national best regional council (2004, 2007, 2008, 2009 ... · 1 one day seminar on the theme issue...

Monthly • Volume XXXVI • -24 • No.04 • April, 2017

National Best Regional Council (2004, 2007, 2008, 2009, 2010, 2011, 2013, 2014 & 2015)

4

2 3

1

1 One day Seminar on the theme Issue of Securities – Various Modes of Funding (25.3.2017): L to R CS Nitesh Sinha, CS Dhananjay Shukla, CS Pavan Kumar Vijay (Past President-ICSI), CS Ranjeet Pandey, CS Rajiv Bajaj, CS Geetika Anand (AVP, Company Secretary and Compliance Officer, Aditya Birla Fashion and Retail Limited, Mumbai), CS Satwinder Singh and CS Mohini Varshneya (AVP, Corporate Professionals Capital Pvt. Ltd).

2 Discussion & Interactive Session on Corporate Social Responsibility (CSR) – 5.4.2017: L to R CS Pradeep Debnath, CS Dhananjay Shukla, CS Seema Rath (Deputy Director(CSR), Ministry of Corporate Affairs, Govt. of India), CS Manish Gupta and CS Nitesh Sinha.

3 Discussion on IEPF (Accounting, Audit, Transfer and Refund) Amendments Rules, 2017(20.3.2017): L to R CS Nitesh Sinha, CS G P Madaan (Past Chairman, NIRC-ICSI), CS Dhananjay Shukla and CS Monika Kohli.

4 Two day Residential Conference on “Capacity Building through Value based life” at Om Shanti Retreat Centre, Gurgaon(18-19.3.2017): Group photograph of members and their families alongwith CS Dhananjay Shukla, faculties of ORC.

NIRC - ICSI Newsletter | April 2017 2

From the Chairman

CS Alka AroraRegional Director

Co-opted

Page No.

CS Ravinder, IAS 011-23063212

09810375788 dks fg Hkkj% leFkkZuka fda nwja O;olkf;uke~Adks fons’k% lfo|kuka d% ij% fiz;okfnuke~A

& ikjaifjd lqHkkf"kr

“Able persons never get subdued. Persons willingto work hard can get anything and everything.

Intellectuals are always honoured worldwide andsmiling faces do not have territorial boundaries and for

them no country is a foreign country”.

Dear Professional Colleagues,

Greetings from NIRC !!!

Our profession has achieved commendable recognitions and has received appreciations, trust and confidence of the Government, Regulatory Authorities and Corporate Sector. This is due to the untiring efforts and pain taken by our seniors which has raised our profession to the present magnitude. But it is not the time to sit back and relax. A lot remains to be done for which we have to put our best and to convert the dreams into the reality and to meet the expectations of the stakeholders.

At NIRC, we firmly believe in “Empowerment Through Knowledge” and it is our persistent endeavour to equip our members with sound knowledge and attitude so as to enable them to face dynamic challenges offered by the world. A number of initiatives have been taken and a lot needs to be done to realize our vision. Our NIRC is fully charged and is moving on the fast track to organize various professional development programs at various platforms to ensure

Chairman CS Dhananjay Shukla 09873347280

Vice-Chairman CS Pradeep Debnath 09910562121

Secretary CS Rajeev Bhambri 09915710010

Treasurer CS Nitesh Kumar Sinha 09871500827

Members(in alphabetical order)

CS Amit Gupta 09415005108

CS Avtaar Singh 09999789891

CS Deepak Arora 09351788834

CS Manish Aggarwal 09988114441

CS Manish Gupta 09212221110

CS Monika Kohli 09810480983

CS NPS Chawla 09958535300

CS Saurabh Kalia 09810979440

Ex-officio Members CS Rajiv Bajaj 09811453353

CS Ranjeet Pandey 09810558049

CS Satwinder Singh 09871686000

CS Shyam Agrawal 09314923451

CS Vineet K Chaudhary 09811577123

Regional Director CS Alka Arora 09810375788

The Regional CounCil

Key ConTenTs

© The Northern India Regional Council of the Institute of Company Secretaries of India. 2017.

Chief Editor: CS Dhananjay ShuklaEditor: CS Deepak Arora

Help Desk of [email protected]

From the Chairman 2-4

Articles 5-11

Functional Committees 12

Compliance Checklist 13-16

News from NIRC 17

Lighter Side of the Profession 18

Corporate Membership Program 19-20

Forthcoming Programs 21-22


From the Chairman

that the members get opportunity to participate in quality programmes to update themselves. A brief of the programs organised in the Month of March-April is provided hereunder.

MEMBERS PROGRAMS ORGANIZED DURING THE MONTH

� On 16th March, 2017, NIRC organised Interaction with CS D. Bandopadhayay, Registrar of Companies, Delhi & Haryana. A large number of members participated and interacted with Registrar of Companies.

� On 18-19th March, 2017, NIRC organised two days Residential Conference on “Capacity Building through Value based life” at Brahmakumaris, Om Shanti Retreat Centre, Gurgaon for members and their families. A large number of members and their families participated in this conference. Each and every session was appreciated & enjoyed by the participants including Children. The program provided much needed break from the fast track city life and gave lot of Inner peace to the participants.

� On 20th March, 2017 Discussion on IEPF (Accounting, Audit, Transfer and Refund) Amendments Rules, 2017 was organised at NIRC premises. The Guest Speaker was CS G.P. Madaan, Past Chairman of NIRC-ICSI.

� On 25th March, 2017 One day seminar was organised on “Issue of Securities – Various Modes of Funding” at Hotel Holiday Inn, New Delhi. CS Pavan Kumar Vijay (Past President-ICSI); CS Mohini Varshneya, AVP, Corporate Professionals Capital Pvt. Ltd. and CS Geetika Anand, ‎AVP, Company Secretary and Compliance Officer, Aditya Birla Fashion and Retail Limited, Mumbai, guest speakers expressed their views and interacted with the members. About 300 members had participated in the program and benefited with the latest developments.

� From 27th to 31st March, 2017, 5 days Capacity Building Sessions on The Companies Act, 2013, was organised by the NIRC which was attended by good number of members.

� On 5th April, 2017 Discussion & Interactive Session on Corporate Social Responsibility (CSR) was organised at NIRC. The Guest Speaker was CS Seema Rath, Deputy Director (CSR), Ministry of Corporate Affairs, Govt. of India.

� On 8th April, 2017 One Day Workshop on SME Listing and Dissemination Board was organised at NIRC. The Guest Speakers were Shri Gaurav Kapoor, Asstt. Vice-President & Head North, National Stock Exchange of India; Shri Vipul Khajuria, Manager – Currency, National Stock Exchange of India and CS Nitin Somani, Managing Director, Sundae Capital Advisors Private Limited

STUDENTS PROGRAMS ORGANIZED DURING THE MONTH:

� On 21st March, 2017, the Valedictory Function of 260th

MSOP was organised at NIRC-ICSI premises. CS S V Goyal, Past Chairman, NIRC was the Chief Guest for the occasion.

� On 27th March, 2017, the Valedictory Function of 261st MSOP was organised at NIRC-ICSI Premises. The Chief Guest for the program was CS Nesar Ahmad, Past President-ICSI and Guest of Honour was CS Rahul Ranjan, Company Secretary, Fortis Healthcare Limited.

� On 5th April, 2017 Inauguration of 262nd MSOP was organised at NIRC premises. The Chief Guest for the occasion was CS Ravinder, IAS; Private Secretary to Minister, Ministry of Tourism & Culture, Government of India.

� During the month 3 PDPs; one 2 days Induction Program and one 3 days e-Governance Programs were conducted.

I take this opportunity to express my sincere thanks and gratitude to all Guests, faculties, speakers and invitees for sparing their valuable time and for sharing their rich knowledge, words of wisdom and experience with the participants of the programs.

INVESTOR AWARENESS PROGRAMS

The “Investor Awareness Programs” sponsored by MCA have also been held at various places of Northern India with the help of local and nearby Chapters, which shows our commitment to serve the society also. I thank the Managing Committees of those Chapters who have held these program for the benefit of investors.

FORTHCOMING PROGRAMS

In continuation with the spirit to enlighten our skills and expertise, during the upcoming month various programs are scheduled for the members and students. The details of all these programs are published elsewhere in the Newsletter/website for your reference. I request all of you to attend all these Professional Development Programs in large numbers and make them a grand success.

15 DAYS CRASH COURSE EXCLUSIVELY FOR FEMALE MEMBERS

Realizing the underlying need to build the capacity of members, both in practice and in employment, the NIRC of ICSI in its another endeavor is proposing to organize “15 days Crash Course exclusively for Female Members” particularly for those female members who had taken break from career due to family commitments or for any other reason on The Companies Act, 2013 and other latest/contemporary topics in the month of May 2017 at NIRC premises. NIRC shall be inviting senior members from the profession and also senior Legal Practitioners, to share their practical experience and expertise over the subject as faculty members in the Crash Course.


Needless to say that participation of female members in the Crash Course will not only help them to build their capacity to undertake the assignments but also provide them an opportunity to share their experiences and views on the topic of deliberation.

