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NIRC - ICSI Newsletter | September 2016 1

Monthly • Volume XXXV • Page 1-24 • No.09 • September, 2016

3 Seminar on Delegated Legislation: Changes & Impact (20.08.2016): (Left) Addressing CS Vinod Jain; CS Ranjeet Pandey, and CS (Dr.) K.S. Ravichandran. (Right)  CS Manish Gupta welcoming CS Vinod Jain by presenting flower bouquet.

1 17th National Conference of Practising Company Secretaries (12-13.08.2016): Inaugural Session – L to R CS Dinesh Chandra Arora, CS Vineet K Chaudhary, CS Mamta Binani, Chief Guest - Hon’ble Shri A R Kohli (Former Governor of Mizoram), CS Ashish Garg, CS Manish Gupta and CS G S Sarin.

2 17th National Conference of Practising Company Secretaries (12-13.08.2016): Valedictory Session – L to R CS Ashish Garg, CS Dinesh Chandra Arora, CS Vineet K Chaudhary, Guest of Honour - Ms. Kiran Oberoi Vasudev (Chairperson, Quality Review Board, ICSI), CS Mamta Binani, Chief Guest - Hon’ble Justice Shri M M Kumar (President, NCLT), CS Manish Gupta and CS G S Sarin seen releasing ICSI Publication – Setting up of Practice by Company Secretaries.

4 70th Independence Day Celebration and Flag Hoisting (15.08.2016): Shri N K Bhola, Regional Director(N), Ministry of Corporate Affairs (Chief Guest); CS Manish Gupta, CS Rajiv Bajaj, CS Ranjeet Pandey, CS Dhananjay Shukla, CS Pradeep Debnath, CS Nitesh Sinha and other members & their families seen after hoisting flag.

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NIRC - ICSI Newsletter | September 2016 2

CS Alka AroraRegional Director

Co-opted

Page No.

CS Ravinder, IAS 011-23063212

09810375788

From the Chairman

Dear Professional Colleagues,

Through this august coloumn, let me first offer my sincere regards to the former President of India and great philosopher Dr. Sarvepalli Radhakrishnan on the occasion of Teacher’s Day that was celebrated on 05th September, i.e. on his birthday, across the globe. Personally, I would like to take this opportunity to remember my own teachers who introduced me to life and its meaning, who guided me to the path of public service, and who let me understand the meaning of human existence and dignity. Dr. Radhakrishnan had a strong belief in the sanctity of work and ethics of profession and taking lessons from his life, my personal feeling is that whatever may be our profession, it is our duty in these critical days to carry out what we do in a spirit of utter rectitude, honesty and detachment. Checkpoint question for all of us, at present, is: Do we find it odd, strange or nostalgic when we hear such thoughts? If our answer is in affirmative, we need to change the fundamentals of our existence. It is strange that diligent and ethical execution of duty is often considered exceptional today, i.e. not normal, which is nothing but what we expect from others. For every right, there will be a comparable civil responsibility.

It has become a matter of greater concern for us how to restrict the limits of our responsibility. We appear to be afraid of our responsibility, our duty, which is nothing but just the other side of rights, according to the celebrated author Pearl S. Buck “When we are young, we want to grow up in order to have more freedom as we feel constrained. But, when we grow up, we become nostalgic about our childhood when we had no responsibility. We basically do not like freedom that comes to us with responsibility”.

American industrialist-philanthropist John Rockefeller who made it very big in his life and, later, gave half of what he earned back to his society, conscientiously agrees: I believe that every right implies a responsibility; every opportunity, an obligation; every possession, a duty. Introducing bills after bills on rights in our democracy has made us a little compliant, it seems. For a change, why do not we think in the direction of introducing a bill on responsibilities?

Friends, we are torchbearers of Corporate Governance of our society and stakeholder look upto to us with lot of expectations, I am sure we shall leave no stone unturned to reach the highest standards of Corporate Governance. In the very formative stage of our profession, ethics had been identified as an essential fundamental and social responsibility as a reality of the profession by our founding members. Let us vow to trade the path of ethics and be more duty-bound while presenting better examples before our society.

Everyone wants to succeed in his/her life. The success comes with honest dedication and strong determination upon the object. One can get success, if all efforts are being

“Take up one idea. Make that one idea your life - think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body,

be full of that idea, and just leave every other idea alone. This is the way to success”

~ Swami Vivekananda

• From the Chairman 2-3• Articles 4-11• CSBF 12• Compliance Checklist 13-14• Forthcoming Programs 15• News from the NIRC 16• Lighter Side of the profession 17• Financial Assistance Scheme 18• Forthcoming Programs 19-22

NIRC - ICSI Newsletter | September 2016 3

From the Chairmandiverted to and addressed for the same object. The selection of object is the outcome of flourishing of ideas in our brain. This depends upon our feelings, attitude, emotions and courage for taking risks to start the initiatives. Swami Vivekananda said “arise, awake and stop not till the goal is achieved”.

Your NIRC has selected E3 i.e. empower, emerge and excel as theme for the year 2016. All the activities of NIRC are being focused on the same theme. To have more transparency in the system, your Regional Council has decided to introduce bio metric attendance system for all members programs, after being successfully implemented in the MSOP programs being organised by the NIRC and in our 15 days Master classes for NCLT & NCLAT. The bio matrix system will provide us an opportunity to move & work towards the Digital India.

In furtherance to our endeavours towards the betterment and growth of our students who are pursuing our course, your Regional Council has announced financial assistance schemes to facilitate meritorious students and students from weaker financial backgrounds. I am happy to share that the Financial Assistance Scheme was released on the auspicious occasion of Independence Day from the hands of Shri. N. K. Bhola, Regional Director (N), Ministry of Corporate Affairs. For the benefit of all our members & students, scheme has been published in this newsletter. From this communiqué, I would like to request all members to propagate this scheme and make students aware about the same.

Let me also share with you all that with intend to build the capacities of our students particularly with regard to soft skill, comprising of Presentation Skills, Communication Skills, Negotiation Skills, Networking Skills and many other skills which one is required to possessed, the we are also planning to start with the new initiative of Study Circle Meeting of Students on Soft Skills.

The success of organisation is only when individual is successful. The idea of a successful professional in world depends upon knowledge updates and performance. To survive in tough era of completion, the quality of delivery, utilization of time span, mode of response and proper protection of the interest of client are the imperative aspects for a professional. To perform better one has to take regular inputs. To facilitate our members and students, NIRC, has organised various programs every month regularly. Now, let us look into the recent change and development with regard to our profession that has taken place in the past one month or so:

Programs for Members organised during the monthOn 3rd August, 2016 a PCS Meeting was organised on the topic “Real Estate (Regulation & Development) Act, 2016” in which CS S Prabhakar was the guest speaker. The silent features & provisions of the Act and the opportunities available for Company Secretaries were discussed at length.

On 6th August, 2016 a workshop was conducted on NCLT/NCLAT Rules, 2016. CS S Koley, S. Koley & Associates, Company Secretaries and CS Nesar Ahmad, Past President-ICSI were the guest speakers. The procedural aspects, applicable under the Rules were discussed. The members were benefited with the latest development and interpretation of important Rules.

On 10th August, 2016 PCS Help Line was organised on “Technical Issues relating to E-filing. CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys Ltd. was the expert. A large number of queries have been attended and resolved.

On 15th August, 2016 NIRC has also celebrated the 70th Independence Day. After the Flag Hoisting, cultural programs were presented by the students and members. A large number of members, their families and students have participated. Shri N K Bhola, Regional Director (N), Ministry of Corporate Affairs was the Chief Guest on the occasion.

On 20th August, 2016 a seminar was organised on “Delegated Legislation: Changes & Impact (Recent Amendment to Rules under Companies Act, 2013 & NCLT & NCLAT Rules, 2016. CS Vinod Jain, Vinod Kumar & Associates, Chartered Accountants; CS Ranjeet Pandey, Council Member-ICSI and

M/s. Ranjeet Pandey & Associates, Company Secretaries and CS (Dr.) K.S. Ravichandran, Partner, KSR & Co, Company Secretaries LLP, Coimbatore & Chennai were the guest speakers. A large number of members have participated in the seminar and got updations on the subject.

On 24th August, 2016 PCS Help Line was organised on FEMA. CS Atul Mittal, Past Chairman, NIRC-ICSI and Director, Deloitte Touche Tohmatsu India Private Limited was the expert. A large number of queries have been attended and got resolved on spot.

On 26th August, 2016 a capacity building session was conducted on Applicability of CPC, CrPC & allied laws on NCLT proceedings. CS Praveen Mahajan, Advocate, was the guest speaker. The members were benefited by participating in the programs on the aspects of applicability of civil laws and their proceedings.

On 29th August, 2016 empowerment series was organised on topic ‘GST – Overview & Opportunities’. CA R K Bhalla was the guest speaker on the occassion.

A summary of the forthcoming programs which are planned by the NIRC for this month is printed in this edition of Newsletter. I personally request each one of you to please join these program in large numbers.

Ultimately, I feel, all of us are driven by satisfaction and happiness that we achieve through our acts and endeavours. We feel satisfied and rate our life successful when we get to live our life on our own terms. Celebrated journalist Christopher Morley too opines this. Scottish playwright J. M. Barrie presents another picture when he says:

“The secret of happiness is not in doing what one likes, but in liking what one does. Let us also hear what the great Henry David Thoreau has to offer: Happiness is like a butterfly. The more you chase it, the more it eludes you. But if you turn your attention to other things, it comes and sits softly on your shoulder”.

