NOIDA CHAPTER OF NIRC OF ICSI “Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” — Malcolm X
NEWSLETTER STUDENT SPECIAL ISSUE JULY 2021
inside THE ISSUE MANAGING COMMITTEE 1. Message from President 2 CS. Preeti Grover Chairperson 2. President's Letter for extending appreciation 3 CS. Manpreet Singh Vice Chairman and gratitude
CS. Nikhil Verma Secretary 3. Chairperson’s Message 4 CS. Dhruv Khandelwal Treasurer 4. Details of Events 7 CS. Nand Lal Thakur Immediate Past-Chairman 5. Interview of the Month 9 CS Shivam Rastogi Member CS. Pankaj Grover Member 6. Article- Whistle Blowing by Parveen Gill 11 7. Article-Application for Corporate Insolvency 14 by Pooja Sharma
8. Article- Population Growth or the ill-management 16 CHAPTER TEAM of Human Resources by Deepanshi Gupta
Rajesh Sharma Executive Officer 9. Article- Women: Shattering the Glass Ceiling 18 of Corporate World by Simran Goel and Aakansh Prakash Lalit Kumar Bhati Executive Admin 10. Glimpses of Webinar & Student Activities 22 Umesh Kumar 11. Important announcements 26 Chairperson’s Message President’s Message
CS Nagendra D. Rao President - The ICSI
“We want our legacy to stand upon the youth. We want to give knowledge to the younger generation and be a part of changing the game.”
The Institute of Company Secretaries of India, as an institute pioneering in promoting good corporate governance has taken immense pride in its members and students; for it is through these brand ambassadors and torchbearers that the Institute has been and shall continue to take forward its vision and mission adhering to its motto. While as an academic organisation, the focus has been on strengthening the very foundation of this Institute as well as its members and students from the very initial stages through a visionary curriculum, a rigorous examination process and a thorough training structure; yet, as the learned Swami Vivekananda have believed and said, “A courageous and aspiring youth is the only foundation on which the future nation can be built”.
It is with this thought and intent that the ICSI had delved upon the idea of pursuing initiatives aiming at the holistic development of our students so as to render them as capable leaders of tomorrow. The ICSI Student Month is a resultant of these thoughts inculcating activities, both extra-curricular as well as curriculum related. We firmly believe that not only will these enrich our students with the skills required in their roles as Company Secretaries but will also lead to improved academic performance providing productive breaks.
Up until today, the messages that have been shared through the pages of the newsletters of Chapters from across the nation have been drafted and crafted with the intent of guiding the members to utilize this knowledge enhancement & enrichment initiative so as to dispense their professional responsibilities with greater diligence and to play a significant role in the process of nation building.
I congratulate the Noida Chapter of the NIRC of ICSI on having undertaken this unique initiative and swinging greater focus towards the students by releasing this edition of the Newsletter as Student’s Edition. I thoroughly commend the dedicated efforts of the Chairperson of the Noida Chapter of NIRC of ICSI, the Management Committee as well as all the contributors of this Newsletter. I hope that the intended stakeholders, i.e., the students shall reap maximum benefit from the same.
With warm regards, (CS Nagendra D. Rao) President The Institute of Company Secretaries of India
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 02 President's Letter for extending Appreciation and Gratitude
July 15, 2021
CS Preeti Grover (Ms.) Noida, Chapter of ICSI
Greetings from the ICSI !!!
I am delighted to learn that PCS Day - 2021 and GST Day - 2021 have been celebrated with full zeal, enthusiasm and vigour by organising webinars, panel discussions, talks etc by the Regional Offices and Chapters.
Your gracious involvement in these programs and sharing of rich experience and expertise by the faculty must have been very valuable and enlightening during the deliberations on the contemporary topics chosen for webinars for the benefit of members and other stakeholders.
It is also heartening to note that the PCS Firms and Senior PCSs who have worked relentlessly for the growth and recognition of the profession all these years and have helped the Institute to make a mark at national and global level have been felicitated by the Regional Offices and Chapters during PCS Day week long celebrations. Also all the Company Secretaries who are in Practice and duly registered with the GSTN as GST Practitioners as per the details shared by the Institute have been felicitated during GST Day celebrations for their contribution in strengthening GST ecosystem in the Country.
We extend our heartfelt appreciation and gratitude towards your goodself for joining HQs to mark these days by organising various programs across the country. We are thankful to you for your co-operation and support for making these two mega events successful.
We look forward to your kind support in the future endeavors as well.
Thanking you,
With warm regards,
CS Nagendra D. Rao President, The Institute of Company Secretaries of India
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 03 Chairperson’s Message Chairperson’s Message
Dear Members and Students I hope this message finds you and your loved ones safe and healthy. We bring you this edition as STUDENT SPECIAL, wherein all the articles are by students of ICSI, the Interview of the Month is of a student . We are happy to encourage students to take over as they are the future of the profession. We are happy to bring a special message by CS Nagendra D. Rao, President ICSI for the students.
In this pandemic time Noida Chapter organized 2 days online session/ webinar on the topic “Preparing for challenges in businesses post covid-19” with CS Harish Vaid sir, (Past Vice-President, The ICSI) on 25th June, 2021 and CS(Dr.) Sanjeev Gemawat (Executive Director-Legal & CS of Dalmia Bharat Group) as Chief Guest on 26th June, 2021 with CS Adv. S. Ramaswamy as Guest Speaker for both the days.Very effective discussions and useful tips by Ramaswamy Sir alongwith many book recommendations to read.
