cs ashish karodia- chairman, wirc · corporate law . which was on 23. rd. february 2019 at tarabai...

Page | 1

Editor

CS Ashish Karodia- Chairman, WIRC

Editorial Board (in alphabetical order)

CS Anurag Gangrade CS Bhaveshkumar Rawal CS Dipika Kataria CS Madhu Kumar Ghatiya CS Narendra Singh CS Nusrat Parveen CS Riddhi Thakkar (Ms.) CS Shreya Vartak CS Toshiba Sugandhi

Publisher

Dr. Rajesh Kumar Agrawal, Regional Director- ICSI WIRC

2-3

Contents

Page no. Particulars

Chairman Message

4-9 List of Rank holders of ICSI-WIRC

10-11 Programs of WIRC

12-15 Photo Gallery of WIRC

16-25 Article on

(i) Barcode Registration In India

(ii) SC ruling on Swiss Ribbons: Defaulters Paradise is Lost, Economy's Rightful Position Regained

26-38 Chapter events

39 Media Coverage

41 List of Incharge/Executive Officers of WIRC Chapters

42 CSBF Appeal

Disclaimer: You are receiving this e-Newsletter since you are a member of ICSI. Views expressed in this newsletter are of authors and not necessarily of ICSI or WIRC of ICSI. ICSI or WIRC of ICSI does not verify authenticity of legal provisions contained in this newsletter. Neither authors, editors, publishers nor printers and distributers would be liable in any manner to any person by reason of any mistake or omission in this newsletter or for any action taken or omitted to be taken or advice rendered or accepted on the basis of this work. All rights reserved. All claims, disputes or complaints will be subject exclusively to jurisdiction of courts/ forums/ tribunal at Mumbai only.

WIRC of ICSI Premises : 13, 56 & 57, Jolly Maker Chambers No. 2 (1st & 5th Floors), Nariman Point, Mumbai – 400021

e-mail: [email protected], Phone Nos. : 022- 61307900 / 61307901 / 61307902

Page | 2

Dear Professional Colleagues,

I strongly believe in the concept of direct communication to express feelings, to connect with each other to share our knowledge, experience etc, which always leads to togetherness and fruitful outcome. Today it’s my pleasure to express my feelings by this way of communication to our ICSI-WIRC members. It was a privilege for me to attend the leadership summit in Delhi in the third week of February, 2019 with President CS Ranjeet Pandey and Vice-President CS Ashish Garg at New Delhi. We are very thankful to our President for providing a platform and to gather all the volunteers of India under one roof to share their views or ideas for the betterment and growth of our institute. President of ICSI spoke about Vision 2022 and the initiatives taken by the new council. It was a great opportunity wherein all the Regional Chairman could share their views for the overall development of the profession. The summit was also an opportunity for me to interact one to one with all the chapter chairman of WIRC. I am glad to inform our members that all chapter chairman of WIRC are very excited as well as efficient enough to do their task with full integrity and ability as all has set their targets more than expected. I am glad to announce the awards won by WIRC and its chapters at this summit. WIRC won first prize under category of “opening maximum study centers”. Indore and Rajkot are on second and third position respectively in this category. Pune won second prize under “student registration done in region” and second prize under category of “setting up of study centres in region”. This is the result of bonding of chapters with WIRO and individual effort of chapters working together towards a collective goal and we would definitely move it ahead. In the month of February we are continuously organising sessions on all 7 knowledge centers of which Sessions on SBO Rules, MSME Non-payment details and TreDS on boarding and Return of Exempt deposits by CS Vinod Kothari was houseful show. Further, WIRC is back to back

“A connection or relationship between two or more persons is not caused by chance but for

giving some fruitful outcome.”

Page | 3

organizing 2-3 seminars on varied topics almost every week. Our members got the opportunity to attend a discussion on Budget 2019 organized by BSE with Hon’ble Finance Minister Shree Piyush Goyal & Chief Minister of Maharashtra Shree Devendra Fadnavis wherein around 50 Company Secretaries participated. WIRC will arrange for theme of various programs/ seminars that will be finalized on the basis of feedback received from members of the region. Based on the same WIRC conducted one full day program also in addition to the above mentioned programs on RECENT AMENDMENTS IN CORPORATE LAW which was on 23rd February 2019 at Tarabai Hall, Shiv Prasad Building, Marine Drive, Mumbai which was another houseful show with more than 250 participants. It was honor for us to interact with Insurance Institute of India in the presence of our President CS Ranjeet Pandey and Vice-President CS Ashish Garg. I am glad to inform that, we had a very kind interaction with ROC Mumbai and the Regional Director, Western Region of MCA. WIRC in the presence of the President and Vice President of ICSI felicitated All India rank holders in foundation, executive and professional level examinations at WIRC. I was astonished to listen to many toppers. Each student and member of this institute has a hidden talent which has to be converted as a success story. ICSI-WIRC is committed to facilitate all of you to achieve your career objectives. It is my honour to publish their names in this edition. WIRC is coming out with a Crash Course in the month of March and April for Executive and Professional students. The Crash Course has a legacy of producing many toppers. WIRC has also lined up the best faculty members who have a proven track record. We are also working hard on spreading much more awareness of benefits and increasing the no. of registrations for CSBF, as it is a very noble cause. With that we will also encourage members to donate atleast one rupee per day towards CSBF which in totality be a huge sum. Our members and students have many hidden talents like a good singer, dancer, instrument player, etc. we will give a platform to all such talent at the chapter level in the form CSBF cultural eve with nominal participation fees and this amount will be donated to CSBF. I am proud to announce that all WIRC council members are CSBF members. I expect from you all to join your hands to promote this Nobel cause. Please maintain habit to read “FOCUS” as this is the only medium of interaction. We are working very hard to make it more interactive and this is the only means where I can connect with you all directly open heartily. Please keep reading and share your views and contribute to the success of this magazine by all possible means. A lot more to share, however time is standing in between as the February edition has to go to the press at once. I reserve my thoughts for the next edition. Professionally Yours, CS Ashish Karodia Chairman ICSI-WIRC