DEDICATED CAMPUS PLACEMENT FOR MSOP BATCHES

NIRC in its endeavour to provide best placement opportunities to our young members by organising dedicated Campus Placement for MSOP batches. In the quest of doing this, on 27th March, 2017, NIRC- ICSI successfully organized dedicated Campus placements for 258th & 259th batches of MSOP.

If you have knowledge of any vacancy/requirement for CS or even CS trainee, I request you to kindly inform us to enable us create an effective resource pool. This small gesture of yours would greatly help the CS fraternity.

CSBF

Friends, membership of the Benevolent Fund of the Institute is a noble cause for the benefit of those members who may be in the dire need of help in case of any eventuality. The importance of the same should not be undermined. Kindly do not take the membership of the Benevolent Fund from your insurance point of view but consider it as a benevolence to others who, God forbid, may require assistance in case of any misfortune. Larger the members, larger the fund would be and the risk cover shall be multiplied with minimum cost. I sincerely appeal to all the members, who are not yet enrolled, to become proud member of the Benevolent Fund by paying a life time membership fee of Rs. 10,000/-.

CORPORATE MEMBERSHIP SCHEME - 2017-18

I take this opportunity to welcome all the members of the Corporate Membership Scheme 2017-18 and at the same time request my other fellow friends to enroll themselves for

the scheme. The success of Corporate Membership Scheme encourages NIRC to hold large number of professional development programs and act as a fuel to renew the spirits of the organizers to conduct such programs with more enthusiasm & zeal. All these initiatives bring greater visibility to the profession and yield desired results in terms of recognition to the members of the Institute. The detailed scheme along with the form is published elsewhere in the newsletter for your reference.

All these initiatives are the team effort of the Regional Council, members and the Institute. We, at NIRC are determined to cater professional need of our members to the best of our capabilities and efficiency and this is possible only when you come forward and tell us about your expectations and demands from NIRC. Therefore, I, on behalf of NIRC humbly once again seek your valuable suggestions and guidance. You can now reach me at [email protected]. Let’s strive to take NIRC to the higher pedestal for the comprehensive growth of our august profession.

With best regards,

Yours sincerely,

CS Dhananjay Shukla Chairman NIRC-ICSI

Cell: 9873347280Date :10th April, 2017Place: New Delhi

From the Chairman

TO GIVE OPPORTUNITY AND PLATFORM TO OUR MEMBERSIn order to give opportunity and platform to our young members and also to enhance their communication and presentation skills, the Executive Committee of NIRC-ICSI has decided that the various activities, like seminar, conferences, workshops, class room series, study sessions, PCS Meetings etc., as may be organized by NIRC-ICSI for members and students, will be made available to the young members as a platform and opportunity to hone their communication and presentation skills. The Members will be provided with an opportunity to coordinate the complete sessions independently or jointly with other member.

Your NIRC is always on a forefront and always strive to build the capacity and confidence of our young brigade of Company Secretaries by empowering them to face the challenges of the Corporate world. This endeavour of NIRC will surely help them to excel in their skills in managing and conducting the AGM / EGM for their respective companies or for their client companies.Members are requested to forward to grab this opportunity for their own benefit and to serve the profession. Interested members may send their details at [email protected].


Need of RERA ActReal estate sector is the backbone of Indian economy, as it contributes to its growth, large scale employment and GDP in the Country. Moreover, contribution of Real Estate Sector in GDP of India will also double from 6.3% in 2013 to 13% till 2015. But despite its major influence, it’s been disorganized, inefficient and lacked transparency, which has to a degree diminished stakeholder confidence in real estate sector. To address this, change in legislation and a specialized regulatory agency was critical to bring uniformity and transparency in the governance of this sector.

While the Act has been notified on 1st May 2016, it comes into force from a date to be notified with 69 of 92 sections notified (vide notification dated 26.04.2016). The remaining 22 Sections are yet to be notified relates to the functions and duties of promoters, rights and duties of allottees, prior registration of real estate projects with Real Estate Regulatory Authorities, recovery of interest on penalties, enforcement of orders, offences, penalties and adjudication, taking cognizance of offences etc. The Act seeks to protect interest of the allottees/purchasers by promoting transparency, accountability and efficiency in the execution of real estate projects by promoters. It also holds the promoters accountable for not registering their projects or for providing insufficient information regarding their projects. It also brings Real Estate brokers into its ambit, which facilitates sale and purchase of units in a project. Government agencies such as sanctioning authorities, electricity board and water Supply authorities, have been left out from the purview of the Act and there is no mention of project delays due to delays in obtaining essential connections/ completion certificates from these agencies. The implementation of the Act will pose a big challenge in the initial few years, but will make the sector a more organized one.

Real Estate Regulatory AuthorityUnder the Act, a separate authority for each state would be formed called “Real Estate Regulatory Authority” (RERA), which will be set up within one year from the date of coming into force of the Act. Till then, the appropriate State Government shall designate any authority from Housing Department as the Regulatory Authority.

RERAs are intended to perform the same role for your property transactions as the SEBI does for security transactions in the capital markets. Thus, RERA is expected to maintain comprehensive records for every project across the entire time frame i.e. from the conceptualization registration of the project to its completion. Real estate agents dealing in these projects also need to register with RERAs. This will provide greater transparency in project-marketing and execution

Real Estate Appellate Tribunal and Central Advisory council would also be formed for the smooth functioning and proper governance and compliance of the Act.

Registration with RERACompulsory registrations of the Real estate project and the agents is mandated under the Act. Registration must be done before the promoter or real estate agent can advertise or market or sell or offer the concerned property for sale. Such a project could either be residential or commercial. However, the cases where the land proposed to be developed is less than 500 Sqm or the number

of apartments proposed to be developed is less than 8 in total, have been exempted from such registrations [Sec. 3(2)].

The registration is facilitated by furnishing the requisite documents to the RERA, as prescribed in Rules. The details uploaded in RERA website by the developer must include the number and types of homes for sale, site and layout, payment schedules, schedule of completion and quarterly updates on the status of the project too. Further, for projects, the registration for each phase is to be done separately [Sec. 3(2)]. Registration can also be revoked in the event of non-compliance of either statutory or contractual obligations or on the ground of unfair practices by the promoter [Sec. 7(1) (c)]. The Act also provides for the registration of ongoing projects in which the completion certificate has not been obtained [Sec. 3(1)].

Further, it seems that transparency in the sector has been discovered by imposing duties on the promoter to furnish information from time to time about the completion of the project on the website maintained by RERA. The RERA is also bound to ensure that the names and photographs of the defaulters are displayed.

However, the procedure of registration of the real estate agents which is required as per the act to be done on a project basis seems to be cumbersome. A provision for a onetime registration of the Real estate agents and subsequent maintenance of records may prove to be better way to regulate the same.

PENDING LITIGATIONa) Country like India where consumer disputes take years to get resolved

through judicial process, letting builders to conceal details of ongoing litigation was disadvantage to home buyers.

b) Now the same is resolved vide Sec. 4 (2) (b), wherein Promoter is under obligation to reveal “details of cases pending”.

c) This provision will inculcate transparency; and consumers be abled in taking informed decisions.

DEPOSIT OF 70 %Developers to deposit 70 per cent of the sums received from buyers, in a separate bank account (Escrow Account) earmarked for each project. It must only be used for cost of land and construction of that project. Any amount from the account can only be withdrawn after it is certified by an engineer, an architect and a chartered accountant that the withdrawal is in proportion to the stage of completion of the project. [Sec. 4(2) (l) (D)].

Carpet area not super built-up areaBuilders will have to quote prices based on carpet area and not super built-up area, and carpet area has been clearly defined in the Act to include usable spaces like kitchen and toilets. It will help the home buyers get a clearer picture of the space and benchmarking comparison of prices to the buyers would be easier.

Act now has a clear definition of the carpet area: “…the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the

Real Estate Regulation and Development Act, 2016 (RERA ACT)

CS S V Goyal (Past Chairman NIRC of ICSI) | [email protected]

Article

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


apartment.” [Sec. 2 (K)].

No change in layout or plans without approval of two-thirds of the buyers One of the major concerns and major reason to dispute by buyers currently is the constant amendment/modification/addition to sanctioned plans by the promoters, leading to a delay in handing over possession of the units. The Act has attempted to address this issue by restricting the promoter from modifying, altering or adding to the layout plans, specifications, etc. of the buildings, apartments, plots, and so on, without obtaining the consent of at least 2/3rd of the total unit buyers in a project [Sec. 14(2) (ii)].

Equality If the promoter fails to hand over possession of the apartment, plot or building to the any allottee, in accordance with the terms of the agreement of sale; then promoter shall be liable, to return the amount received from the allottee with interest as provided under the Act. However, if any allottee does not propose to withdraw from the project, he shall be paid interest by the promoter, till the handing over of the possession, at a prescribed rate by the Act, therefore Act ensures equality to every allottee of the concerned project and the fixation of liability of the defaulting promoter [Sec. 18]. However, same rate of interest will be payable by the allottee and the promoter in the event of their respective defaults & both the buyer and the promoter have to pay penal interest at similar rates, for missed payment obligations or delayed completion.