On 30thJune , 2021, a special webinar was organisedin order to build our emotional immunity on the topic “Dealing with Inner Conflict : Road to Happiness”. We had with us CS O.P. Dani sir (Past President, The ICSI) as Chief Guest and Mr. Arun Vyas (Chairman, Noida Branch Sri Aurobindo Society) as Guest Speaker for the day.The speaker guided members spiritually, a)how they must aspire to be a better person b) reject what is wrong /pulling you down and c)total surrender to the Divine.
Noida Chapter successfully held its Annual General Meeting of members on 30thJune, 2021.
First week of July was celebrated as GST week in order to create awareness and commemorate the introduction of Goods and Service Tax Act, 2017. Two webinars were held in a row, first on “GST- Exploring Opportunities” with chief Guest CA Charanjot Singh Nanda (Central Council Member-ICAI) and Guest Speaker CA PreityNagi on 02nd July, 2021 and second on “GST- Expectations, Perceptions & Realities” with Chief Guest CS Ranjeet Pandey (Past President ICSI) and guest speaker CA Rohit Vaswani on 03rd July, 2021.
Webinar on 10th July, 2021 was on the topic “Nuances of Joint Venture Agreement”, with Chief Guest Mr. Kalptaru Tripathi (Managing Partner, KT Advisors LLP) and Guest Speaker CS Rajesh Kumar Arora (Sr. General Manager, Group Secretarial Mahindra & Mahindra Limited). They shared important points for Company Secretaries to keep in mind while going through the Joint Venture agreement and solve many queries put up by the members.
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 04 The webinar on 17th July, 2021 was on topic “Risk Management: An Upcoming Area for CS Professionals” with CS Ilam Chand Kamboj and Dr. Akhil Prasad, both inspirational personalities and stalwarts of the CS profession guiding about the opportunities in this area.
FOR STUDENTS - “An investment in knowledge pays the best interest.” Benjamin Franklin
The month of July saw activities in full swing as the month is being celebrated as Student Activity Month by ICSI.
Noida Chapter started the month and activities with Vanmahotsav, Tree plantation activity where more than 50 trees saplings were planted at D- park, sector-62, Noida and ensured life time care of the trees under the supervision of Noida Authority. I am thankful to the students who joined us early morning to plant trees.
Education is a privilege, and we must use it will, Noida Chapter arranged a session on Life Skills on 2.7.2021 by CS Poonam Hasija.
To enable the students to make presentations in best possible way, PPT Competition was held with session on Power Point Presentation Skills by Mr. Ankit Agarwal. All the students who have participated received certificate for participation. 3 best PPTS awarded Winners and recommended for consideration at Head Office.
Faculty Induction Programme was held on 7.7.2021 with CS Vishal Gupta, CMA Kalyani Karna, CS Niharika Srivastava, CS Srishti Saxena and CS Rahul Gupta with presence of 30+ students. Faculties shared their tips for examinations and guided the students about their future, preparation of exams, presenting themselves at the time of interview.
Webcast for students was arranged on Customs Act by CS Suresh Kumar on 6.7.2021 in which students of executive group got their queries resolved related with paper 4 of part of Indirect Taxes.
Soft Skills Development session on 9.7.2021with CS Robbin Mehla (AIR- 15) was one more attempt to polish the students. More than 50 students joined the session, their queries were answered very efficiently by the faculty.
Debating helps one to develop essential critical thinking skills – the ability to make reasoned and well thought out arguments in addition to questioning the evidence behind a particular stance or conclusion. Debate Competition on topic “Population Growth is a Boon or Bane” on 10.7.2021 with honorable judges CS Aruna Kumar Patri and CS Monika Arora was a superhit . Almost 15 students participated and 4 students were declared winners with 2 students sharing 3rd position. All the students who participated received certificate for participation.
Revision classes on 15.7.2021 and 16.7.2021 on the subject “Tax Laws” to CS
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 05 Executive Students by CA Anshul Agarwal. CA Anshul Agarwal helped the students revise the syllabus and resolved queries raised by the students.
Celebration of Samadhan Divas “Zero Grievance Day” on 19.7.2021. All efforts are made at Noida Chapter to address the grievances at the earliest.
izksRlkgu & is a PODCAST started by Noida Chapter for the benefit of CS students, to boost their confidence level and help them give their best in the Exams.
Click at the link to listen: https://anchor.fm/cspreetigrover/episodes/A-Step-towards- the-benefit-of-CS-Students-e14k8b7
An eventful month for students with more activities planned in the rest of July, has been a very satisfying experience for me as Chairperson.
Meetings - Noida Chapter team got chance to meet two important personalities of Noida this month. Shri Gopal Krishan Agarwal, BJP National Spokesperson and Smt. VimlaBatham, President UP State Commission for Women. Opportunities for CS in upcoming time was the main agenda of the meeting, both have agreed to support Noida Chapter in best possible way. We look forward to associating with them more in the future.