However, the idea of happiness is a little different for the great optimist Anne Frank, who believes in the power of sharing happiness emerging from a happy self: Whoever is happy will make others happy too. Its vice versa has also been approved: In seeking happiness for others, you find it for yourself. An old Chinese proverb pronounces: “If you want happiness for an hour, take a nap. If you want happiness for a day, go fishing. If you want happiness for a year, inherit a fortune. If you want happiness for a lifetime, help someone else.” American President Franklin Roosevelt also feels that happiness lies in the joy of achievement. While we understand that it is certainly not about achieving fortune or material possessions, it is a state that emanates from our attitude that lets us appreciate what we have, instead of getting restless about what we don’t.

Let happiness and satisfaction softly touch all of us.

At the end, I take this opportunity to make the system more participative, so that the real issues concerning the development of the profession can be taken care of and a wider platform can be created to discuss the areas of concern. Further, I request you to kindly join hands in the betterment of activities and services at NIRC and share your suggestions to chariman.nirc@icsi.edu.

With best regards,

Yours Sincerely,

CS Manish GuptaChairman, NIRC-ICSI

Cell: 9212221110

NIRC - ICSI Newsletter | September 2016 4

Article

CORPORAte SOCIAL ReSPONSIBILIty: A SOCIAL ReSPONSIBILIty OF CORPORAte INdIA

CS Honey Chordia* (1st Winner of Research Paper Competition-2016 organized by NIRC-ICSI)

IntroductionDrawing on existing theoretical and empirical literature on the rationale behind Corporate Social Responsibility (CSR) by analysing the potential implications of mandated CSR under the recently enacted Companies Act, 2013 in India on firm incentives, likely responses of corporates that come under the ambit of the law, implications for resource availability and delivery of social goods, and the prospects and challenges of implementing mandated CSR.

Notwithstanding the potential economic costs that may accompany mandated CSR, the provisions of the new Act are designed thoughtfully to balance the objectives of the corporation and its shareholders on the one hand and that of the society and its stakeholders on the other. However, addressing the challenges of implementation successfully would determine how far the objectives of the new regulations are made.

Indian corporations, like those in other countries, have had a long tradition of being engaged in social activities that have gone beyond meeting a corporation’s immediate financial objectives. However, since the late nineties, CSR activities have increasingly come under the lens both of policy makers as well as of corporations’ stakeholders as governance issues acquired increasing prominence. At the policy level, the formal focus on CSR started in India with the issuance of

the Corporate Social Responsibility Voluntary Guidelines in 2009 by the Ministry of Corporate Affairs that culminated in the enactment of Section 135 of the Companies Act 2013 making CSR spending as well as CSR disclosure mandatory for specific types of companies.

Not surprisingly, therefore, Section 135 in India has generated largely polarized opinions among policy makers, corporates, industry associations, social sector organizations, and last but not the least, academicians. On one hand, the institution of mandatory CSR has been lauded in policy circles as a “historical opportunity” that could be a “game changer” for India where corporates would work hand in hand with the government and civil society to bring about “national regeneration” through sustainable development. Unorthodox as it may seem, some have argued that for a developing country like India, mandatory CSR may be an instrument to pursue a “middle path” between a

liberal and a regulatory state so as to balance growth with social stability.

CSR in India: the Legal FrameworkThe first formal attempt by the Government of India to put the CSR issue on the table was in the issuance of Corporate Social Responsibility Voluntary Guidelines in 2009 by the Ministry of Corporate Affairs. Prior to this, the importance of CSR was discussed in the context of corporate governance reforms, such as in the Report of the Task Force on Corporate Excellence by the Ministry of Corporate Affairs. The Guidelines specifically drew a distinction between philanthropy and CSR activities, and highlighted the voluntary nature of CSR activities that go beyond any statutory or legal obligation. The Guidelines of 2009 were followed in 2011 by the National Voluntary Guidelines of Social, Environmental & Economic Responsibilities of Business, also issued by the MCA. These guidelines were reportedly based on the inputs received from ‘vital stakeholders’ across the country and laid down nine principles for businesses to function in a responsible manner to promote inclusive economic growth at the national level.

The transition from a voluntary CSR regime to a regulated regime came when the Securities Exchange Board of India (SEBI) required the top listed 100 companies, as part of Clause 55 of the Listing Agreement, to mandatorily disclose their CSR activities in the Business Responsibility Reports accompanying the Annual Reports. This, SEBI opined was in the larger interest of public disclosure and represented a move towards integrating social responsibility with corporate governance. The most ambitious attempt at mandated CSR activities for companies came with the enactment of Section 135 of the Companies Act 2013.

The Rules guard against self-serving expenditure by companies by specifying that CSR activities that benefit only the employees of the company and their families shall not be considered as CSR spending under the provisions. However, companies may build CSR capacities of their own employees through reputed institutions with the proviso that such expenditure cannot exceed five percent of the total CSR expenditure made by the company in that financial year. The Rules framed under Section 135 of the Act, came into force from April 1, 2014.

*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.

NIRC - ICSI Newsletter | September 2016 5

ArticleWhy CSR?In any CSR discussion it is important to understand why corporates should be socially responsible in the first place? Why, instead, would corporates not go about their business of shareholder value maximization, and leave the task of pursuing social development to government agencies? What is the underlying rationale of CSR, and more specifically, in the context of Section 135, the economics of mandatory CSR? The question of “why CSR” can be essentially decomposed into three sub-queries namely, what is CSR, what is the rationale for CSR, and what is the rationale for mandated CSR.

Defining CSRThe dilemma on the relevance of CSR in corporate activity is inextricably linked with defining the scope of CSR for a corporation. A review of the existing literature on CSR reveals that there is a diversity of opinions and ambiguity on the elements that constitute socially responsible behavior on the part of corporates. In any national context, the debate on the extent to which CSR activities should be regulated should at least begin with a consensus among these three entities on what constitutes CSR. The definition of CSR has evolved over the years. CSR has been conceptualized in terms of a wide range of corporate behavior, starting at one extreme with the maximization of shareholder profits within the rules of the game to the other extreme of an all-encompassing objective of balancing economic, social and environmental objectives to serve shareholder and stakeholder interests.

There is a growing recognition among researchers and policy makers that CSR issues in developing and emerging countries like India are somewhat distinct from those in developed countries. Social, environmental and sustainability problems are more acute in developing countries, especially those impacted by globalization, economic growth, investment and burgeoning economic activity.

Rationale of CSRTo understand better the drivers of CSR in developing countries and the considerations that have possibly dictated the imposition of mandatory CSR in India, it is important to highlight the pros and cons of socially responsible activities from the viewpoint of both the society and the corporation along with the need for regulatory oversight of such activities. The rationale for CSR in the case of developing countries extends beyond standard arguments as highlighted above and explicitly brings in the role that CSR can play in meeting developmental objectives of poverty reduction and inclusive growth. The shareholder primacy view predominantly focuses on the profit motive, the stakeholder perspective is seen as reconciling the social and economic goals of an organization driven by a moral motive

of serving the interests of the society at large. Many a times, a corporation’s motivation to serve stakeholder interests through CSR, are a reaction to pressures exerted from stakeholders at large. Whatever the case, stakeholder oriented CSR activities entail a trade-off with profit maximization, which refers to as “sacrificing corporate profits in public interest.” However, critics of the stakeholder perspective of CSR argue that stakeholder value maximization is inconsistent with the efficient operation of the company.

Regulatory Approaches to CSRThe regulatory approaches entail the extent to which the government influences CSR behavior of firms in two respects, first with respect to reporting of CSR activity, and second with respect to the amount of spending for CSR activity. Based on this, one gets three types of regulatory regimes, namely (i) voluntary reporting and voluntary spending (ii) mandatory reporting but voluntary spending, and (iii) mandatory reporting and mandatory spending. Much of the policy debates around the world is with respect to whether CSR reporting should be voluntary or mandatory i.e., whether firms should be required by laws and regulations to report their CSR activities. In comparison, the debate on voluntary versus mandatory spending is moot in most countries given that CSR activities, howsoever defined, is voluntary in nature

Mandating CSR disclosureThe issue of mandating CSR essentially pertains to the question of whether corporations are required by laws and regulations to report/disclose its CSR activities or whether the decision to report is to be left to the business judgment of the corporation. The issue of mandatory CSR reporting has gained prominence in recent years following the global financial and economic 10 crisis in the 2000s, a string of corporate misconduct and failures, and growing threats from business operations to environmental sustainability from business operations, all of which have created a ‘trust deficit’ between corporates and their stakeholders. In fact, corporate responsibility reporting is considered to have become the “de facto” law for business essentially because corporations have increasingly realized that CSR reporting positively impacts financial value. Disclosure of CSR activities in the country have moved from being purely voluntary prior to 2012, aided by reporting frameworks suggested by the Government through the issuance of the Voluntary Guidelines of 2009 and 2011, to being mandated through since 2012 by the Securities and Exchange Board requiring top 100 companies to file Business Responsibility Reports, to being mandated for a much larger set of listed and non-listed companies under Section 135 of the Companies Act, 2013.

Mandating CSR spendingThe definitions of CSR as presented in the literature and the

NIRC - ICSI Newsletter | September 2016 6

Articletheories of CSR that underline the rationale for corporates to act in a socially responsible manner, howsoever conceptualized, largely views CSR as voluntary in nature. Mandated CSR, rather than been seen as filling in governance gaps, is also seen as the abdication of government’s responsibility in providing public goods to meet development goals based on “democratically determined priorities” . In the latter years, pursuant to Section 135, the Government has assumed a more proactive and direct role by making CSR reporting and CSR spending mandatory for all firms. The latter role of the government is increasingly in line with the more involved role that states are taking in guiding CSR in emerging economies such as China.

