issue 2, pro-konnect- august 2011 2, pro-konnect- augus… · in the pursuit of professional...

Initially Ministry had issued Easy Exit Schemes to give an opportunity to the defunct Companies to get their name struck-off from the records of ROC. And it was found that there are numerous Companies which are yet desirous of getting their names struck off from the Register of Companies maintained by Registrar of Compa-nies. Presently the procedure for striking off the name of the Company is very detailed and time consuming, the Company has to file all its pending

statutory returns and apply under form 61. FTE Guidelines in Brief: The FTE Guidelines is an improve-ment over the previous Easy Exit Scheme (EES) and will provide an opportunity to the defunct companies to Fast Track Exit with minimal com-pliance. The Defunct Company desirous of getting its name struck-off from the Register of Companies has to apply

online in form FTE along with a fee of Rs. 5000/- and file Affidavit, Indemnity Bond by every directors and Statement of Accounts as on date not prior to more than one month preceding the date of filing of application. Effective date:- The Fast Track Exit Guidelines for fast exit of De-funct Companies will be effective from 3rd July, 2011. (Continued on page no.11)

PRO-KONNECT Issue 2 August 2011

Issue 2 Pro-Konnect August 2011

LUCKNOW CHAPTER OF NIRC OF ICSI

FAST TRACK EXIT MODE FOR DEFUNCT COMPANIES

Inside this issue:

Chairman’s Message 02 Hindsight into Lucknow Chapter’s Diary 03

Teacher’s Day Special 04

Administrative Staff 05

Roll Call of Honour 06

Guest Speak 08

Interview with Sneha Singh 10 FTE Mode for Defunct Companies 11

IDRs 13

Diary of a Young CS 17

“Main Anna Hoon” 18

Lucknow Chapter’s Events 20

Galleria 22

Forthcoming Programmes 24

Editor’s Pick: Financial Planning & Zindagi Na 19 Milegi Dobara

Dear Professional Colleagues,

कमर्ण्येवािधकारःते मा फलेषु कदाचन ।

मा कमर्फलहेतुभूर्ः मा ते सङ्गोःत्वकमर्िण ॥ “You have the right to work but never the right to the fruits of the action. Further you do not have the right to the root cause of the fruits of action. You also do not have the right to remain in the society without performing any work.” The above mentioned beautiful shloka from Bhagwad Gita reminded to us by our senior Shri S P Gupta Ji, at the time of his interview, compelled me to spare time to re-understand the same in present context. The present day thinking and abovementioned views are in complete contradiction. We are being told everyday that we need to work for results. Then why is Lord Krishna advocating the antithesis of this? Few side effects of work-ing for results are: Result orientation can make one worry of failures; we may refuse to undertake great activities. We have a tendency to excessively focus on ends instead of means. Modern day managers spend significant time in managing “performance re-ports” rather than “performance” itself. What are results at the end of the day? They are issues of the future over which we spend our present time. Therefore, we may tend to escape the dynamics of “present” and run after “future” I understand, in this shloka - you have no right to the results, it merely suggests to take off the pre-occupation with results and have a process orientation. Results must follow automatically. LCNIRC will make its endeavour to imbibe the crux of above shloka in its working. August month was full of activities with SIPs, Programmes on “XBRL, Wills, Family Settlement & Trust” & panel discussion on CSR. Ms. Sneha Singh who secured All India 3rd Rank in Professional Exams (All groups) and several others who secured ranks in All India Merit List brought lau-rels and glory to Lucknow Chapter. LCNIRC congratulates all those who got success and for those who could not make this time – You must imbue the above shloka. With your support LCNIRC has made an attempt to hold 15 days Management Skill Oriented Programme (MSOP) at Lucknow from 10-24th Sep-tember, 2011. I request all of you to come forward and make this programme memorable for all. I am thankful for your acceptance & overwhelming response to humble attempt of our young CSs in the form of this e-newsletter to connect various stakeholders including Students, Members, Corporates, Regulators and Society. Please write to us at [email protected] with your views and sug-gestions to ensure that we continue the journey we began. In the pursuit of professional excellence !! With best wishes,

CS Amit Gupta Chairman, Lucknow Chapter


Chairman’s Message

CS Amit Gupta Chairman, Lucknow Chapter

The crowning glory of this month was the Independence day celebration on 15th August which was celebrated with traditional fervor and

gaiety. Shri Satendra Kohli unfurled the National Flag and the air was filled with the sound of National Anthem. It was marked with the

spirit of patriotism and nationalism. The event was a great success in the making of UID– Aadhaar with the eager participation of the stu-

dents and members of ICSI, ICAI and ICWAI with their families.

Lucknow Chapter has now been accorded the honour of being exalted to the organizer of its 1st MSOP (SMTP). With this a quote strikes

my mind- “ Start doing what is necessary, then do the possible and suddenly you are doing the impossible”. May it scale new heights and

greater horizon.

Lucknow Chapter has in the meantime achieved much and added laurels with the efforts of the members and students and the able guidance

and wisdom of whole Management Committee.

Once more as in the traditions the Lucknowites proved their mettle and blew the trumpet of achievement by bagging such high scores when

the results were declared on 25th August, 2011. Ms. Sneha Singh from Lucknow brought laurels to the Lucknow Chapter by securing all

India 3rd Rank in CS Professional June, 2011 exams.

I hope this Victory bell will keep on ringing in Lucknow Chapter. Adios Victorious August & Welcoming the Challenging September !!!

Neetu Arora Editor-in-chief


FROM THE EDITOR’S DESK !!! Dear All, It’s a great pleasure and privilege to greet you once again through this issue of “Pro-Konnect”. As much as we are glad to bring to you the second issue of Pro-Konnect, we are thankful for the response that we received for our first issue. We are growing with an increased participation from students as well as members. This issue is basi-cally a testimony to its acceptance by its readers at large. Further, I would like to ac-knowledge the appreciable efforts of my co-workers– Shabha Parveen & Mohd. Ozair to whom I am indebted for the valuable support, suggestions, comments and wonder-ful ideas for Pro-Konnect. Let me take this opportunity to thank all the members and students, on behalf of Lucknow Chapter for continuing their association with us. As always, we shall look forward to your feedback. Happy Reading !!

CS Neetu Arora Editor-in-chief

Hindsight into Lucknow Chapter’s Diary...

