january 2018 - icsi.edu · pdf filerahul bajaj ( chairman, bajaj auto limited), cs (dr.) shyam...

Regn. No. 21778/71 Delhi Postal Regn. No. DL(S)- 17/3197/2018-20Posting Date : 10/11-01-2018 Licenced to post without prepayment at Lodi Road P.O.Date of Publication : 04-01-2018 Licence No. U-(C)-80/2015-2017

JAN

UA

RY

20

18

CH

AR

TERED

SECR

ETAR

Y

01

VOL 48 I NO. : 01 I Pg. 1-116 I JANUARY 2018 I `100/- (Single Copy)

Diligent Board

Diligent Board Evaluations is designed to meet mandatory board evaluation requirements under Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR).

Administrators can prepare a board assessment with multiple question types, evaluating the board at all required levels, generate custom reports and cross-link content.

To book a demo, please visit: diligent.com/ICSI

FIND OUT MORE

� Singapore 800 130 1595

� India +91 96869 02287

� [email protected]

“Diligent” is a trademark of Diligent Corporation, registered in the US Patent and Trademark Office. “Diligent Boards,” “Diligent D&O,” “Diligent Evaluations,” “Dili-gent Messenger,” and the Diligent logo are trademarks of Diligent Corporation. All third-party trademarks are the property of their respective owners. ©2017 Diligent Corporation. All rights reserved.

Evaluations

� Malaysia +60 (3) 9212 1714

�Hong Kong +852 3008 5657

™

LRD-UK-EvaluationsAd-Print-AD2.indd 1 07/11/2017 12:39

New OpportunitiesEndless Possibilities

GU

IN

NESS WORL

D

RE

C

O R D H O L DE

R

BACK COVER (COLOURED) COVER II/III (COLOURED)Non – Appointment Non – Appointment

Per Insertion 75,000 Per Insertion 50,0004 Insertions 2,70,000 4 Insertions 1,80,0006 Insertions 3,96,000 6 Insertions 2,64,000

12 Insertions 7,65,000 12 Insertions 5,10,000

FULL PAGE (COLOURED) HALF PAGE (COLOURED)Non – Appointment Appointment Non – Appointment Appointment

Per Insertion 40,000 10,000 Per Insertion 20,000 5,0004 Insertions 1,44,000 36,000 4 Insertions 72,000 18,0006 Insertions 2,11,000 52,800 6 Insertions 1,05,600 26,40012 Insertions 4,08,000 1,02,000 12 Insertions 2,04,000 51,000

PANEL (QTR PAGE) (COLOURED) EXTRA BOX NO. CHARGESPer Insertion 10,000 3,000 For ‘Situation Wanted’ ads 50

(Subject to availability of space) For Others 100

MECHANICAL DATAFull Page - 18X24 cm Half Page - 9X24 cm or 18X12 cm Quarter Page - 9X12 cm

Advertisement

Tariff

(With Effect from 1st April 2012)

VOL 47 I NO. : 11 I Pg. 1-132 I NOVEMBER 2017 I `100/- (Single Copy)

Empowering

nationalGovernance

VOL 47 I NO. : 12 I Pg. 1-124 I DECEMBER 2017 I `100/- (Single Copy)

Anti-bribery and Charity Governance

VOL 47 I NO. : 10 I Pg. 1-172 I OCTOBER 2017 I `100/- (Single Copy)

g¨H ën go {g{Õ

‹Øê §¢çÇUØæ ×êß×ð´ÅU (2017-2022)

LET’S UNIVERSALIZE TREASURED ‘GOVERNANCE MANTRAS’

OF OUR ANCIENT INDIAN LITERATURE

Spl.Attraction

rebate on the total billing for 36 insertions

in 3 years in any category

F The Institute reserves the right not to accept order for any particular advertisement.F The Journal is published in the 1st week of every month and the advertisement

material should be sent in the form of typed manuscript or art pull or open file CD before 20th of any month for inclusion in the next month’s issue.

For further information write to:

The EditorCHARTERED SECRETARY

Editorial Advisory Board Annual Subscription

The Council Contents

1001

Presidentl Shyam Agrawal (Dr.)

Vice Presidentl Makarand Lele

Members (in alphabetical order)

l Ahalada Rao V.

l Amardeep Singh Bhatia

l Ashish C. Doshi

l Ashish Garg

l Atul H Mehta

l Gopalakrishna Hegde

l Gopal Krishan Agarwal

l Mahavir Lunawat

l Mamta Binani

l Rajesh Sharma

l Rajiv Bajaj

l Ramasubramaniam C.

l Ranjeet Kumar Pandey

l S. K. Agrawala

l Satwinder Singh

l Vijay Kumar Jhalani

l Vineet K. Chaudhary

l Yamal Ashwinkumar Vyas

Secretary

l Dinesh C. Arora

Chairman

l S K Agrawala

Members (in alphabetical order)

l Atma Ram Gupta

l D.K. Jain (Dr.)

l G. R. Bhatia

l Gopal Jiwarajka

l H. M. Choraria

l J.K. Mittal

l K Narayana Swamy

l N.K. Jain

l Nirmala Rawat (Ms.)

l P.K. Mittal

l Prithvi Haldea

l R. C. Gupta

l Udai Parnami

l Vinod K. Singhania (Dr.)

Editor & Publisher

l Dinesh C. Arora*

Legal Correspondent

l T. K. A. Padmanabhan* Declaration of name change from Dr. S. K. Dixit

to Dinesh Chandra Arora since been submitted to the licensing authority.

Design & Printed at M. P. PrintersB-220, Phase II, Noida-201305Gautam Budh Nagar, U. P. - Indiawww.mpprinters.co.in

Mode of Citation: CSJ (2018)(01/--- (Page No.)

‘Chartered Secretary’ is normally published in the first week of every month. n Non-receipt of any issue should be notified within that month. n Articles on subjects of interest to company secretaries are welcome.n Views expressed by contributors are their own and the Institute does not accept any responsibility.n The Institute is not in any way responsible for the result of any action taken on the basis of the advertisements published in the journal. n All rights reserved. n No part of the journal may be reproduced or copied in any form by any means without the written permission of the Institute. nThe write ups of this issue are also available on the website of the Institute.