CSR practices in Indian companiesGiven that Section 135 has been enacted and Rules for its implementation are in place, an evaluation of its prospects would have to be based on an understanding of the CSR behavior of Indian corporates in the pre-enactment period. While company level case studies on CSR abound, large sample studies are relatively few and are mainly cross-sectional in nature. This section supplements the existing analyses by empirically examining the CSR behavior of a panel of top 500 listed Indian corporates – based on March 2008 market capitalization – over a period of nine years, 2003-2011. The CSR behavior of firms would reflect their true incentives to engage in CSR activities. Turning to the first question of the incidence of CSR, voluntary adoption of CSR in listed corporates are reported. Percentage of large listed companies that have engaged and reported CSR has steeply risen from just around 7 per cent to a high of around 62 per cent. A logical question that follows is that which types of firms have sought to engage in CSR? And comparison of the average company characteristics of firms which report CSR in their Annual Reports and those, that do not. The characteristics are defined with respect to net worth, sales, profit after tax and age. The first three characteristics have been used as alternative criteria for the application of Section 135. These estimates indicate that although the proportion of companies voluntarily undertaking considering the distribution across all activities reported over nine years. The CSR activities in the areas of food, drinking water, sanitation and health as well as involvement in education, skill development/training and employment comprise of the major chunk of corporate sector engagement in the social sector, each accounting for around 17 per cent of the total activities reported. Energy/sustainability and environmental issues also feature prominent among the CSR initiatives. Does CSR help companies, does it make business sense. With regard to developing countries, the number of empirical studies is too few to derive any definitive conclusions. A stronger confirmation of the above observations is obtained by estimating a simple regression model of return-on-assets and price-to-book on the dummy variable CSR and age, with the later acting as a control variable to proxy for different

aspects of firm size based on profit, turnover and net- worth. The final step in the exercise is in comparing for each year, the potential resources mobilized from corporates through CSR to the total social expenditure of the Central and State Governments. Hence, the argument that the new CSR provisions are away of government abrogating its responsibility to the private sector is not very strong.

Mandatory CSR: Prospects and ChallengesThe empirical analysis in the preceding section reveals that Indian corporates even prior to the enactment of mandatory CSR under Section 135 of the Companies Act 2013 have steadily acquired the mantle of being socially responsible as is evident from a manifold increase in the proportion of companies reporting their CSR activities over the years. This upward trend has taken place in a regime where both CSR spending and reporting were voluntary, indicating that there is a strong business case for companies to be socially responsible.

ProspectsMandated CSR has its proponents and opponents. While the proponents believe that the objectives of the corporation should go beyond profits and shareholders and extend to social welfare and all stakeholders, opponents argue that corporations have well defined role of maximizing shareholder value and therefore CSR should be market driven and left to the their discretion. This is a debate on normative issues and is difficult to resolve easily. Any economic policy has gainers and losers and a “good” policy tries to balance the gains against the losses. While the new provisions of Section 135 will certainly lead to an increase in the amount of CSR spending by Indian companies manifold compared to their existing level, it does recognize that mandated CSR may impose some economic costs on these companies and its shareholders.

ChallengesWhile acknowledging the potential benefits that Section 135 can usher in strengthening the relationship between business and society in India, there are some issues and challenges that will come up during implementation of the new CSR rules which will have to be addressed through the setting up of appropriate mechanisms. First, one should be concerned about whether too much funds will be generated under the new CSR Rules leading to challenges for companies to identify appropriate projects on a sustained basis. It is important to realise that companies need to pump in 2 per cent of their net profits every year. This in turn could put a strain on the company’s management to search for, select and implement additional projects, monitor its ongoing CSR activities, all of which will cumulatively build up over time both in terms of scale and scope.

NIRC - ICSI Newsletter | September 2016 7

Article

NCLt: CHANGING FACe OF CORPORAte LItIGAtIONCS Garima Agarwal*

INtROdUCtION It is important to change the corporate laws from time to time in order to meet the changing needs of society and keep up the expectations of the corporate players. A step in this direction is the formation of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), which are comprehensive quasi legal bodies that will adjudicate every single corporate litige identified with Companies in India. Ever since the Companies Bill, 1997 was placed before the Parliament, the Central Government has brought significant changes in the Companies Act and Companies Act, 2013 was a step in this direction. The Companies Act, 2013 gave due acknowledgment to NCLT and it came into existence just when it was notified in June, 2016, that is 1st June, 2008. This effectively dissolved the Company Law Board (CLB), which was constituted under the Companies Act, 1956 from the same day.

The NCLT and the NCLAT were established under the provisions of sections 408 and 410 respectively of the Companies Act, 2013 to constitute a single body which could take over the functions of the Company Law Board (CLB), the Board of Industrial & Financial Reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) which dealt with revival of sick companies and High courts dealing with matters related to winding up of companies.

The NCLT has 11 benches, unlike the CLB which had 5 benches, thus ensuring a wider reach across the country. These eleven Benches include – two at New Delhi and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. The Principal Bench of the NCLT will be at New Delhi. These Benches will be headed by the President and 16 Judicial Members and 09 Technical Members at different locations.

WHAt WAS tHe Need FOR NCLt :There was a growing need for empowering the Company Law Board and reducing the burden of High Courts by constituting a high-power Tribunal, which could take up all matters relating to Company Law and other Corporate Laws at one Forum. Moreover, there was a discernible trend around the world towards rationalisation of business processes and simplification of legislations governing them. Thus, primary object of this Tribunal was to provide simpler, speedier and more accessible dispute resolution mechanism for company related disputes, hence it is needed for following reasons:

� To minimise the multiplicity of litigation.

� To reduce the burden of various courts and quasi judicial bodies.

� To adopt a regime of faster resolution of corporate disputes.

� To solve the disputes in a simplified manner as NCLT has the liberty to regulate its own procedure.

� To solve the disputes within 3 months leads to speedy disposal of cases.

� To ensure no overlapping of jurisdiction as after the notification of Section 430, NCLT has exclusive jurisdiction over the Company related disputes and the civil court jurisdiction is completely ousted.

The NCLT will has a ‘dedicated online portal’ through which all the parties or central or state government agencies may electronically send and receive documents to or from NCLT and make required payments which will ease up the process of dispute resolution. Section 435 of the Companies Act, 2013 provides for the establishment of Special Courts for the purpose of trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more and this will drastically reduce the burden on the courts.

POWeRS OF NCLt:The NCLT acts as a master tribunal having a jurisdiction to deal with matters of the Company Law Board (CLB), Board of Industrial & Financial Reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) and High court.

i. The NCLT has the power to supervise the registration process and if a company has been incorporated by furnishing any false or incorrect information or representation or by suppressing any material fact or information in any of the documents or declaration filed or made for incorporating such company or by any fraudulent action, the Tribunal may, pass such orders as it deems fit including regulation of the management of the company and inculcating changes, if any, in its memorandum and articles etc. It can also direct removal of the name of the company from the register of companies i.e. the power to deregister the company which is distinct from winding up or striking off; pass an order for the winding up of the company and pass such other orders as it may deem fit.[Sec 7(7)]

ii. The NCLT has the powers of High Court in the matters of mergers, demergers, amalgamations, winding up etc are vested with the NCLT(Sec 230)

iii. The NCLT provides the remedy for oppression and mismanagement. If the affairs of the company are being conducted in a manner prejudicial to public interest, members or the company or any material change has taken place which is prejudicial or oppressive to the company or its members an application can be given to the NCLT which can pass any order that it deems fit including the regulation of the conduct of the company’s affairs. (Sec 241-245)

iv. The power to redress the grievance of refusal to transfer securities and rectification of the register of members is transferred to the NCLT. The remedy for refusal to transfer or transmit extends to all securities under the new Act.(Sec 58)

v. The power to deal in cases of deposits now stands vested with the NCLT (Sec 75). It also has the power to order repayment of deposits accepted by Non-Banking Financial Companies (NBFCs)

vi. The NCLT has the power to order investigation, to investigate into the ownership of the company, to impose restriction on the securities, to freeze the assets of the company etc.

vii. The NCLT has become the body to approve and regulate the conversion of a public company to a private company. (proviso to Sec 14)

viii. In case of a default to call, convene and hold an AGM or EGM, the NCLT has the power to convene the meetings.(Sec 97,98)

ix. All matters relating to compounding of offences are now vested with the NCLT. As per the third proviso to Section 441(1) the offence cannot be compounded either by the Company or its officer in case either the investigation has been initiated or is pending, in case similar offence has been committed by it and has been compounded but a period of three years has not expired and any offence which is punishable under this Act with imprisonment only or with imprisonment and also with the fine cannot be compounded. Also, any offence punishable with imprisonment or fine or with imprisonment or fine or with both shall be compoundable with the permission of Special Court. As per the new Act the Regional Director will have a jurisdiction to compound the offences for which fine imposed doesn’t exceed Rs.5 lakh and the NCLT can compound offences for which the fine imposed is not less than Rs.5 lakh

x. All the powers of BIFR and the AAIFR for revival and rehabilitation of sick industrial companies are now vested with the NCLT

xi. The NCLT has the power to review its own orders.

IMPACt OF NCLt

The constitution of the NCLT has a radical impact on the company law litigation and provides for a single window which will consolidate the corporate jurisdiction of the CLB, BIFR, AAIFR and the High Courts.

The establishment of the NCLT has resulted in the dissolution of the Company Law Board (CLB) and the matters pending with the CLB have been phased out to the NCLT in a gradual manner. The tribunal has discretion to take up the pending CLB proceedings from any stage i.e. it can take up the matter at the stage where it was left by CLB or start the proceedings afresh or from any stage it deems fit. This transition is governed by Section 434 of the Companies Act, 2013 according to which all pending matters shall stand transferred to the tribunal and all proceedings under the Companies Act, 1956 including proceedings relating to arbitration, compromise, arrangements, reconstruction and winding up of companies, pending immediately before such date before any district court or High Court shall stand transferred to tribunal and any appeal before AAIFR and reference before BIFR shall stand abated provided the company may make a reference to the tribunal within 180 days from the date of abatement.

