National Best Regional Council (2004, 2007, 2008, 2009 ... · CS Dhananjay Shukla welcoming CS (Dr.) Shyam Agrawal, President-ICSI and CS Makarand Lele, Vice-President-ICSI by presenting

Monthly • Volume XXXVI • Page 1-24 • No.03 • March, 2017

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

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1 Oath Taking Ceremony and Interaction with Newly Elected President & Vice-President of ICSI (11.2.2017): CS (Dr.) Shyam Agrawal welcoming Shri Arjun Ram Meghwal, Hon’ble Union Minister of State, Ministry of Finance and Corporate Affairs by presenting flower bouquet. CS Dhananjay Shukla welcoming CS (Dr.) Shyam Agrawal, President-ICSI and CS Makarand Lele, Vice-President-ICSI by presenting flower bouquets.

2 President’s Meeting with Chairman of NIRC and all Chairmen of Chapters under the jurisdiction of NIRC(3-4.3.2017): L to R CS Rajeev Bhambri, CS Nitesh Sinha, CS Pradeep Debnath, CS Dhananjay Shukla, CS Makarand Lele, CS (Dr.) Shyam Agrawal, CS Ranjeet Pandey, CS Dinesh Chandra Arora and CS Manish Gupta.

3 ICSI-NIRC Seminar on International Women’s Day on the theme CS Women: Empowered & Empowering….!(8.3.2017): L to R CS Manoj Kapoor, CS Deepak Kukreja, CS Ranjeet Pandey, Dr. Harpreet Raman Bahl, CS Monika Kohli, CS Monika Jaggia, CS Saroj Hirawat; CS (Dr.) Shyam Agrawal, CS Dhananjay Shukla, CS Tasneem Shariff, CS Dinesh Chandra Arora and CS Pradeep Debnath.

4 ICSI-NIRC Seminar on International Women’s Day on the theme CS Women: Empowered & Empowering….!(8.3.2017): L to R CS Monika Kohli, Shri Vipul Srivastava, Advocate, Dr. Roop Singh, Senior Faculty, Brahma Kumaris, CS Dhananjay Shukla, CS Vijaya Sampath, Senior Partner, Lakshmikumaran & Sridharan and Saadhvi Deepika Bharti.

NIRC - ICSI Newsletter | March 2017 2

From the Chairman

CS Alka AroraRegional Director

Co-opted

Page No.

CS Ravinder, IAS 011-23063212

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Dear Professional Colleagues,Greetings from NIRC-ICSI...First of all, let me take this opportunity to extend my warm wishes & seasons’ greetings to all members & their families on the occasion of Ram Navami, Mahavir Jayanti and Good Friday.

It is my privilege to communicate with your esteemed selves through this column for the second time. While communicating with you, I find the mood of the country quite upbeat after the recent victory of the ruling dispensation at the centre in many states including big states like U.P. The stock market is at all-time high and economy as whole is to grow at rapid pace. One can easily foresee sectoral reforms in offing and it ought to create more opportunities for Company Secretary Profession as Governance professionals.

Friends, to tap the professional opportunities before us, in this competitive environment, we cannot compromise with professional excellence. It should be our endeavour to strive for excellence always in our professional pursuits to take forward the profession to the greater heights. For this, I strongly believe that we all have to think together, act together, in sync, to grow together. In this direction Empowerment in terms of knowledge and value creation is the need of the hour to provide excellent services to our stakeholders. Keeping this in mind NIRC is organizing regular professional development programs for members and students on various topics of corporate relevance from time

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 5-13

Financial Assistance Scheme 14

CSBF 15

Compliance Checklist 16-17

News from NIRC 18

Lighter Side of the Profession 19

Corporate Membership of NIRC 20-21

Forthcoming Program 22


From the Chairman

to time and this year we are committed to provide excellent qualitative professional development programmes to our stakeholders.

At NIRC, we are also focussing on providing best training programmes to our students to hone their skills and groom them as future torchbearers of the profession. In providing all these services to Members and students, infrastructure plays a very crucial role. We are upgrading the existing infrastructure of the NIRC to provide good experience to our member and students. The similar focus is on Chapters also and we are sensitizing our chapters to upgrade their infrastructure and to organise Professional Development programmes and Training programmes locally for the benefit of our members and students.

Friends, I am glad to inform that HSIIDC, Govt. of Haryana, has allotted a Plot measuring 1567.5 sq.mt (Opposite IICA) in Sector -2, IMT Manesar, Gurgaon for the office of the Gurgaon Chapter of NIRC of ICSI. I take this opportunity to thank all Members of the Central Council of the Institute, my Regional Council Colleagues, , Managing Committee of Gurgaon Chapter, Secretariat of the ICSI , NIRC, Gurgaon chapter and all of you for the cooperation and support for making this long cherished dream of all of us a reality. The Institute and NIRC will try to provide full support in completing the Building for Gurgaon Chapter Office as currently Gurgaon Chapter is functioning from rented premises.

Friends, NIRC has organised many programmes in the month of February/March, 2017. The gist of the programs organized are mentioned below:

SEMINAR:On 11th February, 2017 NIRC conducted one day seminar on “Corporate Restructuring – Role of Company Secretary Under New Regime” at Hotel Le-Meridien, New Delhi. CS Harish K Vaid (Past Vice-President-ICSI), Senior President (Corporate Affairs), Jaiprakash Associates Limited; CS Satwinder Singh (Council Member-- ICSI), Partner, Vaish Associates and Mr. Nitin Savara, Partner & Mr. Avanish Rungta, Senior Manager, Ernst & Young were the guest speakers on the occasion and shared their views on the topic and suitably clarified the queries. The programme was very interactive and was attended by large number of members.

OATH TAKING CEREMONY AND FELICITATION OF PRESIDENT & VICE-PRESIDENT, ICSI:On 11th February, 2017 NIRC- ICSI organized Oath Taking Ceremony and Interaction with newly elected President and Vice President, The ICSI at Hotel Le-Meridien, New Delhi. Shri Arjun Ram Meghwal, Hon’ble Union Minister of State, Ministry of Finance and Corporate Affairs was the chief guest for the ceremonial function.

CS (Dr.) Shyam Agrawal, President, CS Makarand Lele, Vice President, ICSI, CS Siddhartha Murarka, Chairman EIRC, CS G M Ganapathi, Chairman SIRC, CS Prakash K Pandya, Chairman WIRC, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Satwinder Singh and CS Vineet Chaudhary, Council members, ICSI, CS Dinesh C Arora, Secretary, The ICSI, CS Pradeep Debnath, Vice Chairman, CS Rajiv Bhambri, Secretary, CS Nitesh Sinha, Treasurer, CS Manish Gupta, Immediate Past Chairman, CS Monika Kohli and CS Saurabh Kalia, Regional Council Members, NIRC-ICSI were present on the occasion.

Hon’ble Minister arranged giving Oath to President; Vice-President & Chairmen of the Regional Councils.

The program was attended by large number of Members and Students.