Page | 4

Felicitation of Students at ICSI-WIRC

List of Rank holders of ICSI-WIRC Chapter Program Name of Student All India

Rank Ahmedabad Foundation Karina Deepak Chandwani 8

Dipti Girishchandra Sharma 13 Harshil Kamleshkumar Patel 13 Keshav Somani 17 Shubham Patidar 18 Aayushi Jani 21 Vishnuvardhan Iyer 21 Khushi Mukesh Jain 22 Yash Hetalbhai Mehta 23 Hitendra Singh Rao 24 Saloni Kamra 25

Executive Saloni Karnawat 12 Professional Dhvani Anilbhai Prajapati 12

Drishti Himanshubhai Kshatriya

21

Aurangabad Aurangabad Exam Centre Foundation Sameer Sanjay Joshi 7

Page | 5

Rohit Sharad Shinde 16 Siddhi Rajesh Kulkarni 23

Professional Pranjal Manishkumar Chechani

17

Ahmednagar Exam Centre Foundation

Chanchal Sanjay Nawlani 9 Niharika Sudhir Rakshasbhuwankar

20

Gautam Ravi Gandhi 25 Jalgaon Exam Centre

Foundation

Kripal Rajesh Kukreja 13 Ritik Sunil Madnani Ranked 24

Executive

Divesh Rajesh Talreja 18 Padmanabh Raghvendra Kabra 24

Bhayander Foundation

Harsha Gajanand Gupta 8 Shayantani Das 12 Kalyani Kadu Chitte 17 Tanvi Khandelwal 18 Prince Dilkhush Parmar 18 Riya Chintamani Pandey 20 Sara Siraj Lakdawala 23 Bhagyashri Anil Taparia 24 Laxmi Naresh Choudhary 24

Executive

Neha Jayesh Patel 9 Nisarg Amish Shah 22

Bhopal Foundation

Muskan Sahu 3 Isha Lowlekar 12 Ashwini Somkuwar 12 Harsha Ramani 13 Saumya Jain 13 Anushree Agrawal 15 Chahak Motwani 17 Parul Thakur 21 Diksha Tanwani 22 Akshita Agrawal 22 Vinni Dhawani 24 Utkarsh Sunil Khankhoje 24 Mansi Patel 25

Professional

Varsha Panjwani 1 Harshwardhan Sangtani 3 Arpit Goyal 16

Indore Foundation

Yukti Jain 2 Ashita Goyal 4 Gurdeep Singh Saini 6

Page | 6

Aayushi Dalke 10 Shweta Patidar 11 Nikita Shakywar 12 Shruti Pandya 13 Shivani Patidar 13 Anishi Satish Dammani 16 Sanjana Patidar 18 Mahak Jain 19 Gitika Pradeep Agnani 19 Utkarsh Vyas 20

Rashmi Jain 21 Riya Gujral 21 Bhavika Mundra 22 Krutika Hote 22 Aman Godwani 23 Aditi Kabra 23 Rajnandini Tomar 23 Suhani Agrawal 23 Sarvesh Khandelwal 23 Anushka Manglani 24 Priyanshi Agrawal 24 Sneha Garg 24 Jayesh Jain 24 Yashika Goyal 25 Pranjal Mutha 25 Sanskrati Manoj Agrawal 25

Executive

Qasim Saif 5 Nikhil Patidar 18 Khushi Khurana 25

Kolhapur Foundation Ashita Dake 9

Navi Mumbai Executive Shekhar Atul Panse 17 Nagpur Foundation Pragya Gupta 21 Nashik Foundation Pranav Mahalpure* 23

Executive Kinjal Harilal Patel 5 Pune Foundation Kalyani Ashwin Pundlik 1

Prajakta Milind Kamble 5 Akshata Atul Desai 7 Prashant Pramod Hardikar 11 Susmita Mukund Tryambake 13 Pratiksha Nanasaheb Shinde 16 Vaishnavi Badrinarayan Biyani 17 Vinayak Vijay Chindak 17 Hrishikesh Sudhir Talwalkar 19

Page | 7

Shreeya Jayant Sanglikar 20 Manasi Moreshwar Deo 22 Akansha Kondinya 22 Darshan Ravindra Dhoka 22 Sidra Kayyum Siddique 23 Muskan Sethi 23 Juhi Rajesh Advani 23 Sanika Sanjay Khare 24 Neeraj Panwar 24 Vaishnavi Ramchandra Tambe 25 Deepali 25 Mahima Kundu 25 Shreya Sunil Baraskar 25 Rupa Ambadas Sakhare 25

Executive Girija Santosh Chavan 19 Raipur Foundation Apurv Kochar 16

Richa Agrawal 17 Muskaan Shrivastava 17 Muskan Rajkotia 17 Harshita Mishra 17 Swastika Agrawal 18 Abhishek Sahu 21 Muskan Dash 23 Pranchal Panjwani 24 Pooja Agrawal 24 Purab Pannalal 24

Executive Aditi Goyal 13 Professional Kanak Prabha Jethani 7

Raj Kumar Jain 17 Rajkot Foundation

Rajvi Mayurbhai Shah 15 Sakshi Rajeshbhai Vagadia 19 Dhwani Bipinbhai Kotak 21 Jatin Rajkumar Advani 22 Kinjal Ramkishor Jagetiya 20

Surat Foundation Foundation

Mayuri Rakesh Jain 14 Shiksha Satish Sharma 18 Devang Dhanraj Hedau 18 Ria Pawan Garg 21 Nir Desai 21 Pareenaz Kersibhai Pithawala 22 Anushree Manak Dhiran 22 Roshni Hitesh Jariwala 23 Harshita Bothra 24

Page | 8

Executive

Arham Sunil Parakh 20 Shubham Vimal Agarwal 24

Professional

Gupta Hiral Jyotiprakash 8 Honey Gajjar 14

Thane Foundation

Parth Kushal Thakkar 12 Kareena Vinay Mathapati 14 Abhishek Sujit Deshpande 15 Ayushi Nandlal Jeswani 16 Anirudh Dhananjaya Shetty 17 Rianna Richard Rodrigues 19 Shubham Vivek Joshi 19 Sakshi Vilas Raorane 22 Viraj Vijay Kulkarni 22 Ravisha Sachin Bhanushali 23 Vaishnavi Sushil Malgaonkar 24 Anisha Anil Mehra 24 Archana Gopalkrishna Nair 24

Executive Ronak Chetan Thakker 15 Professional Rishi Sunil Chheda 9

Chinmay Jayant Pathari 20 Vadodara Foundation Kashish Purohit 12

Ritika Jhala 16 Foram Kandoi 24 Stavan Tamboli 24 Pruthvik Soni 24 Vidhi Valera 25

* OTC Student of Nashik Chapter

Page | 9

Page | 10

Workshops /Seminar / Professional Development Programmes in the month of January 2019 and February 2019

Sl. No.