Edited, Printed & Published byDinesh Chandra Arora* for The Institute of Company Secretaries of India, ‘ICSI House’, 22, Institutional Area, Lodi Road, New Delhi- 110 003. Phones : 41504444, 45341000, Grams : ’COMPSEC’ Fax : 91-11-24626727 E-Mail : [email protected] Website : http://www.icsi.edu

CHARTERED SECRETARY[ Registered under Trade Marks Act, 1999 ]

Vol. : XLVIII n No. 01n Pg 1-116 n January-2018

ISSN 0972-1983

QR Code/Weblink of Chartered Secretary Journalhttps://www.icsi.edu/JournalsBulletins/CharteredSecretary.aspx

From the President 09

Articles 39

Legal World 87

From the Government 95

News from the Institute 103

3CHARTERED SECRETARY I JANUARY 2018

ICS

I IM

AG

ES

5CHARTERED SECRETARY I JANUARY 2018 JANUARY 2018 I CHARTERED SECRETARY4

01

04

06 07

05

1. CS(Dr.)ShyamAgrawalpresentingthecertificateof‘ICSI-ShaheedKiBeti’toRamNathKovind(Hon’blePresidentofIndia)whileArjunRamMeghwal(Hon’bleUnionMinisterofStateforWaterResources,RiverDevelopment&GangaRejuvenationandParliamentaryAffairs)lookson.

02. TakingthevisionofOneNationOneTaxforward,CS(Dr.)ShyamAgrawalandCSAshishGargmeetsArunJaitley(Hon’bleUnionMinistryofFinanceandCorporateAffairs).03. CS(Dr.)ShyamAgrawalmeetingwithSushilModi(Hon’bleDeputyCM,Bihar)onvarioustopicsincludingICSIPanchayatGovernance,ICSICharityGovernance,GST,ICSICorporateAntiBriberyCode.04. CS(Dr.)ShyamAgrawalandCSAshishGargmeetingBhupenderYadav(MemberofParliament,RajyaSabha).05. 17thICSINationalAwardsforExcellenceinCorporateGovernancepresentedby-OntheDias(FromLtoR):CSMakarandLele,ArunChaturvedi(Hon’bleMinisterforSocialJustice&Empowermentand

MinorityAffairsandWaqf,GovernmentofRajasthan),ArjunRamMeghwal(Hon’bleUnionMinisterofStateforWaterResources,RiverDevelopment&GangaRejuvenationandParliamentaryAffairs),RahulBajaj(Chairman,BajajAutoLimited),CS(Dr.)ShyamAgrawal,CSDineshChandraArora.

06. AddressattheInauguralSessionof28thAnnualRegionalConferenceofEIRCby:ChiefGuestJusticeSJMukhopadhaya(Hon’bleChairperson,NCLAT)andOtherdignitariessittingonthedais(LtoR):CSPriyadarshiNayak,AlokSamantarai(RegionalDirector,MinistryofCorporateAffairs,EasternRegion,Kolkata),CSSKAgrawala,CSMamtaBinani(PastPresident,theICSI),GuestofHonourShriVPSingh(Hon’bleMember(Judicial),NCLT,KolkataBench),CSSiddharthaMurarka,KRJinan(Hon’bleMember(Judicial),NCLT).

07. ICSIcelebratesGuinnessWorldRecordsforthe“LargestTaxationLessononTaxRegimeinIndia&ConvergenceofIndirectTaxesintoGST–OneNationOneTax”inJaipuron16.01.2018.intheaugustpresenceofGopalKrishanAgarwal(Govt.Nominee,CentralCouncil,ICSI),AshokLahoty(Mayor,JaipurNagarNigam),CSBimalJain(Chairman,IndirectTaxesCommitteeofPHDChamberofCommerce),Ms.LuciaSinigagliesi(Adjudicator,GuinnessWorldRecord)andCS(Dr.)ShyamAgrawal.

03

02

ICS

I IM

AG

ES


08. ICSIConvocation-2017heldatJaipuron24.12.2017:CS(Dr.)ShyamAgrawalpresentingShaheedkiBetiCertificatetodistinguishedGuestDr.JyotiKiran,(Chairperson,FifthStateFinanceCommission,GovernmentofRajasthan),othersseen(LtoR)CSDhananjayShukla,CSRajivBajaj,CSRanjeetPandey,CSVineetKChaudharyandCSDineshChandraArora.

09. ICSIConvocation-2017heldatJaipuron24.12.2017-StandingfromLeft:CSDhananjayShukla,CSRajivBajaj,CSRanjeetPandey,DistinguishedGuest-Prof.SandeepSancheti(President,ManipalUniversity,Jaipur)CS(Dr.)ShyamAgrawal,CSVineetKChaudhary,CSDineshChandraAroraandCSAshokKumarDixit.

10. ICSIpresidentCS(Dr.)ShyamAgrawalatICSIConvocationheldinJaipur.11. ICSISouthernRegionConvocationheldon5thJanuary,2018atShikshakaraSadan-SittingondaisfromLeft:CSG.M.Ganapathi,CSAhaladaRaoV,CSMakarandLele,ChiefGuest

D.P.NagendraKumar(IRS,DirectorateGeneralofCentralExciseIntelligence,Bengaluru),CSGopalakrishnaHedge,CSAshokKumarDixit.12. AddressBy:D.P.NagendraKumar(IRS,DirectorateGeneralofCentralExciseIntelligence,Bengaluru).13. ICSISouthernRegionConvocation:D.P.NagendraKumar(IRS,DirectorateGeneralofCentralExciseIntelligence,Bengaluru)seenpresentingthecertificate.14. ICSI-EIRCConvocationheldatSwamiVivekanandaAuditorium,Ranchion10.12.2017-AddressbyC.P.Singh(Hon’bleMinisterofUrbanDevelopment,Housing&TransportDepartment,

Govt.ofJharkhand),othersseen(LtoR)CSMurarkaSiddhartha,CSMakarandLele,CSAshokKumarDixit.

ICSI Convocation 2017

12 13

10

08

14

11

09

ICS

I IM

AG

ES


15

17

19

21

20

22

16

18

15. ICSIDelegationattheconferenceofInternationalCorporateGovernanceNetwork(ICGN)atParis,withCSRajeevBajaj(CouncilMember),CARajeshSharma(CouncilMember-GovtNominee),CSAshokKumarDixit.

16. ICSIDelegationatAustralia-StandingfromLeft:Mr.PeterTurnbull(DirectorAndFormerPresident,GovernanceInstituteofAustralia)CS(Dr.)ShyamAgrawal,PreetiKaushikBanerjee,TimSheehy(DirectorGeneral,TheInstituteofCharteredSecretaries&Administrators(ICSA).