An interesting story of an imaginary conversation between a pencil and an eraser “I am sorry,” said the pencil to the eraser. “Whatever for?” asked the eraser. “I am sorry because you get hurt be-cause of me,” continued the pencil. “Every time I make a mistake, you are there to erase it. And every time you make one of my mistakes vanish, you lose a bit of yourself. You become smaller and smaller. And a bit dirty too.” “You shouldn’t really worry,” responded the eraser. “I was meant to help you whenever you made a mistake, and I am happy doing my job. And I know one day I’ll be gone and you will find someone else to do my job. While I am around, I take pride in knowing I did my bit to help erase your mistakes. Keep writing. ” ‘Erasers’ in our lives If you think about it, you’ll probably recognize that our teachers were the erasers in our lives. We were the pencils, sharp, and colorful. And every time we made a mistake, the teachers were there to correct us. They gave a bit of themselves – so that we could emerge looking just a bit better. As we moved from school to college and then to work, we found new teachers. In this month when the world cele-brates Teachers’ Day, let us spare a thought for those selfless human beings who made a difference to our lives. Let us thank all those teachers who happily got a little dirtier to keep us clean, who didn’t mind losing a bit of them-selves to make our work error-free. And who were happy to fade away and watch our work with pride as we moved on to newer worlds, and newer teachers. The pencils might get all the glory, but it’s the erasers who made it all pos-sible. Discerning gardeners There’s something else about teachers that makes them truly special: their ability to see the genius inside every child. I recall a friend telling me about an interaction she had with her children’s school teacher several years ago. My friend was worried about her second son, who didn’t seem to studying as much as his elder brother. His grades were poor and his Math skills were weak. My friend was worried for her son’s future. When she raised the issue of her younger son’s performance, here’s what the teacher told her. “Don’t worry about his grades. He’s an extremely popular, well-adjusted kid. You can’t expect mangoes to grow on a guava tree. Differ-ent trees bear different fruits. Enjoy each fruit. Parents and teachers – we are just the gardeners. Our job is to water the plant, give it nourishment, and allow it to grow into a healthy tree.” And guess what? Both those boys have grown up into fine young men. Different folks, different fields, but good hu-man beings, and successful in their own right. Say you are grateful. We would all do well to remember those lessons. Never be afraid of making mistakes; there will always be an eraser at hand. Don’t worry if you couldn’t become an engineer or a doctor. Just be the best you can be. Mangoes don’t grow on guava trees. And yes, on this Teacher’s day Lucknow chapter pays tribute to all its faculty members... “Guru brahma guru re vishnu, Guru re devo Maheshvara, Guru sakshath parabrahma, thasmai shree guruve namaha”


Lucknow Chapter salutes the Nation Builders !!


His severally praiseworthy personality needs little introduction. Born in Lucknow on 17th November 1950, Mr. Satendra Negi underwent his MA and LL.B from Lucknow University. He was then inducted into Lucknow Chapter to which he owes his fidelity till date. He has worked with a resolute determination to outlive his manifold duties like arranging Student training, placement services, conducting meetings, seminars like TOPs, ADPs, SIPs etc. He has professed himself in maintaining public relations and career counseling for students

For a period of 7 years of his dedicated services, since 2004, he strove diligently to work for Lucknow Chapter with his basic traits of being a positive thinker , result oriented and having faith in progressive productivity. His variegated experiences of being a teacher at various schools and having a degree of B.Ed to his credit has made him so disciplined and punctual.

He is very tactful and proficient in liasioning with authorities conducting workshops and arranging career counseling in Schools and college along with his routine job of office ad-ministration.

Born on 08th January 1982, Mr. Rajneesh, having a degree of MFM and LL.B to his credit was a Faculty of Accounts and Income Tax, Cost Accouting and Financial Management in National Institute of Finance and Accounts (NIFA), Manager-Legal & Finance in Sir Bio-tech India Ltd, Goa (a Real Estate Company ) , Finance Officer in Lucknow College of Technology & Management and at present he is serving as an Accounts Officer at Lucknow Chapter of NIRC of ICSI.

Mr. Satendra Negi Administrative Officer

Mr. Shiv Moorti Tiwari Executive Officer

Mr. Rajneesh Srivastav Accounts Officer

Our Articulate Administrative Staff

He initially started his career with HDFC Bank Ltd as a Certified Sales Executive then shifted as a Marketing Manager to software industry "RAM Informatics Ltd" and he also served as BDM at Trident Information Systems & eCentric Solutions Pvt Ltd before joining ICSI. He completed his PGDBM from Ambedkar Institute of Management Studies and was the topper in Marketing and Systems Subjects. He did his graduation from Andhra University and has an award of Essar Gujarat to his credit.

He joined us as a Desk Officer w.e.f. 20th April, 2011. On desk duties are the most indispen-sable duties and his enthusiasm and ability to motivate the students has resulted in an increase in productivity. Lucknow Chapter sincerely thanks him for his dedication and sincerity.

Mr. Juluri V L N R Maitreya Desk Officer


Lucknow Chapter of NIRC Congratulates all students who succeeded with flying colours in June, 2011 Exams of ICSI

CS Professional Secured First Rank in Lucknow & All India Third Rank

SNEHA SINGH 220705456/05/2009 5/534, VIKAS NAGAR, LUCKNOW - 226022 Email:- [email protected] Mob:- 9889104072

CS Executive Secured First Rank in Lucknow & All India Nineteenth Rank

HITESH KESWANI 220895597/08/2010 72, MANAS NAGAR JIAMAU HAZRATGANJ, LUCKNOW - 226001 Email:- [email protected] Mob:- 8795363610

Secured Second Rank in Lucknow

SHRUTI MISRA 220978141/08/2010 C V NETRALAY CP 6A, B/H MANISHA MANDIR, VIRAM KHAND-2, GOMTI NAGAR LUCKNOW - 226010 Email:- [email protected] Mob:- 9532800006

Secured third Rank in Lucknow

ISHU AGARWAL 220976715/08/2010 C/o OM TRADERS R B L ROAD, NEAR ARYAKANYA PATHSALA, NEW HYDERABAD LUCKNOW - 226007 Mob:- 9026202917

ROLL CALL OF HONOUR


CS Foundation Secured First Rank in Lucknow & All India Tenth Rank

NUPUR BISHNOI 210673538/07/2010 RAJESH KUMAR BISHNOI B 185, RAJAJIPURAM, LUCKNOW - 226017 Mob:- 9651828085

Secured Second Rank in Lucknow & All In-dia Twenty-fifth Rank

SRIKANT SAMTANI 210673491/07/2010 C-83, SECTOR 1, ALIGANJ LUCKNOW - 226024 Email:- [email protected] Mob:- 9044980030

Secured third Rank in Lucknow

SHUCHI GARG 210673644/07/2010 3/182, VIKAS NAGAR KURSI ROAD LUCKNOW - 226022 Email:- [email protected]

Mob:- 9453960047

Lucknow Chapter of NIRC Congratulates all students who got success in June, 2011 Ex-ams of ICSI & express its gratitude who secured positions in Merit List

LUCKNOW CHAPTER OF NIRC OF ICSI STARTING ORAL COACHING CLASSES FOR STUDENTS OF PROFES-SIONAL PROGRAMME. STUDENTS WHO INTENDS TO TAKE UP ORAL COACHING MAY GET THEMSELVES REGISTERED FOR THE SAME

ROLL CALL OF HONOUR

GUEST SPEAK

We had an opportunity to interview Shri S P Gupta, Past chairman of Lucknopw Chapter who had been amongst few of those who were instrumental in taking it to such heights. We talked about his past struggles in the field, some learning experiences, mantra of success and happiness and much more. So, here we go... At the outset, we are thankful for sparing some of your precious time. First of all we just want to know about your journey in this profession like, How you got started in?