Day and Date

Topics Venue

1 Friday, January 18, 2019

Ghatkopar Knowledge Centre Session on Drafting of Pleadings in proceedings under the Companies Act 2013 and IBC Code 2016

Shrimati Bhuriben Laxmichand Golwala Auditorium, A.V. Hall ,1st Floor, New SNDT, Cama Lane End, Ghatkopar ( W) Mumbai- 400 086

2 Friday, January 25, 2019

Dadar Knowledge Centre Session on New Dimensions of Corporate Laws

City light Banquets, 4th Floor, City light Cinema, Ashford Chambers, L. J. Road, Matunga (West), Mumbai 400 016

3 Sunday, January 27, 2018

Mulund Knowledge Centre Session on Updates on Competition Law with Recent Supreme Court Judgments

Lions Club of Mulund, (Conference Hall) V. P. Road, Mulund (West), Mumbai – 400080


Andheri Knowledge Centre Session on Recent Judgments of Importance to Corporate World

Andheri Recreation Club, Blue Water Hall Opp. Bhavan’s College Campus, Near Navrang Cinema & Vrindavan Restaurant, Andheri (West), Mumbai. Nearest Metro Station- Azad Nagar


Vasai Knowledge Centre Session on Companies (Amendment) Ordinance, 2018, Notified Amendments In Provisions Relating to Managerial Remuneration & Secretarial Standards 1, 2 and 3

Kubera Veg Restaurant 1st Floor, Dewan Tower, Vasai Station Road, Opposite Parvati Cinema, Vasai-West, Maharashtra 401202


Borivali Knowledge Centre Session on Project Financing on Deferred Credit Basis

AC Auditorium Gokhale Education Society's Shri Bhausaheb Vartak Arts, Commerce and Science College, Gokhale Mahavidhyalaya Marg, Off Gorai Road, Near Pangat Restaurant, Borivali West Mumbai-400091

7 Tuesday, January 29, 2018

Nariman Point Knowledge Centre Interactive Session on Highlights of Companies (Amendment) Ordinance, 2018

ICSI-WIRC, A/C Auditorium, 5th floor, Jolly Maker, Chambers No. 2, Nariman Point, Mumbai – 400021

Page | 11

8 Wednesday, February 06, 2019

Nariman Point Knowledge Centre Session on Union Budget


9 Sunday, February 10, 2019

Borivali Knowledge Centre Session on FEMA - ECB Guidelines with Recent Developments

AC Auditorium Gokhale Education Society's Shri Bhausaheb Vartak Arts, Commerce and Science College, Gokhale Mahavidhyalaya Marg, Off Gorai Road, Near Pangat Restaurant, Borivali West Mumbai-400091

10 Friday, February 15, 2019

Ghatkopar Knowledge Centre Session on Art of Advocacy and Court Craft (followed by Moot Court)

Shrimati Bhuriben Laxmichand Golwala Auditorium, A.V. Hall ,1st Floor, New SNDT, Cama Lane End, Ghatkopar ( W) Mumbai- 400 086


Dadar Knowledge Centre Session on Recent Trends, Update in Companies Act, 2013 and SEBI LODR (With Significant Case Laws) & Significant Beneficial Ownership

City light Banquets, 4th Floor, City light Cinema, Ashford Chambers, L. J. Road, Matunga (West), Mumbai 400 016


Nariman Point Knowledge Centre Session on SBO Rules, MSME Non-payment details and TreDS on boarding, Return of Exempt deposits


13 Saturday, February 23, 2019

Program on Recent Amendments in Corporate Laws

Tarabai Hall, Shiv Prasad Building, 97,

Marine Lines, Mumbai- 400 002

14 Sunday,

February 24, 2019

Vasai Knowledge Centre Session on SEBI LODR and PIT Amendments effective April 2019 and Muse on Finance Bill 2019 - stamp duty impact on trading, issue and transfer of shares and debentures

Kubera Veg Restaurant

1st Floor, Dewan Tower, Vasai Station Road, Opposite Parvati Cinema, Vasai-West, Maharashtra 401202

15 Sunday,

February 24, 2019

Mulund Knowledge Centre Session on Important provisions of The Companies (Amendment) Ordinance, 2018, SBO Rules, Amendment in Deposit Rules & MSME

Lions Club of Mulund, (Conference Hall) V. P. Road, Mulund (West), Mumbai – 400080

16 Sunday,

February 24, 2019

Andheri Knowledge Centre Session on Discussion on Recent SEBI’s Circular on Annual Secretarial Audit Report and Annual Secretarial Compliance Report & Registered Valuer-Opportunities for CS

Andheri Recreation Club, Blue Water Hall Opp. Bhavan’s College Campus, Near Navrang Cinema & Vrindavan Restaurant, Andheri (West), Mumbai. Nearest Metro Station- Azad Nagar

Page | 12

Hon’ble Finance Minister Shree Piyush Goyal & Chief Minister of Maharashtra Shree Devendra Fadnavis Discussing About Budget 2019

ICSI leadership Summit held in New Delhi

Hon’ble President and Vice-President, ICSI South, East, West and North Regional Chairman of ICSI

Page | 13

Nariman Point Knowledge Center sessions held by ICSI-WIRC

Session on RECENT AMENDMENTS IN CORPORATE LAW by ICSI-WIRC

Interaction of ICSI WIRC in presence of President and Vice President with the Insurance Institute of India

Interaction of ICSI WIRC with RD, Western Region and ROC

Page | 14

92nd Management

Skills Orientation Programme (MSOP) of ICSI-WIRC

Career Awareness and Investor awareness program by ICSI WIRC

Page | 15

Page | 16

By : CS Tanmay Mukunda Pethkar

Email: [email protected]