Uncertainty in suo-motu enquiry that may be initiated in RERA ACT RERA Act devises a mechanism wherein the REA can initiate investigations into affairs of any promoter or real estate agent not only upon receipt of a complaint but also suo motu. But the Act fails to link the provisions between taking up investigation suo motu, adverse finding therein, and imposing penalty or fine and thereby lacks clarity as to what would happen when a case is taken up suo motu under Section 35 of RERA Act. This ambiguity can be better understood by examining a similar provision under Competition Act, 2002. As per Competition Act, the CCI is empowered to inquire into any contravention either by taking on its own motion or on receipt of a complaint [Sec. 19 of Competition Act, 2002]. The Competition Act not only specifies the procedure but also specifies the procedure to be adopted after findings, which is not mentioned RERA Act at all. Therefore, procedure related to adjudicate the matter should be elaborated in Rules to remove this lacuna.

Bar of JurisdictionNo civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Authority or the adjudicating officer or the Appellate Tribunal is empowered under this Act to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred under this Act. [Sec. 79]

Overriding effectThe provisions of this Act shall have an overriding effect in case there is any inconsistency between the provisions contained in this Act and in any other law (including a state law) for the time being in force. [Sec. 89]

Does RERA Act have an overriding effect on state laws? As there are few examples:a) While the RERA Act says that 70% of the funds collected from buyers of

a project should be kept in an escrow account, some state governments have allowed for greater flexibility like Haryana Development and Regulation of Urban Areas Act, 1975 wherein only 50% shall be deposited in separate account for IDC works.

b) RERA says if you are charging more than 10% of the value of the property as advance payment, then the document must be registered (ATS). On the other hand, the Karnataka Apartment Owners Act says, the document needs to be registered if the advance is 20%.

c) The liability period that the builder faces to either repair or compensate for defects, is one year under the Karnataka State Act but five years under RERA Act.

d) Sec. 3(f ) (7) of the Haryana Apartment Act has not made it obligatory, on the part of the Colonizer to include the “community and commercial” facilities in the declaration. But no such provision mentioned in RERA Act.

Status of RulesDate of commencement of specified provisions of the RERA Act including Sec. 84 is 1st May, 2016. Date within which Rules needed to be framed & notified was 31st October, 2016. As per Sec. 84(2), Rules need to be made on 31 issues for carrying out the compliances given under this Act.

Other relevant provisionsa) The Act provides that the promoter shall be liable to rectify any structural

defects for a period of 5 years from the date of handing over possession of the unit to the buyer [Sec. 14(3)].

Due to absence of definition of structural defects in the Act which disables to clearly differentiate between minor and major structural defects therefore, it may prove both blessing and disguise for either Promoter or Consumer.

b) Incorrect or incomplete disclosure will attract a penalty of 5% of the project cost.

Drawbacks and Apprehensionsa) Builders argue that it will be difficult to sell units on the basis of carpet area

in an under-construction property in which many units have been already sold on the basis of super built-up area.

b) The Act mandates that 70% of the amount collected from buyers of a project be used for land and construction of that project. In certain cases, the cost of construction and land could be less than 70%, typically land is acquired many years before the actual development in such cases historical cost of land could be much lower than current market value and in such cases this problem will be faced. This implies that part of the funds collected could remain unutilized and blocked till completion of the Project.

c) It is important to understand that this should not become another tool for increasing red-tapism in the process of obtaining approvals. One of the continue issue being faced by the developers is the number of approvals required and time in obtaining necessary and required approvals.

d) Enclosure of documents alongwith application for registration- If there are projects which are launched more than five years back, then it would also be required to be disclosed?[ Sec. 4(2)(b)]

ConclusionIt is hardly of any dispute that the Act is a much needed & wanted legislation. We believe RERA is most likely to earn back the home buyer’s trust. It will lead to greater disclosures on projects and informed decisions by buyers. However, the efforts in articulating the Act shall be of no meaning in the absence of its effective execution. Therefore, now the onus is on the State Governments to formulate rules accordingly and even larger onus would be on the regulator to win confidence and trust of all stakeholders in the Real Estate Sector. The Act is a good initiative for the real estate sector, as it aims at transparency and compliance by focusing on creating a balance between the interests of the promoter on the one hand and the consumer on the other.

Article

NIRC - ICSI Newsletter | April 2017 7*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.

(e) receivables sold or discounted other than any receivables sold on nonrecourse basis;

(f ) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing;

(g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account;

(h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution;

(i) the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h) of this clause;

Further, NCLT in its orders [4] have categorically examined that whether the applicants could be regarded as operational creditor within the meaning of Section 5 (20) [5] of the Code. The operational creditors are those persons to whom the corporate debt is owed and whose liability from the entity comes from a transaction or operations. NCLT has further observed that the final report of the committee in para 5.2.1. defined operational creditor like the wholesale vendor of spare parts whose spark plugs are kept in inventory by car mechanic and who gets paid only after spark plugs are sold to acquire the status of operational creditor and so forth. In the case at hand, the applicant had neither supplied any goods nor has rendered any service to acquire the status of the operational creditor.

NCLT being the adjudicating authority under the Code has a vital role to play and see the development and interpretation of the Code. While NCLT seems to have been taking strict interpretation of the provisions of the Code, with the significant decisions with regard to the above position has now clarified that provisions of the Code which were replaced the liquidation and revival laws in India are not meant for recovery. Earlier, the creditors having debts due on the company could approach the High Court having jurisdiction u/s 433 (e) of the Companies Act, 1956 praying winding up of the company. practically this was used as a pressure tactic against the company and the promoters for recovery of sums due upon the company. NCLT has cleared that no such remedy is now available under the Code.

Having provided the above position in the interpretation of the Code for the debts due to the investors on account of assured returns, the position for cations which can be taken on such default is clear. Such amount is neither operational not financial debt, hence, the action

National Company Law Tribunal (the “NCLT”) seems to have been bombarded by the unhappy investors who have invested in any real estate project. Needless to say, many of the projects are delayed due to one reason or the other and Builders are unable to service their commitments whether in the form of delivery or in the form of assured returns promised to the applicants at the time of accepting bookings. Few such matters have been surfaced before the Principal Bench of NCLT at Delhi. In the first case [1] filed against the AMR Infrastructure at the Principal bench, the applicant categorized itself as the financial creditor and wished to seek insolvency proceedings against the company for the company having failed to honor its commitments towards the assured returns promised at the time of booking. NCLT made a strict interpretation and observed that the assured returns promised by the builders does not qualify to be a financial debt as defined under the Insolvency and Bankruptcy Code, 2016 (the “Code”) and accordingly the investor cannot be termed as the financial creditor hence the application filed by the applicant therein was dismissed. Other applicants having noticed above dictum of the NCLT, started approaching NCLT claiming themselves as the operational creditor. NCLT then observed the position of the debts due on the company, whether the same qualifies as the operational debt. NCLT ordered in negative. NCLT discussed the provisions of the Code dealing with the operational debt and operational creditor and rejected the applications filed before it for the applicants claiming themselves as operational creditors under the Code.

Code identifies only two kinds of debts i.e. operational debt and financial debt. Operational Debt and Financial debt is defined as follows under the Code:

“operational debt” means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority[2];

“financial debt” [3] means a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money and includes—

(a) money borrowed against the payment of interest;

(b) a ny amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

(d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed;

POSITION OF OPERATIONAL CREDITORS UNDER INSOLVENCY CODE

CS Manoj Kumar, Partner & Head – M&A and Transactions, Corporate Professionals Capital Pvt. Ltd | [email protected]

Article


against the default in repayment of the same does not lie before the NCLT under the Code.

Further, another point which has been raised before the NCLT is with regard to the issue of dispute raised by the corporate debtor or the company against the amount claimed in the demand notice by the operational creditors. Section 8 of the Code envisages the procedure of invocation of insolvency proceedings under the Code. As per Section 8, an operational creditor on occurrence of default shall deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in default to the corporate debtor in the prescribed form. Further, operational debtor shall bring to the notice of the operational creditor the existence of the dispute, if any, and record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute. NCLT seems to have been taking strict interpretation of the said provisions of the Code and if any dispute is raised with respect to the amount of the invoice under demand notice by the operational debtor, NCLT is rejecting the application. Earlier under the provisions of the Companies Act, 1956 when a creditor used to file a petition claiming a company unable to pay its debts, the courts used to take a view with regard to the admitted debts by the company and proceed. However, under the Code, the position is altogether different. Even is the company is disputing the part amount, NCLT under Section 8 read with Section 9 rejects the application. Therefore, under the Code, no remedy is available even if the operational debtor is admitting the

existence of partial debt. The idea followed by the code is result of strict interpretation of Section 8 with regard to a disputed amount of invoice.

ConclusionHaving noted certain key issues which have surfaced in the recent orders of the NCLT, it can be seen that the practice under the Code is at evolving stage. NCLT being the adjudicating authority plays a crucial role in developing and laying down the jurisprudence under the Code. However, the development is yet to be seen in terms of the issues which were earlier dealt by the Courts.