Noida Chapter's commitment to bring in new topics , evaluate current developments and recent amendmentsto upskill the members/students will continue If you have any suggestions, questions, concerns, or would just like to reach out to share your views of positive changes, please don't hesitate to get in touch.
One special appeal and request is to enrol yourself in Company Secretaries Benevolent Fund (CSBF) , please do it for your and your family's security.
Best, CS Preeti Grover Chairperson, Noida Chapter of NIRC of ICSI
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 06 Details of Events
SL. NO. DATE NAME OF THE PROGRAMME
01 25.06.2021 18th Webinar of the year 2021 on topic “Preparing for challenges in businesses post covid-19 (part-1)”
Chief Guest: CS Harish Vaid (Past Vice-President, The ICSI)
Guest Speaker: CS Adv. S. Ramaswamy 02 26.06.2021 19th Webinar of the year 2021 on topic “Preparing for challenges in businesses post covid-19 (part-2)”
Chief Guest: CS(Dr.) Sanjeev Gemawat (Executive Director-Legal and CS of Dalmia Bharat Group)
Guest Speaker: CS Adv. S. Ramaswamy
03 30.06.2021 20th Webinar of the year 2021 on topic “Dealing with Inner Conflict Road to Happiness”.
Chief Guest: CS O.P. Dani, Past President, The ICSI
Guest Speaker: Mr. Arun Vyas (Chairman , Noida Branch Sri Aurobindo Society) 04 30.06.2021 Annual General Meeting of Noida Chapter
05 30.06.2021 Meeting with Shri Gopal Krishan Agarwal, BJP National Spokesperson
06 01.07.2021 Vanmahotsav- Tree plantation activity
07 02.07.2021 21st Webinar of the year 2021 on topic “GST- Exploring Opportunities”
Chief Guest: CA. Charanjot Singh Nanda (Central Council Member-ICAI)
Guest Speaker: CA PreityNagi (GST Faculty) 08 02.07.2021 Online session on Life Skills (student activity Month) by CS Poonam Hasija
09 03.07.2021 22nd Webinar of the year 2021 on topic “ GST- Expectations, Perceptions & Realities”
Chief Guest: CS Ranjeet Pandey (Past President ICSI)
Guest Speaker: CA Rohit Vaswani
10 05.07.2021 Student Activity- Power Point Competition (online) with session on Power Point Presentation Skills by Mr. Ankit Agarwal
11 06.07.2021 Student Activity- Webcast for students on Customs Act by CS Suresh Kumar
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 07 Details of Events
SL. NO. DATE NAME OF THE PROGRAMME
12 07.07.2021 Student Activity- Faculty Induction Programme with CS Vishal Gupta, CMA Kalyani Karna, CS Niharika Srivastava, CS Srishti Saxena and CS Rahul Gupta
13 09.07.2021 Student Activity- Soft Skills Development Programme by CS Robbin Mehla
14 10.07.2021 Student Activity-Debate Competition on topic Population Growth is a Boon or Bane with Judges CS Aruna Kumar Patri and CS Monika Arora
15 10.07.2021 23rd Webinar of the Year 2021 on topic "Nuances of Joint Venture Agreement"
Chief Guest: Mr. Kalptaru Tripathi (Managing Partner, KT Advisors LLP) Guest Speaker: CS Rajesh Kumar Arora (Sr. General Manager, Group Secretarial Mahindra & Mahindra Limited)
16 13.07.2021 Meeting with President, U.P State Commission for Women Smt Vimla Batham
17 15.07.2021 and Student Activity- Revision classes for CS Executive Students 16.07.2021 on subject Tax Laws by CA Anshul Agarwal 18 17.07.2021 24th Webinar of the Year 2021 on topic "Risk Management: Upcoming Area for CS Professionals"
Guest of Honour: CS Ilam Chand Kamboj (Founder Kamboj Law Chambers)
Chief Guest and Keynote Speaker: Dr. Akhil Prasad (Director, Country Counsel India and CS Boeing India)
19 18.07.2021 Release of Podcast izksRlkgu-A Step towards the benefit of CS Students” for students who are going appear in exams in the month of August, 2021
20 19.07.2021 Celebration of Zero Grievance Day
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 08 Interview of the Month
Sakshi Singh
Ms. Sakshi Singh, qualified the Company Secretaries' professional exam in 2020. She cleared all levels in her first attempt and is the number one rank holder under the Noida Chapter. At present, she is training at PurshottamInvestofin Limited. Prior to this, she was at the ICLS Academy, Ministry of Corporate Affairs.
1. What made you opt for the CS course?How do you find the structure of the course and do you think it can get better?
Being a science student I never thought of becoming a Company Secretary. My goals were different. It was my father who inspired me to think about the CS course. He always wanted to be a CS but couldn't pursue it due to certain reasons and the fact that becoming a CS was his dream made me firm about opting for the course and I gave my best to achieve it. Initially it was difficult for me. I was unaware about the basic concepts of the course as I had a science background but with the constant support of my parents and hard work I was able to clear all the levels in first attempt.
I feel the course has been very well designed and the modules provided by the Institute are exhaustive and always updated. Just referring to the module is enough to get the complete knowledge. It covers both theory as well as the practical aspect of the subject. I find the strong theoretical concepts are very helpful when I practically apply them during the training that I am undergoing right now.