ONE DAY WORKSHOP: On 18th February, 2017 a workshop on “NBFC” was conducted at NIRC premises. CS Vinod Kothari, Partner, M/s. Vinod Kothari & Co., Practising Company Secretaries, Kolkata, was the guest speaker. The important provisions of the NBFC were discussed and the distinguished speaker helped in resolving the queries of the members. The program was attended by large number of Members

PCS MEETING:On 1st March, 2017, NIRC-ICSI organised a Session on Practical Issues related to Registration and Migration under GST. CA Ashu Dalmia & CA Shafaly Girdharwal were the Guest speakers. The session was attended by large number of members. Your NIRC is committed to organise more such sessions and capacity building programmes on GST in the forthcoming months.

PRESIDENT-ICSI & CHAIRMAN-NIRC MEETING WITH CHAIRMEN/SECRETARIES & EO/INCHARGES OF ALL CHAPTERS UNDER NORTHERN REGION:On 3rd & 4th March, 2017, NIRC organized President ’s Meeting with the Chairman of NIRC, & Chairmen/Secretaries, EO/Incharges of all Chapters of NIRC. CS (Dr.) Shyam Agrawal, President, ICSI presided over the meeting, interacted and discussed various issues. The President shared the plans & vision of ICSI for the year 2017 and assured full co-operation on behalf of HQ to all the dignitaries present in the meeting. On the occasion, CS Makarand Lele, Vice-President-ICSI, CS Dhananjay Shukla, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Dinesh Chandra Arora, CS Pradeep Debnath, CS Rajeev Bhambri, CS Nitesh Sinha, CS Manish Gupta, Chairmen/Secretaries & other Managing Committee Members, EO/Incharge of Chapters of NIRC were present. The Chapters were given the targets for the ensuing year in relation to Registration of students, Career awareness and professional development programmes, Membership of Company Secretaries Benevolent Fund etc. I look forward to great deal of involvement, devotion, zeal and participation by each office bearer, members of the Managing Committees of the respective Chapters for development of the profession. The Commitment & participation from the Chapters was very encouraging. Together we resolved to take NIRC and the Institute to greater heights.

DEDICATED CAMPUS PLACEMENT FOR TRAINEE’S:Friends, students are the future of our profession. NIRC is committed to provide best of the services to students. In the quest of doing this, on 6th March, 2017, NIRC- ICSI successfully organized dedicated Campus placements for Trainees. I am delighted to share that so many companies/Firms of CS in Practice participated in the campus placement to hire the Trainees. I request all of you to participate in large numbers in future campus placements of NIRC to hire trainees to hone their skills and prepare a strong cadre of professionals.

INTERNATIONAL WOMEN’S DAY:On 8th March, 2017, The Institute jointly with NIRC-ICSI celebrated International Women’s Day by organising One day Seminar on the theme CS Women: Empowered & Empowering….! at Airforce


Auditorium, New Delhi. CS Saroj Hirawat; CS Tasneem Shariff; CS Monika Jaggia shared their success stories. Ms. Shazia Ilmi, Spokesperson, BJP,CS Manoj Kapoor, Director, Kapgrow Corporate Advisory Services; CS Vijaya Sampath, Senior Partner, Lakshmikumaran & Sridharan; Saadhvi Deepika Bharti; Shri Vipul Srivastava, Advocate and Dr. Roop Singh, Senior Faculty, Brahma Kumaris were the expert speakers. On the occasion, CS (Dr.) Shyam Agrawal, President-ICSI, CS Dhananjay Shukla, CS Ranjeet Pandey, CS Dinesh C Arora, CS Pradeep Debnath, CS Monika Kohli, members and students graced the occasion. The program was very well appreciated by the members and the students. I wish to place on record my sincere thanks & gratitude to the guests and guest speakers of the program for sparing time and sharing expert knowledge with the delegates of the program.

PCS MEETING FOLLOWED BY HOLI MILAN:On 11th March, 2017 NIRC-ICSI has organised PCS Meeting on Opportunities for PCS in LODR followed by Holi Milan at NIRC premises. Kavi Sammelan was the special attraction of the Holi Celebrations. Members’ present enjoyed the celebrations to the fullest. These types of social programs provide opportunity to members to develop the feeling of belongingness and brotherhood among themselves.

During the month of February/March, 2017, NIRC-ICSI also organized various training programs for the students like MSOP, EDP, PDP etc.

On 18-19th March, 2017, a two day Residential Conference on “Capacity Building through Value based life” is being organised at Om Shanti Retreat Centre, Gurgaon.

CORPORATE MEMBERSHIP SCHEME: Friends, through this message, I take this opportunity to request all of u to renew or enroll for the Corporate Membership Scheme of NIRC. NIRC –ICSI is offering an early bird discount to those who will enroll for the scheme before 10th April, 2017. The detailed scheme along with the form is published elsewhere in the newsletter for your reference.

The success of Corporate Membership Scheme acts as a fuel and encourages NIRC to hold large number of quality professional development programs. All these initiatives bring greater visibility to the profession and yield desired results in terms of recognition to the members of the Institute. This year we will try to hold excellent quality programmes for the overall development of our members. Idea is to Build Capacity & Create Value for all our stakeholders.

FORTHCOMING PROGRAMS:NIRC is also organizing following professional development programs in the month of March and April, 2017 on the various topics of professional interest for our members:

� On 20th March, 2017 Discussion on IEPF (Accounting, Audit, Transfer and Refund) Amendments Rules, 2017 at NIRC premises.

� On 25th March, 2017 one day seminar on theme “ Issue of

From the Chairman

Securities- Various Modes of Funding” at New Delhi.

� On 27th March 2017, NIRC is organising a dedicated campus placements for the participants of 258th and 259th Batch of MSOP at NIRC premises. I request all of you to participate in large numbers in this campus placement to recruit newly qualified Company Secretaries in your company or firm.

The details of all the programs is being uploaded on www.icsi.edu/niro and also been published inside the Newsletter for your kind reference. I request all of you to attend all these Professional Development Programs in large numbers and make them a grand success.

CSBFFriends, you may be aware that the quantum of financial assistance to the dependent(s) of the life members of CSBF has been increased from Rs. 5 Lakh to Rs. 7.5 lakh w.e.f. 1st January, 2017 in the unfortunate event of the death of the life member. I would hence strongly urge you to become a life member of the CSBF by seizing this opportunity by making a onetime online/offline payment of Rs. 10,000. By becoming a member of the CSBF, you are not only in a small way securing the future of your own family but also your extended family, i.e. your professional brethren. If you are already a life-member of CSBF, you can motivate your other colleagues to become a life member of CSBF. Needless to say, that the subscription/ contribution to CSBF qualify for the deduction under Section 80G of the Income Tax Act, 1961. The details of the same are published inside the newsletter for reference.

We are planning to make the ICSI-NIRC Newsletter more informative and useful for our members. I invite all of you to join hand with NIRC in this initiative and contribute articles on contemporary issues, Legal Updates, FAQs and Checklists on various issues relating to the Corporate Laws for the purpose of publishing the same in the NIRC Newsletter.