Endnote:[1] http://nclt.gov.in/Publication/Principal_Bench/2017/Others/

AMR%20Infrastructure%20Ltd.%20(Nikhil%20Mehta).pdf

[2] Section 5 (21) of the Code

[3] Section 5 (8) of the Code

[4] http://nclt.gov.in/Publication/Principal_Bench/2017/Others/Mukesh%20Kumar%20&%20anr.%20%20Vs..%20AMR%20infrastructructres.pdf

[5] operational creditor means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred

COMPANY SECRETARIES BENEVOLENT FUNDMEMBERS ENROLLED FROM NIRC AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT

FUND DURING THE PERIOD 22/02/2017 TO 31/03/2017

COMPANY SECRETARIES BENEVOLENT FUND

MEMBERS ENROLLED REGIONWISE AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT FUND

DURING THE PERIOD 22/02/2017 TO 31/03/2017

LM NO. NAME MEMB NUMBER CITYREGION

NIRC

12787 MS. ITEE GARG ACS - 49965 MODINAGAR1

12788 SH. LALIT CHAWLA FCS - 7825 NEW DELHI2

12789 MS. SHILPI SHIVANGI FCS - 9113 NEW DELHI3

12794 MS. VINITA GODHA ACS - 15675 AJMER4

12795 MS. NEELAM GUPTA FCS - 3135 NEW DELHI5

12797 SH. SUDHIR ANAND FCS - 7050 JAMMU6

12801 SH. NIRAJ KUMAR ACS - 19752 NEW DELHI7

12802 SH. DEBABRATA DEBNATH FCS - 7775 NEW DELHI8

12804 MR. RAGHAV TRIPATHI ACS - 46717 KANPUR9

12805 MR. SAMEER SHUKLA ACS - 32715 KANPUR10

12806 MS. ANJALI SARAOGI ACS - 42182 KAIMUR11

12807 MR. ANKIT KUMAR SRIVASTAVA ACS - 50159 ALLAHABAD12

Article


2Notification No. S.O. 4090(E), Dated 19th December, 2016 (3Delegation of Power)

Forms involved:CAA.9- Notice of the scheme inviting objections or suggestionsCAA.10 - Declaration of solvency CAA.11 Notice of approval of the scheme of mergerCAA.12 Confirmation order of scheme of merger or amalgamation between INC.28 Notice of Order of the Court or any other competent authorityGNL-1 Filing of Application with ROC

Non Ostensive Clause: Section 233 start with non ostensive clause “4Notwithstanding the provisions of section 230 and section 232”. Meaning of notwithstanding is ‘in spite of what has just been said’. It demonstrate that in spite of whatever said in section 230 and 232 below given class of Companies can avail the option of fast track merger (merger by Central Government (RD) without NCLT.

Between whom the Compromise & 5Arrangement can propose: Section 233(1)As in some overseas jurisdictions, the 2013 Act has introduced the new concept of fast- track mergers and demergers. These provide the option of a simplified and fast-track merge process, which can be used for the following and is an option for companies:

Merger of Two or More Small Companies or Merger between a holding company and its wholly-owned subsidiary Company or

Such other class or classes of companies as may be prescribed;

To whom Scheme for Fast Track Merger will submit: Section 230(2)Companies shall file application with following below motioned authorities in whose jurisdiction registered office of the Company is situated.

Central Government (Powers are delegated to Regional Director) Registrar and The Official Liquidator

FIRST STEP- Filing of Notice of Proposed SchemeIssue of Notice of Proposed Scheme: A notice in form CAA-9 of the proposed 6scheme inviting objections or suggestions, if any, shall be sent to followings:

Registrar of Companies, where registered office of the respective companies are situated Official Liquidators, where registered office of the respective companies are situated Persons affected by the scheme

Time period for Objections/ Suggestion:Above mentioned all persons send their objections/ suggestions to Company within 30 (Thirty) days of the issue of notice to them, by the transferor company or companies and the transferee company.

2 http://www.mca.gov.in/Ministry/pdf/Notification_PowerRD_20122016.pdf3 Power of Central Government u/s 233(2-6) transferred to Regional Director4 Englisth meaning in spite of what has just been said5 Explanation.—For the purposes of this sub-section, arrangement includes a re-

organization of the company’s share capital by the consolidation of shares of different classes or by the division of shares into shares of different classes, or by both of those methods

6 Scheme approved by Board of Directors

Merger is a restructuring tool available to Indian conglomerates aiming to expand and diversify their businesses for various reasons whether it is to gain competitive advantage, reduce costs or unlock values. In commercial parlance, merger essentially means an arrangement whereby one or more existing companies merge their identity into another existing company or form a distinct new entity.

The Companies Act, 2013 introduce the novel concepts fast track merger for Small Companies and Holding and its wholly owned subsidiary Companies. This is the first significant change to merger and amalgamations regime in the last six decades, with the previous Companies Act having been in place since 1956. There are pragmatic reforms for Merger and Acquisitions under Companies Act, 2013, which could make merger, acquisitions and restructuring easier for companies.

There was a long felt need to simplify and fast track the procedure for mergers of holding-subsidiary or companies where interest of third parties is not involved. The act clarifies that this fast track process shall apply not just to mergers but also to all types of compromise & arrangements involving these companies.

Even the Companies have the option to follow the normal route of merger process if the desire.

Benefits:Cross Border merger are expected to increase internal restructuring and Cross Border restructuring. Exit opportunity to the dissenting shareholders is expected to reduce litigation & frivolous complaint and representation of Income Tax Department, Sectoral Regulators would safeguard their interest, though at the cost of prolonged process.

� No need of approval of NCLT.

� Approval of members holding 90% of share capital of members present in the meeting

� Approval of 9/10th of value of Creditors present in Meeting.

� Power of Central Government lying with the Regional Director.

Provisions of section 230 to 232 of the Act for Merger & Amalgamation is very time cumbersome activity, as it includes clearance from many regulatory bodies and all type of companies has to go through such route. Under the fast track process Central government has the power to approve such scheme and there is no need to approach to NCLT.

Sections InvolvedSection 233- Merger or Amalgamation of certain companies. This section comes into force w.e.f. 15th December, 2016.

Rule InvolvedRule 25 Companies (Compromises, Arrangements and Amalgamations) Rules, 2016

Notification Involved:1Notification No. S.O. 3677(E), Dated 7th December, 2016 (section become effective)

1 http://www.mca.gov.in/Ministry/pdf/commencementnotif_08122016.pdf

Fast Track Merger- A Novel Concepts

CS Divesh Goyal | E-mail: [email protected]

ArticleArticle

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


Declaration of Solvency: Each of the companies involved in the merger files a declaration of solvency, in form CAA-10 with the Registrar of the place where the registered office of the company is situated.

Approval from Shareholders in General Meeting: The Companies will hold Meeting of shareholders in following manner:

The objections and suggestions received are considered by the companies in their respective general meetings

The scheme should be approved by members present in the meeting, holding at least 90% of 7 total number of shares in the General Meeting.

Notice of General Meeting: The notice of the meeting to the members shall be accompanied by –

8A statement disclosing the details of the compromise or arrangement, as far as applicable.

The declaration of solvency made in pursuance of clause (c) of sub-section (1) of section 233 of the Act in Form No. CAA.10

A copy of the Scheme.

Approval from Creditors in their Meeting: The Companies will hold Meeting of Creditors. The scheme should be approved by creditors or class of creditors present in the meeting, representing at least 9/10 of value of creditors.

Notice of Creditors Meeting: The notice of the meeting shall be convene by giving at least 21 days notice to the members and notice shall be accompanied by – A statement disclosing the details of the compromise or arrangement, as far as applicable.

The declaration of solvency made in pursuance of clause (c) of sub-section (1) of section 233 of the Act in Form No. CAA.10; A copy of the Scheme.

Dispensation from the MeetingIf 90% in value of creditors agree by way of affidavit then meeting of creditors can be dispensed.

SECOND STEP- Filing of Scheme with Central Government (RD)/ ROC/ OL

The transferee company shall within 7 days of after the conclusion of the meeting of members or class of members or creditors or class of creditors shall Section 233(2) and Rule 25(4)

A copy of the Scheme so approved by the members and creditors along with

A report of the result of each of the meetings in Form No. CAA.11 to the Central Government (RD).

Filing to whom:Central Government (RD)- through hand delivery or by registered post or speed post

Registrar of Companies (ROC) - in Form No. GNL-1

Official Liquidator (OL)- through hand delivery or by registered post or speed post

THIRD STEP- Registration of Scheme

7 For calculating the 90% members present in the meeting will consider. 8 Referred to in sub-section (3) of section 230 of the Act read with sub-rule (3) of rule 6

hereof

9On the receipt of the scheme, If the Registrar or Official Liquidator has any objections or suggestions, he may communicate the same in writing to the Central Government (RD) within a period of 30 days. Section 233(4).