2. How did the pandemic affect your studies?
Last one and a half year have been very stressful due to the pandemic and various uncertainties. I started preparing for the CS final exams in December 2019 and within a couple months the pandemic had hit the planet really hard. I follow very strict discipline when it comes to studying. I spent 14 to 15 hours a day in preparing for the exams. But I had to move back to home due to the lockdown and my study schedule got disturbed. Meanwhile the Institute had announced the postponement of the exams from June 2020 to December 2020. We were still unsure about the exams happening in December 2020 as well. This whole scenario led to stress and anxiety. I took a deep breath and decided to take a break to deal with everything. I took a break for a couple of months to process the situation while I stayed connected with my studies (2-3 hours per day only).It took me a while to understand the situation and work on it. The immense support of my parents during that period helped me bounce back and I started preparing again in September with
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 09 full efforts and was able to qualify the final exam in first attempt. I realized we can deal with any situation with patience. The break gave me the time to think, calm down and get back to studies with full confidence and motivation with the support and blessings of my parents being the most important factor.
3. How helpful do you find the programs (online/offline) organized by the ICSI? Do you feel some additions can be made to these programs?
Well, I believe all the programs organized by the ICSI are very well designed. It's a great source of value addition to our knowledge and helps us in staying updated with the latest amendments. I really appreciate the way our Institute immediately switched to an online platform without letting the pandemic affect the learning process and kept us going on. The only thing that I missed in the online programswas the interaction that used to happen in the offline sessions. Meeting and interacting with the experienced seniors is something that we as a student and fresher look up to, which is very limited in virtual sessions. If something can be done to create this opportunity in virtual sessions where participants can interact with the senior professionals then that would get the virtual sessions at par with physical sessions.
4. Apart from placement programs being organized by the chapter, how else do you think ICSI can help in student's career?
Throughout my journey with ICSI, I have always been very satisfied, be it the course structure, training programs, seminars or other events. The efforts put in by the Institute in every area especially during the pandemic are commendable. The way our Institute has been supporting every professional and students has set an example. Still there are certain areasas below where I think that the Institute needs to paymore attention: a. Job and training placement: Though certain chapters are organizing such programs for training and job placements but that's not at par with other institutions in the country. We don't see good companies participating in these programs like the way they hire from IITs, IIMs and other top business schools. b. Pay scale: Qualifying a professional course is not easy. Sometimes it takes many attempts and years to clear all the levels of exams unlike other courses. At the end of all the hard work that a candidate puts in, at least the institute should provide a minimum pay scale for placementwhich serves as an aid to career security and helps keep candidates motivated. c. Soft skills: I feel CS students should undergo intensive soft skill programs like other business schools that would them competitive. We focus on professional level learning but lag behind when it comes to presentation skills. Author : CS Khushboo Upadhyay
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 10 Whistle Blowing (A Welcome Development) Parveen Gill (CS Student)
Introduction A whistle-blowing mechanism not only helps in detection of fraud, but is also used as a corporate governance tool leading to prevention and deterrence. The term “whistle blower” was first applied to government employees who “go public” with complaints of corruption or mismanagement in the public or government organisations. It is now used in connection with similar activities in the private business sector as well.
Meaning of Whistle-blowing Whistle-blowingis when a worker reports suspected wrongdoing at work. Officially this is called 'making a disclosure in the public interest'. Whistle-blowing means exposing an employer's wrongdoing to outsiders such as media or government regulating agencies. This term is also used for Internal reporting of misconduct to management, especially through anonymous reporting mechanism.
Meaning of Whistle-blower Whistle-blower is a person who exposes misconduct, alleged dishonest or illegal activity occurring in an organisation. The Whistle blower is a concerned citizen, who is totally inspired by the public interest, and opened to disclosing a significant wrongdoing to a person capable of investigating and facilitating correction of such wrongdoing.
The alleged misconduct or activities may be classified in many ways, for example, a violation of law, rule or regulation and/or a direct threat to public interest, such as fraud, health and safety violations, and corruption . Types of Whistle-blowing
1. Internal Whistle-blowing: When the whistle-blower reports the wrong doings to the officials at higher position in the organisation. The usual subjects of internal whistleblowing are disloyalty, improper conduct, indiscipline, disobedience, etc.
2. External Whistle-blowing: Where thewrongdoings are reported to the people outside the organisation like media, public interest groups or enforcement agencies, regulatory body.
3. Alumni Whistle-blowing: When the whistleblowing is done by the former employee of the organisation.
4. Personal Whistle-blowing: It refers to blowing the whistle on the offender. Here the
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 11 charge is not against the organisation or system but against one individual.
5. Anonymous Whistle-blowing: When the identity of whistle blower is not revealed. Anonymity is often required where the stakes are high; those cases where the perpetrators will spare no effort or expense in identifying and “dealing with” any whistle-blower.
6. Government Whistle-blowing: It refers to the disclosure made about the wrongdoing or unethical practices adopted by the officials of government.
7. Corporate Whistle-blowing: It refers to the disclosures made about wrongdoing practiced in business. The Association of Certified Fraud Examiners (ACFE), in their 2014 edition of the report to the Nations on Occupational Fraud and Abuse stated that over 40% of aa frauds globally were detected were through Tips.