I am grateful to Lucknow Chapter who has attempted to recollect the forgotten past, that is what an old man is. I started my career in the year 1955-56 and worked for more than than 50 years, out of which 30 years as Company Secretary. After working for several years under Department of Company Affairs (now MCA), I was selected in UPSC in 1978 for Central Company Law Service (CCLS), and worked as Asst. Registrar of Companies, Mumbai. Later I joined as Company Secretary of MSTC for better prospects. Again, in search of greener pastures, I left MSTC Mumbai and came to Lucknow & joined UP Electronics Corp Ltd, the mother company of Uptron Group, where I was in-charge of Head- Secretarial and Legal. Gradually, I worked my way up and was made Head– Secretarial & Legal of the whole group and subsidiary Companies. I was later nominated as the Director in two of the group companies. I Stayed with UPTRON for 16 years until my superannuation in the year 1995. Thereafter I worked as Company Secretary for Scooters India Ltd and later I joined a private company and finally retired in the year 2008.

You had been associated as Chairman of Lucknow Chapter in the past and had been among few who were instrumental in taking it to such heights. Share some of your experience of those old days. How Chapter was developed? I Involved my Company Staff, few CA/CS friends and started classes at Lucknow, studied ourselves and gave lectures. At times some professors and ROC were also invited to give lectures. Co-operation with local chapters of ICAI and ICWAI was also gained and it started and developed. Please tell us something about your current job profile & area you are working on? Resigned from the last job about 3 years ago for want of good environment. Why only CS? There were so many options to choose from. Why you opted for CS as your profession? How does it make you differ-ent from others? Company Secretary is himself involved in shaping things to happen, be it legal, accountancy or Labour matters which does not allows things to slip. This gives immense satisfaction and is absent in the other two options which were available to me i.e. Lawyer or working as Director in Merchant Banking Company. Having done LLM with dissertation on Law and Practice relating to Prospec-tus under the Companies Act. and the varied practical experiences in D.C.A. has made me different. Perhaps I never tasted failure. I enjoyed confidence of both, the supervisor of the factory’s Labor Union as well as the group chairman. I had a flair for drafting due to my stars (Virgo)

What is your favourite pastime? / What do you do in your free time? I enjoy reflecting on my past professional success, playing carom, watching T.V., reading religious literature and reciting God’s name . What are your personal beliefs on current events & happenings in our profession/ in the world? Our profession has a future brighter other professions in a world where science is developing devoid of humanism.

What’s your vision of a perfect society? It should systematically take care of its weakest link first and so on till all links are strong and tend to be equal in opportunity .

CS S P Gupta


Tell us how a person as a CS of an Organization should work upon his ability to work under pressure/ what’s your management style? Develop a second line , delegate under supervision, tell the management if under haste may be counterproductive. Tend your subordi-nate so that thay take forth their best-. Let them share fruit of success. What changes do you find in the approach of a CS of 80s & a CS of 21st Century? CS in the 80s was by and large a compliance officer. Now he is becoming the company leader in his own right by dint of plurality and expertise. What obstacles do you find in the present working environment? Responsibilities of CS are not evenly balanced with his power to fulfill them. If Managing Director of my organization destroys the legal evidence I feel help less. What's your own definition of happiness? Impeccable performance of duty towards all gives happiness which is everlasting. Isn't it hard to stay fit & fine always? How do you manage that? Yes. Unavoidably , age will tell upon health but having led a dutiful life will help in achieving contentment and health. What would you like to offer as an advice for us / your juniors/ the next generation CS? Acquire in-depth competence, mix it with impeachable honesty and be forthright with humility. Any thing else that you want to share? Don’t do or ask for your personal benefit. If nothing else, God will notice you. ”Karmanye Vadhikaraste, Ma phaleshou kada chana, Ma Karma Phala Hetur Bhurmatey Sangostva Akarmani” We convey our special thanks to Sir for sparing his valuable time and sharing some wonderful experiences with us!

DID YOU KNOW ??

Don’t you think it is strange that December is the twelfth month of the year. And do you know that actually December means—ten!! “Daka” is a greek word meaning ten. There-fore, decalitre would mean ten litres and decade means ten years. December then should be the tenth month. But it isn’t. How do you explain it. The early Romans before Julius Caesar, from whom our Calendar comes from, began the year in March. Therefore December was the tenth month. However, when New Year was moved to January 1, the names of the months were not shifted, which caused the disparity between the meaning of the names of certain months and their sequence: Months Meaning Place September (Septem-Seven) 9th October (Octo-Eight) 10th November (Novem– Nine) 11th December (Deka– Ten) 12th


What was your first reaction on achieving such phenomenal success ? I checked my result on ICSI website. I was content with passing all groups with decent marks. The news of A.I.R. was broken by a friend on facebook, I wasn’t expecting a rank! It was one of my life’s greatest moments. When did you decide to take up CS? After completing graduation, along with the chartered accountancy course. I decided to take up CS too, with sug-gestions from my seniors and friends. I presume it was your first attempt. Wasn’t it ? Ya, it’s 1st attempt. Please tell us about life as a student? I was an all rounder till class 12th. I participated in debates, quizzes, sports and various other competitions at both district and state level. I had a rich co-curricular exposure. After 12th I channelized all my energies into studies both CA and CS. Life has been a mixed bag of struggle and success as a student; “I do what I love and love what I do”.

Have you done your articleship. If yes, was it industrial or under any CS?

I have done my C.A. articleship, I will be applying for exemption from training after 3 years in job. As of now I’ll be joining Bank of Baroda as Manager (finance).

What is your plan for the future? Please mention about your moving to Mumbai?

I am looking forward to work with the bank on a corporate banking profile. I am moving to Mumbai for the same job. I was selected through Campus Placement.

How important do you think training is to become a competent CS?

Training is extremely important; application of theoretical knowledge into practice gives an overall picture and a command over the subject. How do you usually spend your time if you are not studying?

I hang out with my close friends and family, watch light movies, listen music, and practice vipassana meditation. What would you like to do after CS? Whether you would to practice or go for a job or higher studies?

I am going for a job, as I mentioned earlier, after a few years an executive MBA course is on the cards. Did you take any guidance for preparation?

Yes, I took a lot of guidance from my immediate seniors and teachers, for the approach required for each subject, preparation time, organizing and planning.

How good are coaching institutes and what to be cautious of, if you choose one?

Coaching institutes are good since they provide an in depth knowledge on the subject under consideration. Please choose the coaching of re-nowned teachers, having expertise in core areas. Not the ones’ who are providing solution under 1 roof.

Your message to the future CS aspirants.

My serious request to all CS aspirants is please give all modules at one go. Its not as difficult as it seems. Organize your time. Plan and strategize. Ask solutions for problems, there is an answer for each one. Magnify your strengths and work upon your weaknesses.

Could you list the prominent study materials, books that you consulted for preparation? (Your strategy at each level will be extremely useful)

I stuck to the modules provided by ICSI. They are totally sufficient. I marked the books from scanners. And studied the weightage of chapters and worked accordingly. Gave special attention to the way of answering a question whether theory or practical. Presentation of answers in ex-ams counts.