17. ICSIDelegationatAustralia-StandingfromLeft:CS(Dr.)ShyamAgrawal,Mr.RakeshMalhotra(ActingConsul,ConsulateGeneralofIndia,Melbourne,Australia)&PreetiKaushikBanerjee.18. MeetingwithInternationaldelegation-CS(Dr.)ShyamAgrawalwithPeterTurnbull(DirectorAndFormerPresident,GovernanceInstituteofAustralia),TimSheehy(DirectorGeneral,The

InstituteofCharteredSecretaries&Administrators(ICSA),CSAtulH.MehtaandothersseeninthepictureatICSI-House,NewDelhi.19. AddressBy:CSRajivBajajatASSOCHAMprogramme“NewIndiaConfluenceforPublicandPrivateEnterprises-Governance,RiskandCompliance”andotherdignitariessittingondias.20. PanelDiscussionon“Companies(Amendment)Bill,2017atICSINagpurchapteron29.12.2017–SittingondiasfromLeft:CSTusharPahade,CSChanchalRathod,CS(Dr.)ShyamAgrawal,

CSAshishGarg,CSPraveenSoni.21. Seminaron“TheCompanies(Amendment)Bill,2017&CondonationofDelayScheme,2018”(30.12.2017)-SittingondiasfromLeft:CSPradeepDebnath,CSRanjeetPandey,SavithriParekh

(SrVicePresident-Legal&Secretarial,PidiliteIndustriesLtd,Mumbai),CSDhananjayShukla,S.Sudhakar(Vice-President(CorporateSecretarial),RelianceIndustriesLimited,Mumbai).22. 5thICSI-GSTCoreAdvisoryGroupMeetingheldon26.12.2017undertheChairmanshipofDr.GirishAhujaandinpresenceofCS(Dr.)ShyamAgrawal,President,ICSI.

ICS

I IM

AG

ES


23-24.SwachhtaPakhwadaorganizedbyICSIon16th-31stDecember,2017withapledgetowardscleanlinessandhygiene.25. ICSIPresidentCS(Dr.)ShyamAgrawalunveilingtheFoundationStoneofKochiChapter.26. CS(Dr.)ShyamAgrawalreleasing‘ModelGovernanceCodeforMeetingofGramPanchayats’inMalayalam.27. ICSITaskForceonDiligencereportatMumbaion30.12.2017–Standingfromleft:CSPrakashPandya,BPVijayendra(Principal,CGM(Retd.),RBIandChairman,ICSITaskForce

onDiligenceReportforlendingunderConsortiumArrangement/MultipleBankingArrangement2017),NSVishwanathan(DeputyGovernor,RBI),CSSNAnanthasubramaniam,CSMahavirLunawatandCSSaurabhJain.

28. ICSIUDAIDIVAScelebrationon1.01.2018.

25

27

23

26

28

24


ICS

I IM

AG

ES


29. FirstchequeofRs.5Lakhunderthe“ShaheedkiBeti”initiativewashandedoverbyCS(Dr.)ShyamAgrawaltoMaj.Gen.GSBisht(VSM,AdditionalDirectorGeneral-Ceremonial&Welfare,AdjutantGeneral’sBranch,MinistryofDefence,NewDelhi)on12.01.2018.

30. CS(Dr.)ShyamAgrawalinauguratesnewpremisesofICSIVisakhapatnamChapter.31. ICSIRajkotChapterofWIRCorganizedDepositorEducation&AwarenessPrograminassociationwithRBItospreadawarenessaboutvariousbankingservices.32. CS(Dr.)ShyamAgrawalwithNabaKumarDoley(Hon’bleMinisterSports&YouthWelfare,CulturalAffairs,SocialWelfare,GovtofAssam)InauguratesICSINorthEast

Chapter’sNewOfficeBuildingon15.01.201833. CS(Dr.)ShyamAgrawalinauguratingSiliguriChapterbycuttingribbonatSiliguriChapterInagurationCeremony,on14thJanuary,201834. PressReleaseforICSINEChaptersNewofficeBuildingInauguratedon15.01.2018atGuwahati.35. 5thMeetingoftheAuditingStandardsBoardoftheICSIheldon13-14thJanuary,2018atICSIHouse,Noida.36. CS(Dr.)ShyamAgrawalinauguratingLibrarybycuttingribbonatJaipurChapter.

29

31

33

35

34

36

30

32

FR

OM

TH

E P

RES

IDEN

T

9CHARTERED SECRETARY I JANUARY 2018 JANUARY 2018 I CHARTERED SECRETARY8 9CHARTERED SECRETARY I JANUARY 2018 JANUARY 2018 I CHARTERED SECRETARY8

DearProfessionalColleagues,

A ttheoutset,letmetakethisopportunitytowishyouahappy new yearwithmy heartiest congratulations for

thewonderfulfeatachievedbytheInstitutebyfindingourselvesplacedintheGuinnessBookofWorldRecordsforconductingtheLargesteverTaxationLessondeliveredatasingleplaceon the topic ‘TaxRegime in India&Convergenceof IndirectTaxesintoGST–OneNationOneTax’.Needlesstosayitisamomentofgreatprideandhonourfornotjusteachmember,student or stakeholder of the Institute but each and everycitizenofthenation.

Whilepenningdownmylastaddressforthisjournal,thefeelings,thenostalgia issomewhatsimilar to theone IhadwhenIhadpenned my first one. The day, date and moment of havingelected to this designation is still afresh in the memory andmoresoshallforeverremainetchedinmyheartforitisthisdaythatgavemethepowerandpedestaltorealisethedreamsthatIhadbeenseeing for the Institute fora really long timeand itgivesmemore than just immense pleasure to share the factthattheyearof2017hasbeenanyearofachievements.Fromcrossing the 50,000mark ofmembers to entering in the 50thyear, from gaining pan-India presence to receiving accoladesandmakingpresencefeltinternationally,fromhavingtheHon’bleVicePresidentandHon’blePrimeMinisterofthenationgracingtheoccasionstohavingspiritualguruslikeSadhguru,Founder,IshaFoundation,showingusarerootsandancientpresence,thejourneyfromcorporategovernancetonationalgovernancehasbeenquiteworthwhile,satisfyingaswellasfulfillingandyetoneleavinghungryforplentymore.

WitheachandeveryaddressofminethroughthesefewpagestheintenthasbeentosharewithallofyoutheeffortsofTeam-ICSIandourfuturecourseofaction;,this,butthisoneshallbea

tadbitdifferent,notbecausethepastmonthhasbeenanylesseventfulbutbecausethere’splentymoreatmyendtoshare...