BARCODE REGISTRATION IN INDIA Company Secretaries have spread their wings in various areas of practice such as FEMA, Labor Laws, economic & competition laws, intellectual property laws, income tax, direct tax, arbitration & conciliation, but there are still various areas of practice which are still alien to the company secretary professionals. There are few areas of practice which the practicing company secretaries cannot put their hands on in the initial stage until and unless he or she gets recognition in the market. The new practicing company secretaries along with routine company law and FEMA work shall strive towards working in divergent areas of practice such as barcode registration. Every Retail & Consumer Packaged Goods, Food, Healthcare, Transport & Logistics needs barcode to easily identify and track products as they move through the supply chain. In this article, we look at the procedure for getting barcode registration in India. WHAT IS BARCODE? Barcodes are machine readable symbols in the form of numbers and parallel lines used universally to identity and track products. Barcodes play a key role in supply chains, enabling retailers, manufacturers, and transport providers to easily identify and track products as they move through the supply chain. BARCODE IN INDIA For obtaining barcode in India an application shall be made toGS1 India. GS1 India is a Standards body (registered under Societies Registration Act 1860) with founder members comprising Ministry of Commerce and Industry, Government of India, CII, FICCI, ASSOCHAM, FIEO, IMC, APEDA, Spices Board, IIP and BIS. It is affiliated with GS1® a not for profit global standards organization. Over two million companies, across 25 industry sectors such as Retail, Healthcare, Transport and Logistics use GS1 standards. The majority of GS1 standards are endorsed and referenced in ISO standards.GS1 helps everyone involved in making, moving and trading goods to automate and standardize their supply chain processes using the common language of GS1 global standards. TYPES OF BARCODE Different application requires different barcodes with capability to hold different data. Therefore, to diverse requirements, GS1 sets standards for use with different types of barcode symbols. GS1 barcodes can be categorized into the following categories:

Page | 17

GS1 EAN/UPC Family Barcodes GS1 EAN/UPC Family of barcodes are instantly-recognizable barcodes that are printed on virtually every consumer product in the world. They are the longest-established and most widely-used of all GS1 barcodes. GS1 DataBar Family Barcodes DataBar barcodes are often used to label fresh foods. These barcodes can hold information like an item’s batch number or expiry date, in addition to other attributes used at the point-of-sale such the item weight. GS1 1D Barcodes GS1-128 and ITF-14 are highly versatile 1D barcodes that enable items to be tracked through global supply chains. The GS1-128 barcode can carry any of the GS1 ID keys, plus information like serial numbers, expiration dates and more. The ITF-14 barcode can only hold the Global Trade Item Number (GTIN) and is suitable for printing on corrugated materials. GS1 2D Barcodes Two-dimensional (2D) barcodes look like squares or rectangles that contain many small, individual dots. A single 2D barcode can hold a significant amount of information and may remain legible even when printed at a small size or etched onto a product. 2D barcodes are used in a wide range of industries, from manufacturing and warehousing to logistics and healthcare. Pricing of Barcode The pricing for barcode registration in India varies based on the number of barcodes required, annual turnover of the company and the number of years barcode subscription is sought for. The following chart illustrates the cost for a company having an annual turnover of less than Rs.10 crores wishing to obtain 1-100 GS1 barcodes.

Page | 18

FINANCIAL ASSISTANCE: Bar Codes opted firm is eligible for 75% reimbursement of one-time registration fee and annual recurring fee (for first three years) paid by MSE firms. The Registration fee: The registration fees is determined by the total number of SKUs (Stock Keeping Units)/product variants/product types that are currently available, and also what is likely to be added in the next few years. Separate registration fees shall be payable for each variants and each product.The registration fee for the barcode is onetime fee which must be paid at the time of applying for barcode. Subscription fee::Subscription fees shall be paid for the period for which the barcode is granted. The subscription for the barcode can be renewed by the company for the from 1 year to 10 years. Security deposit: Interest-free, refundable security deposit payable once on registration which shall be refunded after cancellation/ termination of subscription by GS1 India Subscription validity: While registering you have the option of paying your Annual fee for 1, 2, 3 or 10 years. Please refer to the below grid for the applicable fee.

Page | 19

If applying between Subscription valid Till

1st Apr to 30th Jun 31st March 1st Jul to 30th Sep 30th June 1st Oct to 31st Dec 30th Sep 1st Jan to 31st Mar 31st Dec

PROCEDURE FOR APPLYING FOR BARCODE AND DOCUMENTS REQUIRED Barcode can be obtained easily in India by submitting the following documents along with requisite fee to GS1 India for allocation of GS1 Company Prefix to be used for barcoding of products. The following documents must be submitted.

1. Duly filled registration form signed alongwith the “product classification sheet” duly encircling / highlighting the product categories being manufactured / supplied. Please note all fields in the registration form are mandatory. If any field is not applicable, please write “N/A” and attached following documents:

2. Request letter / forwarding letter from Applicant Company on their letterhead for

allocation of GS1 company prefix number.

3. Attach a copy of your balance sheet (relevant page in support of your sales turnover) as on 31st March, 2015 (FY 2014-15) or latest. (Not required for New Company)

4. PAN card copy of Proprietor - in case of Proprietorship firm or PAN card copy of the

applicant company in other cases.

5. Proof of status of Applicant Company (for Proprietorship firm – VAT Registration certificate; for Partnership firm – VAT Registration certificate / Partnership deed; for Pvt. Ltd / Public Ltd etc– ROC / MOA / VAT Registration certificate).