The recent announcement of rewarding a Whistle-blower Officer, the Ramon Magsaysay Award seems to be acknowledgment of the role played by whistle-blowers in promoting a transparent and ethical work environment.
Key drivers for effective whistleblowing mechanism: lCommitment from top leadership lResponsibility entrusted upon internal auditors to foster a culture of ethical behaviour lAddressing whistleblowing complaints
Deloitte India Whistleblowing Survey 2020: lOnly 33% of respondents have three or more channels to receive whistle-blower complaints. lOver 66% rely partially or completely on an in-hose operated programme. lAlmost 75% do not use any case Management System. lOver 50% have appointed a single individual as the custodian of the programme instead of a committee.
Effects of Whistle-blowing: Being a whistle-blower India is not without its challenges. While whistle-blower often face retaliation and several other issues, they remain the best source of information on malpractice in any system- public enterprises or private. Negative consequences that c a n result from whistle blowing are: lTermination from organization lDifficulty in future promotions lUnproductive environment l Ostracism lPhysical or psychological isolation lFamily, health and/or life in jeopardy lOrganisation experiences loss of money, restitution, productivity and positive
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 12 reputations. lIncarceration
Indian Whistle-Blowers:
1. Satyendra Kumar Dubey Satyendra Dubey, an IIT Kanpur graduate in his mid-30s was supervising construction of the golden quadrilateral project in the koderma division of Jharkhand. He was project director at the National Highways Authority of India (NHAI). In letter to the then Prime Minister Atal Behari Vajpayee he accused his employer NHAI that there is corruption in the building of the stretch of highway where he was working. He exposed mishandling of funds by three of his engineers which led to the suspension of the contractor.
He was assassinated in Gaya, Biharfor fighting corruption in the Golden Quadrilateral highway construction project. He was shot dead on November 26, 2003.
Satyendra Kumar Dubey has been posthumously honoured with the Whistle-blower of the Year 2004 Award by one of the world's leading freedom-of-expression groups.
2. Manjunath Shanmugam: Manjunath, an IIM graduate gave his life to the country while trying to expose the corruption in petroleum marketing. For a month or so, his heroic efforts to expose corruption caught the attention of the nation. Fighting corruption in petroleum sector was put on the national agenda only for few days. It was ironical that within few days of the murder of Manjunath the corruption charges against Satish Sharma the new avatar of petroleum corruption weredropped.
Legal Protection for Whistle-blowers in India: Whistle-blower Protection Act, 2011 Whistle-blower protection in India, so far, has been abysmally poor. Basically, such a legislation is required to protect any person, whether employee or otherwise, who seeks to expose any form of corporate fraud other violation in the work place, whether employee- specific or otherwise.
The Whistle-blowers' Protection Bill, 2011, which was passed February, 2014 by the Rajya Sabha after being passed by the Lok Sabha in 2011, is the first law of the country, dealing specific or a public servant or a public authority is made.
The Act aims to protect honest officials or persons from harassment but does not provide for any penalty for harassing a public servant/any other person making a disclosure. Also, the Bill does not provide for admission of anonymous complaints by authority. The CVC and the head of organisation have to protect identity of complaints. However, the Vigilance Commission can reveal the identity of the complaints to the head, if it is of the opinion that it is necessary to do so.
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 13 Corruption is a social evil which prevents proper and balanced social growth and economic development. One of the impediments felt in eliminating corruption and the public sector is lack of adequate protection to the complaints reporting the corruption or wilful misuse of discretion which causes demonstrable loss to the government or commission of a criminal offence by a public servant.
In India, the Companies Act, 2013 [under sub-section (9) of Section 177] and SEBI LODR Regulations, 2015 [under Regulation 42(2)(d)(iv)]provide the mandatory requirement for certain Companies to have Vigil/whistle-blower mechanism.
Conclusion In nutshell, it can be said that the concept of Vigil Mechanism/ Whistle blower is very nascent in Indian Context. This is a welcome development. The role of encouraging whistle blowing lies with both companies and law. Companies have to provide for the perquisite culture, support of top management and high-level corporate leadership for whistle blowing. Anonymous complaintsand the processes to safeguard the identity of the whistle- blowers as well as ensuring confidentiality of the investigating process, there is an urgent need for the government to focus on these areas. Government needs to not only frame but ensure the implementation of laws governing whistle blowing mechanisms and systems.
The Government can perhaps consider including some of the measures prescribed by the US Whistle-blower Protection Enhancement Act, 2012.
The Government and various corporate stakeholders shall continuously work towards strengthening this process – both in letter and spirit.
Application For Corporate Insolvency Resolution Process Pooja Sharma (CS Student)
Corporate insolvency resolution process has been introduced in the Insolvency and Bankruptcy Code,2016.The code has been enacted to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner.
Corporate insolvency resolution process is a recovery mechanism for creditors.If a corporate becomes insolvent a financial creditor, an operational creditor or the corporate
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 14 applicant itself under section 7,9 or 10 respectively may initiate corporate insolvency resolution process.
Section 4 of the insolvency and bankruptcy code,2016 provides that Part 2 of the code shall apply to matters relating to insolvency and liquidation of corporate debtors where the minimum amount of default is one crore. Around 200 insolvency applications filed since suspension of fresh proceedings ended in march. IBBI chairperson MS Sahoo said that higher threshold of default of one crore coupled with support and forbearances limit the flow of applications.