Veryfewofyouwouldknowhowmyjourneyhasbeentillnow;whathasbeeninlimelighthasbeenallthereis…Themanwhosayswhat he feels is right, themanwho is not bogged evenin themost perturbing of situations and formany amanwhois privileged to be meeting the who’s who of the nation andreceiving the blessings of theHon’blePresident of India, ShriRamNathKovind as a part of themany perks that theworldfeelstobeingrainedwiththedesignationheisin.Mymeetings,seminarsandconferenceswithstudentsandyoungandbuddingmembersandtheoff-sceneconversationsmighthaveleftthemsmittenbutforme,wellIamwhilefeelinghonouredholdgreatregardtotheirdreamsandaspirationswhentheyconsidermeastheirsourceofinspiration.Andwhilethismaycomeacrossasaself-praiseofsorts,formetheirwordsaremybiggestmotivation,not just to move ahead but to keep my integrity, morals andvaluessohigh,forthefearoffalteringthem.Beingdesignatedtoapositionsuchas thisone, the feeling ismoreofaparentblessed with a child, for while the world congratulates you atthatverymomentbuttheexpectationstoraiseachildbefittingthenormsofthesocietyismorethanhumungous.Andforme,well,consideringmyyoungageandmoreso,beingreferredtoasthe‘Yuva-adhyaksh’bytheHon’blePrimeMinisterofIndia,the responsibility justmultiplied.While, itwasanhonour tobebelonging toasmall townandyet reaching thehelmofaffairsof one of the most prestigious institutions of the country andyet itwasaswordofDamocles, thepressure toestablishandreaffirmthefactthatagewasneveradefiningfactorofone’swillandperformanceand that theyouthof thenationwasable toprovetheirmettleifgiventherightopportunity,wasimmense.

âêØü â´ßðÎÙæ ÂécÂðÑ, Îèç# ·¤æL¤‡Ø»´ÏÙðÐ ÜŽŠßæ àæéÖ×÷ Ùßßáðü¥çS×Ù÷ ·¤éØæüˆâßüSØ ×´»Ü×÷ÐÐ(çÁâ ÌÚUã âêØü Âý·¤æàæ ÎðÌæ ãñ, ÂécÂ ÎðÌæ ãñ, â´ßðÎÙæ ÎðÌæ ãñ ¥õÚU ã×ð´ ÎØæ Öæß çâ¹æÌæ ãñ©âè ÌÚUã Øã Ùß ßáü ã×ð´ ãÚU ÂÜ ™ææÙ Îð ¥õÚU ã×æÚUæ ãÚU çÎÙ, ãÚU ÂÜ ×´»Ü×Ø ãô Ð)

FR

OM

TH

E P

RES

IDEN

T


Raised in a humble background from an agrarian familywithlittleorno ideaabout thesignificanceandvalueofeducation,right guidance, whether for education or career or the life atlarge,cameinsometimesmomentslaterorjustafewmomentsbefore thewatercrossed the ‘dangermarks’,andyet IwouldthanktheGodalmightyforsendingthosemiraclemeninmylifewhosteered theshipofmy life in therightdirection.But thenthereisanoldsaying,“ThePastiswhereyoulearnthelesson;thefutureiswhereyouapplyit”.Thesaying,thethoughtandthedeepmeaningbehind,haveneverleftmysidesince.

Youth, regardless of the generation or even the century hasalways been the powerhouse of energy, plenty enough toalightamillion lightbulbsand;setfire tomanya lighthouses,if not properly channelized. Suffice to say, right leadershiprealisedbythepresenceoftheright leadershasalwaysbeenan indispensable necessity. Leaders, who empower others;leaderswhonotonlyinspireotherstodreammore,learnmoreand do more but also elicits the greatness that has alreadybeenexistentinthepeoplewhofollowthemorratheraremorethanhappytofollowthem.Anditisthesemen,whoreallysteerothersintopathslesstreaded,journeysonrouteslesstravelledandmakemiracleshappen.

And it is these leaders and their leadership, fondly called asThoughtLeaders,thatwehavededicatedthisfirsteditionofthejournal for the year 2018 towards a concept that has foreverformed part of the management books and yet hungry forresearchandexploration.Forabrigadeofprofessionalsbeingreferredtoas‘intellectuals’bytheHon’blePrimeMinister,ShriNarendraModi, it seems more than apt that a realisation bemadethattheroleofCSisnomorelimitedbehindthecloseddoorsoftheBoardRoom,ratherthewholenationstandsbeforethem,yettobeempoweredfullywithgoodgovernance.

Eachoneofushascomeacross,ifnotmany,afewmenandwomen in our lives, who while defying the social norms of‘ordinary’ have raised the bars of leadership to extraordinaryand made their auras perfect enough to fit within the normsof this form of leadership. However, it would be a statementpar-belief that the possibility of becoming a thought leaderwouldariseonlyafterreachingpinnaclesofsuccessorhigherpodiumsandpedestalsinprofessionsprofessed;contrarily,itismenwhoalter thenormalcoursesofactionandbegetresultsunfathomed,menwho believe in raising their auras to levelsincomprehensible,aretheoneswhichearnthetagsof‘thoughtleaders’.

The profession of Company Secretaries, too, is no different.Plenty of men and women have carved niches and playedsignificant roles inaltering theway inwhich thisprofession isportrayed to theoutsideworld.The term ‘Thought leadership’formewasredefinedas‘TransformativeLegends’bythesemenandwomen;who,fortheyouth,arethetruesourceofinspiration.Atthisjuncture,Iamtemptedtoquotethefollowingshloka:

Ù ¥çÖàæð·¤ô Ù â´S·¤æÚUÑ çâ�ãSØ çR¤ØÌð ßÙð Ðçß·ý¤×æçÁüÌæ âˆßSØ SßØ×ðß ×ë»ð‹ÎýÌæ ÐÐ

Thought leaders with their actions and deeds truly prove thatthereisnoofficialcoronationceremonyheldtodeclarelionkingof jungle. He becomes king by his own attributes and heroicactions.

Allduringmytenure,thewordsofJohnHume,thefamousIrishpoliticianandrecipientofNoblePeacePrize,servedasaguidinglightformyactions.Toquotehim,“Ineverthought intermsofbeingaleader,Ithoughtverysimplyintermsofhelpingpeople”.

Andwhileittookme12monthstofocusaneditionofthisjournaltowards this concept, each and every initiative, step taken,plan chalked, decisionmade, particularly for the students andtheyouthofthenation;hasallbeendeeprootednotjustinmyhistory,but the livesofa lotmanypeople… It ismypastandthethoughtofcreatingabetterfutureofeachandeverystudentandmemberthathastakenthecentrestageofeverydecisionand more so to provide the right opportunities and avenuesto students... Students who could not get the right guidance,studentswhobelongedtoruralareas,studentsraisedinfarflungareasofthenation,studentsforwhomfinancewasaconstraintfor gaining education, studentswho had nothing else in handotherthananundyingsparkingflameinsidetogainsuccessandreachacertainpodium.