Friends, it is my earnest desire to have continued interaction with all of you. I sincerely solicit opinion and suggestions from all of you for further betterment of the activities of NIRC and up gradation of the profession. Please send your suggestions at [email protected].

With best regards.

Yours sincerely,

CS Dhananjay Shukla Chairman NIRC-ICSI

Cell: 9873347280Date :16th March, 2017Place: New Delhi


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BACKGROUNDLEGALOn 07th December, 2016, Ministry of Corporate Affairs (MCA) has vide its Commencement Notification notified various sections of Companies Act, 2013. Section 66 which is the governing provision for Reduction of Share Capital of a company, is one amongst those sections notified on 07th December, 2016. MCA has further, notified the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 on 15th December, 2016.

Previously, Reduction of Share Capital was governed under Section 100 of the Companies Act, 1956 subject to the confirmation of the Court.

BROAD-SPECTRUMThe Reduction of share capital is a delicate matter for both managerially and legally, its need to be handles with caution. Another name of reduction of share capital is internal reconstruction. Process of Reduction of share capital is first summed- up by the Hon’ble Supreme Court in Punjab Distilleries India Ltd. v. CIT, (1965) 35 Com Cases 541, 544.

The power of reduction is general, and extends to every possible mode of reducing capital, including the cancellation of uncalled capital which can only be called up in a winding up, the surrender for re-issue of unpaid shares obtained by subdividing partly paid shares into shares of smaller amount and attributing the whole of the amounts paid-up to the shares not to be surrendered, the repayment of paid-up capital, which is in excess.

NEED OF THE REDUCTION OF SHARE CAPITALThe need for reducing capital may arise in various ways, for example, trading losses, heavy capital expenses, and assets of reduced or doubtful value. As a result, the original capital may either have become lost or a company may find that it has more resources than it can profitably employ. In either case, the need may arise to adjust the relation between capital and assets. Indian National Press (Indore) Ltd., In re, (1989) 66 Com Cases 387, 392 (MP).

FOLLOWING WILL NOT CONSIDER AS REDUCTION OF SHARE CAPITALWhere a company cancels shares which have not been taken or agreed to be taken. This is not, however, deemed to be a reduction of capital. (Section 61).

Where redeemable preference shares are redeemed in accordance with the provisions of sections 55.

Where any shares are forfeited for non-payment of calls, though the forfeiture as a fact amounts to a reduction of capital.

Where there is a surrender of shares or a gift is made to a company of its own shares. (The gift may be accepted in the name of a nominee of the company).

Where the nominal share capital of a company is reduced by canceling any shares which have not been taken or agreed to be taken by any person.

Where company purchases its own shares in pursuance of the provisions in section 68.

Where a sum of money was received for allotment of shares but that could not be done, paying back that money to the depositor did not require procedure for reduction of capital even though the money was shown as a part of company’s subscribed capital. Rupak Ltd. v. ROC, (1984) 56 Com Cases 206 (Pat).

CONDITIONSA Company not allowed to implement the scheme of 1 reduction of share capital if, company is in arrears in the repayment of any deposit accepted by it or interest payable thereon.

Company should have power in Article of Association for Reduction of Share Capital.

In Dexine Patent Packing & Rubber Co., 1903 WN 82, For a company to reduce its share capital in any manner set out in this section, it must have power given to it under its articles to do so. An authority to do so given by the memorandum of association is of no avail.1 either before or after the commencement of this Act

Reduction of Share CapitalCS Divesh Goyal | Email: [email protected]

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


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West India & Pacific Steamship Co., Re, (1868) LR 9 Ch App 11, If the articles do not contain any provision for reduction of capital, the articles must first be altered so as to give the power and then the resolution for reducing capital must be passed, as a special resolution and the reduction effected by such resolution must be confirmed by the court.

There can’t be any retrospective approval of Reduction of Share Capital. Alexander Henderson Ltd., Re, (1967) SLT (Notes) 17 (Scottish).

POWERS OF SHAREHOLDERSThe general rule is that the prescribed majority of the shareholders are entitled to decide whether there should be a reduction of capital, and, if so, in what manner and to what extent it should be carried into effect. When the reduction is consequent on a change in the method of carrying on the company’s business, it is for the shareholders to decide to what extent its capital is in excess of its wants, and on the adequacy of the consideration for the reduction of their share capital, but the powers of the shareholders must be exercised so as to safeguard the rights of creditors, the just and equitable treatment of shareholders and the interest of the investing public.These principles are affirmed in British & American Trustee & Finance Corporation v. Couper, 1894 AC 399 (HL);

Ques: Whether shareholders meeting can be dispensed with by consent of the 75% of the shareholders or more?

it must be said that there is no warrant anywhere in the Act for holding the view that the consent of 75% of members holding not less than 75% voting rights subsequently obtained can validate a defective special resolution. In a decision of the Madras High Court, Self Help Private Industrial Estate Private Ltd., In re, (1972) 42 Com Cases 605 (Mad).

DUTIES OF THE TRIBUNAL:The Court’s jurisdiction is not confined to matters relating to the reduction alone. All circumstances relating to the adjustment of the interests of the different classes of shareholders, but not mere possibilities that may ultimately affect them may properly be taken into account.

Tribunal’s task is to see that the procedure, by which a resolution is carried through, is formally correct and that creditors are not prejudiced; it has the further duty

of satisfying itself that the scheme is fair and equitable between the different classes of shareholders.

Ques: Whether buy-back of securities (Section 68) is part of reduction of share capital in other words whether provisions of section 66 attract on process of buy back of shares?

As per provisions of Section 66(6) nothing in this section shall apply to buy-back of its own securities by a company under section 68. Reduction of share capital through buy- back of shares doesn’t required approval of the Tribunal.Asian Investments Ltd., Re, (1992) 73 Com Cases 517, 523 (Mad).

TAxATION ASPECTS:Ques: Whether Distribution over and above the accumulated profits, in excess of original cost of acquisition of shares would be considered as capital gain.

Where a company reduces its share capital under section 100(1)(c) by paying off part of the share capital by reducing the face value of shares, such reduction amounts to extinguishment of the right of the member to the extent of reduction of face value of shares and therefore is a transfer under section 2(47) of the Indian Income-tax Act, 1961 and the amount received is liable to capital gains tax under section 45. Kartikeya Sarabhai v. CIT, (1982) Tax LR 1877. But see, CIT v. G. Narasimhan, (1979) 49 Com Cases 375 (Mad).

MODES OF REDUCTION OF SHARE CAPITALThe Act does not prescribe the manner in which the reduction of capital is to be effected nor is there any limitation on the power of the Tribunal to confirm the reduction, except that it must be satisfied that every creditor of the company has either consented to the said reduction or they have been paid off or their interest has been secured.