Issue of Order:Where no objection or suggestion is received to the scheme from the Registrar of Companies and Official Liquidator or

where the objection or suggestion of Registrar and Official Liquidator is deemed to be not sustainable and

The Central Government is of the opinion that the scheme is in the public interest or in the interest of creditors, the Central Government shall issue a confirmation order of such scheme of merger or amalgamation in Form No. CAA.12.

FOURTH STEP- Filing of Order

Registrar of Companies:The confirmation order of the scheme issued by the Central Government shall be filed, within 30 days of the receipt of the order of confirmation, in Form INC-28 with the Registrar of Companies having jurisdiction over the transferee and transferor companies respectively. Section 233(7) and Rule 25(7).

Person Concerned:The confirmation order of the scheme issued by the Central Government shall be filed, within 30 days of the receipt of the order of confirmation, concerned person. Section 233(7

FIFTH STEP- Confirmation by ROC The Registrar shall register the scheme and issue a confirmation thereof to the companies and such confirmation shall be communicated to the Registrars where Transferor Company or companies were situated.

SIXTH STEP- Miscellaneous- Effect of Registration of Scheme

Dissolution of transferor Companies: The registration of the scheme transferor Companies shall be deemed to have the effect of dissolution without process of winding-up.

Other Effects: Section 233(9)Transfer of Property or Liabilities: Transfer of property or liabilities of the transferor company to the transferee company so that the property becomes the property of the transferee company and the liabilities become the liabilities of the transferee company.]

Charge: the charges, if any, on the property of the transferor company shall be applicable and enforceable as if the charges were on the property of the transferee company.

Legal Proceeding: legal proceedings by or against the transferor company pending before any court of law shall be continued by or against the transferee company.

Another important Liability: where the scheme provides for purchase of shares held by the dissenting shareholders or settlement of debt due to dissenting creditors, such amount, to the extent it is unpaid, shall become the liability of the transferee company

SEVENTH STEP- Transferee Company CompliancesImportant Condition for Transferee Companies: Section 233(10) A

9 if no such communication is made, it shall be presumed that he has no objection to the scheme.

Article


Transferee company shall not on merger or amalgamation, hold any shares in its own name or in the name of any trust either on its behalf or on behalf of any of its subsidiary or associate company and all such shares shall be cancelled or extinguished on the merger or amalgamation.

Authorized Capital: The transferee company shall file an 10application with the Registrar along with the scheme registered, indicating the revised authorized capital and pay the prescribed fees due on revised capital.

Note on Fee:The fee, if any, paid by the transferor company on its authorized capital prior to its merger or amalgamation with the transferee company shall be set-off against the fees payable by the transferee company on its authorized capital enhanced by the merger or amalgamation.

CONCLUSION:The thirty days time limit imposed on the regulators will, hopefully, ensure that they respond in a time bound manner. The exact time frame that the entire merger process would involve will be known once it is tested. It would be fair to say that the 2013 Act seeks to streamline and make M&A more smooth and transparent. The new provisions should make it easier for corporations proposing mergers as it spears to have a good system of checks & balances to prevent abuse of these provisions.

OTHER CIRCUMSTANCES IN FAST TRACK MERGER:We have already understood the process of Fast Track merger as discussed above. Below we would try to give clarity on the provision of fast track merger in the situation Registrar of Companies (ROC) or Official Liquidator (OL) raise any objections or suggestions and send the same to Central Government within a period of 30 days, as per provisions of Sub Section 4 of Section 233 of Companies Act, 2013.

Filing of Scheme with Central Government (RD)/ ROC/ OL

As mentioned in sub section 2 once the scheme is approved by the Shareholders and Creditors The transferee company shall within 7 days of after the conclusion of the meeting of members or class of members or creditors or class of creditors shall Section 233(2) and Rule 25(4)

A copy of the Scheme so approved by the members and creditors along with

A report of the result of each of the meetings in Form No. CAA.11 to the Central Government (RD).

Filing to whom:Central Government (RD)- through hand delivery or by registered post or speed post Registrar of Companies (ROC) - in Form No. GNL-1

Official Liquidator (OL)- through hand delivery or by registered post or speed post Objections/ Suggestions by ROC/ OL

If the Registrar or Official Liquidator has any objections or suggestions, he may communicate the same in writing to the Central Government within a period of 30 (thirty) days. Section 233(4) and Rule 25(5)

Judgment of Central Government (RD)

If the Central Government (RD) after receiving the objections or suggestions or for any reason is of the opinion that such a scheme is not in public interest or in the interest of the creditors, it may file an application before the Tribunal within a period of 60 (sixty) days of the receipt of the scheme under 10 In form SH-7 for increase in authorized capital.

sub-section (2) stating its objections in Form No. CAA. 13

Decision of Tribunal (NCLT)On receipt of an application from the Central Government, if the Tribunal, for reasons to be recorded in writing, is of the opinion that the scheme should be considered as per the procedure laid down in section 232, the Tribunal may direct accordingly or it may confirm the scheme by passing such order as it deems fit.

CONCLUSION:Once its directed by the tribunal to file the application as per procedure given in section 232 then the Companies involved in M&A will file the applications and follow the lengthy process of Merger and Amalgamation.

Calendar of process of Fast Track MergerS. No.

Particular of Activity Purpose of Activity Time Period

1. Convey of Board Meeting

To Approve the Scheme All Companies

2. Filing of Notice of Proposed Scheme along with copy of Scheme

To ROC/ OL/ Concerned Person in form No. CAA-9

All Companies

3. Declaration of Solvency

In form CAA.10 after issue of notice All Companies

4. Convey of General Meeting

The scheme should be approved by members present in the meeting, holding at least 90% of 1total number of shares in the General Meeting

All Companies

5. Convey of Creditors Meeting

The scheme should be approved by creditors or class of creditors present in the meeting, representing at least 9/10 of value of creditors

All Companies

6. File a copy of Scheme and report of the result of each of the meetings

In Form No. CAA.11 and Form No.CAA.9(i.e. notice) with Within 7 days after the conclusion of the meeting of members or class of members or creditors.

Transferee Company

7. Registration of Scheme

Where no objection or suggestion is received to the scheme from the Registrar of Companies and Official Liquidator.

The Central Government (RD) is of the opinion that the scheme is in the public interest or in the interest of creditors, the Central Government shall issue a confirmation order of such scheme of merger or amalgamation in Form No. CAA.12

Issue of Order by RD

8. Filing of Order with ROC

The confirmation order of the scheme issued by the Central Government shall be filed, within 30 days of the receipt of the order of confirmation, in Form INC-28 with the Registrar of Companies having jurisdiction over the transferee and transferor companies respectively

All Companies

9. Confirmation by ROC

The Registrar shall register the scheme and issue a confirmation thereof to the companies and such confirmation shall be communicated to the Registrars where Transferor Company or companies were situated

By ROC

(Footnotes)

1 For calculating the 90% members present in the meeting will consider.

Article


Functional Committees of NIrC

FUNCTIONAL COMMITTEES OF NIRC OF THE ICSI FOR THE YEAR 2017

CHAPTERS DEVELOPMENT COMMITTEEName Mobile E-mail

CS Pradeep Debnath - Chairman

9910562121 [email protected]

CS Anuj Ashok 9319087188 [email protected]

CS Amit Kaushal 9810050390 [email protected]

CS Vipul Seth 9897807987 [email protected]

CS Tanmoy Chatterjee 8400752020 [email protected]

CS Suresh Pandey 9968300649 [email protected]

CS Vinod Kumar 9783444476 [email protected]

CS Ravi Sharma 9911919008 [email protected]

CS Abhimanyu Rajpurohit 7838060605 [email protected]

CS Prince Kumar 9999844714 [email protected]

CS Nikhil Tyagi 9359203367 [email protected]

CS Rakesh Jain 9810060524 [email protected]

CS Jaswant Singh 9873606667 [email protected]

CS Perminder Rally 9814780225 [email protected]

CS Jatin Singal 9815147282 [email protected]

PRACTISING COMPANY SECRETARIES COMMITTEE

Name Mobile E-mail CS Deepak Arora - Chairman 9929022227 [email protected]

CS Ramakant Pathak9899127297 [email protected]

CS Awanish Dwivedi 9871415344 [email protected]

CS Prashant Balodia 9717792135 [email protected]

CS Hemant Singh 9312707354 [email protected]

CS Ranjit Tripathy 9999632000 [email protected]

CS D.K. Dubey 9810085115 [email protected]

CS Arunesh Dubey 9999823231 [email protected]

CS Narayan Daga 9351257709 [email protected]

CS Amit Baxi 9828534248 [email protected]

CS Sanjay Khandelwal 9899516433 [email protected]

CS P P Agarwal 981000862 [email protected]

CS Mayank Dubey 9560411304 [email protected]

CS Naveen Shree Pandey 9990756359 [email protected]

CS Ronak Jhuthawat 9950116881 [email protected]

PROFESSIONAL DEVELOPMENT & PROGRAMMES COORDINATION COMMITTEE Name Mobile No. E-mail

CS Rajeev Bhambri - Chairman

9915710010 [email protected]

CS Anjum Goyal 9815203626 [email protected]

CS Rahul Handa 9711674032 [email protected]

CS Karan Narang 9888878909 [email protected]