What is the future of a CS ?

CS’ are the intelligent tools that corporate have to provide timely compliance with laws and cover grey areas. They have plethora of opportuni-ties both in practice as well as job. With the onset of hundreds of acts notifications and amendments, CS plays a serious role of a compliance offi-cer. CS’ have a very bright future. Lucknow Chapter of NIRC once again congratulates you on the success and wish you all the best for start of your journey of professional career.


Interview with All India 3rd Rank holder in CS (Professional) June 2011 exams Ms. Sneha Singh from Lucknow

Sneha Singh All India 3rd Rank holder in CS (Professional) June 2011 exams

Salient Features of FTE Guidelines: FTE Guidelines are applicable to a defunct company. For the purposes of the FTE Guidelines, any company will be called as "defunct company", which has nil asset and liability and 1. has not commenced any business activity or operation since incorporation; or

2. is not carrying over any business activity or operation for last 1 year before making application under FTE. Any defunct company which has active status or identified as dormant by the MCA may apply for getting its name struck off from the ROC. The FTE Guidelines are not applicable to the following Companies:- Listed companies;

∗ Companies that have been de-listed due to non-compliance of Listing Agreement or any other statutory Laws; ∗ Companies registered under section 25 of the Act; ∗ Vanishing companies i.e. a company, registered under the Act and listed with Stock Exchange which, has failed to file its returns with the ROC

and Stock Exchange for a consecutive period of 2 years, and is not maintaining its registered office at the address notified with the ROC or Stock Exchange and none of its Directors are traceable;

∗ Companies where inspection or investigation is ordered and being carried out or yet to be taken up or where completed prosecutions arising out of

such inspection or investigation are pending in the court; ∗ Companies where order under section 234 of the Act has been issued by the Registrar and reply thereto is pending or where prosecution if any, is

pending in the court; ∗ Companies against which prosecution for a non-compoundable offence is pending in court; ∗ Companies accepted public deposits which are either outstanding or the company is in default in repayment of the same; ∗ Company having secured loan; ∗ Company having management dispute; ∗ Company in respect of which filing of documents have been stayed by court or Company Law Board (CLB) or Central Gov-ernment or any other competent authority; ∗ Company having dues towards income tax or sales tax or central excise or banks and financial institutions or any other Central Government or State Government Departments or authorities or any local authorities.

Procedure of Fast Track Exit under the Guidelines:- Any defunct company desirous of getting its name strike off the Register under Section 560 of the Companies Act, 1956 shall make an application in the Form FTE, annexed electronically on the Ministry of Corporate Affairs portal namely www.mca.gov.in accompanied by filing fee of Rs. 5,000/-; In case, the application in Form FTE, is not being digitally signed by any of the director or Manager or Secretary, a physical copy of the Form duly filled in, shall be signed manually by a director authorised by the Board of Directors of the company and shall be attached with the application Form at the time of its filing electronically; In all cases, the Form FTE, shall be certified by a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice; In case, the applicant name is not available in the database of directors maintained by the Ministry, the application shall be accompanied by certificate from a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice alongwith their membership number, certifying that the applicants are present directors of the company. In such cases, the applicants shall not be asked to file Form 32 and Form DIN 3.


‘’The FTE Guidelines is an

improvement over the previous

Easy Exit Scheme (EES) and

will provide an opportunity to

the defunct companies to Fast

Track Exit with minimal

compliance.’’

FAST TRACK EXIT MODE FOR DEFUNCT COMPANIES

The company shall disclose pending litigations if any, involving the company while applying under FTE; If the pending prosecutions are only for non-filing of Annual Returns under section 159 and Balance Sheet under section 220 of the Companies Act, 1956, such application may be accepted provided the applicants have already filed the compounding application. However, steps for final strike of the name of the company will be taken only after disposal of compounding application by the competent authority. The Form FTE shall be accompanied by an affidavit annexed at Annexure- A, which should be sworn by each of the existing director(s) of the com-pany before a First Class Judicial Magistrate or Executive Magistrate or Oath Commissioner or Notary, to the effect that the company has not carried on any business since incorporation or that the company did some business for a period up to a date (which should be specified) and then discontin-ued its operations, as the case may be; Form FTE shall further be accompanied by an Indemnity Bond, duly notarized, as annexed at Annexure B, to be given by every director individually or collectively, to the effect that any losses, claim and liabilities on the company, will be met in full by every director individually or collectively, even after the name of the company is struck off the register of Companies; In case of foreign nationals and NRIs, Indemnity Bond and Affidavit may be notarized as per their respective country’s law. The Company shall also file a Statement of Account annexed at Annexure C, prepared as on date not prior to more than one month preceding the date of filing of application in Form FTE, duly certified by a statutory auditor or Chartered Accountant in whole time practice, as the case may be. In the case of 100% Government companies, if no Board is in existence, an officer not below the rank of Deputy Secretary of the concerned adminis-trative Ministry may be authorized to enter his name and other details in Form FTE and in Annexure A, B and C in place of name and other details of the directors and also to sign the said documents before filing. The application received by the ROC pursuant to the FTE Guidelines will be processed by ROC and key steps of the process are as under: ROC shall examine the application and if found in order, shall give a notice to the company under section 560(3) of the Act giving time of 30 days stat-ing that unless cause is shown to the contrary, its name be struck off from the Register and the company will be dissolved; The name of applicant and date of making the application under the FTE Guidelines shall be displayed on the MCA portal www.mca.gov.in giving time of 30 days for raising objection, if any, by the stakeholders to the concerned ROC; In case of company like Non-Banking Financial Company, Collective Investment Management Company which are regulated by other Regulator namely RBI, SEBI, respectively, the ROC, at the end of every week, shall send intimation of such companies availing of the FTE Guidelines during that period to the concerned Regulator and also an intimation in respect of all companies availing of the FTE Guidelines that period to the office of the Income Tax Department giving time of 30 days for their objection, if any. The Registrar of Companies immediately after passing of time as above and on being satisfied that the case is otherwise in order, shall strike its name off the Register and shall send notice under sub-section (5) of section 560 of the Companies Act, 1956 for publication in the Official Gazette and the applicant company shall stand dissolved from the date of publication of the notice in the Official Gazette.

- CS Ankur Srivastava E-mail: [email protected]

WAKE UP CALL !!!

Dear ICSI Members,

Unus pro omnibus, omnes pro uno. One for all, all for one.