Reduction of share capital may be effected in one of the following ways: {Section 66(1)}

i. Extinguish or reduce the liability on any of its shares in respect of the share capital not paid-up. (For example, if the shares are of face value of INR 100 each of which INR 75 has been paid, the company may reduce them to INR 75 fully paid-up shares and thus relieve the shareholders from liability on the uncalled capital of INR 25 per share); or


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ii. Cancel any paid-up share capital, which is lost, or is not represented by available assets. This may be done either with or without extinguishing or reducing liability on any of its shares (For example, if the shares of face value of INR 100 each fully paid-up is represented by INR 75 worth of assets. In such a case, reduction of share capital may be effected by cancelling INR 25 per share and writing off similar amount of assets); or

iii. Pay off the paid-up share capital, which is in excess of the needs of the company. This may be achieved either with or without extinguishing or reducing liability on any of its shares. (For example, shares of face value of INR 100 each fully paid-up can be reduced to face value of INR 75 each by paying back INR 25 per share.)

PROCESS OF REDUCTION OF SHARE CAPITAL

STEP-1-PREPARATION OF DRAFT SCHEMECheck whether the Articles of association of the company contain the powers to reduction of share capital. if the AOA doesn’t contain the power of reduction of share capital then first alter the Article of Association by follow the process mentioned in section 14.

i. Prepare the draft scheme of reduction of share capital as per provisions given below.

ii. Convene the 2Board Meeting for following purposes: � Approve the draft scheme from the Board of

Directors. � Calling of EGM of Shareholders of the Company � Approval of Notice of EGM

STEP-2-HOLDING OF GENERAL MEETINGiv. Hold the General Meeting and Passed the Special

Resolution passed.

v. File MGT-14 with ROC within 30 days of passing of Special Resolution.

STEP-3-FILING OF APPLICATION WITH NCLTCompany shall prepare an application for reduction of 2 In case of Listed Company, After the conclusion of the Board meeting, send to the

stock exchanges, where the securities of the company are listed, particulars of the proposed reduction in the share capital of the company as per the requirement of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

share capital in form RCS-1 mentioning the details about applicant, jurisdiction, limitation, relief sought, the basis on which each class of members or creditors has been identified for the purposes of approval of the scheme etc. Company will submit the application along with following documents:

� List of Creditors

� A certificate from the auditor of the company to the effect that the list of creditors referred to in clause (a) is correct as per the records of the company verified by the auditor:

� A certificate by the auditor and declaration by a director of the company is not, as on the date of filing of the application, in arrears in the repayment of the application, in arrears in the repayment of the deposits or the interest thereon ; and

� A certificate by the company’s auditor to the effect that the accounting treatment proposed by the company for the reduction of share capital is in conformity with the accounting standards specified in section 133 or any other provisions of the Act.

� A certified true copy of the memorandum and articles of association of the company.

� A certified true copy of the notice of the general meeting together with the explanatory statement annexed to the notice, at which the special resolution had been passed.

� A certified true copy of the special resolution authorizing the reduction of share capital.

� A certified true copy of the latest audited balance sheet and profit and loss account of the company together with all the schedules and other papers attached/annexed thereto.

� A certified true copy of the minutes of proceedings at the general meeting at which the special resolution for reduction of share capital was passed.

� An affidavit verifying petition. Memorandum of Appearance with copy of board resolution.

STEP-4-PROCESS TO BE TAKEN UP BY THE

NIRC - ICSI Newsletter | March 2017

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NCLTThe Tribunal shall, within fifteen days of submission of the application under rule 2, give notice, or direct that notice to be given to-

i. The Central Government, Registrar of Companies, in all cases, in Form No, RSC-2;

ii. The Securities and Exchange Board of India, in the case if listed companies in Form No. RSC-2;

iii. The creditors of the company, in all cases in Form No. RSC-3

NOTICE TO CREDITOR:The notice under shall be sent, within seven days of the direction given under that sub-rule or such other period as may be directed by the Tribunal, to each creditor whose name is entered in the list of creditors submitted by the company about the presentation of the application and of the said list,

Notice should stating the amount of the proposed reduction of share capital and the amount or estimated value of the debt or the contingent debt or claim or both for which the creditor’s name is entered in the said list, and the time within which the creditor may send his representations and objections.

PUBLICATION OF NOTICE:

The NCLT shall also give direction for the notice to be published in Form RSC-4 within seven days of such direction in a leading English and vernacular language newspaper and for uploading on the website of the company.

Note: Provided that the objections, if any, shall be filed in the Tribunal within three months from the date of publications of the notice with a copy served on the company.

CONFIRMATION OF PUBLICATION OF NOTICE:The company shall file an affidavit in Form RSC-5 confirming the dispatch and publication of the notice within seven days from the date of issue of such notice

Note: Where the Tribunal is satisfied that the debt or claim of every creditor has been discharged or determined or has been secured or his consent is obtained, it may dispense

with the requirement of giving of notice to creditors or publication of notice under this rule or both.

STEP-5-REPRESENTATION BY REGULATORSRepresentation by ROC, SEBI and creditors shall be sent to NCLT within 3 months of receipt of notice and copy of which shall also be sent to the company. If no such representation has been received by NCLT within the said period, it shall be presumed that they have no objection.

SUBMISSION OF REPRESENTVATION:Company shall send the representation or objections so received along with responses of the company thereto within 7 days of expiry of period upto which objections were sought.

NCLT may hold any enquiry on adjudication of claim and/or give direction for securing the debts of the creditors.

STEP-6- ORDER BY NCLTThe order confirming the reduction of share capital and approving the minute shall be in Form No.RSC-6 on such terms and conditions as may be deemed fit.

STEP-7- FILING OF FORM WITH ROCThe company shall deliver a certified copy of the order of the NCLT under sub-section (3) and of minute approved by the Tribunal to the ROC and file E-form INC-28. within 30 days of the receipt of order.

The Certificate issued by the Registrar under sub-section (5) of section 66 shall be in Form No.RSC-7.

CONCLUSION:Apart from reduction of capital under section 66, there is another circumstance, when share capital can be reduced. In the case of oppression and mismanagement, the Tribunal has been given powers under section 242 to pass an order as it thinks fit which may provide for purchase of shares of any members by the company and consequent reduction of the share capital.

Each transaction must be decided on its own facts. B.C. Red Cedar Shingle Co. Ltd. v. Stoltze Mfg. Co. Ltd., (1932) 1 DLR 762 (Canada).


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“We’re losing society to apathy, to digital technology, the people who care about nobody else but themselves. They share every little detail of their stupid lives online as if the world even gives a damn… digital technology is getting smarter and society is getting dumber,” Mandy whispered in a voice filled with disbelief. “Society is… it’s slipping away.” Rebecca McNutt

Immorality is evil, sinful, or otherwise wrong behavior. Immorality is often called wickedness and is a state avoided by good people. Since morality refers to things that are right, immorality has to do with things that are wrong — like stealing, lying, and murdering. This is a tricky word, because people have their own idea of what’s immoral. We can all agree killing is an example of immorality, but people disagree on whether things such as bad language are truly signs of immorality. Different religions have their own ideas of immorality too, but the word is always associated with wrongness and offensiveness.