CONCLUSION

The NCLT being a specialized body is a welcome reform in the company law jurisdiction which will add to the efficiency, speed and quality of judgements in the corporate sector. The formation of the NCLT has and is further expected to reduce the burden of pending cases and will also lead to an expeditious disposal. It will reduce the multiplicity of litigation as NCLT is a master tribunal with a vast jurisdiction. The NCLAT will also help in streamlining the process of appeal but the execution of this transition can be a chaotic one and thus the immediate dissolution of the CLB and the working of NCLT have to be properly overseen by the MCA to expeditiously adopt and resolve the company law matters.

*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.

NIRC - ICSI Newsletter | September 2016 8

Article

ROLe OF COMPANy SeCRetARIeS IN FACILItAtING deSIRed CSR OUtCOMeS

CS (dr.) S K Gupta* & CS Amrit Agrawal*

The practice of CSR is not new to companies in India.With the passage of the Companies Act, 2013 the mandate for corporate social responsibility (CSR) has been formally introduced to the dashboard of the Boards of Indian companies. CSR is no more just a buzzword, it is slowly becoming a full-fledged strategy that governs, or should govern, a company’s interactions with all of its stakeholder- regulators, potential customers and staff, community, suppliers, and the civil society.

During 2014-15, about Rs.6,337crores was spent on CSR activities. This number would only increase in the coming times with more companies beginning to report their CSR expenditure. With such large expenditures being made towards CSR, it becomes imperative that it needs to be done strategically, systematically and thoughtfully, and the projects are monitored and the outcomes are evaluated to ascertain whether the objective with which it was made mandatory, is achieved. “How do we make sure that the money we are spending on CSR is being well spent and that people for whom it is intended are benefitting from it” is a sentiment echoed by many stakeholders.

Mechanism for effective Planning and Implementation of CSR programsThe Company Secretaries have a key and pivotal advisory role to play in successful and effective planning and implementation of CSR activities in an organization. They must look at their engagement in this critical area beyond the legal mandate and broaden their knowledge horizon to drive the CSR efforts fruitfully so that the desired CSR outcomes may be realized. Following is the recommended cycle of activities for operationalizing CSR actions after CSR policy has been framed and approved by the CSR committee.

(A) Conducting a needs assessment to assess development priorities. The methodology for this can be participatory processes, surveys or a combination of the two. This will ensure that the planned CSR activities outcomes are linked to the development priorities in a specific area / segment of the society.

(B) developing detailed CSR project Reports: The CSR project report should include

• key needs of the target beneficiaries

• project goals, KPIs, baselines and expected end lines

• project milestones for progress monitoring purposes

• activities and timelines to achieve the stated project goals

• budgets along with the basis for estimation

• risks and mitigation strategies

• progress reporting-Formats ,content and frequency

• Identifying the indicators of success with the means of verification and establish the baseline for each

(C) disbursement scheduling: For a project to deliver the desired results, it should have sufficient funds to carry out the planned activities.The scheduling of disbursements should be linked with the activities planned for the each period; this can be a quarter, six months or a year depending upon the administrative convenience and budget sizes.

(d) Actual disbursements: Actual disbursements have to then be linked to the progress of CSR project on the ground

(e) Progress monitoring and reporting: progress monitoring serves the following three important purposes:

• It highlights any slippages and helps to determine a corrective action that must be taken if need be.

• It provides an excellent opportunity for learning: what worked and what did not. This can then be immediately applied to other projects.

• This is an essential part of the directors’ report as per the CSR clause of the Companies Act, 2013

• A pre-requisite for an effective monitoring mechanism is a well thought out CSR strategy and implementation plan defining the inputs and expected outputs and outcomes of the intended activities.

Many NGOs give greater emphasis to planning and executing activities on the ground, conducting participatory research to understand the problems and empowering people rather than monitoring the program. While they have very good experience of working with people, monitoring of these programs is often not very robust and is considered an additional responsibility. The focus of monitoring is largely on the outputs. Unless it moves to assessment of outcomes and impact it creates, the usefulness of the programs in changing the lives of people would remain uncertain.

To ensure objectivity, it is critical that the monitoring is done by someone other than the people directly engaged in the project implementation. In cases where the implementation is done by a partner or corporate foundation, this role can either be outsourced or played by the company’s CSR department. In case the CSR department itself is implementing a project, then monitoring should either be outsourced to a third party or the department structure should include an independent monitoring cell. This decision should be taken by the CSR committee.

(F) Impact measurement: Impacts of the development projects typically take a while to manifest.Theimpact measurement studies have different objectives from project monitoring and typically have to be undertaken after providing sufficient time for them to manifest. Impact measurement is often quite specialized and needs to be undertaken by an independent team with specific skills depending upon project design.There are several tools and frameworks for measuring impact. Each has its pros and cons depending upon the nature of interventions,time and budgets available for the study and the availability of people. Thus, selecting the impact measurement methodology is important. The following tools, Technical Guidance and Standards may be used for impact assessment of CSR activities

• London Benchmarking Group(LBG) model

• Social return on investments (SROI),

• Global impact investing network (GIIN)

• ISO 26000: social responsibility

(G) Report consolidation and communication: Reporting and communication closes the loop between intent and achievement and is hence a crucial element of the CSR process. In the context of the Companies Act, 2013 this is also a mandatory requirement as it provides crucial inputs to preparing the directors’ report.

The report has to conform to the requirements of CSR rules under the Companies Act, 2013 in terms of form and content as non-compliance attracts penalties. This report will also form a key input into the company’s SEBI Business Responsibility Report and sustainability report. The CSR committee may choose to go beyond the requirements of the Companies Act, 2013 and issue a stand-alone CSR report.

Rising awareness about the CSR legislation has led to stakeholders raising queries about the way the companies are spending this money and the compliance levels. There have been concerns about the monitoring and evaluation mechanism of such huge expenditures. This puts additional responsibility on the CSR Committee and the Board members to make sure that CSR programs are designed and managed well, and in this context the key and emerging role of the Company Secretaries in CSR domain presents both a challenge and an opportunity to rise up to the expectations and deliver. Company Secretaries must endeavor to upgrade their knowledge and skills and strive to lead and engage in the CSR initiatives of the company realizing that their role is beyond mere compliance with the mandated law on CSR.

*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.

NIRC - ICSI Newsletter | September 2016 9

NClt Rules & Forms

NCLt RULeS & FORMS detAILS - LISt OF dOCUMeNtS tO Be AttACHed WItH A PetItION OR APPLICAtION

Compiled by: CS deepak Sharma*

S.NO. SECTIONS OF COMPANIES ACT,2013

NATURE OF APPLICATION/PETITION 

Form No. AdditionalInformation.

FEES ENCLOSURES OF THE PETITION

1. Sec. 2 (41) Application for change in financial year

NCLT-1(Within 3 months from the date of passing special resolution)

5000/- 1.Copy of the memorandum and articles of association2. Copy of balance sheet of companies. (for how many years)3. Affidavit verifying the petition4. Bank draft evidencing payment of application fee5. Memorandum of appearance with copy of the Board Resolution or the executed Vakalatnama, as the case may be.

2. Sec. 7 (7) Application to Tribunal wherecompany has been incorporatedby furnishing false or incorrect info or by any fraudulent action.

NCLT-1 5000/- 1. Copy of the memorandum and articles of association.2. Document in proof of false or incorrect information or fraudulent action.3. Affidavit verifying the petition.4. Bank draft evidencing payment of application fee.5. Memorandum of appearance with copy of the Board Resolution or the executed Vakalatnama, as the case may be.

3. Sec. 14 (1) Conversion of public company into a private company.

NCLT-1(Within 3 months from the date of passing special resolution)

NCLT-3B(RULE-35)(Individual notice to be serve to the Debenture-holder &Creditors) through registered post.

5000/- 1 .Copy of the memorandum and articles of association.2. Copy of the documents showing that the company ceased to become a public company.3. Affidavit verifying the petition.4. Bank draft evidencing payment of application fee.5. Memorandum of appearance with copy of the Board Resolution or the executed Vakalatnama, as the case may be.

4. Sec. 55 (3) Application for issue further redeemable preference shares.

NCLT-1 5000/- 1. Copy of the memorandum and articles of association.2. Documents showing the terms of issue of the existing preference shares.3. Copy of the Board Resolution and resolution of general meeting for issue of further redeemable preference shares.4. Copy of the latest audited balance sheet with the profit and loss account of the company with auditor’s report and director’s report.5. Affidavit verifying the petition.6. Bank draft evidencing payment of application fee.7. Memorandum of appearance with copy of the Board Resolution or the executed

5. Sec. 58 (3) or 59 Appeal against refusal of registration of shares or Appeal for rectification of register of member

NCLT-1 NCLT-3A(RULE-35-Advertisement of the petition)

1000/- Where the company is the petitioner.1. Copy of the memorandum and articles of association2. Latest audited balance-sheet and profit and loss account, auditor’s report and director’s report.3. Authenticated copy of the extract of the Register of Members.4. Copy of the resolution of the Board or Committee of Directors (where applicable)5. Any other relevant documents.6. Affidavit verifying the petition.7. Bank draft evidencing payment of application fee.8. Memorandum of appearance with copy of the Board Resolution or the executed Vakalatnama, as the case may be.9. Two extra copies of the petition.Where the petition is made by any other person.1. Documentary evidence in support of the statements made in the petition including the copy of the letter written by the petitioner to the company for purpose of registering the transfer of, or the transmission of the right to, any share, or interest in, or debentures as also a copy of the letter of refusal of the company.2. Copies of the documents returned by the company.3. Any other relevant document.4. Affidavit verifying the petition.5. Bank draft evidencing payment of application fee.6. Memorandum of appearance with copy of the Board’s Resolution or the executed Vakalatnama, as the case may be.7. Two extra copies of the petition.