CS Aman Setia 9814109510 [email protected]

CS Vishal Soni 9915241986 [email protected]

CS Lalita Bansal 9050862057 [email protected]

CS Megha Pathak 9999590821 [email protected]

CS Gaurav Kumar Sharma 9990694230 [email protected]

CS Monica Suri 9891404035 [email protected]

CS Sanjay Bansal 8950057775 [email protected]

CS Gaurav Mehta 9988718040 [email protected]

CS Pranav Kumar 9810793994 [email protected]

CS Lalit Jain 9811320240 [email protected]

CS Apoorva Kumar 9350790009 [email protected]

TRAINING & EDUCATIONAL FACILITIES COMMITTEEName Mobile E-mail

CS Pradeep Debnath - Chairman 9910562121 [email protected]

CS Ravi Kumar 9953104164 [email protected]

CS Mukesh Kumar 9873170668 [email protected]

CS Anshul Jain 8882136629 [email protected]

CS Vikram Jhawar 9999896620 [email protected]

CS Uma Jain 8882730623 [email protected]

CS Jitender Kumar 9212332092 [email protected]

CS Sanjay Agrawal 9711733405 [email protected]

CS Dheeraj Kumar 9873866110 [email protected]

CS Nitin Kochar 9811689890 [email protected]

CS Debasis Dixit 9958666041 [email protected]

CS Dharamvir Singh 9811219161 [email protected]

CS Ashutosh Dubey 9971892728 [email protected]

CS Anant Kumar 9810080801 [email protected]

CS Ram Sahay 9911909737 [email protected]


Compliance Checklist

S. No. Activities Sections/Rules/ Clauses, etc. Acts/Regulations etc. Compliance Due Date

To whom to be submitted

Central Excise Related Compliance1. Monthly Return of information relating to

Principal Inputs (March 2017) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004

10th April Central Excise Authorities

2. Filing of Return of Central Excise and Cenvat Credit for the month of March 2017 (Form No. ER-1) (Non SSI Units)

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

Rules, 2004


3. Monthly Excise return by EOU for the month of March 2017 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002


4. Filing of Return of Central Excise and Cenvat Credit for the Quarter ended 31st

March, 2017 (Form No. ER-3) (SSI Units)

Rule 12(1) Second Proviso Central Excise Rules, 2002


5. Yearly Declaration of Principal Inputs under central excise to be filed by a unit paying total duty (Cenvat Credit + Cash) of more than Rs. 1 Crore (Form No. ER-5)

Rule 9A(1) Central Excise Rules, 2002


6. Declarations for Yearly Annual Installed Capacity Statement under central excise to be filed by a unit paying total duty (Cenvat Credit + Cash) of more than Rs. 1 Crore (Form No. ER-7)

Rule 12(2A) Central Excise Rules, 2002


7. Last Date for payment of Excise Duty Non SSI units (April) *(in case of Payment through Internet banking)

Rule 8 Central Excise Rules, 2002

05th May*06th May

Central Excise Authorities

8. Filing of Return of Central Excise and Cenvat Credit for the month of April, 2017 (Form No. ER-1) (Non SSI Units)

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

Rules, 2004

10th May Central Excise Authorities

9. Monthly Excise return by EOU for the month of April, 2017 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002


10. Monthly Return of information relating to Principal Inputs (April, 2017) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004


Service Tax Related Compliances11. File Service Tax Return in Form “ST-3” for

the half year period covering between October, 2016 to March, 2017.

Return under section 70of the Finance Act, 1994& Rule 7 of Service Tax

Rules

Finance Act, 1994Service Tax Rules, 1994

25th April Service Tax Authorities

12. Pay Service Tax in Challan GAR – 7, collected for the month of April 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 May*06th May

Service Tax Authorities

Income-tax Related Compliances13. Monthly payment of TDS for the Month of

March on all types of paymentsSection 200 Income-tax Act, 1961 30th April Income Tax

Authorities14. Quarterly payment of TDS for payments

with the prior approval of the Joint Commissioner for the Quarter ending March 31.

Section 192, 194A, 194D or 194H

Income-tax Act, 1961 30th April Income Tax Authorities

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

Section 194CSection 194J

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

16. Monthly payment of TCS (April, 2016)

Section 206 Income-tax Act, 1961 07th May Income Tax Authorities

17. TDS from Salaries for the previous month (April 2016)


COMPLIANCE CHECKLIST FROM 10TH April, 2017 TO 10TH May, 2017





18. Deposit TDS from salaries for the previous month in Challan No.281 (April 2016)


RBI Related Compliances19. Quarterly submission by Deposit taking

Non-Banking Financial Companies for the details of Assets and Liabilites (Form NBS- 1)

Master Direction DNBS.PPD.02/66.15.001/2016-17 dated 29 September 2016

Master Direction15th April RBI

20. Quarterly submission by Deposit taking Non-Banking Financial Companies and Residuary Non-Banking Company for Capital Funds, Risk Assets, Asset Classification etc (Form NBS- 2)


Master Direction 15th April RBI

21. Quarterly submission by Deposit taking Non-Banking Financial Companies for Statutory Liquid Assets (Form NBS- 3)

Master Direction Master Direction 15th April RBI

22. Yearly submission by Non-Banking Financial Companies (NBFCs) holding public deposits whose application for Certificate of Registration under Section 45-IA of RBI Act, 1934 have been rejected by the RBI (Form NBS- 4)



23. Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above for Capital Funds, Risk Assets, Asset Classification (Form NBS- 7)



24. Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above for the details of Assets and Liabilites (Form NBFCs- ND-SI 500cr)



25. Quarterly submission by Securitisation Companies / Reconstruction Companies for Details of Assets acquired / securitized / reconstructed (Form SC/RC)



26. Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above for Short Term Dynamic Liquidity (Form ALM-1)



27. Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above and Deposit taking Non-Banking Financial Companies for Branch Details (Form Branch Info return)



28. Quarterly submission by Residuary Non-Banking Company for Statutory Liquid Assets (Form NBS3A)



29. Yearly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above for Disclosure in Balance Sheet. CRAR, Exp to Real Estate in ALM-(NBFC-ND-SI)







30. Half Yearly submission by Deposit taking Non-Banking Financial Companies having public deposit of Rs.20 crore and above and/or asset size of Rs.100 crore and above for Structural Liquidity, Short-term dynamic liquidity, Interest Rate sensitivity etc. (Form ALM)

DNBS (PD).CC.No.03/03.02.02/2015-16 dated November 26, 2015

Master Circular 30th April RBI

31. Reporting of Special Mention Account status (SMA-2 return)

NBS.PPD.02/66.15.001/2016-17 dated September 29,

2016

Master Direction Every Friday RBI

32. Half Yearly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above for Structural Liquidity/ Interest Rate Sensitivity (Form ALM-2 & 3)



33. Reporting of actual transactions of ECB in form ECB-2 within 7 working days (April)

ECB Rules FEMA, 1999 08th May RBI through Authorized Dealer

34. Reporting of Special Mention Account status (SMA-2 return)


Master Direction Every Friday RBI

35. The NBFCs having Foreign Direct Investment are required to submit a Certificate from their Statutory Auditor on a half-yearly basis certifying compliance with the stipulated minimum capitalization norms and that its activities are restricted to the activities prescribed under FEMA.


Master Direction 30th April, 2017 RBI

Economic, Industrial & Labour Law Related Compliances36. 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 April Provident Fund Authorities Trustees of Provident Fund

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

Paragraph 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 April Provident FundCommissioner

38. 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 March (Form no. 3(IF))

iii) File monthly return of members joining service during the month of March(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 April Provident FundCommissioner

39. Payment of ESI contribution for the previous month

Regulation 31 Employees’ State Insurance Act, 1948 and

Employees State Insurance (Gen.)

Regulations, 1950

21st April ESIC Authorities

40. Monthly return of Provident Fund for the previous month (March) Provident funds

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme,

1952

25th April Provident Fund Authorities





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

Paragraph 36 The Employees' Provident Funds Scheme,

1952


42. EPF/ EPS - Member's annual Contribution card


1952


43. EPF/EPS - Consolidated annual contribution statement


1952


44. Exempted Establishment – EPS – Annual - Contribution card for members for the year


1952


45. Exempted Establishment – EPS – Annual - Consolidated annual contribution statement


1952


46. Exempted Establishment – EDLIS – Annual - Consolidated annual contribution statement


1952


47. 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 April Director Regional Board of Apprenticeship Training

Stock Exchange / Listing Compliance48. Quarterly Corporate Governance

Compliance Certificate/ReportClause 27(2) SEBI(Listing Obligations

and Disclosure Requirements) 2015

15th April Securities & Exchange Board of India

49. Submission of Shareholding Pattern as at the end of the previous quarter

Clause 31 SEBI(Listing Obligations and Disclosure

Requirements) 2015

21st April Securities & Exchange Board of India

50. Statement of giving the number of Investor Complaints pending at the beginning of the Quarter those received during quarter, disposed during quarter and those remaining unresolved at the end of quarter.