- Alexandre Dumas

We belong to a rare breed of professionals, a fraternity that is an integral part of any corporate structure, a family, that feels proud of its each and every single member. Let us join hands in strengthening this tie even more. Some of us are fortunate enough, while others are not. We thus have a responsibility towards the lesser fortunate. Contribute generously and whole-heartedly in CSBF towards the betterment of our family and cement the ties amongst our family even more. Ardently waiting for your favorable and compassionate response... LET US CONTRIBUTE TO CS BENEVOLENT FUND * LET US JOIN FOR NOBLE CAUSE * LET US TAKE CARE OF OUR FAMILY


AN APPEAL TO ALL COMPANY SECRETARIES

DIARY

OF A YOUNG COMPANY SECRETARY Since the day I got admitted as a member of this pro-fession, I admire it. I had accomplished so much at such a tender age and applauded for my savvy. Now I believed that I am a young professional who has plans to make a mark on this world and my dreams and aspirations should never allow me to settle where I am now. There are certain moves that I must make in order for me to go where I know I can ! I need a new challenge. I need to speak with someone who would understand me on a professional level and be able to provide some insight. I meet so many people who come my way give me a list of Do’s and Don’ts, websites to visit, events to attend, people to mail, or-ganizations to check out, ideas to implement. These type of people are someone I am quick to take into my inventory. They always leave me inspired and better than before. Sometimes I feel so proud of myself that I made my way expertly through the confusing streets. Once I had a crave for recognition and that has to come my way. I know myself but the world will take some time to believe. It happens with all of us when we do the work and someone takes the cedit because being so young we were not expected to do wonders and when we do so it never gets recognized. How much such situation we hate when we see them on stage receiving award for all the hard work done by us and don’t even get an acknowledgement. Well, if you think over it, CREDIT IS SOMETHING THAT YOU DON’T REALLY APPRECIATE UNTIL IT’S TAKEN FROM YOU… IN CRAVE OF RECOGNITION………….

- A Young Company Secretary

BRAIN TEASER - 1 A student appeared for an Exam in June 2011. She was given 100 problems to solve. She tried to solve all of them correctly but some of them went wrong. Anyhow, she scored 85. Her score was calculated by subtracting two times the number of wrong answers from the number of correct answers.

How many problems she solved correctly?

BRAIN TEASER - 2 An Organisation has 5 Groups– Compliance Group, Research Group, Finance Group, Ser-vice Group and Buisness Development Group. The Compliance Group meets every other day, the Research every third day, the Finance every fourth day, the Service every fifth day and the Buisness Development Group every sixth day. The five groups met , for the first time on the New Year’s day of 1975 and start-ing from that day they met regularly according to schedule. Now the question here is that how many times did all the five meet on one and the same day in the first quarter ?? Of course the New Year’s day is excluded.


ABOUT IDRs

An IDR is an instrument denominated in Indian Rupees in the form of a depository receipt created by a Domestic Depository (custodian of securities regis-tered with the Securities and Exchange Board of India) against the underlying equity of issuing. An IDR represent a proportional ownership of interest in a fixed number of underlying equity shares of the issuer company (Known as “Deposited Shares”). An IDR give the holder the opportunity to hold an interest in equity shares in an overseas company. Since it is not possible to list equity shares of foreign companies in India, IDR are used as the medium to own an interest in a foreign company and can be listed in BSE and NSE. It allows investors in India to invest in foreign companies in Indian Rupees.

LEGAL PROVISIONS OF IDRs

The Ministry of Corporate Affairs of the Government of India, in exercise of powers available with it under section 642 read with section 605A had prescribed the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) vide notification number GSR 131(E) dated February 23, 2004and subsequently there were amendments on the subject matter and SEBI vide its Circular No. SEBI / CFD / DIL / DIP / 20 /2006 / 3 / 4 dated April 3, 2006 issued by the Securities and Exchange Board of India (SEBI) regarding compliance of SEBI DIP Guidelines for issuance of Indian Depository Receipts by foreign companies in India. In order to facilitate the eligible companies resident outside India to issue Indian Depository Receipts (IDRs) through a Domestic Depository and to permit persons resident in India and outside India to purchase, possess, transfer and redeem IDRs, vide APDIR Circular No.05 dated July 22, 2009 it has been de-cided to operationalise the IDR Rules, notified by the Government of India, as amended from time to time, with immediate effect. Accordingly, eligible Foreign Companies may issue Indian Depository Receipts (IDRs) through a Domestic Depository. The permission has been granted sub-ject to compliance with the Companies (Issue of Depository Receipts) Rules, 2004 and subsequent amendments made thereto and the SEBI (DIP) Guidelines, 2000 [now replaced with SEBI (ICDR) Regulations, 2009], as amended from time to time. In case of raising of funds through issuance of IDRs by financial/banking companies having presence in India, either through a branch or subsidiary, the approval of the sectoral regulator(s) such as IRDA, RBI in the case of NBFCs should be obtained before the issuance of IDRs.

THE MAIDEN IDRs ISSUE

As we know that the IDR Rules are made by the Ministry of Corporate Affairs way back in the year 2004, but no company has shown its interest in issuing IDRS and tapping Indian investors. In the year 2008, Standard Chartered PLC had planned to issue IDRS but due to the global recession and the huge crash in the Indian Stock Markets, it had postponed the issue. As we aware that India is recovering from the global slowdown and our stock market are performed quite well, Standard Chartered PLC had come out with the India’s maiden IDR issue. It has opened a new channel of investment for the Indian investors. Standard Chartered PLC files DRHP to issue IDRs in India with SEBI on March 30, 2010. Standard Chartered PLC is set to become the first foreign company to list in India through an Indian depository receipts (IDR) issue. Standard Chartered opened its IDR offering to Indian investors on May 25 2010. The price band for the offering is 100 (£1.47; $2.10) to 115 rupees per IDR. As per the RHP, Issue size is around $ 500 m through the issue of 220 m IDRs through 100 % book building which is defined in Regulation 2(1)(f) of the SEBI( Issue of Capital and Disclosure Requirements) Regulations,2009. The book building process elicits demand and assesses the price for determination of the quantum or value of the IDRs as per the regulations. The listing will be expected to be in June 2010.

ELIGIBILITY NORMS FOR ISSUE OF IDRS

The regulations relating to the issue of IDRs is contained in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regula-tions, 2009, as revised from time to time. According to Clause 26 in Chapter III (“Provisions as to public issue”), the following are required of any company intending to make a public issue in India: It has net tangible assets of at least Indian Rupee three crore in each of the preceding three full years (of twelve months each), of which not more than fifty

per cent are held in monetary assets: Provided that if more than fifty per cent of the net tangible assets are held in monetary assets, the issuer has made firm commitments to utilise such excess monetary assets in its business or project;

It has a track record of distributable profits in terms of section 205 of the Companies Act, 1956, for at least three out of the immediately preceding five years:

Provided that extraordinary items shall not be considered for calculating distributable profits; It has a net worth of at least INR one crore in each of the preceding three full years (of twelve months each); The aggregate of the proposed issue and all previous issues made in the same financial year in terms of issue size does not exceed five times its pre-issue

net worth as per the audited balance sheet of the preceding financial year; If it has changed its name within the last one year, at least fifty per cent. of the revenue for the preceding one full year has been earned by it from the activity

indicated by the new name. Further, Clause 97 in Chapter X stipulates additional requirements from a foreign company intending to make an issue of IDRs: An issuing company making an issue of IDR shall also satisfy the following:

• the issuing company is listed in its home country;

• the issuing company is not prohibited to issue securities by any regulatory body; the issuing company has track record of compliance with securities market regulations in its home country.