Digital world is perhaps a stylistic expression to highlight the importance and hegemony of digital systems and technology in the contemporary society. As such world is never fully digital or analog, it is a dialectic mix of many forms of experiences and expressions. In the Indian Context digitalization means moving from the manual systems to the online systems thereby making the life of a common man more easy and hassle-free. We haven’t lost romance in the digital age but we may be neglecting it. In doing so the antiquated art forms are taking on new importance. The power of a hand-written letter is greater than ever. It’s personal and deliberate and means more than an email or text ever will.

In the Modern Digital world people has become more mechanized in terms of their emotions and concerns for

others , They have become more self-centered and do

not like any kind of interference in their independence.

With all this, we are going away from our old heritage and

traditions and inclined towards the international show offs

and attractions.

In simpler language, from the discovery of wheel till the

Mangalyaan and from Samosas to classic hand tossed

double cheese margherita with jalapenos and olives, we

sure have come a long way. Yes, Times have changed and

with it needs to change the definition of Morality. The

present generation don’t like being guided by big rule

books. And thus, the definition of Morality needs to be

much simpler. Something like , anything which doesn’t

hurt anyone physically, financially or emotionally is moral,

This is modern day Morality, this is a definition the present

generation is compatible with, but Alas! Morality in this

Digital age of ours remains as far-fetched as Morality in

Trump’s USA. And this is Kind of Self Explanatory. Anyway,

Prowlers on the internet rarely face the classic dilemma,

to be or not be. They are bunch of highly careless people

and ethics and social normally do not fit in their scheme of

things. And thus, hiding behind the façade of a reel world

they wreak havoc in the real world. Our social Media these

days’ works majorly on the principle make it till you make it.

I mean many such sites are age restricted but Indians and

sure born as rebels and they do eventually get through.

Therefore, in my opinion its high time we start

differentiating between the real and the reel, because as

the reel infringes on the real immorality, certainly goes

for a toss. So we should enjoy, be carefree but only till the

point to qualify as a moral citizen that is how we can make

the world a better place to live.

Immorality inthe Digital World

CS Shukla Bansal | Email:[email protected]



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On 2 September 2015, SEBI notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). Clause 34(2)(f ) of the Listing Regulations requires mandatory submission of Business Responsibility Report (BRR) for top 500 listed entities based on market capitalization (calculated as on 31 March of every year). The BRR should describe the initiatives taken by the companies from an environmental, social and governance perspective, in the format as specified by SEBI from time to time

On 7 February 2017, SEBI issued a circular in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992 where under the listed entities are advised to adhere to the following:

a. Integrated Reporting may be adopted on a voluntary basis from the financial year 2017-18 by top 500 companies which are required to prepare BRR.

b. The information related to Integrated Reporting may be provided in the annual report separately or by incorporating in Management Discussion & Analysis or by preparing a separate report (annual report prepared as per IR framework).

c. In case the company has already provided the relevant information in any other report prepared in accordance with national/international requirement / framework, it may provide appropriate reference to the same in its Integrated Report so as to avoid duplication of information.

d. As a green initiative, the companies may host the Integrated Report on their website and provide appropriate reference to the same in their Annual Report.

While some Indian companies have already been following IR on a voluntary basis, SEBI’s recent circular is likely to encourage other listed companies to include non-financial disclosures in their annual report, hereby adopting international best practices.

Business Responsibility Report versus Integrated Report Business Responsibility Report (BRR) acts as a tool to help companies understand the principles and core elements of

responsible business practices and to start implementing improvements which reflect their adoption in the manner the company undertakes its business.

Whereas, integrated reporting is one step further - instead of reporting on financial performance and sustainability performance separately, or even within the same annual report, integrated reporting intends to show how the company manages and integrates environmental, social and financial thinking into its business.

Genesis of Integrated Reporting To understand the need of the 21st century, in 2009, The Prince of Wales together with various UN representatives including The Prince’s Accounting for Sustainability Project International Federation of Accountants (IFAC) and the Global Reporting Initiative (GRI) established the International Integrated Reporting Committee (IIRC). The role of IIRC was to oversee the creation of a globally accepted Integrated Reporting framework. Thereafter, in November 2011, the Committee was renamed the International Integrated Reporting Council

The Integrated Reporting aims to reduce the gap between current reporting and information needs of investors and other stakeholders through the introduction of the concept of Integrated Reporting (IR). There are now over 750 participants in the IR networks worldwide, with, for example, 180 businesses currently practicing IR in Japan alone. More than 1,000 businesses globally are using it to communicate with their investors and there is increasing interest in IR by pioneers in the public sector. Regulators in countries such as Japan, India and the UK are among those taking a greater interest in IR as a route towards achieving more cohesive reporting and promoting financial stability, with the European Commission labeling IR as ‘a step-ahead’.

Integrated reporting is a concept that has been created to better articulate the broader range of measures that contribute to long-term value and the role organizations play in society. Central to this is the proposition that value is increasingly shaped by factors additional to financial


Making Sense of Integrated Reporting

CS (Dr.) S. K. Gupta | [email protected]


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comprehensive annual report. It can be used as an effective governance tool for performance-oriented management. Integrated reporting is more than combining existing disclosures into a single report. Elements of both financial reporting and sustainability reporting would be included in an integrated report if the information is relevant to how an organization creates and sustains value. This would require assessing the connectivity and interdependencies between the organization’s business model, the context in which the organization operates, and the resources and relationships on which it relies and that it affects.

Rather than the traditional approach of thinking in silos, integrated thinking involves greater collaboration between organizational members, from different functions and backgrounds, to achieve strategic objectives. This process ensures that management connects internal and external information on relevant capitals to identify issues that are material to value creation over the short, medium and longer term. It creates the potential to significantly alter investor and company mindsets on how companies operate. This creates a shift in focus from meeting short-term financial goals, to developing a long-term business strategy, which not only makes a commitment to social and environmental issues, but also to sustainable businesses and society.

Integrated Reporting : What and How ?An integrated report explains how an organization creates value over time. Value is not created by or within an organization alone. It is:

� Influenced by the external environment

� Created through relationships with stakeholders

� Dependent on various resources.

An integrated report therefore aims to provide insight about:

� The external environment that affects an organization

� The resources and the relationships used and affected by the organization, which are referred to collectively in the IR framework as the capitals and categorized as financial, manufactured, intellectual, human, social and relationship, and natural

� How the organization interacts with the external environment and the capitals to create value over the short, medium and long term.

performance, such as reliance on the environment, social reputation, human capital skills and others. The economy is facing a new value paradigm. These changes, however, are not reflected in the way we measure or report value. Traditional corporate reporting models have failed to adapt to an uncertain economy and account for the increase in intangible assets. Traditional metrics for measuring value and economic progress no longer provide a complete picture.

An integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects lead to the creation of value over the short, medium and long-term. An integrated report is a holistic and integrated representation of the organization’s performance in terms of its finance and its sustainability

Integrated reporting is a management and communication tool for understanding and measuring how organizations create value now and in the future. The goal is not to provide more information, but better information. It’s the information that investors are increasingly looking for. Conceptually, integrated reporting would build on the existing financial reporting model to present additional information about a company’s strategy, governance, and performance. It is aimed at providing a complete picture of a company, including how it demonstrates stewardship and how it creates and sustains value.

REPORTING FOR THE 21ST CENTURY Integrated reporting is, in part, an outgrowth of the view that today’s corporate reporting will not meet the evolving information needs of stakeholders in the global capital markets. There have been major changes in the way business is conducted, how businesses create value, and the context in which they operate. These changes are interdependent and reflect trends in globalization, heightened expectations of corporate transparency and accountability, resource scarcity, and environmental concerns, among others. Integrated reporting (IR) is the latest development in a long line of proposed reporting innovations that have sought to improve the usefulness of corporate reporting

Integrated reporting would prompt companies to think about their reporting in an integrated manner. This would include, for example, considering the relationships between a company’s various operating and functional units, the financial and non-financial capitals that a company uses and affects, and the relevance of those factors in demonstrating how value is created.

Integrated reporting is more than creating a


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Guiding PrinciplesThe following Guiding Principles underpin the preparation of an integrated report, informing the content of the report and how information is presented:

� Strategic focus and future orientation: An integrated report should provide insight into the organization’s strategy, and how it relates to the organization’s ability to create value in the short, medium and long term, and to its use of and effects on the capitals

� Connectivity of information: An integrated report should show a holistic picture of the combination, interrelatedness and dependencies between the factors that affect the organization’s ability to create value over time

� Stakeholder relationships: An integrated report should provide insight into the nature and quality of the organization’s relationships with its key stakeholders, including how and to what extent the organization understands, takes into account and responds to their legitimate needs and interests

� Materiality: An integrated report should disclose information about matters that substantively affect the organization’s ability to create value over the short, medium and long term.

� Conciseness: An integrated report should be concise

� Reliability and completeness: An integrated report should include all material matters, both positive and negative, in a balanced way and without material error

� Consistency and comparability: The information in an integrated report should be presented: (a) on a basis that is consistent over time; and (b) in a way that enables comparison with other organizations to the extent it is material to the organization’s own ability to create value over time.

Content ElementsAn integrated report includes eight Content Elements that are fundamentally linked to each other and are not mutually exclusive:

� Organizational overview and external environment: What does the organization do and what are the circumstances under which it operates?

� Governance: How does the organization’s governance structure support its ability to create value in the short, medium and long term?

� Business model: What is the organization’s business model?

� Risks and opportunities: What are the specific risks and opportunities that affect the organization’s ability to create value over the short, medium and long term, and how is the organization dealing with them?

� Strategy and resource allocation: Where does the organization want to go and how does it intend to get there?

� Performance: To what extent has the organization achieved its strategic objectives for the period and what are its outcomes in terms of effects on the capitals?

� Outlook: What challenges and uncertainties is the organization likely to encounter in pursuing its strategy, and what are the potential implications for its business model and future performance?

� Basis of presentation: How does the organization determine what matters to include in the integrated report and how are such matters quantified or evaluated?

Responsibility for an integrated reportAn integrated report should include a statement from those charged with governance that includes:

� An acknowledgement of their responsibility to ensure the integrity of the integrated report

� An acknowledgement that they have applied their collective mind to the preparation and presentation of the integrated report

� Their opinion or conclusion about whether the integrated report is presented in accordance with this Framework

It is important that the Audit Committee (or another Committee delegated with this task) assist the Board in approving the disclosure of non-financial matters in the Integrated Report by ensuring that the information is reliable and that no conflicts or differences arise when compared with the financial results. Before the Audit Committee recommends the Integrated Report to the Board for final approval, the Committee should ensure that all material information is included in the report and that such information has been verified and assured .

Questions For directorsQuestions for directors to ask include:


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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

COMPANY SECRETARIES BENEVOLENT FUND

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

DURING THE PERIOD 02/01/2017 TO 22/02/2017

SN. LM No./Name Mem. No. City

1 12772 MR. VARUN JAIN ACS - 36064 LUDHIANA

2 12774 MS. DIVYA SHARMA ACS - 49391 NEW DELHI

3 12781 MS. ANUBHA AGARWAL ACS - 21902 NOIDA

4 12787 MS. ITEE GARG ACS - 49965 MODINAGAR

� How well do we, as a board, and as an organization, understand integrated reporting?

� Have we considered how it may benefit the board and management in understanding our organization and how well our strategies and business models are creating longer-term value?

� What are our shareholders’ and other stakeholders’ expectations for a clearer, longer-term picture of our organization and its ability to create value?

� If our organization provides a sustainability report, how effectively do we integrate it with our financial reports?

� Do we understand how the full adoption of integrated reporting might affect the board, including the liability of directors and officers?

Looking forward Corporate reporting will continue to evolve with the changing business environment and stakeholder expectations. Adding integrated reporting to management’s agenda and to board strategy sessions may help companies determine how to meet these evolving expectations. The integrated reporting concepts may provide companies a useful framework when considering how to best disclose environmental, social, and governance matters that they have decided to report. Companies may also improve their access to capital, achieve greater influence internationally and achieve strategic business benefits from integrated thinking.

A lot of people think it’s about putting together your financial and sustainability reports. Wrong. It is much more than that – and much less. Integrated reporting requires thinking about value beyond financial terms. It will not replace either a financial or sustainability report – both must be in place for integrated reporting. But starting to think about the connections between the financials, environment, social and governance issues, the relationships your organization has with its key stakeholders and how it makes use of various types of capitals, for a start, is a step in the right direction. Though SEBI has provided one year’s time to the top 500 listed entities to understand and implement such reporting framework (though voluntarily), it will be interesting to see how and when the companies adopt and implement such reporting framework.

References � Accenture, Driving Value from Integrated Sustainability: High

Performance Lessons from the Leaders, 2010. � “The IIRC, Mission Statement”, International Integrated Reporting

Committee, accessed Feb 15, 2017, http://www.theiirc.org/theiirc/ � What does your reporting say about you? PricewaterhouseCoopers,

March 2010. � Tapscott, Don and David Ticoll, The Naked Corporation: How the

Age of Transparency Will Revolutionize Business. New York: Free Press, 2003

� h t t p : / / w w w . s e b i . g o v . i n / c m s / s e b i _ d a t a /attachdocs/1486375066836.pdf

� Ittner, Christopher, and Larcker, David. “Coming Up Short on Nonfinancial Performance Measurement”, Harvard Business Review, v.81, is.11, 2003, p. 91, 89.


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.


CSBF

10,000.

7,50, 000.