6. Sec. 61 (1) Application to Tribunal for consolidation and division of share capital.

NCLT-1 NCLT-3A(Rule-35) - 1. Copies of memorandum and articles of association;2. Copies of audited balance sheets for past 3 years;3. Resolution for allowing such consolidation or division and providing justification for the same;4. Documents in proof of new capital structure and class of shares being consolidated or divided;5. Affidavit verifying the petition.6. Bank draft evidencing payment of application fee.7. Memorandum of appearance with copy of the Board’s Resolution or the executed Vakalatnama, as the case may be.8. Two extra copies of the application9. Any other relevant documents

* The Views expressed are personal views of the author and NIRC-ICSI assumes no responsibility for any errors. Members are requested to check the latest position with the original source before action upon the information published in this Newsletter.

NIRC - ICSI Newsletter | September 2016 10

S.NO. SECTIONS OF COMPANIES ACT,2013

NATURE OF APPLICATION/PETITION 

Form No. AdditionalInformation.

FEES ENCLOSURES OF THE PETITION

7. Sec. 62 (4) Appeal against order of Govt. fixing terms and conditions for conversion of debentures and shares.

NCLT-9 (within 60 days from the date of communication of such order.)

5000/-

8. Sec. 71 (9) Petition by Debenture-trustees 2000/-9. Sec. 71 (10) Application in the event of failure of

redeeming ofdebentures

N C L T - 1 1 ( i n duplicate)

1000/-

10. Sec. 73 (4) Application by deposition for repayment of deposit or interest

N C L T - 1 1 ( i n duplicate)

500/- 1. Copy of the deposit receipt2. Copy of the correspondence exchanged with the company.3. Bank draft evidencing payment of application fee.4. Any other relevant document

11. Sec. 74 (2) Application to allow further time as considered reasonable to the company to repay deposits.

NCLT-1 5000/- 1. Names and addresses of the officers of the company.2. Full details of small depositors such as names, addresses, amount of deposits, rate of interest, dates of maturity and other terms and conditions of deposits.3. Reasons for non payment or late payment.4. Annual Reports for the last three years.5. Projection and cash flow statement for the next three financial years duly certified by Statutory Auditors of the company.6. Any other relevant document

12 Sec. 97 (1) Application for calling of Annual General meeting.

NCLT-1 1000/- 1. Affidavit verifying the petition.2. Bank draft evidencing payment of application fee.3. Any other relevant document

13. Sec. 98 (1) Application for calling of general meeting of company other than annual general meeting

NCLT-1 1000/- 1. Documentary evidence in proof of status of the applicant.2. Affidavit verifying the petition.3. Bank draft evidencing payment of application fee.4. Memorandum of appearance with copy of the Board’s Resolution or the executed Vakalatnama, as the case may be.5. Any other relevant document

14. Sec. 119 (4) Petition to pass an order directing immediate inspection of minutes books or directing a copy thereof be sent forthwith to person requiring it.

NCLT-9 500/- 1. Documentary evidence, if any, showing the refusal of the company to give inspection to the petitioner.2. Affidavit verifying the petition.3. Bank draft evidencing payment of application fee.4. Memorandum of appearance with copy of the Board’s Resolution or the executed Vakalatnama, as the case may be.5. Any other relevant document.

15. Sec. 130 (1) Application for re-opening of books of account, if made by any person other than Central Government, Income Tax authorities, SEBI or any other statutory regulatory body or authority.NOTE: According to the section application is to be made by the income tax- authorities, SEBI ETC.

5000/-

16. Sec. 131 (1) Application by company for voluntary revision of financial statement on Board’s reportNOTE: According to the section, its financial statement or board’s report.

NCLT-1 NCLT-3A(RULE-35) 5000/- 1. Audited Financial statements of relevant period;2. Copies of memorandum and articles of association.3. The details of the Managing Director, Chief Financial Officer, directors, Company Secretary and officer of the company responsible for making and maintaining such books of accounts and financial statement.3. Where such accounts are audited, documents in proof of the name and contact details of the auditor or any former auditor who audited such accounts.4. Copy of the Board resolution passed by the Board of Directors.5. Affidavit verifying the petition.6. Bank draft evidencing payment of application fee.7. Memorandum of appearance with copy of the Board’s Resolution or the executed Vakalatnama, as the case may be.8. Any other relevant document.

17. Sec. 140 (4) Application for not sending the copy of representation of auditor to the members.

NCLT-1 1000/-

18. Sec. 140 (5) Application by any other person concerned for change of auditors.NOTE: Application could be made by the Central govt. also.

2000/-

19. Sec. 169 (4) Application for not sending copies of representation

NCLT-1 1000/-

20. Sec. 213 Application to Tribunal for investigation into company affairs

NCLT-1 5000/-

NClt Rules & Forms

NIRC - ICSI Newsletter | September 2016 11

S.NO. SECTIONS OF COMPANIES ACT,2013

NATURE OF APPLICATION/PETITION 

Form No. AdditionalInformation.

FEES ENCLOSURES OF THE PETITION

21. Sec. 218 (1) Application for approval for action proposed against employee

1000/-

22. Sec. 222 (1) Application for imposition of restrictions on securities.

2500/-

23. Sec. 241 (1) Application in cases of oppression and mismanagement.

NCLT-1 In case of withdrawal of application it should be filed in NCLT-9

10000/-

24. Sec. 242 (4) Application for regulating the conduct of company

2500/-

25. Sec. 243 (1) (b) Application for appointment as Managing Director

NCLT-1 5000/-

26. Sec. 244 (1) Application for waiver of requirement specified in clause (a) or (b) of Sec. 244 (1)

2500/-

27. Sec 245 Class action suits NCLT-9 NCLT-13Public notice is to be issued by the tribunal in

5000/-

28. Sec. 441 Application for compounding of certain offences.

NCLT-9 1000/-

29. Section 421 Appeals to NCLAT 5000/-30. Application under any other

provisions specifically not mentioned herein above

1000/-

31. Fee for obtaining certified true copy of final order passed to parties other than theconcerned parties under Rule 50

5/- perpage.

FORMS ReASON FOR FILING tO WHOM tO Be FILed

FORM NO. NCLt. 1 For filing of Original Application / Reply / Rejoinder / Interlocutory Application orfiling of additional documents under directions of the Bench

To the tribunal

Form No. NCLt.2 As an attachment in NCLT-1 BEFORE THE NATIONAL COMPANY LAW TRIBUNAL

FORM NO. NCLt. 3 NOTICE OF MOTION BEFORE THE NATIONAL COMPANY LAW TRIBUNAL

FORM NO. NCLt. 3AFORM NO. NCLt-3B

Advertisement detailing petitionIndividual Notice of petition/ application to creditors, members, etc.

To the tribunal

Form No. NCLt. 4. The general heading in all proceedings in all advertisements and noticesForm No. NCLt.5 Notice to the respondent to show cause against the

application or petitionTo the Tribunal

Form No. NCLt.6. Every petition or application including interlocutory application shall be verified by an affidavit To the opposite partyForm No. NCLt.7. Production of Evidence by Affidavit in (form NCLT-7) To the TribunalForm NCLt.8. For execution of order passed by the Tribunal To the TribunalFORM NO. NCLt. 9 HEADING AS IN FORM NCLT. 4Form NCLt 10 An authorised representative desirous of registering his intern to have access to the records and

obtain copies of the orders of a Bench of the TribunalTo the Registrar

FORM NO.NCLt. 11 APPLICATION BY DEPOSITOR UNDER SECTION 73 (4) OR 76(2) OR BY COMPANY U/S 74(2)OR BY DEBENTURE HOLDER OR DEBENTURE TRUSTEE UNDER SECTION 71 (10) OF THEACT OR SECTION 45QA OF THE RESERVE BANK OF INDIA ACT, 1934

Form No. NCLt. 12 Filing of Vakalatnama or Memorandum of Appearance in (Form No. NCLT. 12) by the authorised representative for appearance

To the Tribunal

FORM NO. NCLt-13 Public Notice of petition under Section 245.Form NCLt-14 Affidavits of illiterate, visually challenged persons Before the National Company Law

Tribunal.’Form NCLt-15 A summons for production of documents in the custody of a public officer other than a court To the Head of the DepartmentForm NCLt-16. Recording of deposition of witnessForm NCLt-17 Certificate granted to the witness discharged by the TribunalForm NCLt-18 Register (nclt-18) in regard to the appeals, petitions, etc against the order of tribunal & entries to be

made by the judicial bench.National Company Law Appellate Tribunal

NClt Rules & Forms

NIRC - ICSI Newsletter | September 2016 12

CSBF

AtteNtION MeMBeRS /StUdeNtSThe details of Members Programs like Seminar, Conferences, etc. and soft copies of  NIRC-ICSI Newsletters  & Students’ programs viz EDP,   PDP, MSOP, Students Activities, such as viz Moot Court Competitions, Elocution Competition, Essay writing, Company Law Quiz and Student Conferences are regularly updated on the NIRC Portal at ICSI website.

To get updated information, Members & Students are requested to visit our following website regularly.

www.icsi.edu/niro

INVItAtION FOR CONtRIBUtION OF ARtICLeS & SUGGeStIONS FOR IMPROVeMeNt OF CONteNtS OF

NIRC NeWSLetteR NIRC of ICSI invites Articles from Members for publication in the NIRC Newsletter. Members are also requested to forward their comments/suggestions for further improvement of contents of Newsletter. Members may send the soft copy of their article and profile to NIRC by email to chairman.nirc@icsi.edu for consideration by the Editorial Board.