Alternately, you may make Online Payment using Debit card / Credit card / Internet banking. Go to www.gs1india.org, click on “Make online payment” and choose option – New Registration. The same documents attached in the physical shall be attached with the online application form on https://gs1india.org PAYMENT OF FEES

If paid through electronic transfer of funds (NEFT) to GS1 India (any bank), Vijaya Bank, BhikajiCama Place Branch Current Account No.– 602000301000218 In the name of GS1 India NEFT Code: VIJB 0006020 MICR Code: 110029018

Corporation Bank, BhikajiCama Place Branch Current Account No.– 037301601000783 In the name of GS1 India NEFT Code: CORP 0000373 MICR Code: 110017008

http://www.gs1india.org/�

https://gs1india.org/�

Page | 20

Alternately, If paid by DD / pay order – In favour of “GS1 India” Payable at Delhi (if sending the documents at Delhi) Payable at Mumbai ((if sending the documents at Mumbai) Address for correspondence of Demand Draft:

BROAD GUIDELINES FOR GENERATION OF GS1 PRODUCT CODES Every product variant / type / SKU (Stock Keeping Units) that has to be identified uniquely by a manufacturer/retailer requires a unique GS1 product code. For example:

a) New product b) New product variant c) Change of name d) Major product description change e) Declared contents change f) New packaging type g) Declared changed weight or volume h) Free gift attached

Like different pack sizes (e.g. 1kg, 500g or 200g), each such pack size represents a different product variant / SKU / product type. If two items are combined to create a promotional pack, the new pack represents a new product variant / type / SKU and hence requires a new GS1 product code for its unique identification. Products with different colors, sizes / pack sizes, styles, quality etc are required to be considered as different product variant / SKUs).

It is suggested that product numbering capacity applied for should consider future product development requirements (new product variants) in perspective.

CONCLUSION The procedure to apply for barcode is extremely simple for professionals like company secretaries who are in initial state of practice. The documentation and requirements for obtaining the barcode is simplified. The application for obtaining barcode can be made online on https://gs1india.org by creating user of the business entity for which we are applying the barcode.

Delhi Office

Mumbai Office

GS1 INDIA, 330, 2nd Floor, ‘C’ Wing, August Kranti Bhawan, BhikajiCama Place, New Delhi - 110066 Tel : + 91-11-26168720/ 721 / 725, Fax: + 91-11-26168730, E-mail: [email protected] W-site: www.gs1india.org

GS1 INDIA, C/o MSME Development Institute Andheri Kurla Road, Sakinaka Mumbai – 400072 Tel : + 91-22-28576516 / 517 Fax: + 91-22-28579539 E-mail: [email protected] W-site: www.gs1india.org

https://gs1india.org/�

mailto:[email protected]�




Page | 21

Page | 22

By : CS NageshRudrakanthwar Email: [email protected]

SC ruling on Swiss Ribbons: Defaulters Paradise is Lost,

Economy's Rightful Position Regained INTRODUCTION The Hon’ble Supreme Court’s decision in Swiss Ribbons v. Union of India upholding the constitutionality of the provisions of the Insolvency and Bankruptcy Code, 2016 (‘IBC’ or ‘the Code’) is a landmark in the development of the IBC. The IBC is a significant departure from earlier insolvency regimes in India, and some of its key features are novel even by global standards. The key differentiating features of the IBC are lower admission threshold, no class rights, disqualification of certain bidders from participation in the resolution process etc. The Government was able to emphasize in the Supreme Court that these features have worked and led to significant positive results in the initial years of the law. An important factor that weighed in sustaining the law was the Government’s firm resolve to tackle the non-performing assets (‘NPA’) crisis through the enactment of the IBC, and that the Government has been alive to the problems and amended the law to suit the needs of the situation. PROGRESS OF IBC SO FAR After two years of rolling of IBC, the outcome of IBC has played a vital role to improve ranking of India on the World Bank’s “Doing Business 2019” report released on 31stOctober, 2018. As per the report, India’s rank in Ease of Doing Business table raised up by 23 positions and moved up to 77th position as compared to 100thposition among 190 countries assessed by World Bank last year by improving its rank in six out of ten parameters relating to starting and doing business in India. As per estimates, the IBC has addressed stressed assets worth approximately ₹3 trillion directly or indirectly, since the new law came into force in December 2016. In 2018, it stimulated the overall recovery to the tune of Rs. 80,000 crore and it is expected to swell beyond Rs. 1,00,000 crore in 2019 with several big-ticket default cases pending. However, the picture is not as rosy as it may seem. According to Economic Survey Report, out of the Rs 5,530 crore claims made by financial creditors in 9 out of the 10 cases, they could recover only Rs 1,853 crore or 33% of the total claims. In most of the IBC cases, the time threshold of 180 days/270 days were not met due to ongoing litigation.This delay causing interest cost of Rs. 25000 crore to banks on Rs, 2 lakh crore loans of top-10 defaulters.


Page | 23

The Hon’ble Supreme Court verdict in the Swiss Ribbons case would enforce the provisions of IBC in entirety and bolster the recovery of bad debt. The key takeaways of the judgement are as follows: 1. Financial creditors are rightfully treated differently from operational

creditors under the IBC The Hon’ble Supreme Court upheld the distinction between financial creditors and operational creditors under the Code and held that operational creditors have not been treated arbitrarily under the IBC or in violation of the Article 14 of the Constitution of India. The Court also upheld the validity of the Section 53 of the Code,payment waterfall, specifically ruling that operational debts and financial debts are different and serve different purposes in an economy and legislative policy was to prefer financial debts in the Section 53 waterfall. However, the Supreme Court did note that NCLAT while looking into the viability and feasibility of resolution plans …… always gone into whether operational creditors are given roughly the same treatment as financial creditors. Therefore, while the rights of financial creditors are safeguarded, the present uncertainty on the recovery to operationalcreditors under resolution planscontinues. It was articulated before the Supreme Court that since beginning, financial creditors are involved in the assessment of viability of corporate debtors therefore they are better equipped to engage in restructuring of loans as well as reorganization of the corporate debtor‘s business in the event of financial stress. All these differentiae are not only intelligible, but directly relate to the objects sought to be achieved by the Code. It is elucidatedthat operational creditors are interested only in getting payment for supply of goods or services made by them whereas financial creditors are typically involved in seeing that the entirety of their loan gets repaid, for which they are better equipped to go into the viability of corporate enterprises, both at the stage of grant of the loan and at the stage of default.Nonetheless, in the approved resolution plan, the interests of operational creditors are well looked-after as the minimum that the operational creditors are to be paid is the liquidation value of assets. 2. Withdrawal from IBC before constitution of committee of creditors is

allowed provided NCLT exercise discretion Under rule 8 of the CIRP Rules, the NCLT may permit withdrawal of the application on a request by the applicant before its admission. However, there is no provision in the Code or the CIRP Rules in relation to permissibility of withdrawal post admission of a CIRP application. The Supreme Court upheld the constitutionality of the Section 12A of the Code relating to withdrawal right. However, withdrawal from CIRP will be permitted but prior to constitution of the Committee of Creditors at the discretion of NCLTby applying its inherent power under Rule 11 of the NCLT Rules after hearing all the concerned parties and considering all relevant factors on the facts of each case. Any excessive discretion in the