INDIAN DEPOSITORY RECEIPTS (IDRs)


PRINCIPAL PARTICIPANTS IN IDR ISSUE Issuer Company Issuer Company has to be incorporated outside India and listed in that country. Domestic Depository The Domestic Depository will issue IDRS representing the underlying equity shares of the issuer company to investors in India. The Domestic De-

pository must be an Indian company appointed by the issuer company and registered as custodian of securities with the SEBI. The Domestic De-pository acts as a trustee on the behalf of the IDR holders and its rights and obligations will be specified in the Deposit Agreement signed between the issuer company and the Domestic Depository.

Overseas Custodian The issuer company issues equity shares to the Overseas Custodian who holds them on behalf of the Domestic Depository and on the basis of

which the Domestic Depository issues the IDRS in India. It is a foreign entity appointed by the Domestic Depository. Registrar & Transfer Agents (R & T Agents) R&T Agent provides services to the issuer company, the Domestic Depository and the IDR holders in India primarily being registration and transfer

of IDRs in India. The services provided by them include keeping records of IDR holders, coordinating corporate actions and handling investor griev-ances.

RIGHTS OF THE IDRs HOLDERS

The IDR holders have the following rights which are exercised by themselves or by Domestic Depository for and on behalf of IDR Holders:

An IDR Holder will be entitled to rights on an equtiable basis vis-à-vis the rights of shareholders of the issuer company in its home country. Some of the basic rights include: Voting, Entitlement to bonus issues, Entitlement to dividends, Participation in rights issue, Participation in sub divisions and consolidations of underlying equity shares. Participation in other distributions and corporate actions. In case any distribution of equity shares is not possible to investors in India, the Domestic Depository will generally sell the equity shares and pay any cash to the IDR holders. IDR holders will have the rights to legal recourse against the issuer company as well as the Domestic Depository as provided under the Deposit Agreement.

1 7

1

6 5

3

2

4

IDRs ISSUE PROCESS 1. The Issuer (Foreign) Company wants to tap the Indian Investors through issue of IDRS 2. The Issuer Company will appoint Overseas Custodian and issue equity shares (underlying shares) in the name of Overseas Custodian in its own home

(Foreign) Currency. 3. The Issuer comapany will appoint a Domestic Depository in India. 4. The Overseas Custodian informs and confirm the Domestic Depository regarding issue of underlying assets. 5. Once the underlying shares are issued in the name of Overseas Depository, then on the basis of which the Domestic Depository issues IDRS in India. 6. The Domestic Depository will comply with all the necessary legal formalities and arrange to list the IDRS in the Indian Stock Exchange. 7. Once the IDRS are listed in the Indian Stock Exchange, then the investors can trade in the IDRS.


DOMESTIC DEPOSITORY

INDIAN STOCK EX-

CHANGE

ISSUER COMPANY

INDIAN INVESTOR

OVERSEAS CUSTODIAN

KEY ISSUES IN IDRs IDR Documentation According to SEBI guidelines, IDRs will be issued to Indian residents in the same way as domestic shares are issued. The issuer company will make a public offer in India, and residents can bid in exactly the same format and method as they bid for Indian shares. The issue process is exactly the same. The company will file a draft red herring prospectus (DRHP), which will be examined by SEBI. The general body of investors will get a chance to read and review the DRHP as it is a public document, available on the websites of SEBI and the book running lead managers. After SEBI gives its clearance, the company sets the issue dates and files the document with the Registrar of Companies. In the next step, after getting the Registrar’s registration ticket, the company can go ahead with marketing the issue. The issue will be kept open for a fixed number of days, and investors can submit their application forms at the bidding centers. The investors will bid within the price band and the final price will be decided post the closure of the Issue. The receipts will be allotted to the investors in their demat account as is done for equity shares in any public issue. IDR Fungibility The Indian depository Receipts shall not be automatically fungible into underlying equity shares of issuing company. IDR Holders can convert IDRs into under-lying equity shares only with the prior approval of the Reserve Bank of India (RBI). Upon such exchange, individual persons resident in India are allowed to hold the underlying shares only for the purpose of sale within a period of 30 days from the date of conversion of the IDRs into underlying shares. Current regu-lations do not provide for exchange of equity shares into IDRs after the initial issuance i.e. reverse fungibility is not allowed. Eligibility for investors According to SEBI guidelines, the minimum bid amount in an IDR issue is Rs 20,000 per applicant. Like in any public issue in India, resident Indian retail (individual) investors can apply up to an amount of Rs. 1,00,000 and Non-institutional investors (also called high networth individuals) can apply above Rs. 1,00,000 but up to applicable limits. Reservations in IDR issues As per Clause 98 of Chapter X of SEBI (ICDR) Regulations 2009, at least 50% of the Issue is to be allocated to qualified Institutional Buyers (QIBs), 30% of the issue to the retail individual investors and balance 20% of the issue to non-institutional investors and employees. The ratio of non-institutional investors and employees is at the discretion of the company to decide. The issue will fail if the company does not get QIB investors to the extent of 50% of the issue size.

Investment by Persons resident in India / FIIs / NRIs in IDRs vis-a-vis applicability of FEMA Regulations

The Operation instructions under the Foreign Exchange Management Act were issued by the Reserve Bank of India on July 22, 2009 in regard to issue of IDRS and the various relevant matters. The FEMA Regulations shall not be applicable to persons resident in India as defined under section 2(v) of FEMA, 1999, for investing in IDRs and subsequent transfer arising out of transaction on a recognized Stock Exchange in India. Foreign Institutional Investors (FIIs) including SEBI approved sub-accounts of the FIIs, registered with SEBI and Non-Resident Indians (NRIs) may also invest, purchase, hold and transfer IDRs of eligible Companies resident outside India and issued in the Indian capital market, subject to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regula-tions, as amended from time to time. Further, NRIs are allowed to invest in the IDRs out of funds held in their NRE / FCNR (B) account, maintained with an Authorised Dealer / Authorised bank.

Period of redemption

IDRs shall not be redeemable into underlying equity shares before the expiry of one year period from the date of issue of the IDRs.

Taxation of IDRs IDRs are not subject to securities transaction tax. Besides, dividends received by IDR holders will not be subject to dividend distribution tax. But, at present, exemption from long-term capital gains tax and concessional short-term capital gains are not available for secondary sales on the stock exchanges. Thus, IDRs will be taxed at par with other assets at 20 per cent in long term Capital gain tax and 30 per cent in short – term Capital Gain tax. However, the issue is expected to be resolved with the implementation of the Direct Tax Code w.e.f. April 1, 2011.

TRANSFER & REDEMPTION OF IDRS At the time of redemption / conversion of IDRs into underlying shares, the Indian holders (persons resident in India) of IDRs shall comply with the provisions of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004, as amended from time to time. Accordingly, the following guidelines shall be followed, on redemption of IDRs:



Listed Indian companies may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulations 6B and 7 of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time.

Indian Mutual Funds, registered with SEBI may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regula-tion 6C of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time.