COMPANy SeCRetARIeS BeNeVOLeNt FUNdMEMBERS ENROLLED FROM NIRC AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT

FUND DURING THE PERIOD 21/07/2016 TO 20/08/2016

Sr. No. LM NO. NAMe MeMB NUMBeR CIty

1. 11406 CS SHIVAM SINGHAL ACS-41948 GHAZIABAD

2. 11410 CS MONIKA GUPTA ACS-25480 FARIDABAD

3. 11413 CS KAPIL KUKREJA ACS-46568 DELHI

4. 11415 CS SIDHARTH SHARMA ACS-30367 DELHI

5. 11416 CS PRIYA ACS-43972 DELHI

6. 11417 CS HANUMAN PRASAD ACS-46027 CHURU DISTT

7. 11418 CS SHIPRA PAREEK ACS-45434 BUNDI

8. 11419 CS UDAYVEER YADAV ACS-26743 DELHI

9. 11420 CS A K MATHUR FCS-2391 NEW DELHI

10. 11421 CS SWATI DAGA ACS-43208 BIKANER

11. 11422 CS MOHD ARSHAD ACS-32811 NEW DELHI

12. 11423 CS RANJIT KUMAR BEHERA ACS-44706 NEW DELHI

13. 11429 SAURABH SRIVASTAVA FCS-7275 LUCKNOW

14. 11435 CS PURNIMA BHASIN ACS-46782 KANPUR

15. 11436 CS AKRITI MAHAJAN FCS-8809 DELHI

CAReeR AWAReNeSS PROGRAMSNIRC has organised 15 Career Awareness Programs & during the month of August, 2016 in various schools & colleges located in Delhi and surrounding areas. The students were apprised about the mode of registration in the course, syllabus, structure of the course and also the avenues available after completion of the Company Secretaryship Course both in employment and in practice. Pamphlets

of Career in Company Secretaryship Course were distributed to the students.

NIRC - ICSI Newsletter | September 2016 13

Compliance Checklist

COMPLIANCE CHECKLIST FROM 10th SePteMBeR tO 10th OCtOBeR, 2016

S. No.

Activities Sections/Rules/ Clauses, etc. Acts/Regulations etc. Compliance Due Date

To whom to be submitted

Central excise Related Compliance 1 Filing of Return of Central Excise and Cenvat Credit for

the month of August, 2016 (Form No. ER-1) (Non SSI Units)

Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th September Central Excise Authorities

2 Monthly Excise return by EOU for the month of August, 2016 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002 10th September Central Excise Authorities

3 Monthly Return of information relating to Principal Inputs (August, 2016) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004 10th September Central Excise Authorities

4 Last Date for payment of Excise Duty Non SSI units (September) *(in case of Payment through Internet banking)

Rule 8 Central Excise Rules, 2002 05th October*06th October

Central Excise Authorities

5 Last Date for payment of Excise Duty SSI units for the Quarter ended 30th September*(in case of Payment through Internet banking)

Rule 8 Central Excise Rules, 2002 05th October *06th October

Central Excise Authorities

6 Monthly Return of information relating to Principal Inputs (September, 2016) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004 10th October Central Excise Authorities

7 Filing of Return of Central Excise and Cenvat Credit for the month of September, 2016 (Form No. ER-1) (Non SSI Units)

Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th October Central Excise Authorities

8 Monthly Excise return by EOU for the month of September, 2016 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002 10th October Central Excise Authorities

9 Filing of Return of Central Excise and Cenvat Credit for the Quarter ended 30th September, 2016 (Form No. ER-3) (SSI Units)

Rule 12(1) Second Proviso Central Excise Rules, 2002 10th October Central Excise Authorities

Service tax Related Compliances10 Pay Service Tax in Challan GAR – 7, collected for the

month of September 2016 by persons other than individuals proprietors and partnership firms. *(in case of Payment through Internet banking)

Section 68 Read with Rule 6 Finance Act, 1994Service Tax Rules, 1994

05th October*06th October

Service Tax Authorities

11 Quarterly - Payment of Service Tax for individual, Proprietory Firm and Partnership Firm (electronic payment through internet banking mandatory w.e.f.01-10-2014)

Rule 6 Finance Act, 1994Service Tax Rules, 1994

05th October*06th October

Service Tax Authorities

Income-tax Related Compliances12 Pay Advance Tax Section 211 Income Tax Act, 1961 15th

SeptemberIncome-Tax Authorities

13 File I. T. Return Return for Corporate assesses and all assesses whose have business income including assesses whose accounts are required to be audited under any law and working partners

Section 44AB Income Tax Act, 1961 30th September

Income-Tax Authorities

14 Contractor’s Bill / Advertising / Professional service Bill - TDS collected for the previous month Section 194J (September, 2016)

Section 194CSection 194J

Income-tax Act, 1961 07th October Income Tax Authorities

15 Monthly payment of TCS (September, 2016 ) Section 206 Income-tax Act, 1961 07th October Income Tax Authorities

16 Deposit TDS from salaries for the previous month in Challan No.281 (September)

Section 192 Income-tax Act, 1961 07th October Income Tax Authorities

17 Quarterly payment of TDS for payments with the prior approval of the Joint Commissioner

Section 192, 194A, 194D or 194H

Income-tax Act, 1961 07th October Income Tax Authorities

Company Law Related Compliances18 Last Date of Annual General meeting for the financial

year ended on 31st March, 2016Section 96 Companies Act, 2013 30th

SeptemberN.A.

NIRC - ICSI Newsletter | September 2016 14

Compliance Checklist S. No.

Activities Sections/Rules/ Clauses, etc. Acts/Regulations etc. Compliance Due Date

To whom to be submitted

RBI Related Compliances19 Details of Assets And Liabilities (Annual) ECB Rules FEMA, 1999 08th October RBI through

Authorized Dealer[PA3]

RBI – NBFC / FeMA Related Compliances 20 Reporting of actual transactions of ECB in form ECB-2

within 7 working days (September)DNBS (PD).CC.No.355/

03.02.02/2013-14 dated September 3, 2013

Circular 30th September RBI

economic, Industrial & Labour Law Related Compliances21 Monthly payment of Provident Fund (PF) (Non

Corporate)(a) Paragraph 38 of Employees Provident Funds Scheme, 1952

(b) Section 418 of the Companies Act, 1956

(a) Employees’ Provident Funds and Misc. Provisions Act, 1952 (b) Exempted Scheme

15th September Provident Fund Authorities Trustees of Provident Fund

22 File monthly return for employees leaving / joining during the month of August(Form No.5)

Pragraph 20(2) read with Paragraph 36(1) & (2)

The Employees Pension Scheme, 1995 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th September Provident FundCommissioner

23 i) File monthly Return of employees entitled for membership of Insurance Fund (Form No.2(IF))ii) File monthly Return for members of Insurance Fund leaving service during the month of August (Form no. 3(IF))iii) File monthly return of members joining service during the month of August (Form no.F4(PS))

Paragraph 10 The Employees Deposit Linked Insurance Scheme,1976 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th September Provident FundCommissioner

24 Payment of ESI contribution for the previous month Regulation 31 Employees’ State Insurance Act, 1948 andEmployees State Insurance (Gen.) Regulations, 1950

21st September ESIC Authorities

25 Monthly return of Provident Fund for the previous month (August) Provident funds

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme, 1952

25th September Provident Fund Authorities

26 Monthly return of Provident Fund for the previous month with respect to International Workers.

Paragraph 36 The Employees' Provident Funds Scheme, 1952

25th September Provident Fund Authorities

27 In case of graduate, technician (vocational), send a record of work for each quarter in Form Apprenticeship 3 in Schedule III

Section 2 Rule 14(11) Apprentices Act, 1961 and Apprenticeship Rules, 1962

30th September Director-Regional Board of Apprenticeship Training

Depositories28 Submit monthly statement on substitution of

names of depositories in the previous quarter.Regulation 54(5) SEBI (Depositories

& Participants) Regulations, 1996

07th October Depositories

Note : While every care has been taken in the preparation of this Compliance Check List for the Month of

September, 2016, to ensure its accuracy at the time of publication, NIRC – ICSI assumes no responsibility for any

errors which despite all precautions, may be found therein. Members are requested to check the latest position

with the original sources before acting upon on the information published in this newsletter. Neither this

Newsletter nor the information contained herein constitutes a contract or will form the basis of a contract. the

material contained in this document does not constitute/ substitute professional advice that may be required

before acting on any matter.

Compiled by: CS Abhishek Gupta | pcsabhishekgupta@gmail.com

NIRC - ICSI Newsletter | September 2016 15

Forthcoming Programs

FORtHCOMING PROGRAMS OF NIRC-ICSIDay & Date Program Topic Venue Timings Credit

HoursFee

Wednesday14th September, 2016

Special Session

The Income Declaration Scheme, 2016

New Delhi, YMCA, Jai Singh Road, New Delhi

5.30 PM 02 -

Saturday17th September, 2016

One day Seminar

Regulatory Compliance, Audit and Diligence

Hotel Ashok, Chanakaya Puri, New Delhi

10.00 AM to 5 PM

04 Rs.2250/-; FREE for Corporate

Members of NIRC

Monday19th September, 2016

Campus Placement for Ongoing MSOP participants (on the verge of getting CS Membership*

ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

10.00 AM - -

Wednesday21st September, 2016

PCS Helpline NBFC and Housing Finance Companies

Members may contact at Tel.No.011-49343001

4.00 pm to 5.30 p.m.

- -

Saturday24th September, 2016

One day Workshop

GST - Impact & Preparedness

ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

10.00 AM to 5.00 PM

06 Rs. 400 /- (upto 22.9.16); Rs.500/-;

FREE for YUVA Corporate

Members of NIRCSaturday1st October, 2016

Punjab State Conference Hotel Park Plaza,Ferozepur Road,Ludhiana- 141001

2.00 PM to 8.00 PM

04 Details will be hosted on NIRO

portal

Tuesday4th October, 2016

Celebration of CS Day ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

10.00 AM -

Wednesday5th October, 2016

PCS Helpline LODR Members may contact at Tel.No.011-49343001

4.00 PM to 5.30 PM

- -

*Members are requested to kindly arrange at least one Company / Firm of Practicing Company Secretary /Consultancy firms/Law firms/Financial Institution to participate in the Campus Placement and recruit MSOP participants.