Though theTeam ICSIhascompiled theachievementsof thepast year, just a few pages ahead, I cannot help but sharemy close attachment to the Vision document for New ICSI of2022. The Vision of 2022 was developed with a two-facetedapproach. Firstly, with the New India stepping into its 75thyear of independence in 2022, the ICSI should stand tall asregardsitsresponsibilitiestowardsthenationinpartneringwiththeGovernment of India in its initiatives aimed at leading thenation on the path of inclusive and sustainable development.Secondly, envisioning the Vision document, the thought thatgoverned this initiative was that every organization, everyinstitutionshouldhaveavisionwhichshouldbeindependentoftheExecutiveoranymemberofthegoverningbodyandhence,itwasenvisaged thata long-termfiveyearplanhavinga360degreeapproach,encompassingallarenasofactivity,pertainingto all the stakeholders of ICSI be developed with the guidingmantra of ‘Reform, Transform and Perform’; and it gives meimmensepleasuretosharethatthedocumentrolledoutattheInaugural Ceremony of Golden Jubilee Year on 4th October,2017succeedsinlivinguptothedesiredexpectations.Andwhileplentyofactivitiestowardstheaccomplishmentofthesevisionshavebeensetinmotion,Iwishalltheverybesttomysuccessorsinmakingthesevisionsareality.

Asfarastheachievementsofthebygonemonthareconcerned,theeventswerequiteenthrallingaswellasfulfilling:

17th ICSI National Awards for Excellence in Corporate Governance and 2nd ICSI CSR Excellence Awards, 2017 While during my last communication with you, I had sharedthattheJuryMeetingfortheawardshadculminatedsmoothly,themid-DecemberwitnessedICSIawardingthecorporates forexcellenceincorporategovernanceandemployingbestpracticesin CSR in the presence of Shri ArjunRamMeghwal, Hon’bleUnionMinisterofStateforWaterResources,RiverDevelopment&GangaRejuvenationandParliamentaryAffairsandShriArunChaturvedi,Hon’bleMinisterforSocialJustice&Empowermentand Minority Affairs and Waqf, Government of Rajasthan.Othersignificantmomentsmarkingtheevent includedaPanelDiscussion on the topic India 2022: The Global Edifice andthesigningofaMemorandumofUnderstandingbetween ICSIandAUSmallFinanceBank;andaccording recognition to the

FR

OM

TH

E P

RES

IDEN

T


Sarpanch,LambaKalanGramPanchayatforbeingamongstthefirstfewadoptingtheModelCodeofGovernanceforMeetingsofGramPanchayats.

Infrastructural development For me, inauguration ceremonies are not mere events to cutribbons or give speeches, rather they are awayof telling theworldandtothatplaceinparticular,thatwithICSIaround,goodgovernanceshalldefinitelyfollowandthenextinlinewouldbegreaterprosperity;andalikethetimesgoneby,thepastfewdaystoowitnessedICSIexpandingboundariesandopeningupnewoffices at Kochi, Guwahati, Siliguri and Vishakhapatnam. TheSiliguriChapterholdsaslightlyhighersignificanceforraisingthechapter count of the Institute to 70 (seventy). Another featherin the cap of the Institutewas addedwith the inauguration ofReading-cum-library Room at the Jaipur Chapter signifyingthatgrowthanddevelopment isacontinuousprocessandoneshould achievewhatsoever feats possible irrespective of priorachievements.Alongwith,whilecontinuingtheeffortstomakeourCodeseasilyadoptable,theMalayalamversionofModelCodeofGovernanceforMeetingsofGramPanchayatswasreleasedduringthefoundationstonelayingceremonyatKochi,whichhasbeenadoptedby theMunicipalCorporation thereat. I amalsopleasedtosharewithyouthefactthatplentifulcelebrationsareinline.TheprimafacieactivitiespertainingtotheacquisitionoflandfromtheGovernmentofRajasthanforCentreofExcellenceatAjmerandChapterofficeatJodhpurhavebeenaccomplishedandtheInstituteisinthelastlegofgainingfinalassent.

Local to Global – ICSI presenceInourattempttoreachtheGlobalpedestalswhilekeepingourrootsintact,theInstitutehasplethoraofachievementstobeproudofinthe International arena.The recentmeetingwithPeterTurnbullFCIS, Vice-President and Tim Sheehy FCIS, Director General,TheInstituteofCharteredSecretaries&Administrators(ICSA)atICSI-House,NewDelhiwasfocusedonnotonlyestablishingasetofInternationalStandardsonBoardMeetingsandexpandingtherecognition of IndianCompanySecretaries in other nations butalsoonjointlyworkingonestablishingandstrengtheningcorporategovernance framework in the lesser developed countries whileinvolvingtheservicesofthemembersofTheInstituteofCompanySecretariesofIndia.Anotherbigachievementofsorts...

Certificate of Recognition to ICSI Registered Valuers Organization It gives me immense pleasure and gratification to share withyou another achievement of Team ICSI. The ICSIRegisteredValuers Organization, a section 8 company of the Institutewas granted Certificate of Recognition by the Insolvency andBankruptcyBoardofIndiaasaRegisteredValuersOrganizationfortheAssetClassesofLandandBuilding,PlantandMachineryandSecuritiesorFinancialAssets.The recognitionshallwhileopeninggreateravenuesfortheprofessionalsseektostrengthenthevaluationmechanismofIndiaInc.

Honorary Fellow Membership conferred upon Shri P P ChaudharyKeeping in sight his immense contribution in the field of notjustLawandJusticebutsocialworkaswell, theInstitutefeelsimmensepridetohaveconferredHonoraryFellowMembershipupon Shri P P Chaudhary, Hon’ble Union Minister of State,Ministry of Law and Justice andMinistry of Corporate Affairs.I feelhonoured tohavinggiven theprivilege toadminister the

oathtoShriChaudharyinthepresenceoftheCouncilMembers,SecretaryandHeadsoftheDirectoratesofICSI.