CS Dhananjay ShuklaChairman09873347280

10,000

3


Compliance Checklist

S. No.

Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc. Compliance Due Date

To whom to be submitted

Central Excise Related Compliance1. Filing of Return of Central Excise and Cenvat

Credit for the month of February, 2017 (Form No. ER-1) (Non SSI Units)

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

10th March Central Excise Authorities

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

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

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

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

4. Last Date for payment of Excise Duty SSI units for the Quarter ended 31st March

Rule 8 Central Excise Rules, 2002 31st March Central Excise Authorities

5. Last Date for payment of Excise Duty Non SSI units for the Quarter ended 31st March

Rule 8 Central Excise Rules, 2002 31st March Central Excise Authorities

6. 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

7. 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

10th April Central Excise Authorities

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

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

9. 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 10th April Central Excise Authorities

Service Tax Related Compliances10.

Pay Service Tax in Challan GAR – 7, collected for the month of March 2017 by persons other than individuals proprietors and partnership firms.

Section 68 Read with Rule 6

Finance Act, 1994Service Tax Rules, 1994

31st March Service Tax Authorities

Income-tax Related Compliances11.

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

Authorities12.

Last date for filing belated return for the AY 2016-17 (PY 2015-16)

Section 139(4) Income-tax Act, 1961 31st March Income tax Department

13.

Last date for filing revised return for the AY 2016-17 (PY 2015-16)

Section 139(5) Income tax Act, 1961 31st March Income tax Department

14.

Contractor’s Bill / Advertising / Professional service Bill - TDS collected for the previous month Section 194J (March, 2017)

Section 194CSection 194J

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

15.

Monthly payment of TCS (March, 2017) Section 206 Income-tax Act, 1961 07th April Income Tax Authorities

16.

TDS from Salaries for the previous month (March, 2017)

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

17.

Deposit TDS from salaries for the previous month in Challan No.281 (March, 2017)

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

RBI Related Compliances18.

Reporting of actual transactions of ECB in form ECB-2 within 7 working days (March, 2017)

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

19.

Reporting of Special Mention Account status (SMA-2 return) applicable on NBFCs-D and NBFC-ND-SI.

Master Direction DNBS.PPD.02/66. 15.001/ 2016-17

Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016\

On Every Friday RBI

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


Compliance Checklist

Economic, Industrial & Labour Law Related Compliances20.

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 March Provident Fund Authorities Trustees of Provident Fund

21.

File monthly return for employees leaving / joining during the month of February(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 March Provident FundCommissioner

22.

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 February (Form no. 3(IF))

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

23.

Payment of ESI contribution for the previous month

Regulation 31 Employees’ State Insurance Act, 1948 andEmployees State Insurance (Gen.) Regulations, 1950

21st March ESIC Authorities

24.

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

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme, 1952

25th March Provident Fund Authorities

25.

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

Paragraph 36 The Employees' Provident Funds Scheme, 1952

25th March Provident Fund Authorities

Stock Exchange / Listing Compliance26.

1. Every person, who together with

persons acting in concert with him, holds shares or voting rights entitling him to exercise twenty-five per cent or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company

2. The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company.

Regulation 30(1) Securities and Exchange Board of India (SubstantialAcquisition of shares and takeovers) regulations, 2011

08th April (within seven working days from the end of each financial year)

(a) every stock exchange where the shares of the target company are listed; and(b) the target company at its registered office.

Note: While every care has been taken in the preparation of this Compliance Check List for the Month of March, 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 Present11.2.2017 One Day Seminar on Corporate

Restructuring – Role of Company Secretary Under New Regime

Guest Speakers: CS Harish K Vaid(Past Vice-President-ICSI), Senior President (Corporate Affairs), Jaiprakash Associates Limited; CS Satwinder Singh (Council Member-- ICSI), Partner, Vaish Associates and Mr. Nitin Savara, Partner, & Mr. Avanish Rungta, Senior Manager, Ernst & Young

CS Dhananjay Shukla, CS Rajeev Bhambri, CS Nitesh Sinha CS Ranjeet Pandey, CS Rajiv Bajaj, CS Vineet K Chaudhary, CS Manish Gupta, CS Monika Kohli CS Saurabh Kalia, CS Alka Arora and members

11.2.2017 Oath Taking Ceremony and Interaction with Newly Elected President & Vice-President of ICSI

Chief Guest: Shri Arjun Ram Meghwal, Hon’ble Union Minister of State, Ministry of Finance and Corporate Affairs

Interaction with: CS (Dr.) Shyam Agrawal, President and CS Makarand Lele, Vice-President-ICSI

CS Dhananjay Shukla, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Satwinder Singh, CS Vineet K Chaudhary, CS Dinesh C Arora, CS Pradeep Debnath, CS Rajeev Bhambri, CS Nitesh Sinha, CS Manish Gupta, CS Monika Kohli, CS Saurabh Kalia, CS Alka Arora and members

16.2.2017 Valedictory Session of 258th Management Skills Orientation Program (MSOP)

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

18.2.2017 One day Workshop on NBFC Guest Speaker: CS Vinod Kothari, Partner, M/s. Vinod Kothari & Co., Practising Company Secretaries

CS Dhananjay Shukla, CS Pradeep Debnath, CS Rajeev Bhambri, CS Nitesh Sinha, CS Manish Gupta, CS Alka Arora and members

21.2.2017 Valedictory Session of 259th Management Skills Orientation Program (MSOP)

Chief Guest: CS Nesar Ahmad, Past President-ICSI CS Dhananjay Shukla, CS Nitesh Sinha, CS Manish Gupta and participants

1.3.2017 Inauguration of 260th MSOP Chief Guest: CS Pavan Kumar Vijay, Past President-ICSI CS Dhananjay Shukla, CS Pradeep Debnath, CS Alka Arora and participants

1.3.2017 Session on Practical Issues related to Registration and Migration under GST

Guest Speakers: CA Ashu Dalmia & CA Shafaly Girdharwal

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

3-4.3.2017 President’s Meeting with Chairman of NIRC and all Chairmen of Chapters under the jurisdiction of NIRC

Meeting with: CS (Dr.) Shyam Agrawal, President-ICSI & CS Makarand Lele, Vice-President-ICSI

CS Dhananjay Shukla, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Dinesh Chandra Arora, CS Pradeep Debnath, CS Rajeev Bhambri, CS Nitesh Sinha, CS Manish Gupta, CS Alka Arora, Chairmen/Secretaries & other Managing Committee Members, EO/Incharges of Chapters of NIRC

6.3.2017 Campus Placement for Trainees CS Dhananjay Shukla, CS Pradeep Debnath, CS Alka Arora and participants

7.3.2017 Inauguration of 261st MSOP Chief Guest: CS G P Madaan, Past Chairman, NIRC-ICSI CS Dhananjay Shukla, CS Pradeep Debnath, Monika Kohli, CS Alka Arora and participants

8.3.2017 ICSI-NIRC Seminar on International Women’s Day on the theme CS Women: Empowered & Empowering….!

Guest of Honours: CS Saroj Hirawat; CS Tasneem Shariff and CS Monika Jaggia

Guest Speakers : Ms. Shazia Ilmi, Spokesperson, BJP, CS Manoj Kapoor, Director, Kapgrow Corporate