Other persons resident in India including resident individuals are allowed to hold the underlying shares only for the purpose of sale within a period of 30 days from the date of conversion of the IDRs into underlying shares.

The FEMA provisions shall not apply to the holding of the underlying shares, on redemption of IDRs by the FIIs including SEBI approved sub-accounts of the FIIs and NRIs.

CONCLUSION The pioneering act of Standard Chartered PLC has set the ball rolling for foreign entities that are waiting in the wings to raise funds in through the Indian market. Success will not only depend on the strength of the company issuing the instrument but also first hand knowledge of such issues which would be under the guidance of merchant bankers. Additionally the investors would have to be educated on IDRs as the instrument is new. Combination of the above is essential for the success of IDRs in the Indian Capital Market.

- CA Gaurav Agrawal E-mail : [email protected]

READING MAKETH A FULL MAN; CONFERENCE A READY MAN

& WRITING AN EXACT MAN !!!

Articles are invited from the Members/ Students for publication in forthcoming issues All articles submitted will be subjected to review and published once ac-cepted for publication. Kindly send the articles along with your Photograph at [email protected] . We welcome further suggestions to ensure that we empower you with the knowl-edge you seek.

1. She solved 95 Problems correctly. One can arrive at the answer by simply applying the simultaneous equation method. Assume Right—2 Wrong = 85 and Right + Wrong = 100. 2. It can be found by least common multiples of the days on which the groups were meeting i.e. least common multiples of 2,3,4,5 &6 i.e. 60. Therefore, the five groups will all meet again on the 61st day. In other words, they can meet on the one and same day only once in 60 days . And since there are 90days in the first quarter, it means there can only be one other day

Answer to Brain Teaser


“MAIN ANNA HOON” - Politically Incorrect !!

We say that this policy of “Peace and Non-violence of ours is our strength but I am quite afraid because this approach of our’s has emerged as our greatest weakness. It’s awfully tough being ANNA HAZARE !! Ironically Anna phenomenon has divided rather than united India. I know I will be inviting controversies if I say “Martyrdom is an attractive option” but the thing is Anna has been termed as an Angel for us. But what I believe is that the solution to India’s various problems is not Anna. I don’t describe him as today’s GANDHI. He is Anna– A sober man with simple mind...Just like us, A Mango People (Aaam Aadmi). This is what has made him an asset for the fight against corruption and it would not be wrong to say that this is his biggest liability also. I can’t call his thinking as a Gandhian thinking. He is as obstinate as a child and this is something that has

made so many people fall for him just as we fall for a 2-5 year old child!! Has anyone even thought why Anna won such a massive support of the people where others were left only with a handful…??? Well, I think that it was just due to the fact that we Indians do not believe in ACTION. This movement has divided us in a major way leaving the worst situation for the government with quarrel amongst the government officials themselves And we all know that this is the Villain only who creates a Hero! Our Government, being on target by the public ,is the one who has made his show such a big hit on roads otherwise I don’t feel he would have got so much support. Somewhere I even read that you have to take sides either being Pro-Anna or labeled as Anti-Anna. Opinions dissenting to Anna were termed as unpa-triotic…. But Why ??? Being patriotic does not mean we should support Anna or even Mahatma Gandhi…!! I have seen many people wearing a cap with a tag line “MAIN ANNA HUN” and carrying National Flag. People posting about Anna’s good deeds and praising him so much that putting him in exalted coterie of God. It was so astonished to see Ganesha’s idol depicting Anna’s fast. I mean What they want to show was totally out of common belief. Are these people more patriotic than the ones who are obviously against corruption but labeled Anti-Anna for not being a supporter of Anna even if not being his critic. No, I can’t say that they were beinbg diplomatic or neutral because there are cer-tain things where there should be no reaction and also when there was no” Action” in Anna’s fast to have an equal and opposite reaction. Last month was so eventful and was such a grotesque intrusion in our lives that is actually meaningful to call him “An AANDHI” with so much inter-ference through television, SMS on cell phones, Conversations at workplace, discussions even at dining table, traffics on road, social networking sites and nothing so far left untouched by this phenomenon called “Anna” (not even our “PRO-KONNECT”… ). Before I sign off I would like to leave the readers with this thought to mull over Ahimsa as preached by God runs through our blood. Since ages we’ve been following this only but at the same time rmember the words of Bhagwat Gita… ”Paritranaya Sadhunaam Vinashaya Chadushkrita…” i.e. Evil (Corruption) has to be crushed by all one’s might and main. After all, Tolerance has its own limits……!!! I just have one question for the readers who might not have agreed to what all is said above or must be taking me as a big critic of Anna ji and his deeds. If you are faced with a situation to pay bribe for getting the work done (as significant as saving one’s life) .. Would you prefer to offer the bribe OR you would flaunt Anna’s cap and proudly proclaim it loud “MAIN ANNA HUN” prefer to go for offering TATA Tea (Badi Patti; Chhoti Patti) saying “JAAGO RE” . Coz that’s the place where we can make a difference !!! Although, we are gaining it this way, but it would have come much earlier…. Well for readers my views seems to be quite controversial but just give it a thought….

“ I know you got me rocking retardedly Pardon me for speaking incorrect politically

But anything less would be me speaking hypocritically” CS Neetu Arora


LIGHTERSIDE OF THE PROFESSION

“Changing your PCS is like moving to a different deck chair on the Titanic” :P

The faculty of contract law class in chapter asked one of his better students, "If you were to give someone an orange, how would you go about it?" The student replied, "Here's an orange." The professor was outraged. "No! No! Think from a legal perspective!" The student then replied, "Okay. I'd tell him `I hereby give and convey to you all and singular, my estate and interests, rights, claim, title, claim and advantages of and in, said orange, together with all its rind, juice, pulp, and seeds, and all rights and advantages with full power to bite, cut, freeze and otherwise eat, the same, or give the same away with and without the pulp, juice, rind and seeds, anything herein before or hereinafter or in any deed, or deeds, instruments of whatever nature or kind whatsoever to the contrary in anywise notwithstanding...'"

Editor’s Pick : ‘Zindagi Na Milegi Dobara’ has Useful Lessons for Financial Planning !!!