Theabovewordswhilemayseemtobe,butintruesenseshouldnot be comprehended as a parting note for all of you. As amember,asafriend,asarepresentativeofallmydearmembersandstudentsonthecouncilandevenafterwards,Ishallalwaysbeavailableforallofyou,totakeinyoursuggestionsforwardortoconveyyourgrievances;formewhilethedesignationwasawholesomeopportunitytorealisemydreamsfortheInstitutebutsteppingdownshallinnowaybeadeterrenttowardsdoingmyduty,onewhichIowetowardsallofyou.AndyetIwouldliketobidadieuwiththefollowingshloka,

¿Üæ Üÿ×èà¿ÜæÑ Âýæ‡ææpÜ´ ÁèçßÌ-ØõßÙ×÷Ð ¿Üæ¿Üð ¿ â´âæÚUð Ï×ü °·¤ô çã çÙà¿ÜÑH

Wealthcomesandgoes,lifeandyouthgoesfromtheliving,inthisworldofcomingandgoing, ‘dharma’alone isfirm.WeasCompanySecretarieshaveandshall foreverbeboundbyourduty,notonlytowardstheBoardofourclientcompaniesortheseniormanagementorshareholders,ratherwiththewordsoftheHon’blePrimeMinister,ShriNarendraModiinsight,thisbrigadeofprofessionalsshallremaindutifultowardsthenationatlargeandeachcitizenthereof,bynotjustcomplyingwiththerulesandensuringcompliancebutbyempoweringandstrengtheningtheentirenationwiththelegacyofbestgovernance.

Whileitmayseemlikealegacytothankoneandall,inmycaseIstandmorethanindebtedtowardseverymemberoftheCentralCouncil,RegionalCouncilsandManagementCommitteespan-India; and allmy predecessors for theirwholehearted supportandsuggestionsineveryinitiativeputforth,thededicatedteamof employees for working as the most efficient and effectiveExecutiveforthenationstructureofICSIandeachmemberandstudentwhohasbeenat thecoreofeverydecisionmadeandevery decision taken. Expanding my vote of thanks, I cannotfathomculminatingmyvotewithoutextendingmydeepsenseof gratitude towards Hon’ble Prime Minister, Shri NarendraModiforinstillinghisfaithinallofusprofessionalsandMinistryofCorporateAffairsheadedbyShriArunJaitleyandShriP.P.Chaudharyaswellas formerMinisterofStateShriArjunRamMeghwalandtheir teamforbeingmore thansupportive inourendeavours to promote and ensure good governance. Thecelebrations,thecommoninitiativesandthecollaborativeefforts,somethingwhichshallnotend,regardlessofwhatsoeverpersonstandsatthedesignation…

Andwiththismoment,Ionceagainwishallofyouaveryhappyand prosperous year 2018 ofNewOpportunities andEndlessPossibilities!!!

HappyReading!!

Bestwishes.YoursSincerely

January04,2018 âè °â (ÇUæò.) àØæ× ¥»ýßæÜNewDelhi ¥ŠØÿæ, ÖæÚUÌèØ ·¢¤ÂÙè âç¿ß â¢SÍæÙ

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI


The Year that was...The January edition is a moment to reminisce the happenings, the achievements and the

laurels collected during the year gone by. Here’s sharing, the accomplishments and moments of triumph with all of you...

Inauguration of ICSI Golden Jubilee Year, 2017Cataloguing a step forward in the momentous journey of theInstitute while serving the nation with the highest standards ofprofessional excellence in compliance and governance, theInstitute recently beheld the inauguration of its Golden JubileeYear by the gracious hands of Hon’ble Prime Minister, ShriNarendra Modi along with the presence of other dignitaries onOctober 4, 2017 at Vigyan Bhavan, New Delhi. Among othermilestones, the opening of ICSI Golden Jubilee venerated theadoption of the ICSI Golden Jubilee Year Logo, Motto SongFelicitationofspiritedstakeholdersoftheInstituteandmagnificentaddressof ourHon’blePrimeMinister to theCSFraternity andPublicatlarge.

• ICSIMotto–SatyamVada,DharmamChara To rejoice the beginning of Golden Jubilee Celebrations of

ICSI,theInstituteformallyadoptedtheMottowhichreadstheGoldenQuote “SatyamVada,DharmamChara – Speak theTruth,AbidebytheLaw”.

Corporate Anti-Bribery CodeCorruptionissevereimpedimenttoeconomicgrowth;itthreatensthe integrity of markets, undermines fair Competition, distortsresourceallocation,destroyspublictrustandunderminestheruleoflaw.Duetoabsenceofclear-cutguidelines,theprivatesectorlacksawell-formulatedpolicytocheckcorruption.Inthisbackdrop,ICSI brought out a recommend ‘Corporate Anti-Bribery Code’(TheCode),tacklingthesupplysideofbriberyinthissector.ThisCodeisanimportantinstitutionalinitiativeincurbingcorruptioninIndia.TheeffortistocreateawarenessandpursueprivatesectortoadoptCorporateAnti-BriberyCodevoluntarily.TheInstitutehasalso published a book giving the background of The Code,outlininglegislationsdealingwithanticorruptionmeasuresandtheinstitutionalframeworkinIndia;Internationaltrendsandpracticesonanti-bribery;recentandproposedinitiativesoftheGovernmentineliminatingcorruptioninIndia.

Model Governance Code for Meetings of Gram PanchayatsTransparencyandGovernanceare thekeys tosuccess foranyInstitution.Thesameholdstruefor localbodiesofthenationaswell.TheeffectivedecisionmakingatPanchayatmeetingsisakey

facilitator in achieving the good governance mission of thegovernmentandneedlesstosaythatprinciplesofgoodgovernancemustbeimbibedinthedecisionmakingprocessfollowedbythePanchayats in India. In view of above, the “ModelGovernanceCodeforMeetingsofGramPanchayats”broughtoutbyICSIfillsin the gap by propagating Standard Practices facilitating theconveningandconductingofmeetingsofPanchayats

Code Of Charity GovernanceCharitable Entities have been in the limelight for reasonsmorethan one. The recent allegations as regards their misuse forsiphoningoffundshasledtorealisationsthatforanationtoboastofgoodgovernanceintotality,itisimperativethateachsegmentoftheeconomyisbestgovernedandhavingfulldisclosuresandtransparencyintheiractivities.TheCodeofCharityGovernancebrought out by ICSI is its way of fulfilling its responsibility inpromotingandenhancingnationalgovernance.

Goods and Services Tax (GST)AtICSI,alongwiththepublishingofmonthlyNewsletterdedicatedtoGSTwith latestbeingJanuary Issue (Volume10),numerousotherinitiativesrelatedtothenewindirecttaxregimei.e.,Goods&ServicesTax,whichwasimplementedw.e.f.July1,2017,TheseincludeGSTPoint,adedicatedhelplineforGSTwhichcompletedaround50sessions,aseriesofdailyonepageronGSTknownasGSTEducationalSerieswithmore than150 issues ,LaunchofICSI-GSTAppwithmorethan17000users,PublicationsonGSTsuch as Beginners Guide on GST & GST Educational SeriesalongwithGSTPractitioner’sGuide, LaunchofGSTCertificateCourse,NationwideprogrammesonGSTatallRegionalofficesandChaptersalongwithsetting-upofGSTPhysicalCountersandinclusionofGSTintheCourseCurriculum.ICSIhasalwaysbeenin absolute support and a partner in the Government of IndiainitiativesinmakingofOneNation,OneTaxasuccess.