As per section 12 of the code, the process is required to be completed within 180 days from the date of admission of the application by national company law tribunal to initiate corporate insolvency process. This period can be extended, if the resolution professional files an application to adjudicating authority, if instructed to do so by a resolution passed at a meeting of committee of creditors by a vote of sixty-six percent of the voting share.
If business is viable reorganisation of affairs of a company to rescue it escalate ease of doing business. Recently Jet airways accomplish insolvency resolution journey. Jet airways is ready to fly again. National company law tribunal approves resolution plan by Kalrock Capital and Murari Lal Jalan. Corporate Debtors undergoing insolvency resolution process are AML Steel and Power Limited, Global Coke Limited, Pincon Spirit Limited and many more. servations from the judgements of adjudicating authority regarding filing of application for corporate insolvency resolution process are following:- vTime limit for completion of insolvency resolution process as laid down under section 12 of the code is mandatory and it cannot be extended beyond 270 days.(Supreme court in the matter of Arcelormittal India Private Limited v. Satish Kumar Gupta & ors.) vIf through an agreement creditor and corporate debtor has agreed to file any suit only in the court of that foreign country , still if creditor intends ,it can initiate the corporate insolvency resolution process proceedings in India. IBC will override such an agreement. (NCLT in the matter of Excel Metal Processors Limited v. Benteler Trading International GMBH & ANR.) vApplication for corporate insolvency resolution process will not be accepted by NCLT if there exists a dispute for the claim. (Supreme court in the matter of Mobilox Innovations Private Limited v. Kirusa Software Private Limited.) vIt will be considered as dispute ,if corporate debtor claims that the money has been paid and operational creditor claims that the money is not yet paid. Hence, application will be dismissed on the ground that there is an 'existence of dispute'. (NCLAT in the matter of JP Engineers Private Limited v. Murti Udyog Limited.)
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 15 vApplication for initiation of corporate insolvency resolution process under section 7 or section 9 has been filed may give opportunity to the applicant to explain the delay within a reasonable period to find out whether there are any laches on the part of the applicant.(NCLAT in the matter of Machhar Polymer Private Limited v. Sabre Helmets Private Limited.) vAppeal under section 34 challenging an award will be considered to be existence of dispute. Hence, an application for corporate insolvency resolution process can not be filed. (Supreme court in the matter of K.Kishan v. Vijay Nirman Company Private Limited.)
By Pooja Sharma
Population Growth or the ill-management of Human Resources? Deepanshi Gupta Student- CS Professional WhenWorld Population Day has just passed, you might have already been bombarded with a lot of stories, speeches and statistics. Read this piece to have a different viewpoint and what's probably in the archives of the ongoing dialogues.
Some might argue that 'growth' means having something in excessive quantity. But, in the real sense, it means having the right balance! Growth has thus always been a positive term. The excessive and burdensome population is not population growth but population explosion.
Do weever ask any question like “is having more resources or money in a country or even for a company is a boon or a bane”? Surely not! Then why the very same question arises, when it comes to the population? Is not population a human resource? We all know that having a good surplus and a huge amount of money is never a tribulation, still, if it is not managed properly it can be detrimental to the company, or even an individual, and its or his doomsday is inevitable. The same is with the population, having more human resources is never a woe, but an ill-managed human resource becomes a burden on the existing resources. So, cannot we deduce that it is actually mismanagement of population and not abundance that's a bane?
According to UN report 2019, by the year 2027, India's population is projected to surpass China's. Likewise, numerous statistics roam around to portray a negative picture of population growth, but none display the fallacies of the consecutive governments that turn
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 16 the population vulnerable and thus imply rippling effects. Therefore, managing the population is a must to have sustainable and adequate population growth—so that it is neither excessive nor insufficient. And so population growth cannot be scrutinised in isolation of numbers and statistics, rather it seems to depend on the pattern of the population—a pattern of fewer income inequalities, gender equality and a healthy population that automatically transforms abundant resources into an asset.
Addressing the proponents of curtailing population, I would like to highlight that if the population does not grow, it leads to a lack of procreation ultimately giving way to an ageing population. And if this trend sets in, the economic engine is bound to run out of steam soon enough. Despite incentivizing immigration and offering childbearing incentives like cash handouts and child care support to parents, Japan, South Korea, Singapore, and several European countries, are struggling to increase their populationto cater for their lumbering economy. Paradoxically, China, which years back contained its population coercively, is now introducing a three-child policy. Yet, none of these countries has shown to really buck the trend. So, is that easy now for these countries to do so? Definitely not!Xu Jian, a Chinese civil servant also acknowledged that
“once a country's population begins to decline, that process is extremely difficult to reverse”. More importantly,when entire generations have lived a life without siblings and once these experiences becomecommonplace, it is almost impossible to reverse them completely. Thus it can be concluded that this is because it takes years to nudge the mindset of people. You cannot just command them as and when required; as economic stability cannot be attained on the verge of people's right to individual choice, privacy & other fundamental rights as enshrined in the Indian Constitution. At this moment, the words of great political philosophers like John Locke, JS Mill and Rousseau, hit my mind, who all emphasised the value of individualism as a supreme factor for the overall development of the country. Thus, it must be left to the choice and wisdom of people. What you can do is give them adequate and informed options.