Page | 24

hands NCLT may impact pre-IBC workouts which hinge on withdrawal of insolvency petitions, at least until greater clarity emerges on how this discretion is exercised. It is stated that once the Committee of Creditors formed, then ninety percent of the creditors has to allow the withdrawal as per the provision of section 12A of the Code. It also clarifies the rationale behind such high threshold of ninety percent is that the all financial creditors have to put their heads together to allow such withdrawal as, ordinarily, an omnibus settlement involving all creditors ought, ideally, to be entered into. 3. Section 29A upheld but “relative” and “related party” narrowed The Supreme Court upheld the constitutionality of Section 29A in its entirety and applied its ruling in the Arcelor Mittal case that no resolution applicant or promoter has a vested right to bid for a corporate debtor whether in insolvency or in liquidation. The Court upheld the “one year NPA disqualification ground” under Section 29A(c) citing this to be legislative policy and that one year was adequate time to cure defaults. It further stated that a relative or related party to an ineligible person should not be disqualified merely because he/she/it is a relative or related party to that ineligible person. To be so disqualified, the relative or related party needs to have a connection with the business activity of the ineligible person. This will help broaden the pool of eligible bidders. It would also help in moderating the level of diligence required by the Resolution Applicant, the Committee of Creditors and the Resolution Professional in Section 29A compliance as regards ‘connected persons’, thereby reducing the cost and timelines of the CIRP process. 4. Information Utility records are prima facie evidence of default which may

be rebutted The Supreme Court noted that the Information Utilities are private institutions; the records of an Information Utility were prima facie evidence of default by a corporate debtor which may be rebutted by the corporate debtor. 5. Relief to resolution professionals as they are not quasi-judicial bodies: The resolution professional cannot act in number of matters without the approval of the committee of creditors and they are just a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and by the NCLT. Accordingly,resolution professional is not a quasi-judicial body. 6. Order has a prominent subtext that courts should not easily intervene in

economic legislations The Supreme Court notes that courts should not easily intervene in economic legislations and notes that the IBC has been a success. This seems to be an important subtext to the order which resonates with the Bankruptcy Law Reforms Committee (‘BLR’)Committee Report that formulated the IBC. The Supreme Court further stated that the Court must adjudge the constitutionality of such economic legislation by the generality of its provisions and not by its crudities or

Page | 25

inequities or by the possibilities of abuse of any of its provisions. If any crudities, inequities or possibilities of abuse come to light, the legislature can always step in and enact suitable amendatory legislation. 7. Order does not dismiss all tagged cases The Supreme Court had tagged various cases with the Swiss Ribbons petition. In many such cases, stay orders had been issued pausing insolvency proceedings against corporate debtors. This order only deals with ten of these cases and that too only on the constitutional validity of the IBC. Individual cases will be dealt with on their own facts and circumstances subsequently. 8. More NCLAT infrastructure ordered The Supreme Court recognised that access to the bankruptcy appellate tribunal (i.e. NCLAT) needs to be improved. It therefore ordered that NCLAT circuit courts be set up within the next 6 months around the country. While this can improve access and timelines, courts will need to ensure that they uphold the IBC ideal of judicial restraint and consistency of decision making. This judgment is an important re-affirmation of the IBC and the credit change that it has begun to bring in India. While some of the present-day uncertainty over the recovery rights of operational creditors continues, on the whole, the order re-asserts the rights of financial creditors and that the IBC is a creditor-in-control model. The loosening of the 29A restriction should also assist in bringing more bidders to the table and possibly increase recoveries. CONCLUSION The Hon’ble Supreme Court judgment has significant impact on a number of stakeholders in insolvency resolution. The judgment also provides clarity on the role of Resolution Professionals and considers them as exercising administrative functions and subject to judicial supervision under Section 60(5) of the Code by the NCLT. This is an advancement of the Supreme Court’s ruling that a Resolution Professional needs to place his prima-facie views for decision by the creditors in Arcelor Mittal’s case. The Supreme Court has strongly endorsed the IBC right from its inception. By upholding the constitutionality of the statute, the judgment in Swiss Ribbons has laid the foundation for achieving intended objective of the IBC. It brings back focus on the intent of the IBC to resolve and revive a corporate debtor and thereby significantly reinforces the efforts of the creditors and other stakeholders to achieve such end. The impact of the judgment will be seen and measured by the number of settlements and resolutions that will happen pre-insolvency as well as swift resolution of the corporate debtors in insolvency. This judgment will also boost the confidence of investors and bidders in acquiring assets through IBC as well as generally improve ease of doing business in India.

Page | 26

WIRC CHAPTER EVENTS

AHEMDABAD CHAPTER

5 DAYS ENTREPRENEURSHIP DEVELOPMENT ACADEMIC PROGRAMME Date 29th January, 2019 TO 02nd February, 2019 Venue Ahmedabad Chapter Premises

Topics 05 Days Entrepreneurship Development Academic Program Chief Guest / Speakers Faculty: CS HEMA CHHATANI, CA DIVYANG SHAH, CS MAULI BODIWALA,

CS VINIT NAGAR ETC Delegates present 35 Student FULL DAY SEMINAR JOINTLY WITH GCCI Date 02nd February, 2019 Venue Orient Club, Near Gujarat College, Ahmedabad

Topics IBC & Corporate Governance Chief Guest / Speakers Chief Guest: Mr. Jaimin Vasa, President Of Gcci

Faculties : Mr. Cyril Shroff, Mr. Savan Godiawala, Ms. Manita Doshi Etc. Delegates present 240+ Participants STUDY CIRCLE MEETING Date 9th February, 2019 Venue Ahmedabad Chapter Premises