Requirements) 2015

21st April Securities & Exchange Board of India

51. Reconciliation of Share Capital Audit Regulation 55A SEBI (Depositories and Participant) Regulation

1996

30th April (within 30 days from the

end of the Quarter)

Securities & Exchange Board of India

52. Certificate under clause 7[3] of the Listing Agreement

Clause 7(3) SEBI(Listing Obligations and Disclosure

Requirements) 2015

30th April (within one month from

the end of the Half Financial Year)


53. Certificate from Practicing Company Secretary certifying that all certificates have been issued within 30 days of the date of lodgment for transfer/sub division, consolidation, renewal, exchange or endorsement of calls/allotment monies.


Requirements) 2015

30th April (within one month from

the end of the Half Financial Year)


Note: While every care has been taken in the preparation of this Compliance Check List for the Month of April, 2017, 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.

Note : *With effect from October 1, 2014, the CBEC vide Notification No. 19/2014- CE(NT) and Notification No. 9/2014-ST, both dated July 11, 2014 had made it mandatory for payment of tax/ duty electronically through internet banking for all Central Excise and Service Tax Assesses except in exceptional cases to be recorded by Divisional Assistant / Deputy Commissioners.

Compiled by: CS Abhishek Gupta | [email protected] by : CS Punit Arora ! [email protected]


News from NIrC

NEWS FROM NIRCNIRC organised the following programs:

Date Program Chief Guest/speakers Present

16.3.2017 Interactive Session with ROC, Delhi & Haryana

Interaction with: CS D. Bandopadhyay, Registrar of Companies, NCT of Delhi & Haryana

CS Dhananjay Shukla, CS Manish Gupta, CS Nitesh Sinha and members

18-19.3. 2017 Two day Residential Conference on "Capacity Building through Value based life" at Om Shanti Retreat Centre, Gurgaon

Senior Faculties of ORC CS Dhananjay Shukla, members and their families

20.3.2017 Discussion on IEPF (Accounting, Audit, Transfer and Refund) Amendments Rules, 2017

Guest Speaker: CS G P Madaan (Past Chairman-NIRC-ICSI) & Partner, Madaan Law Offices, Advocates & Solicitors

CS Dhananjay Shukla, CS Nitesh Sinha, CS Monika Kohli and Members

21.3.2017 Valedictory Session of 260th Management Skills Orientation Program (MSOP)

Chief Guest: CS Shrivallabh Goyal (Past Chairman, NIRC-ICSI) & Whole-time Director & CEO, Model Economic Township Limited (Formerly - Reliance Haryana SEZ Limited)

CS Dhananjay Shukla, CS Nitesh Sinha and participants

23-24.3.2017 Professional Development Programs (PDP) for students

Members of the Institute CS Dhananjay Shukla & Students of the Institute

25.3.2017 One day Seminar on the theme Issue of Securities – Various Modes of Funding Guest Speakers: CS Pavan Kumar

Vijay (Past President-ICSI); CS Mohini Varshneya, AVP, Corporate Professionals Capital Pvt. Ltd. and CS Geetika Anand, AVP, Company Secretary and Compliance Officer, Aditya Birla Fashion and Retail Limited, Mumbai

CS Dhananjay Shukla, CS Rajiv Bajaj, CS Ranjeet Pandey,CS Satwinder Singh, CS Nitesh Sinha, CS Alka Arora and members

27.3.2017 Campus Placement for 258th & 259th batches of MSOP participants

Members and participants

27.3.2017 Valedictory Session of 261st Management Skills Orientation Program (MSOP)

Chief Guest: CS Nesar Ahmad, Past President-ICSI; Guest of Honour: CS Rahul Ranjan, Company Secretary, Fortis Healthcare Limited

CS Dhananjay Shukla, CS Alka Arora and participants

27-31.03.2017 5 Days Capacity Building Sessions on Companies Act, 2013”

Chief Guest: CS Nesar Ahmad, Past President-ICSI; Guest Speakers: CS Shailesh Dayal; CS Sharad Rajwanshi; CS Ranjeet Pandey; CS Jitesh Gupta and CS R S Bhatia

CS Dhananjay Shukla, CS Nitesh Sinha, CS Alka Arora and participants

5.4.2017 Inauguration of 262nd MSOP Chief Guest: CS Ravinder, IAS; Private Secretary to Minister, Ministry of Tourism & Culture, Government of India.

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

5.4.2017 Discussion & Interactive Session on Corporate Social Responsibility (CSR)

Guest Speaker: CS Seema Rath, Deputy Director(CSR), Ministry of Corporate Affairs, Govt. of India

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

6-7.4.2017 2 days Induction Program for students Members of the Institute Students of the Institute

8.4.2017 Workshop on SME Listing and Dissemination Board

Guest Speakers: Shri Gaurav Kapoor, Asstt. Vice-President & Head North, National Stock Exchange of India; Shri Vipul Khajuria, Manager – Currency, National Stock Exchange of India and CS Nitin Somani, Managing Director, Sundae Capital Advisors Private Limited

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

10-12.4.2017 3 days e-Governance Program for students Members of the Institute Students of the Institute


Lighter Side of the profession

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 [email protected] for consideration by the Editorial Board.

CAREER AWARENESS PROGRAMSNIRC has organised 5 Career Awareness Programs & career fairs during the month of March, 2017 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.

ANNUAL MEMBERSHIP FEERevision in the annual membership fee, entrance fee (if applicable) and certificate of practice fee for Associates and Fellow Members w.e.f. 01-04-2017, as under:

Particulars Associate Fellow

Existing fee Revised fee Existing fee Revised fee

Annual Membership fee Rs. 1125 Rs. 2500 Rs. 1500 Rs. 3000

Entrance fee Rs. 1500 Rs. 2000 Rs. 1000 Rs. 2000

Certificate of Practice fee Rs. 1000 Rs. 2000 Rs. 1000 Rs. 2000

The existing facility for payment of fee in advance/concessional fee shall remain vogue for the revised fee structure.

LIGHTER SIDE OF THE PROFESSION“Why do you say that Paramjeet Singh has no match ?”“It is due to his work.”“What is the speciality in his work?”“It exceeds all standards of poor performance.” ************ “Sir,we disagree with your interpretation of clause 4 of Agreement.”“How do you want to get it resolved?”“Kindly appoint some outsider to do this job.”“Alright, as suggested by you, I get it resolved through the mediation of our very respectful PR Consultant.”

—CS PARAMJEET SINGH, [email protected]

Members may send their contribution for this column at e-mail [email protected] for publication in the NIRC Newsletter-Insight. Decision of the Editorial Board of Newsletter in this regard will be final

CHAPTERS OF NIRC-ICSI

Agra, 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.

Statement about ownership and other particulars of ‘NIRCICSI Newsletter’.

1. Place of Publication New Delhi2. Periodicity of its Publication Monthly3. Printer’s Name S K Nagar

Whether citizen of India? Yes If foreigner, state the Not applicable.country of origin Joint Secretary (N)Address NIRC-ICSI

4 Prasad Nagar Inst. Area,New Delhi - 110 005

4. Publisher’s Name S K NagarWhether citizen of India? YesIf foreigner, state the Not applicablecountry of origin

5. Chief Editor’s Name Manish GuptaWhether citizen of India? YesIf foreigner, state the Not applicablecountry of origin Chairman, NIRC-ICSIAddress 4 Prasad Nagar Inst. Area,

New Delhi - 110 0056. Name and Address Not applicable

of Owner O�cial Newsletter ofthe NIRC of the ICSI.

I, S K Nagar hereby declare that the particulars given above are true to the best ofmy knowledge and belief.

(S K NAGAR)Dated 30.1.2017 Signature of the Publisher

THE REGISTRATION OF NEWS PAPERS


Corporate Membership of NIrC

Corporate Membership of NIRC-ICSI for the year 2017-18The Corporate Membership Scheme of NIRC of ICSI is open for the Financial Year 2017-18 (April’17 to March’18). Anyone becoming a member under the Scheme shall be entitled to the following benefits:

Corporate Membership Scheme – Option-I (Delhi) Corporate Membership Scheme – Option-II (Delhi & Chapters) � To attend all the paid programs (Except workshop and

residential programs) organized by NIRC at Delhi free of charge throughout the financial year 2017-18.

� Minimum 12 Program will be organised under this Scheme. � The member may depute any other officer only from his/

her organization with the authorization on letter head of the Company, certifying that the nominated person is from his/her organization.

� The individual member/PCS may depute only his partner, employee from his/her Firm with the authorization on letter head, certifying that the nominated person is from his/her Firm.

� Credit hours will be given to only those members who joins the program upto 10.30 a.m.

� PDP hours will be given to only those students who pay the participation fee.

� Presentation made by the speakers of all programs will be shared.

� The fee structure for the corporate membership for financial year 2017-18 is as under:

Particulars Amount upto 20.4.2017(Inclusive of Service Tax)(Service Tax Registration No.AAATT1103FSD005)(PAN NO.AAATT1103F)

Amount After 20.4.2017

(Inclusive of Service Tax)

For Members Rs.10,000 Rs.10,500

For PCS Rs.9,400 Rs.9,900

For Non-Members

Rs.11,100 Rs.11,600

For Senior Citizens

Rs.8,300 Rs.8,800

� To attend all the paid programs (Except workshop and residential programs) organized by NIRC & its participating Chapters at any location throughout Northern Region free of charge throughout the financial year 2017-18.