To stimulate the economic growth of India, population growth can reap benefits in terms of demographic dividend, younger working population, skilled manpower, more consumers and thus increased demand, production and supply, thereby adding to the economic value chain. Let's not forget that India is the largest provider of skilled manpower in the world and educating them all can help us get an educated workforce for many sectors as the world economy is set to transform into a knowledge economy. India can tap into its vast pool of talents which such a huge population provides.
Cursing things is easy, but finding a way out is the demand.So let's have a look towardsa few solutions to convert population explosion into population growth. Adequate investments in key social infrastructure areas ensure a demographic dividend does not become a demographic liability. Better education will help women in better family planning and reducing unwanted fertility in India that is currently marked at 13%. By linking
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 17 measures with family planning, India will achieve twin benefits of stimulating its growth and at the same timecatalysing its ambitions of achieving a number of SDGs . It's not unknown that our population, especially the elderly ones, is suffering from chronic morbidities, making India the second-highest in terms of dementia and Alzheimers. If this population continues to remain unhealthy, it will be a burden. However, if this pattern of the unhealthy population is turned upside down and if they live healthy for a longer period, then definitely they will earn for prolonged periods, which will ultimately reduce the burden on the existent and scarce resources. This demandsstrong social protection schemes to ensure a healthy population. What we need is adequate population management and quality of life, to turn the potential and massive human resource into a realised tangible asset.All this will automatically culminate to push economic growth at a faster rate and then the requirement of generating jobs will not be a challenge.
The time has come that we invest heavily not only in the health sector but also in 'health diplomacy'. We cannot wait for another pandemic to knock on our doors or for another global crisis to usher in to wake up to the demand of global health diplomacy. International health collaboration is the key to calibrated efforts to manage the world population as this is what we are lacking the most to manage thepandemic and thus the affected population.The domino effect cannot be brushed aside by simply living in the oblivion of reality and negating the underlying fallacies.
A well-managed population can drive the engines of economic growth. Now, it depends on us how we make our move.
Women: Shattering The Glass Ceiling Of Corporate World Aakansh Prakash Simran Goel (CS Student) (CS Student)
Women in India are considered as “abla” or “damsel in distress”, and are considered inexpedient, for working outside homes. Even after adopting modern cultures, Some parts of India still consist of the male dominant society, where its women and girls are not allowed to receive education and become independent financially.
There is a major stereotype about men and women that men are more efficient and hardworking whereas women are just a factor of low production in an organization. Women
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 18 are expected to be at home and fulfill their responsibilities towards their family, whereas men are expected to work and earn for the family. Mothers wishing to work are considered inadequate for working in an organization as they are assumed to get deviated by their responsibilities towards their family during work.
But now, the time has come where the “Bread makers are becoming Bread earners”. The role of women has been changing since the mid 20th century. Today's developing world has provided many laws and schemes to enter the corporate world. Thus, empowering women to shatter the glass ceiling under which they were stuck for years. Full capabilities of women are being recognized and are guided to enhance their skills and build a career. A positive impact has been seen after having women on board. They are even encouraged to take leadership responsibilities.
The government is making provisions for the education of girl child, along with laws to help women acquire more jobs. Still, there are many issues faced by women like- gender pay gaps, sexual harassment, refusal of promotion, poor appraisal, decisions being questioned, etc. As per the International Labour Organization, India has a very high gender pay gap.
INCREASING WOMEN PARTICIPATION IN THE CORPORATE WORLD Research has proven that there are more men than women working in an organization. Women have to work more harder and for a longer duration to prove themselves when compared to their male counterparts. All these gender stereotypes and prejudices exist only for women and not men. Men are more preferably chosen over women, in the workplace. Significant development has been observed in terms of promotion. Women are now considered for senior positions in the workplace. Various measures have been taken to strengthen gender equality in the workplace. Women are being promoted to a higher level of management which is a success, in reducing gender bias and increasing the role of women in the corporate world. Women, Business and the Law (WBL) showed global progress with a gain of 4% in year on year review 2020. The main job of WBL is to analyze 190 economies based on various indicators including mobility, workplace, pay, entrepreneurship, assets, pensions, marriage and parenthood. The current score of India is 74.4/100 which rose up from 71.3/100 in the year 2019.
WOMEN ENTREPRENEURSHIP In the phase of liberalization and globalization, women entrepreneurship has become a trend in India. The horizon has been widened for women regarding workplace policies, and legal framework. Higher education is being provided to them, along with many provisions, so that women can study in the comfort of their homes. India is burgeoning and so are the women entrepreneurs in India, the concept of women entrepreneurship has made a mark, on both small and large scale industries. About 126 million women have started business on a global level and 8 million of them have started business in India. There are various famous women entrepreneurs who have inspired ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 19 others to achieve their dreams. Some of them are- • Chanda Kochar- Founder of India's largest private bank ICICI. • Ekta Kapoor- She is one of the most famous soap opera writer of India. • Aditi Gupta- She talked about one of the taboo point in India, that is menstruation. She helped in spreading awareness in society and talked about it openly.
GOVERNMENT SCHEMES AND LAWS SUPPORTING WOMEN There are various schemes by government and financial institutions that provide monetary support to women in starting or joining a business.