Advisory Services; CS Vijaya Sampath, Senior Partner, Lakshmikumaran & Sridharan; Saadhvi Deepika Bharti; Shri Vipul Srivastava, Advocate and Dr. Roop Singh, Senior Faculty, Brahma Kumaris

CS (Dr.) Shyam Agrawal, CS Dhananjay Shukla, CS Ranjeet Pandey, CS Dinesh C Arora, CS Pradeep Debnath, CS Monika Kohli CS Alka Arora, Officials from ICSI-HQ, members and students

11.3.2017 Meeting of Company Secretaries in Practice on Opportunities for PCS in LODR and Holi Milan

Guest Speaker: CS Kulbhushan Parashar CS Dhananjay Shukla, CS Ranjeet Pandey, CS Pradeep Debnath, CS Manish Gupta and Members


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 February, 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”Sir,I work so hard and sincerly but at the end of the year I get very nominal increment. Kindly favour me in terms of my work” “For that matter you take my advice and you not be left with any complaints.” “Sir, what is that?” “You redefine what you consider a great career and start working towards that immediately and then all your complaints will be over.” *************** 2.”Why you consider Paramjeet Singh as real Professional Manager academically?”“Because he is the only one who has all the qualities of a Professional Manager.”“Tell me one quality which only Paramjeet Singh possess.”“The quality of delegating the stress.”

—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


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 10.4.2017(Inclusive of Service Tax)(Service Tax Registration No.AAATT1103FSD005)(PAN NO.AAATT1103F)

Amount After 10.4.2017

(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 10.4.2017(Inclusive of Service Tax)(Service Tax Registration No.AAATT1103FSD005)(PAN NO.AAATT1103F)

Amount After 10.4.2017

(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 10.04.2017 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


Forthcoming Program

is organizing

ONE DAY SEMINARon the theme

“ISSUE OF SECURITIES- VARIOUS MODES OF FUNDING” on

Saturday, the 25th March, 2017Registration: 9.00 AM onwards (Program will start at 10.00 AM)

at

Hotel Holiday Inn, 13-A, District Centre, Mayur Vihar, Delhi (Near New Ashok Nagar Metro Station)

Fee:

Rs.1750/- per delegate inclusive of service tax(Rs.1000/- for students) ;

FREE for Corporate Members of NIRC(2016-17)Registration:

In order to make necessary arrangements, Members are requested to enrol well in advance with Regional Director, 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 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]

The fee may also be paid through Paytm through the following link:

https://paytm.com/education?op=The%20Institute%20of%20Company%20Secretaries%20of%20India%20NIRC&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 SHUKLA

Chairman, NIRC- ICSIMobile: 9873347280

Email: [email protected]

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

Coordination Committee, NIRCMobile: 09915710010

Email: [email protected]


Images

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2 Valedictory Function of 258th MSOP (16.2.2017): L to R Dr. Bhole Shanker Sikhwal, CS Manish Gupta, CS Dhananjay Shukla and CS Nitesh Sinha. Award winning participants of the batch are standing.

1 Valedictory Function of 259th MSOP (21.2.2017): CS Nesar Ahmad, Past President-ICSI addressing. Other from L to R CS Manish Gupta, CS Dhananjay Shukla and CS Nitesh Sinha. Award winning participants of the batch are standing

3 Inauguration of 260th MSOP (1.3.2017): Group Photograph of participants alongwith CS Pavan Kumar Vijay, Past President-ICSI, CS Dhananjay Shukla, CS Pradeep Debnath, CS Alka Arora and Ms. Beena.

4-5 President’s Meeting with Chairman of NIRC and all Chairmen of Chapters under the jurisdiction of NIRC(3-4.3.2017): Group photograph of Officials of NIRO, Chairmen/Secretaries & other Managing Committee Members, EO/Incharges of Chapters of NIRC alongwith CS (Dr.) Shyam Agrawal, President-ICSI, CS Makarand Lele, Vice-President-ICSI, CS Dhananjay Shukla, CS Ranjeet Pandey, CS Dinesh Chandra Arora, CS Pradeep Debnath, CS Rajeev Bhambri, CS Nitesh Sinha, CS Manish Gupta and CS Alka Arora

6 Holi Milan & Kavi Sammelan(11.3.2017): CS Dhananjay Shukla, CS Pradeep Debnath, CS Vinod Jain and Poets seen in the picture.

7 Meeting of Company Secretaries in Practice on Opportunities for PCS in LODR (11.3.2017): L to R CS Pradeep Debnath, CS Kulbhushan Parashar and others.

8 Session on Practical Issues related to Registration and Migration under GST(1.3.2017): L to R CS Pradeep Debnath, CA Ashu Dalmia, CS Dhananjay Shukla & CA Shafaly Girdharwal

9 Inauguration of 261st MSOP (7.3.2017): Group Photograph of participants alongwith CS G P Madaan, Past Chairman, NIRC, , CS Dhananjay Shukla, CS Pradeep Debnath, CS Monika Kohli, CS Alka Arora and Dr. Bhole Shankar Sikhwal.


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18-19.03.201716.03.2017

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1 Oath Taking Ceremony and Interaction with Newly Elected President & Vice-President of ICSI (11.2.2017): CS (Dr.) Shyam Agrawal, CS Makarand Lele, CS Dhananjay Shukla, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Vineet K Chaudhary, CS Dinesh C Arora, CS Nitesh Sinha, CS Manish Gupta, CS Saurabh Kalia, Chairmen of other Regional Councils and others welcoming Shri Arjun Ram Meghwal, Hon’ble Union Minister of State, Ministry of Finance and Corporate Affairs by presenting shawl.

2 One Day Seminar on Corporate Restructuring - Role of Company Secretary Under New Regime (11.2.2017): CS Dhananjay Shukla addressing. Others from L to R CS Harish K Vaid(Past Vice-President-ICSI), Senior President (Corporate Affairs), Jaiprakash Associates Limited; CS Satwinder Singh (Council Member-- ICSI), Partner, Vaish Associates and Mr. Nitin Savara, Partner, & Mr. Avanish Rungta, Senior Manager, Ernst & Young addressing.

3 ICSI-NIRC Seminar on International Women’s Day on the theme CS Women: Empowered & Empowering….!(8.3.2017): CS Dhananjay Shukla addressing. Others sitting from L to R CS Pradeep Debnath, Ms. Shazia Ilmi, Spokesperson, BJP, CS Manoj Kapoor, Director, Kapgrow Corporate Advisory Services and CS Monika Kohli.

4 One day Workshop on NBFC (18.2.2017): L to R CS Rajeev Bhambri, CS Manish Gupta, CS Dhananjay Shukla, CS Vinod Kothari, Partner, M/s. Vinod Kothari & Co., Practising Company Secretaries, CS Pradeep Debnath and CS Nitesh Sinha.

Documents

National Best Regional Council (2004, 2007, 2008, 2009 ... · CS Dhananjay Shukla welcoming CS (Dr.) Shyam Agrawal, President-ICSI and CS Makarand Lele, Vice-President-ICSI by presenting