� Minimum 12 Program at Delhi & all programs organised by the participating Chapters will be covered under this Scheme.

� The member may depute any other officer only from his/her organization with the authorization on letter head of the Company, certifying that the nominated person is from his/her organization for all the programs to be held in Delhi (Not applicable for programs organised by the participating chapters).

� The individual member/PCS may depute only his partner, employee from his/her Firm with the authorization on letter head, certifying that the nominated person is from his/her Firm for all the programs to be held in Delhi (Not applicable for programs organised by the participating chapters).

� Credit hours will be given to only those members who joins the program upto 10.30 a.m.

� PDP hours will be given to only those students who pay the participation fee.

� Presentation made by the speakers of all programs will be shared � The fee structure for the corporate membership for financial year 2017-

18 is as under:

Particulars Amount upto 20.4.2017(Inclusive of Service Tax)(Service Tax Registration No.AAATT1103FSD005)(PAN NO.AAATT1103F)

Amount After 20.4.2017

(Inclusive of Service Tax)

For Members Rs.13,000 Rs.13,500For PCS Rs.12,400 Rs.12,900For Non-Members Rs.14,100 Rs.14,600For Senior Citizens Rs.11,300 Rs.11,800

The Corporate Members for the year 2016 were also given Annual Legal & Compliance Referencer - 2017 and were also invited in New Year Celebration and Dinner free of cost.

Further, concessional fee was charged from the corporate members for the State Conferences and other residential programs as organized by the NIRC during the year.

I request you to kindly enrol for Corporate Membership for the year 2017-18 up to 20.04.2017 and avail the discounted rates on any of above options.

The payment for Corporate Membership can be made through following options:Option 1 – Cash deposit at NIRC Building, 4 Prasad Nagar Institutional Area, New DelhiOption 2- NEFT transfer to NIRC- ICSI Saving Bank Account No. SB- 90062010039267Syndicate Bank, East Patel Nagar, New Delhi – 110008, RTGS/ NEFT IFSC – SYNB0009006

Option 3 Paytm payment through link :- https://paytm.com/education?op=The%20Institute%20of%20Company%20Secretaries%20of%20India%20NIRC&type=registrationOption 4 Cheque/DD towards the Corporate Membership Fee for the requisite amount be drawn in favour of “NIRC of the ICSI” and sent to Regional Director, NIRC of ICSI, 4, Prasad Nagar Institutional Area , New Delhi-110005.Note: For NEFT & Paytm payment - Transaction ID alonghwith details to be mailed to [email protected] and [email protected] and CC to [email protected]


Corporate Membership of NIrC

FORM OF CORPORATE MEMBERSHIP OF NIRC-ICSI FOR PROFESSIONAL DEVELOPMENT PROGRAMS FOR THE FINANCIAL YEAR 2017-18

(OPTION-I (DELHI) / OPTION-II(DELHI & CHAPTERS)(1) Name of Nominated Person : ....................................................................................................................................................

(2) Membership No (ACS/FCS) : .....................................................................................................................................................

(3) Corporate Membership No. of NIRC : ....................................................................................................................................

(For existing members only)

(4) Sponsoring Organisation : ........................................................................................................................................................

Telephone ................................................................................... Fax ............................................................................................

Mobile.........................................................................E-mail .........................................................................................................

(5) Details of Payment of Fee Paytm/ NEFT transfer /Cash/Cheque/DD No/ ............................. dated................................

Bank .......................................................................................................... Amount ........................................................

Date : ........................... Signature


ONE DAY WORKSHOPon

SECRETARIAL AUDITGuest Speakers:

CS Ranjeet Pandey(Council Member-ICSI)

Company Secretary in Practice

CS Ilam KambojManaging Partner, Kamboj Law Chambers

on Friday, the 21 st April, 2017(From 10.00 AM to 5.00 PM)

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

Fee:

Fee : Rs.400/- per delegate who deposit their fee by 20 th April, 2017Rs.500/- per delegate who deposit their fee after 20 th April, 2017 subject to availability of seats.

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

The fee may also be paid through Paytm through the following link:https://paytm.com/education?op=The%20Institute%20of%20Company%20Secretaries%20of%20India%20

NIRC&type=registration

PROGRAM CREDIT HOURS: 04

Registration: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 NagarInstitutional Area, New Delhi. The fee may be paid through cash/cheque in favour of NIRC of

ICSI which may be deposited at NIRC-ICSI Office. Tel.:+91-11- 49343000, E-mail:[email protected]

MEMBERS ARE REQUESTED TO PARTICIPATE IN LARGE NUMBERS

With best regards,CS DHANANJAY SHUKLA

Chairman, NIRC- ICSIMobile: 9873347280

Email: [email protected]

CS RAJEEV BHAMBRISecretary, NIRC-ICSI & Chairman, Prof. Dev. &

Programs Coordination Committee, NIRCMobile: 09915710010


Forthcoming program


Forthcoming program

One Day Programon

GOODS & SERVICES TAx (GST)on

Saturday , the 29 th April, 2017Registration: 9.00 AM onwards

(Program will be from 10.00 AM to 5.00 PM)at

Hotel Shangri-La,19 Ashoka Road, Connaught Place,(Near Patel Chowk Metro Station)

New Delhi 110001

Fee:Rs.2250/- per delegate inclusive of service tax

(Rs.1125/- for students) ;FREE for Corporate Members of NIRC(2017-18)

Registration:In order to make necessary arrangements, Members are requested to enrol well in advance with RegionalDirector, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. 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 paidthrough cash/cheque in favour of NIRC of ICSI which may be deposited at NIRC-ICSI Office. Tel.:+91-11-

49343000, E-mail: [email protected]

The fee may also be paid through Paytm through the following link:https://paytm.com/education?op=The%20Institute%20of%20Company%20Secretaries%20of%20India%20

NIRC&type=registration

(CREDIT HOUR:04; PDP HOURS:08) (Credit Hours will be given to only those members who joins the programs upto 10.30 AM.

and mark the attendance both at the beginning & conclusion of the program)With best regards,

CS DHANANJAY SHUKLAChairman, NIRC- ICSIMobile: 9873347280


CS RAJEEV BHAMBRISecretary, NIRC-ICSI & Chairman, Prof. Dev. &

Programs Coordination Committee, NIRCMobile: 09915710010



Images

1

2

4

3

1 Valedictory Function of 260th MSOP (21.3.2017): L to R CS Nitsh Sinha, CS Shrivallabh Goyal (Past Chairman, NIRC-ICSI) & Wholetime Director & CEO, Model Economic Township Limited (Formerly – Reliance Haryana SEZ Limited), CS Dhananjay Shukla and CS Alka Arora. Best Project Report/Best Participants standing.

2 Valedictory Function of 261st MSOP (27.3.2017): L to R CS Alka Arora, CS Nesar Ahmad (Past President-ICSI), CS Dhananjay Shukla, CS Rahul Ranjan, Company Secretary, Fortis Healthcare Limited and Dr. Bhole Shankar Sikhwal. Best Project Report/Best Participants standing.

3 Inauguration of 262nd MSOP (5.4.2017): Group photograph of participants alongwith CS Ravinder, IAS; Private Secretary to Minister, Ministry of Tourism & Culture, Government of India; CS Dhananjay Shukla, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and Dr. Bhole Shankar Sikhwal.

4 Gurgaon Chapter - Seminar on Opportunities under Insolvency & Bankruptcy Law (17.2.2017): CS Dhananjay Shukla, CS Ranjeet Pandey, CS Vineet K Chaudhary, CS Devender Kr. Suhag and Managing Committee Members of Gurgaon Chapter & other members seen.


18-19.04.201715.04.2017

2

3

1

1 5 Days Capacity Building Sessions on Companies Act, 2013(27-31.3.2017): CS Dhananjay Shukla welcoming CS Ranjeet Pandey by presenting flower bouquet. Others from L to R CS Nesar Ahmad, CS Shailesh Dayal, CS Sharad Rajwanshi; CS Nitesh Sinha, CS Jitesh Gupta and CS R S Bhatia.

2 Workshop on SME Listing and Dissemination Board (8.4.2017): L to R CS Nitesh Sinha, CS Manish Gupta, Shri Gaurav Kapoor, Asstt. Vice-President & Head North, National Stock Exchange of India; Shri Vipul Khajuria, Manager – Currency, National Stock Exchange of India, CS Pradeep Debnath and CS Nitin Somani, Managing Director, Sundae Capital Advisors Private Limited.

3 Interactive Session with ROC, Delhi & Haryana(16.3.2017): L to R CS Manish Gupta, CS D Bandopadhyay (ROC, Delhi & Haryana), CS Dhananjay Shukla and CS Nitesh Sinha.

national best regional council (2004, 2007, 2008, 2009 ... · 1 one day seminar on the theme issue...

Documents