Zindagi Na Milegi Dobara has been enthralling audiences with its intriguing story, along with some good performances by the lead actors. But, for me, the aspect that stands out the most is the core message of the movie – live for the moment and enjoy life because you only live once! And I could not stop drawing the obvious comparisons between the theme of the movie and the purpose of financial planning. Like the movie, the aim of financial planning is also to enable each one of us to enjoy the things we have and want from our lives. The three protagonists of the movie, besides fighting their internal demons, also depict classical traits that I have found in several individuals, especially those who have not started with their financial plan. Let us look at the three lead characters of the movie and see what we can learn from them. SHOULD I KEEP MY LIFE ON HOLD? Hrithik Roshan’s character, Arjun, is a financial trader working in London who wants to make enough money and retire at the age of 40. He believes that since he faced hardship all through his childhood, he should have money when he retires. He believes future financial security is impor-tant and is willing to give up on his present to get there. This may be a movie, but I have come across several people who believe that letting go of your desires of the present for attaining something in future is acceptable. While aiming to retire by 40 is good, one should not forget that life is made up of small and big pleasures, which cumulatively add to the qual-ity of life. The most optimum way is to create a financial plan that will help one balance both the current and future aspirations. LEARN TO LIVE WITH YOUR FEARS The second protagonist of the movie, Imran, played by Farhan Akhtar, is a drifter by choice and a closet poet. His problem is not confronting his fears — he keeps putting off meeting his biological father. For many of us, our relationship with money is similar. We are scared to accept reality. Fear associated with money may be based on not wanting to face hardships, but what one tends to forget is that the hardship is already present; it’s only our acceptance which we can control. Accepting your fears related to money is the first step to liberate you and start you on the path of financial freedom. READY FOR SURPRISES, ANY TIME Kabir, the character essayed by Abhay Deol, has an unusual predicament. Everyone around him, including his fiance, thinks he wants to get married to her when in reality he is just not ready for marriage. While Kabir does manage to find his way out towards the end of the movie, his role highlights the fact that one can never predict the kind of surprises life can throw up at any point of time, and some of these surprises may not be pleasant. There is no way to stop such unforeseen events from happening, but what we can do is be prepared financially to handle such events in life. Investing in a financial plan can help you not only deal with unexpected events, but also make you financially strong, so that when the time arrives, you are not left counting your chickens. A certified financial planner can not only advice you as to how you should go about this process, but also tell you how much you should invest to get to your goal. It is said that life inspires movies, and sometimes movies inspire life. And when it comes to the inspiration quotient, Zindagi Na Milegi Dobara ranks high. The message is loud and clear – live for the moment and seize life. And make sure you do everything you need to do along the way to make yourself capable both mentally and financially.

Source: The Economic Times

LUCKNOW CHAPTER - EVENTS

DATE PROGRAM CHIF GUESTS/SPEAKERS Attended By

24.07.2011 HANDS ON TRAIN-ING WORKSHOP ON

XBRL

Dr. Dinesh Sharma, Mayor, Lucknow, Mr. Balraj Chauhan

Vice Chancellor, RMLNLU, Lucknow, CS Sanjay Grover, Central Council Member, CS Deepak Kukreja, Vice Chairman, NIRC of ICSI & CS Alok Tandon, Asst. Director from Ministry of Corporate Affairs (MCA), New Delhi.

Shri Subhasis Brahma, CFO, Tata Group Company, CMA Mahendra Singh, Chair-man, Lucknow Chapter of Cost Account-ants, CA Avichal S N Kapoor, Chairman, Lucknow Branch of ICAI, Past Chairmans of LCNIRC of ICSI - CS Anuj Srivastava, CS Manoj Bhagat, CS Pragyesh Singh & Past Chairman of LCNIRC of ICWAI – CMA Aman Malviya, CMA Sudhanshu Dwivedi & Senior members like CS R K Tandon, CS Satendra Kohli, CS S B Agar-wal, Secretary ASSOCHAM and more than 85 participants including delegates from Corporate houses like Sahara India, Uttar Pradesh Power Corporation Limited, National Handloom development Corpora-tion Limited, Wealth Mantra Limited, K M Sugar Mills Limited, PTC Industries, U P Asbestos Limited & Big Apple, Mem-bers and students of ICSI, ICAI and ICWAI from Lucknow, Kanpur, Allaha-bad & Agra.

12.08.2011 Panel Discussion on

Corporate Social Re-sponsibility

Shri L K Jhunjhunwala, Chairman of K M Sugar. Shri Amlan Ray, Dean at IIPM, Lucknow. Dr. CS C B Thapa, Chief Compliance Officer & Group Chief Gen-eral Manager of Sahara India Group. CWA O P Saxena, Past Chairman of Lucknow Chapter of Cost Accountants. CA Rajesh Bhalla, Vice Chairman of Lucknow branch of ICA and CS S B Agarwal, Secretary, ASSOCHAM.

Members and Student of ICSI, ICAI, ICWAI from Lucknow, Allahabad, Agra, Kanpur and Varanasi.

15.08.2011 64th Independence Day Celebration and AAD-HAAR Card Registra-tion

Flag Hosting by CS Satendra Kohli Members and Student of ICSI with their family members

21.08.2011 Hands on Training Workshop On

XBRL

Shri Rajender Kapoor & Shri Vijay Sahni,

Directors, Webtel Electrosoft P Ltd., Mr. Rajender Kapoor & Mr. Vijay Sahni, Mr. Rajender Kapoor & Mr. Vijay Sahni, Mr. Rajender Kapoor & Mr. Vijay Sahni

Members of ICSI

Page 20


LUCKNOW CHAPTER IN NEWS



Panel Discussion on Corporate Social Responsibility

GALLERIA


C R O S S - S E C T I O N

HANDS ON TRAINING WORKSHOP—XBRL

Shri Sanjay Grover, Central Council Member releasing PRO-KONNECT

( the first e-newsletter of Lucknow Chapter)

GALLERIA


LUCKNOW CHAPTER is organizing its 1ST MANAGEMENT SKILLS

ORIENTATION PROGRAMME

MSOP (SMTP) 15 DAYS TRAINING PROGRAMME AT LUCKNOW

10th September to 24th September, 2011 All the final passed candidates from anywhere in India and having completed TOP and Management Training or been exempted from

training are eligible to attend.

SPECIAL FEATURES : SEVERAL SESSIONS VIZ. PERSONALITY DEVELOPMENT, SWOT, COMMUNICATION SKILLS, SOFT SKILLS, COMPUTER SKILLS – BY RENOWNED CORPO-RATE TRAINERS, PLACEMENT ASSISTANCE & MANY MORE INNOVATIVE CONCEPTS Call Mr. Negi @ 9307714901, 0522 4109382 or e-mail at [email protected] to Register


FORTHCOMING

STUDY CIRCLE MEETING Kindly note that Study Circle meetings are being or-ganized every second Saturday of the month. Volunteers are requested to give their names for act-ing as group leader for respective topic/discussion.

Topic ISSUE OF SHARES BY VARIOUS TYPES OF COMPA‐NIES

Date SEPTEMBER 10, 2011

Day Saturday

Timings From 5.00 PM to 7.00 PM

Venue Lucknow Chapter

LUCKNOW CHAPTER OF NORTHERN INDIA REGIONALCOUNCIL OF

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

1/157, Vivek Khand, Gomti Nagar, Lucknow - 226 010 Tel: +91 522 4109382, 2392684 Mob: +91 9415005108

E-mail: [email protected]

Disclaimer: All efforts have been taken to make the news letter up to date and the information has been obtained from sources deemed to be reliable; still the Institute/Chapter does not take responsibility for any omission or error in respect of information obtained in the News Letter. Views expressed by authors are their own and not necessarily of Institute/ Chapter. Institute/Chapter nor the au-thors shall be liable for any error or inaccuracy in the articles or contents reproduced. The contents of this News Letter are only for general information or use of members of The Institute of Company Secretaries of India only.

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