Shaheed Ki Beti’ InitiativeLaunchedattheinauguralceremonyoftheGoldenJubileeYearof ICSI, the ‘Shaheed Ki Beti’ imitative, aims to assist theeducation/welfareofthedaughtersofmartyrswholaiddowntheirlives for protecting the sovereignty of the country. Under thisinitiative, the Institute while discontinuing the practice of givingmementoes,etc.todignitariesfelicitatesthemwithacertificateofbenevolenceand transfers theamount to the dedicatedcorpusdevelopedforthispurpose.• ExposureDraftofICSIAuditingStandards TheAuditingStandardsBoard(ASB)wasconstitutedbyICSI

withtheobjectiveofformulatingAuditingStandards(AS)oftheICSI.Accordingly,theBoardhasbroughtoutExposureDraftsof four Auditing Standards on Audit Engagement, AuditProcess and Documentation, Forming of Opinion andSecretarialAudit,whichhavebeenplacedon thewebsiteoftheInstituteforthepubliccommentsbeforefinalization.

• CompaniesAct,2013–“Enable,Evaluate,Excel” The Institute organised webinar series “Enable, Evaluate,

Excel”ona regularbasis formembers to revive, refreshand

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI


sharpen their knowledge on the Companies Act, 2013 andprovide them an opportunity for self-evaluation of theirknowledge on the subject and to prepare them for futurechallenges.

• ICSI-QuestAssistandICSI–Queste-Assist ‘Quest-Assist-ICSI’,wasinitiatedinthemidofFebruary,2017

toserveasaplatformforreplyingtothequeriesanddifficultiesofmemberspertainingtotheCompaniesAct,2013andRulesandNotificationsthereunderandissuesrelatedtoE-filing.Thehelp linewhich remained open for two hours, twice aweek,venerated Twenty Five (25) sessions of ‘ICSI -Quest Assist’withthecloseofMay,2017.Infurtherancetotakethisunderadigitalizedplatform,ICSIQueste-AssistwaslaunchedinJune,2017, underwhichmore than 1300 queries of themembershavebeensuccessfullyrepliedbytheexpertstillpresent.

• ICSIandNSDCtodevelopGSTAccountsAssistants The Institute entered into an MoU with National Skill

Development Corporation (NSDC) to organize TrainingProgramsonGSTforICSIstudentsandthepublicatlargeinorder to develop them as GST Accounts Assistants and toenablethemrendertheirservicesinGSTafterthetraining.

• FeesWaiverScheme forStudentsofStateof Jammu&KashmirandNorth-EasternStates

Withaviewtoaugmentthegovernmentinitiativeforprovidingextraordinarysupportforsocio-economicdevelopmentoftheState of Jammu & Kashmir and North Eastern States andundertheInstitute’sprolificroleinthedevelopmentofsocietyat large, the Institute launched a Fee Waiver Scheme forstudents of these regions to provide an opportunity to theyouth of these States to come to the mainstream. The feewaiver scheme includes waiving the Fee for the respectivestudentstillMarch31,2018.

• GirisagarVidyarthiVikasYojana Tocreateclearvisibilityandpresenceof the Instituteamong

the students, schools and colleges pan India, initially with afocusonHillyandCoastalCitiesendorsingthehugepotentialforthegrowthoftheprofession,theInstitutecameupwithICSIGiriSagar Vidhyarthi Vikas Yojana duly launched on July 1,2017atVadodara.

45th National Convention of Company Secretaries, 2017TheGoldenJubileeYear–45thNationalConventionofCompanySecretariesduringNovember22-24,2017atThiruvananthapuram,Kerelawasgracedbythepresenceofwho’swhofromthespiritual,businessandpoliticalworld.Whiletheopeningplenarywitnessedmore than an hour long address by Sadhguru, Founder, IshaFoundation and the Valedictory session, the presence of ShriAmoghLilaDass,(Vice-President,ISKCONDwarka),thesessionsinbetweentoowerenolesseventful.

17th ICSI National Awards For Excellence In Corporate Governance & 2nd ICSI CSR Excellence AwardsThe Institute organized its 17th ICSI National Awards forExcellence in Corporate Governance and 2nd ICSI CSRExcellence Awards on December 16, 2017 at Jaipur, in theaugust presence, Shri Arjun Ram Meghwal, Hon’ble UnionMinisterofState forWaterResources,RiverDevelopment&GangaRejuvenationandParliamentaryAffairsastheofChiefGuestoftheDay.

Corporate Leadership Development ProgrammeA 45-day residential Corporate Leadership DevelopmentProgramme was organized to create a comprehensive,streamlined,skillbasedandfacilitative trainingexperience topreparemembers to enhance their career opportunities andvigour in entailing the openings in organizations. The firstphaseofthisICSICLDPwassuccessfullylaunchedonAugust1,2017atNoida.TheSecondbatchof theProgrammewasinauguratedonNovember30,2017at ICSI-CCGRTMumbaiwhilerecognizingtheaccoladesofthefirsteverCLDPheldinNewDelhi.

ICSI-Strategic Leadership programme (SLP) The Institute organized its first ever 5-Day Residential JointCertification Course on ICSI-Strategic Leadership program(SLP) from December 05 to 09, 2017 in collaboration withNALSAR, Hyderabad for the members in employment andpractice.Prof.(Dr)FaizanMustafa,ViceChancellor,Registrar,NALSAR,CSAhaladaRao,CouncilMemberICSI,ChairmanHyderabad Chapter and Dr. Ramana Murthy, Professor ofNALSAR along with 27 participants have attended theprogrammeundertheirrespectivenomination.

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI


Other Mega-Annual Events:• The 18th National Conference of Practising Company

Secretarieswas held at Shillong,Meghalaya during June24-25,2017.

• PCS Day, 2017: 15th day of June, 1988 marked therecognizederafor theprofessionofCompanySecretarieswith the accorded recognition to Company Secretariesunder the erstwhile Companies Act, 1956. It is to thisachievement,thatinlinewiththepreviousyears,PCSDaywascelebratedatlengthandbreadthonPanIndiabasisonJune15,2017.

• TheInstituteobserveditsICSICapitalMarketsWeek,2017duringJuly22-28,2017PANIndiaonthethemeof“CapitalMarket of New India: The Reform Agenda for InclusiveGrowth”.

