-SIRC House”, Chennai. Ms. Ramaharan, Corporate Trainer, was the speaker.
Career Awareness Programme
SIRC of the ICSI conducted Career Awareness Programme on 19th July 2016 at SRM University, Chennai for Management Students. Smt. Sarah Arokiaswamy, Joint Secretary, SIRO addressed the students. While speaking, she elaborately explained about the CS course, its prospects in the light of Companies Act, 2013, employment opportunities both in employment and in practice. There was a lively interaction between Joint Secretary and the students. Large number of students participated in the programme.
Issue of Press Release on CS Olympiad
SIRC of the ICSI issued press release on CS Olympiad to all leading newspapers including vernacular paper on 27.7.2016.
Swachh Bharat Abiyan
As part of Celebrating July,2016 as “Student Month”, SIRC of the ICSI carried out a clean-up exercise on 27th July, 2016. The stakeholders of ICSI i.e. students, staff members participated in the cleanliness drive at the surroundings of the Institute's premises.
Full time Class Room Teaching
Southern India Regional Council of The Institute of Company Secretaries of India, for the first time in the annals of the history of SIRC, has commenced Full Time Class Room Teaching for the Executive Programme Students for June 2017 examination on 30th July, 2016 at “ICSI-SIRC House', Chennai.
80 ICSI-SIRC eNewsletter/ July 2016