Topics Fund Raising Strategies For Business And Related Issue Chief Guest / Speakers Speaker : Advocate Ashok Yagnik

Delegates present 64 Participants

3 DAYS E-GOVERNANCE ACADEMIC PROGRAMME Date 14th February, 2019 to 16th February, 2019 Venue Ahmedabad Chapter Premises

Topics Speaker : Ms. Sonal Mehta, Cs Utpal Shah, Ms. Mamta Langalia Etc. Delegates present 47 Participants

5 DAYS SKILL DEVELOPMENT ACADEMIC PROGRAMME Date 18th February, 2019 to 22nd February, 2019 Venue Ahmedabad Chapter Premises

Topics Speaker : Mr. Vivek Nihlani, Mr. Deepak Makwana, CS Tejpal Sheth Etc Delegates present 61 Participants

Page | 27

Page | 28

AURANGABAD CHAPTER

STUDY CIRCLE MEETING Date Saturday, 9th February, 2019 Venue M.P. Law College, Samarth Nagar, Aurangabad – 431001 (MH)

Topics “The Companies (Amendment) Ordinance 2019 & Filing of MSME FORM I

& One time return DPT-3” Chief Guest / Speakers CS Prem Chand Agrawal, Past Chairman - Aurangabad Chapter of WIRC of

ICSI Delegates present 74 Participants

BHAYANDER CHAPTER

SEMINAR ON INTERIM UNION BUDGET Date 5th February, 2019 Venue Bhayander Chapter Premises

Topics Interim Union Budget Chief Guest / Speakers CA Taral Shah, Associate Director, PWC

FULL DAY SEMINAR AND 6TH FOUNDATION DAY Date 17th February, 2019 Venue Orient Club, Near Gujarat College, Ahmedabad

Topics covering company ordinance 2019, NCLT Practical aspects and Stress Management

Chief Guest / Speakers CS S Sudhakar, NCLT Practical aspects by CS Omkar Deosthale and Stress Management by Ms. Neha Thakkar


Page | 29

CANDLE MARCH FOR MARTYR OF PHULWAMA ATTACK JOINTLY WITH ICAI Date 17th February, 2019 Venue from Maxus Mall, Bhayander West

Topics Tribute to Martyrs in the recent Pulwama Terror Attack Delegates present 100+ Participants

Page | 30

BHOPAL CHAPTER

CONDOLENCE MEET FOR PULWAMA ATTACK MARTYRS Date 23rd February Venue Shourya Smarak, Bhopal

Topics Tribute to Martyrs in the recent Pulwama Terror Attack

START-UP ENTREPRENEURSHIP CONCLAVE – 2019 Date 23rd February, 2019 Venue Hotel Syaaji, Bhopal

Topics Start-Up Entrepreneurship Conclave – 2019 Chief Guest / Speakers CS Yogesh Khakre and CS Pradeep Mutreja

Page | 31

GOA CHAPTER

WORKSHOP ON EFFECTIVENESS AT WORKPLACE & 41ST FOUNDATION DAY Date 23RD February, 2019 Venue Nature's Inn, Nanoda, Goa

Topics Effectiveness at Workplace Chief Guest / Speakers Dr. Pradeep Salgaonkar

INDORE CHAPTER 13TH “05 DAYS SKILL DEVELOPMENT PROGRAM” Date 04.02.2019 to 08.02.2019

Venue ICSI Indore Chapter , Indore

Topics Interpersonal Skills, Professional Skills, Writing Skills – Business Writing

Skills, Advocacy Skills, Interpretation Skills, Communication Skills

Chief Guest / Speakers CA Pankaj Kothari, Mr. Kailash Chandra Sharma, CA Nidhi Agrawal, Capt. Jaison Thomas, Advocate Sangeeta Choudhary, Mr. Mihir Phanse, CS Shubham Jain, Ms. Pooja K Biswas, Dr. Nidhi Kumar Tiwari


Page | 32

04th “05 DAYS ENTREPRENEURSHIP DEVELOPMENT PROGRAM” Date 11.02.2019 to 15.02.2019 Venue ICSI Indore Chapter , Indore

Topics Topics as prescribed Chief Guest / Speakers CA Aditya Bhatt, CA Harshit Jain, CS Shilpi Singh, Prof. Vinita Raj, CS

Priyanka Mathur, CS Karan Nenwani, CA Atul Gupta, CS Nilesh Gupta, CS Arvind Meena, CA Nidhi Agrawal, CS Deepak Upadhyay, CS Mohit Goyal, CA Gunjan Shrimal, CS Shashank Jain, CS Tanu Parmar, CS Shanjita Jain, CS Amit Dharmani, CS Dipti Sharma


HALF DAY SEMINAR ON “ THE COMPANIES (AMENDMENT) ORDINANCE, 2018 & UNION BUDGET, 2019” Date 09.02.2019 & 16.02.2019 Venue ICSI Indore Chapter, Indore

Topics The Companies (Amendment) Ordinance, 2018 AND Union Budget, 2019 Chief Guest / Speakers CS (Dr.) Dilip Kumar Jain and CA Rohit Khandelwal

Delegates present 170

Page | 33

KOLHAPUR CHAPTER

MANDATORY DEMATERIALIZATION OF UNLISTED PUBLIC COMPANIES & E-SERVICES OF NSDL Date 13.02.2019 Venue Hotel Pearl

Topics Mandatory Dematerialization of Unlisted Public Companies & e-Services of NSDL


NAGPUR CHAPTER

Opening of Study Centre at Akola by Nagpur Chapter and Career awareness program conducted on 28th February 2019 and attended by over 150 students. Study centre would be starting classes in two months.