• Mahila E-Haat- It is a segment of the initiative- “ Digital India” launched by the Government of India. It also funds NGOs. • Annapurna Scheme- It was set up for industries that cater food, mainly those companies which were set up by women. • Stree Shakti Package for Women Entrepreneurs- State Bank of India has provided this scheme. This can be availed by women who have 50% ownership of the business. • BhartiyaMahila Bank Business Loan- This loan is provided to women entrepreneurs, who are or recently have started a new business, in the field of retailing. • Dena Shakti Schemes- This initiative was taken by Dena Bank to help fields of agriculture, manufacturing, retail stores, or small enterprises. The maximum loan which can be availed is Rs. 20 Lakhs. • Udyogini Scheme- This is provided to agriculture, retail and other small-scale productions, by Punjab bank as well as Sind bank. This is specifically for women entrepreneurs. The maximum loan which can be availed is Rs. 1 lakh. • Mudra Yojana Scheme for Women- The government of India launched this scheme for single, divorced and widowed women who want to start their small ventures.
There are many more schemes. There are many laws which support them to grow such as- • Universal Declaration of Human Rights Right to work, in a safe and secure environment. This is stated in Articles 232 and 243 of the Universal Declaration of Human Rights. It is considered as a fundamental right, to work, it is as important as the right to life. In a world where the economy is so expensive, as finance is a necessity to live a basic life, employment becomes a necessity.
• Equal Remuneration Act, 1976 According to this, all businesses are supposed to pay equal pay, to all workers, who do work of the same kind. There should be no discrimination based on the gender of the worker.
• Amendment to the Equal Remuneration Act, 1976 This came into existence in 1987. In this punishments were introduced for the defaulting parties. This was done to remove victimization from women. This helped in providing creches to workers who had kids, this was especially helpful for working mothers, this act came under the Factories Act.
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 20 • National Commission for Women Act, 1990 (Act of Parliament) The national commission takes surveys related to women. Occasional surveys were given to the central government, covering topics which safeguard women's right. This includes sexual harassment and Equal choice of profession ( As per the constitution, anyone can practice any occupation in any field of work).
CONCLUSION Women have strived a lot in the past and some still have to continue to face the tussle, in getting an education and then acquiring jobs. But the number of women floundering for that freedom has been declining. Awareness Campaigns are organized, and the necessity to educate a girl child so she could be financially independent in the future is being appreciated. Women are constantly shattering the glass ceilings by entering the corporate world, and many are taking now taking leadership roles. Many have become entrepreneurs and have become role models for the young generation, they are the best in their fields leaving everyone behind.
Apart from the family, the government schemes and laws have played a major role in this. Numerous schemes have been introduced and laws have been reformed, to help women in achieving equality in the corporate world.
Various other measures could be taken by organizations to open up fresher jobs for women with low experience. This will help women to gain experience and also understand the work environment. The workplace can be made more safer, where they could work peacefully and dedicatedly without any fear of harassment or threat. Organizations should end the gender pay gap so that more women are encouraged to work harder. Ice-breaking sessions should be conducted so as to bond them with their team.
It is an important thing to note, that a woman who can run a house, can also run a country. Thus no dream is small and every person has a right to achieve their goals and become successful in their life.
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 21 Glimpses of Webinar
Webinar on the topic “Preparing for challenges in Webinar on the topic “Preparing for challenges in businesses post covid-19 (part-1)” businesses post covid-19 (part-2)”
Webinar on the topic “Dealing with Inner Conflict : Road Webinar on the topic “GST- Exploring Opportunities” to Happiness”.
Webinar on the topic “ GST- Expectations, Perceptions & Webinar on the topic "Risk Management: Upcoming Area Realities” for CS Professionals"
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 22 Glimpses of Student Activities
Vanmahotsav- Tree plantation activity
Student activity Online session on Life Skills Student Activity- Power Point Competition (online)
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 23 Glimpses of Student Activities
Student Activity- Webcast for students on Student Activity- Soft Skills Development Customs Act Programme
Student Activity- Faculty Induction Programme
Student Activity-Debate Competition on topic "Population Growth is a Boon or Bane" ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 24 Student Activity- Revision classes for CS Student Activity- Revision classes for CS Executive Students on subject Tax Laws (Part-1) Executive Students on subject Tax Laws (Part-2)
Meeting with Shri Gopal Krishan Agarwal, BJP Meeting with President, U.P State Commission for National Spokesperson Women Smt Vimla Batham
webinar on the topic “Nuances of Joint Venture Podcast "izksRlkgu-A Step towards the benefit of Agreement" CS Students”
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 25 IMPORTANT ANNOUNCEMENTS
?Noida Chapter of NIRC of ICSI is going to organize Career Awareness Programme (online) on 24th July, 2021 for the students of class 11th and 12th at Rockwood School Noida.
?Noida Chapter of NIRC of ICSI is going to organizeOnline Mock interview for the students who are eligible for training on 30th July, 2021.
?Noida Chapter has made the announcement in January 2021 that the Chapter will felicitate the 5 most active members throughout the year in Chapter activities in the month of December, 2021. So all members still have a chance.
Compiled and edited by CS Shikha Gupta
ICSI-NIRC NOIDA CHAPTER E-NEWSLETTER Page No. 26