For details visit: www.icsi.edu/niro

NIRC - ICSI Newsletter | September 2016 16

News from the NIRC

NIRC organised the following programs:

Date Program Chief Guest/speakers Present03.08.2016 Session on Real Estate (Regulation &

Development) Act, 2016Guest Speaker: CS S Prabhakar CS Manish Gupta, CS Pradeep

Debnath, CS Alka Arora and participants

06.08.2016 Workshop on NCLT/NCLAT Rules, 2016  Guest Speakers: CS S Koley, S. Koley & Associates, Company Secretaries and CS Nesar Ahmad (Past President-ICSI), Nesar & Associates, Company Secretaries

CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

10.08.2016 PCS Help Line on “Technical Issues relating to E-filing”

Facilitator/Expert: CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys Ltd.

CS Pradeep Debnath, CS Ankit Kumar Jain, CS Alka Arora and participants

15.08.2016 70th Independence Day Celebration and Flag Hoisting

Chief Guest: Shri N K Bhola, Regional Director(N), Ministry of Corporate Affairs

CS Manish Gupta, CS Rajiv Bajaj, CS Ranjeet Pandey, CS Dhananjay Shukla,  CS Pradeep Debnath,  CS Nitesh Sinha, CS Alka Arora and members and their families

17.08.2016 Valedictory Function of 242nd Management Skills Orientation Program (MSOP)

Chief Guest: CS (Dr.) S P Narang, Former Secretary & CEO, ICSI

CS Manish Gupta, CS Alka Arora and participants

19.08.2016 Inauguration of 243rd Management Skills Orientation Program (MSOP)

 Chief Guest: CS (Dr.) Akhil Prasad, Country Head-legal, Boeing International Corp India 

CS Manish Gupta, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

20.08.2016 Seminar on Delegated Legislation: Changes & Impact (Recent Amendment to Rules under Companies Act, 2013 & NCLT & NCLAT Rules, 2016)

Guest Speakers: CS Vinod Jain, Vinod Kumar & Associates, Chartered Accountants; CS Ranjeet Pandey(Council Member-ICSI), M/s. Ranjeet Pandey & Associates, Company Secretaries and CS (Dr.) K.S. Ravichandran, Partner, KSR & Co,Company Secretaries LLP, Coimbatore & Chennai

CS Manish Gupta,  CS Nitesh Sinha, CS Alka Arora and delegates

24.08.2016 PCS Help Line on FEMA Facilitator/Expert: CS Atul Mittal, (Past Chairman, NIRC-ICSI), Director, Deloitte Touche Tohmatsu India Private Limited

CS Manish Gupta and participants

26.08.2016 Capacity Building Session on Applicability of CPC, CrPC & allied laws on NCLT proceedings

Guest Speaker: CS Praveen Mahajan, Advocate

CS Manish Gupta,  CS NPS Chawla and participants

29.08.2016 Inauguration of 244th MSOP CS Manish Gupta, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

29.08.2016 Empowerment Series on GST – Overview & Opportunities

Guest Speaker: CA R K Bhalla CS Manish Gupta,  CS Pradeep Debnath, CS Nitesh Sinha and participants

03.09.2016 Valedictory Function of 243rd Management Skills Orientation Program (MSOP)

CS Manish Gupta, CS Ranjeet Pandey, CS Alka Arora and participants

NIRC ACtIVItIeS

NIRC - ICSI Newsletter | September 2016 17

lighter Side of the profession

LIGHteR SIde OF tHe PROFeSSION

“Why both the Managing Director and the Union Leader are feeling depressed after the meeting with the Labour Commissioner?” “Due to five years Settlement.” “But after the settlement, generally both the parties look happy.” “Yes because both the parties feel to be in Win-Win situation but in this peculiar case both the parties are feeling to be in the Lose-Lose situation.”

*************** “Is your Chairman not concerned about the poor performance of the Company for the current year?” “Yes very much.” “So what steps he is taking?” “Like a government Company, our Chairman has also appointed an outside Consultant to find out the reasons.”

************* “How come you say that Paramjeet Singh, enjoys the work and not his Salary?” “Due to nature of his job.” “What is his job?” “Project Manager-Overseas.”

—CS PARAMJeet SINGH, pslawadvisers@yahoo.comMembers may send their contribution for this column at e-mail niro@icsi.edu for publication in the NIRC Newsletter-Insight.

Decision of the Editorial Board of Newsletter in this regard will be final

 CHAPteRS OF NIRC-ICSIAgra, Ajmer, Allahabad, Alwar, Amritsar, Bareilly, Bhilwara, Bikaner,  Chandigarh, Dehradun,  Faridabad, Ghaziabad, Gurgaon, Jaipur, Jalandhar, Jammu, Jodhpur, Kanpur, Karnal-Panipat, Kota, Lucknow, Ludhiana, Meerut, Modinagar, Noida, Shimla, Sonepat, Srinagar, Udaipur, Varanasi & Yamuna Nagar.

OBItUARy‘NIRC-ICSI Newsletter’ deeply regrets the sad demise of CS R K Gupta (FCS-753), Chairman of Kota Chapter of NIRC of ICSI. May the Almighty bestow courage to the bereaved family members to withstand the irreparable loss. May the Departed Soul rest in peace.

NIRC - ICSI Newsletter | September 2016 18

Financial Assistance Scheme

FINANCIAL ASSIStANCe SCHeMe tO tHe StUdeNtS UNdeR eCONOMICALLy WeAKeR SeCtION (eWS)

NIRC of ICSI is announcing financial assistance to the students under Economically Weaker Section (EWS) scheme for bonafide registered students of ICSI, who intent to register for Oral tuitions classes (OTC) conducted by NIRC of ICSI at NIRO, 4, Prasad Nagar Institutional Area, New Delhi 110 005.

FOR FOUNdAtION PROGRAMMe eLIGIBILIty CRIteRIA The candidate should –

� be a bonafide registered student of the Institute; � have passed all the papers of 12th Class and secured a minimum of 50 per

cent marks in the aggregate; � have family income of not more than Rs.1,00,000/-(One lakh) in a year

AND � have no other source from which assistance/scholarship is received

simultaneously for pursuing the Oral Tuition classes

FOR eXeCUtIVe PROGRAMMe eLIGIBILIty CRIteRIA The candidate should —

� be a bonafide registered student of the Institute; � have passed all the papers of Foundation Programme at one sitting, in the

first attempt, without claiming exemption in any paper OR

� have passed Graduation with a minimum of 50 per cent marks in the aggregate;

� have Family income of not more than Rs.1,00,000/-(One lakh) in a year AND

� have no other source from which assistance/scholarship is received simultaneously for pursuing the Oral Tuition classes

FOR PROFeSSIONAL PROGRAMMe eLIGIBILIty CRIteRIA The candidate should —

� be a bonafide registered student of the Institute; � have passed all the papers included in both the modules of the Executive

Programme at one sitting, in the first attempt, without claiming exemption in any paper,

� have an income (if employed or is having an independent source of income) of not more than Rs.1,00,000/-(One lakh) in a year if living on his/her independent income

AND � have no other source from which assistance/scholarship is received

simultaneously for pursuing the Oral Tuition classes

NUMBeR OF AWARdS OF ASSIStANCeFor Foundation Programme :- The Maximum number of Fee concession for the foundation programme is 25 per session or 50 in a year

For executive Programme :- The Maximum number of Fee concession for the foundation programme is 25 per session or 50 in a year

For Professional Programme :- The Maximum number of Fee concession for the foundation programme is 25 per session or 50 in a year Value of Assistance

Fee Concession in Ot Classes organized by NIRO75% Fee CONCeSSION & 85% Fee CONCeSSION

for *MeRItORIOUS StUdeNtS OF eCONOMIC WeAKeR SeCtION*Meritorious students

For Foundation ProgrammeeLIGIBILIty CRIteRIA Examination Minimum marks Senior Secondary (10+2) Examinations through Central/ State Boards of Education recognized by Government of India

Minimum of 75% marks (or equivalent CGPA Grade) in his /her first attempt

For Executive Programme eLIGIBILIty CRIteRIA Examination Minimum marks Foundation Programme examination

:The candidate should have passed all the papers of Foundation Programme examination at one sitting, in the first attempt, without exemption in any paper and secured at least a minimum of 55 per cent marks in the aggregateOrhave passed Graduation with a minimum of 65 percent marks in the aggregate

For Professional ProgrammeeLIGIBILIty CRIteRIA Examination Minimum marks Executive Programme examination

The candidate should have passed all the papers included under both modules/groups of included under both modules/groups of Executive Programme/Intermediate examination at one sitting, in the first attempt, without exemption in any paper, and secured at least a minimum of 55 per cent marks in the aggregate.

ReQUIRed dOCUMeNt � Attested copies of certificates and mark-sheets in support of his/her

qualifications. � Income certificate clearly indicating monthly as well as yearly income of the

candidate � and /or his/her parents/guardian/spouse � Income certificate issued by a Revenue Officer not below the rank of Tehsildar � BPL Ration card (Yellow Coloured)/AA Y Ration Card (Pink Coloured)/National

Food Security Card.

CANCeLLAtION OF GRANt OF Fee CONCeSSIONThe concession provided to a candidate may be recovered, withdrawn or cancelled, at the discretion of the NIRC of ICSI, if subsequently it is found that the candidate :

� has suppressed any material information or has made any wrong statement, and/or has given a false declaration in any respect;

or � his/her conduct has not been found satisfactory in pursuance of regulation 27

of the ‘Company Secretaries Regulations, 1982’ as in force.Scheme will purely be given on the basis of students financial conditions. However Regional Council of NIRC-ICSI is the final authority to decide the concession.The decision of the Regional Council of NIRC-ICSI shall be final on all matters relating to the scheme, including the meaning and interpretation to be given with regard to any provision contained in the scheme.The Regional Council of NIRC-ICSI reserves the right to amend the scheme from time to time or repeal it without any prior notice.