Page | 34

PUNE CHAPTER

FULL DAY PROGRAM ON FEB 2, 2019 Date 2.02.2019 Venue Hotel Ramee Grand, Pune

Topics Recent changes in Companies Act 2013 Chief Guest / Speakers CS Vinayak Khanvalkar, Past President ICSI & CS Devendra Deshpande,

Central Council Member ICSI

Delegates present 202 Participants FULL DAY PROGRAM ON FEB 9, 2019 Date 9.02.2019 Venue Hotel Ramee Grand, Pune

Topics IPR & BRAND PROTECTION Chief Guest / Speakers CS Vivek sadhale & Adv. Sridhar Parundekar

Delegates present 98 Participants Study Circle Meeting on Feb 9, 2019 Date 9.02.2019 Venue Hotel Ramee Grand, Pune

Topics NBFC Chief Guest / Speakers CS Sudhir Thite

Delegates present 92 Participants Full Day Seminar with SIMS on “Panel Discussion on FEMA” on 16.02.2019 Date 16.02.2019 Venue SIMS Auditorium, Pune

Topics Panel Discussion on FEMA Chief Guest / Speakers CS Vikas Agarwal, CS Sunil Nanal, CS Devesh Tudekar

Delegates present 266 Participants SCM on “Producer Companies” on 16.02.2019 Date 16.02.2019 Venue Bhandarkar Institute, Pune

Topics Producer Companies Chief Guest / Speakers CS Sandeep Kulkarni


Page | 35

Two days Workshop on “Critical Issues in Corporate Laws 2019” on 22nd & 23rd Feb 2019 Date 22.02.2019 & 23.02.2019 Venue Saj Resort, Mahabaleshwar

Topics Critical Issues in Corporate Laws Chief Guest / Speakers CS (Dr) K. R. Chandratre- Past President ICSI

Delegates present 65 Participants SCM ON “SECTION 8 COMPANIES” ON 23.02.2019 Date 23.02.2019 Venue Bhandarkar Institute, Pune

Topics Section 8 Companies Chief Guest / Speakers CS Amit Atre


Page | 36

RAIPUR CHAPTER

3RD BATCH OF 05 DAYS ENTREPRENEURSHIP DEVELOPMENT PROGRAM Date 19.02.2019 & 23.02.2019 Venue Maharaja Agrasen College Samta Colony Raipur C.G.

Topics Various Topics Chief Guest / Speakers Various Faculty


RAJKOT CHAPTER

Seminar on Recent Changes in Companies Act & Funding of NRI in Indian Companies & LLPS Date 09.02.2019 Venue “Platinum Hotel”, Rajkot

Topics Recent Changes in Companies Act & Funding of NRI in Indian Companies & LLPS

Chief Guest / Speakers CS M. C. Gupta, PCS, Ahmedabad and Mr. Daxesh Kothari, Tax Consultant & Financial Advisor, Rajkot


Page | 37

SURAT CHAPTER

Seminar on: Recent Changes in Companies Act. 2013 Date 09-Feb-2019. Venue Dilse Re Restaurant, Imperial Square, Surat

Topics Recent Changes in Companies Act. 2013 Chief Guest / Speakers CS Bhairav Shukla


Study Circle meeting Date 16-Feb-2019 Venue Hotel The Blossom, Vapi

Topics Introduction To Ibc Chief Guest / Speakers IP Narayan Vidvans

IP Saaurabh Jhaveri Delegates present 24 Participants

Study Circle meeting Date 23-Feb-2019. Venue Hotel The Blossom, Vapi

Topics Companies Amendment Act, MSME And Specific Of LODR Chief Guest / Speakers Cs K. Venkataraman


Page | 38

VADODARA CHAPTER

Program on “Union Budget – 2019” Date Wednesday, the 6th February, 2019 Venue Baroda Chapter of Cost Accountants, Vadodara

Topics Program on “Union Budget – 2019” Chief Guest / Speakers CA Alok Shah, Practicing Chartered Accountant, Vadodara


Full day Seminar Date Saturday, the 9th February, 2019 Venue Hotel Sayaji Baroda

Topics Seminar on “Learn, Unlearn and Relearn the recent changes in SEBI Regulations, Companies Act-2013 and Companies (Amendment) Ordinance-2019”

Chief Guest / Speakers CS Savithri Parekh, Chief – Secretarial & Compliance, Reliance Industries Limited, Mumbai CS Manoj Hurkat, Practicing Company Secretary, Ahmedabad


Lecture Meeting on “Amendment in Acceptance of Deposit Rules and Significant Beneficial Ownership Rules, 2019” Date Monday, the 25th February, 2019 Venue Vadodara Chapter of WIRC of ICSI, Vadodara

Topics Lecture Meeting on “Amendment in Acceptance of Deposit Rules and Significant Beneficial Ownership Rules, 2019”

Chief Guest / Speakers CS Niraj Trivedi, Practicing Company Secretary, Vadodara


Page | 39

Kolhapur Chapter Nashik Chapter

Pune Chapter Raipur Chapter

Surat Chapter Vadodara Chapter

Page | 40

Page | 41

Sr. No. Chapter name Chapter In-Charge Contact No. e-mail id of Chapter In Charge

1 Ahmadabad Ms. Smita Subin 079-30025334/35 [email protected]

2 Aurangabad Mr. Subhash Bappi Sinha 0240-2451124 [email protected]

3 Bhayander Ms. Krutika Kargutkar 022-28183888 [email protected]

4 Bhopal Ms. Amita Malviya 0755-2577139 [email protected]

5 Dombivali Mr. Kamal Kumar Soni - [email protected]

6 Goa Mr. Vasant Kerkar 0832-2435033 [email protected]

7 Indore CS Pravin Gupta 0731-4248181 [email protected]

8 Kolhapur Ms. Archana Sawant 0231-2659498 [email protected]

9 Nagpur Mr. Sudhakar 0712-2453276 [email protected]

10 Nashik Mr. Amit Kumar 0253-2509989 [email protected]

11 Navi Mumbai Ms. Lacchmi Bhatt 022-27577816 [email protected]

12 Pune Ms. Garima Mehrotra 020-24263228/0341 [email protected]

13 Raipur Mr. Prafulla Kumar Dash 0771-3267784 [email protected]

14 Rajkot Mr. Aritra Karmakar 0281-3059646 [email protected]

15 Surat Mr. Goutam Karmakar 0261-2463404 [email protected]

16 Thane Ms. Kavita Chavan 022-25891333-3793 [email protected]

17 Vadodara Mr. Amit Kumar Nagar 0265-2331498 [email protected]















Page | 42

CSBF Appeal

cs ashish karodia- chairman, wirc · corporate law . which was on 23. rd. february 2019 at tarabai...

Documents