NIRC - ICSI Newsletter | September 2016 19

Forthcoming Program

is organising:

PUNJAB StAte CONFeReNCe(Host: Ludhiana, Jalandhar and Amritsar Chapters)

on Saturday the 1st October, 2016 from 2.00 PM to 8.00 PM

at

Hotel Park Plaza, Ferozepur Road, Ludhiana-141001

The details of the Conference would be circulated and hosted on the NIRO website soon.

As the tickets are available as on date, interested members are requested to book their train tickets. As per the past trend, the tickets are expected

to be exhausted within 7-10 days from now, therefore, interested members may book their tickets at the earliest. Members travelling

from New Delhi may book their tickets as per schedule given herein below:From New delhi to Ludhiana

Date : 01/10/2016 Departure Time : 07:20 AMTrain no. 12029, Swarna Shatabdi

From Ludhiana to New delhiDate : 01/10/2016 Departure Time : 06:55/11:05 PM

Train no. 12030, Swarna Shatabdi / 12414, Jammu Express

With best regards CS Manish Gupta

Chairman, NIRC-ICSIMobile: 09212221110

E-mail:manish@rmgcs.com

CS Rajeev Bhambri(Program Director)

Mobile:09915710010E-mail:rajeev.bhambri@

rediffmail.com

CS Dhananjay Shukla(Program Coordinator)Mobile: 09873347280

E-mail: dshukla2007@gmail.com

CS Nitesh Kumar SinhaChairman, Prof. Dev. & Programs

Coordination Committee, NIRC- ICSIMobile: 9871500827

Email:info@csnitesh.com

Chairmen of Ludhiana, Jalandhar & Amritsar

Chapters(Program Facilitators)

NortherNINdIaregIoNalCouNCIl

BloCk Your dIarY & Book Your tICkets

NIRC - ICSI Newsletter | September 2016 20

Workshopon

GSt  - IMPACt & PRePARedNeSSKey-Note Address :

Mr. Ravneet Khurana Dy. Commissioner, GST, CBEC

on

Saturday, 24th  September, 2016 (Registration starts at 9.00 AM)

From

10.00 am to 5.00 pm   at  

Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

Fee : Rs.400/- per delegate who deposit their fee by 22nd September, 2016Rs.500/- per delegate who deposit their fee after 22nd September, 2016 subject to availability of seats.

(inclusive of service tax and including Corporate Members of NIRC of ICSI) 

 Online Payment Facility AvailableFRee FOR MeMBeRS OF yUVA CORPORAte MeMBeRSHIP SCHeMe OF NIRC

 

PROGRAM CREDIT HOURS: 06Registration:

In order to make necessary arrangements, Maximum seats will be restricted to 125.  Members are requested to deposit the requisite fee well in advance with NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. The fee may be paid online by visiting www.icsi.edu/niro or through cash/cheque in favour of NIRC of ICSI which may be deposited at NIRC-ICSI Office. Tel.:+91-11-49343000,  E-mail: niro@icsi.edu  

  

MeMBeRS ARe ReQUeSted tO PARtICIPAte IN LARGe NUMBeRS   With best regards, 

CS Manish GuptaChairman, NIRC

Mobile: 09212221110 | E-mail: manish@rmgcs.com

CS Nitesh Kumar SinhaChairman, Prof. Dev. & Programs Coordination Committee,

NIRC- ICSIMobile: 9871500827 | Email: info@csnitesh.com

NortherNINdIaregIoNalCouNCIl

Forthcoming Program

NIRC - ICSI Newsletter | September 2016 21

Forthcoming Program

Invites you  For

SPeCIAL  SeSSIONon

“tHe INCOMe deCLARAtION SCHeMe, 2016” By

CA (dr.) Girish AhujaEminent Tax Expert 

on

 Wednesday, the 14th September, 2016 from 5.30 PM onwards

at

New delhi yMCA tourist Hostel Auditorium, Jai Singh Road, Connaught Place, New delhi-110 001

 In order to make necessary arrangements, Members are requested to confirm their participation by

sending a prior confirmatory email to niro@icsi.edu

 PCH : 02NO PARtICIPAtION Fee

MeMBeRS ARe ReQUeSted tO PARtICIPAte IN LARGe NUMBeRS

With best regards,

CS Manish GuptaChairman, NIRC-ICSI

Mobile: 09212221110 E-mail: manish@rmgcs.com

CS Nitesh SinhaChairman, PDPC  Committee, NIRC

Mobile: 9871500827E-mail: info@csnitesh.com

NortherNINdIaregIoNalCouNCIl

NIRC - ICSI Newsletter | September 2016 22

Forthcoming Program

is organizing

ONe dAy SeMINAR                 on the theme:

“ReGULAtORy COMPLIANCe, AUdIt & dILIGeNCe”

on

Saturday, the 17th September, 2016 Registration: 9.00 AM onwards (Program will start at 10.00 AM)

at  

Hotel Ashok (3rd Floor)50 B, diplomatic enclave, Chanakaya Puri

(Near Race Course Metro Station)New delhi-110021

 Fee :

Rs.2250/- per delegate inclusive of service tax ;FRee for Corporate Members of NIRC 

Registration:In order to make necessary arrangements, Members are requested to deposit the requisite fee well in advance with NIRC-

ICSI, 4, Prasad Nagar Institutional Area, New Delhi. The fee may be paid online by visiting www.icsi.edu/niro or through

cash/cheque in favour of NIRC of ICSI which may be deposited at NIRC-ICSI Office. Tel.:+91-11-49343000,  E-mail: niro@icsi.edu(Credit Hours will be given to only those members who joins the programs upto 11.00 AM. and mark the attendance both at

the beginning & conclusion of the program)

With best regards,CS MANISH GUPtA

Chairman, NIRC of ICSIMobile: 09212221110

E-mail: manish@rmgcs.com

CS NIteSH KUMAR SINHAChairman, Prof. Dev. & Programs Coordination

Committee, NIRC- ICSIMobile: 9871500827

Email: info@csnitesh.com

NortherNINdIaregIoNalCouNCIl

NIRC - ICSI Newsletter | September 2016 23

Images

1 70th Independence Day Celebration and Flag Hoisting (15.08.2016): Performance by Ms. Stuti Debnath, Ms. Amrita Kumari, CS Irfan Khan, CS (Dr) S K Gupta and CS Siddharth Sharma & Team –seen alongwith CS Manish Gupta, CS Pradeep Debnath and CS Nitesh Sinha

2 Valedictory Function of 242nd MSOP (17.08.2016): L to R CS (Dr.) S P Narang (Former Secretary & CEO, ICSI), CS Manish Gupta and  CS Alka Arora. Best Presenters/Best participants and Dr. Bhole Shankar Sikhwal standing.

4 Inauguration of 244th MSOP (29.08.2016): Group photograph of participants alongswith CS Manish Gupta, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora, Dr. Bhole Shankar Sikhwal and participants

5 2nd Management Skills Orientation Program organized by Ghaziabad Chapter of NIRC (30.8.2016): Group photograph of participants alongwith CS Manish Gupta (Chief Guest), CS Nitesh Sinha, CS Kapil Kumar and Ms. Kirti Kapur.

6 Valedictory Function of 243rd MSOP (3.09.2016): L to R Mr. Bhole Shankar Sikhwal, CS Manish Gupta, CS Ranjeet Pandey and CS Alka Arora. Best Presenters/Best participants standing.

3 Inauguration of 243rd MSOP (19.08.2016): Group photograph of participants alongwith CS (Dr.) Akhil Prasad, Country Head-legal, Boeing International Corp India,   CS Manish Gupta,  CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora, Dr. Bhole Shankar Sikhwal

2

1

3

4 5

6

xxxxxxxxxxxxx

NIRC - ICSI Newsletter | September 2016 24

13-14.09.201608.09.2016

1

4 Session on Real Estate (Regulation & Development) Act, 2016 (03.08.2016): L to R CS Pradeep Debnath, CS S Prabhakar and CS Manish Gupta

4 5

6 7

1 70th Independence Day Celebration and Flag Hoisting (15.08.2016): Shri N K Bhola, Regional Director(N), Ministry of Corporate Affairs addressing. Others from L to R CS Pradeep Debnath, CS Ranjeet Pandey, CS Manish Gupta, CS Rajiv Bajaj, CS Dhananjay Shukla and CS Nitesh Sinha.

5 Empowerment Series on GST – Overview & Opportunities (29.08.2016): CS Manish Gupta presenting memento to CA R K Bhalla

7 PCS Help Line on Technical Issues relating to E-filing(10.08.2016): CS Pradeep Debnath welcoming CS S Bhasker (Principal Consultant, MCA21 Project of MCA, Infosys Ltd.) by presenting flower bouquet. Other seen CS Alka Arora and CS Ankit Kumar Arora

6 PCS Help Line on “FEMA” (24.08.2016): CS Atul Mittal, (Past Chairman, NIRC-ICSI & Director, Deloitte Touche Tohmatsu India Private Limited) replying to queries of members in the presence of CS Manish Gupta

2 3

2 Workshop on NCLT/NCLAT Rules, 2016(06.08.2016):  L to R CS Nitesh Sinha, CS Nesar Ahmad (Past President-ICSI), CS S Koley, (Practising Company Secretary) and CS Pradeep Debnath

3 Capacity Building Session on Applicability of CPC, CrPC & allied laws on NCLT proceedings (26.08.2016): L to R CS NPS Chawla, CS Praveen Mahajan (Advocate) and CS Manish Gupta