Infrastructure and Establishment• InaugurationofICSICentreofExcellence,Hyderabad TheICSICentreofExcellenceatHyderabadonSeptember

16,2017wasinauguratedthroughthegracioushandsofShriVenkaiahNaidu,Hon’bleVicePresidentofIndia.

• ICSICSChamber The‘CSChamber’allocatedtoICSIinthepremisesofNCLT,

HyderabadwasinauguratedmakingitthefirstofitsownkindinthehistoryofInstitute.Theplacingof‘CompanySecretariesChamber’ at any of Regulator’s premises is indeed amemorable&historicalmoment.

• InaugurationofICSINewChapterBuilding Duringtheyear,2017,followingchapterswerebestowedwith

thecuttingedgeinfrastructureandnewchapterbuildings: FoundationStoneofGurugramChapterlaid InaugurationofUdaipurChapterBuilding Inaugration of Vishakhapatnam Chapter Building,

December,2017 FoundationstonelyingceremonyofICSIHouseatKochi

Chapter InaugurationofSiliguriChapter,WestBengal Inaugurationof ICSINEChapter’s,Newofficebuilding

Guwahati,Assam

Other Initiatives and Achievements:• 50000thAssociateMemberofInstitute The month of February, 2017, brought with it a beautiful

achievementfortheInstitute,whereinasignificantmilestonewas reached with the admission of 50000th Associatemember Mr. Ashutosh Shukla from Rewa (M.P.) w.e.f.February20,2017.TheICSIforcetodaystandsmorethan53,000strong.

•GreenProtocolatGoldenJubileeYear–45thNational

Convention,2017 In view to motivate the society to become more nature-

friendly, the Institute during the celebration of 45thNationalConvention,2017adoptedGreenProtocol–amajormovementinKeralawhichdefinestheformofanenviro-culturalrevolution.

• IncorporationofICSIRegisteredValuersOrganisation In order to enable the members of the Institute/others to

practiceasRegisteredValuers,theInstituteincorporated‘ICSIRegisteredValuersOrganization’onNovember22,2017.

• ReportoftheICSITaskForceontheDiligenceReportforLending under Consortium Arrangement / MultipleBanking

InafunctionorganizedinMumbaiatDecember30,2017,theInstitutereleasedtheReportoftheTaskForceon‘DiligenceReportforLendingunderConsortiumArrangement/MultipleBankingArrangements’throughthegracioushandsofShriNSVishwanathan,Hon’bleDeputyGovernor,ReserveBankofIndia in the presence of eminent experts and dignitariesincludingShriBPVijayendra,PrincipalChiefGeneralManager(Retd.),ReserveBankofIndiaandtheChairmanoftheTaskForce.

• ICSIConvocations UnderthebenignpresenceofeminentdignitariesastheChief

GuestsandGuestsofHonouroftheevent,thefirstroundofInstitute’sConvocationsfor2017wasorganizedinthemonthof July, 2017. The convocations took place in all the fourregions respectively at Chennai, Kolkata, New Delhi andMumbai. National level meritorious students were alsoawarded certificates/medals/cheques. Subsequently, thesecondroundwhichbegan in themonthofNovember,2017wasconductedacross thenon-metrocities.ThehighlightoftheseconvocationswasthedrifttowardsIndianCultureintheDressCodeforallthemembers.

• RendezvouswithICSI Withaview tomotivateandguide thestakeholders through

the words of wisdom and acumen of the role models andknowledgeleadersinthefieldofgovernanceandcompliance,theInstitutecommencedaninitiativecalled‘RendezvouswithICSI”, a series of conversation and interview with well-recognized personalities who can inspire and guide theprofessional communewith their enriched experiences. Thefirst such rendezvous was conducted with Shri Arjun RamMeghwal,theUnionMinisterofStateforParliamentaryAffairs;and Water Resources, River Development and GangaRejuvenation,whorosefromruralIndiatoanIASofficerandis nowaUnionMinister, presenting the true picture of hardwork, honesty, success, simple living and high thinking.Subsequently, the Institute interviewed Shri Suresh Prabhu,theHon’bleUnionMinisterforCommerceandIndustry.

International Achievements and Global Footprint• President,ICSIelectedasSecretary,CSIA CS(Dr.)ShyamAgrawal,President,ICSIwaselectedasthe

Secretary of the Corporate Secretaries InternationalAssociation (CSIA)during theCouncilMeetingofCSIAheldonMarch15-16,2017atJohannesburg,SouthAfrica.

• Support to Foreign Investors for settingupbusiness inIndia

Inlinewithwholeheartedsupportfor“VisionNewIndia”,theInstitute is extending its association to persons/companiesoverseaswithguidanceandfacilitationonsettingupbusinessin India. Accordingly, the Institute stands tall at the officialwebsite of High Commission of India at Kenya, High

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI


CommissionofIndiaatMalaysia,withtheplacementoflinkofICSI’swebsitealongwith ICSI logoat theirwebsiteshttps://www.hcinairobi.co.ke/andhttps://www.indianhighcommission.com.my/ respectively to apprise the populace in respectivecountrieswiththeeaseandinformationonsetting-upbusinessinIndia.OtherIndianoverseasmissionstoohaveassuredforplacingofICSIlinkattheirwebsites.

• ICSA-UKMembership AclearunderstandinghasbeenarrivedwiththeICSA-UKto

the effect that an ICSA-UK member may transfer hismembership inter se to its variousdivisionswithout clearinganyadditionalexamination.

• OpeningofICSIOverseasChapteratDubai: In furtherance to facilitateaneffective reachout tostudents

and members residing in United Arab Emirates (UAE), theInstituteestablishedtheICSIOverseasCentreatDubai.

• ICSIdelegationatTheConsulateGeneralofIndia,SouthAfrica

The ICSIdelegationmetShriNareshKumar,Consul (HOC)andcommercial representative,at IndianConsulateGeneralin Johannesburg and appreciated Consulate for supporting“MakeinIndia” initiativeofGovernmentofIndiabyprovidingitsservicestoSouthAfricancompaniesforsettingupbusinessinIndia.

• MeetingwithZARX,Johannesburg ICSI delegation met with Mr. Etienne Nel, Chief Executive

Office, ZARX which is a licensed Stock Exchange atJohannesburg.Mr.Etienne,briefedabouttheprogressofitsorganisation along with the advanced information aboutgrowth of Capital Market in India and existing StockExchange(s).

• Malaysian Association of Company Secretaries (MACS)adoptedtheSecretarialStandardsissuedbytheInstituteofCompanySecretariesofIndia(ICSI)

In a historic move confirming the global standing of theInstituteasapremierbodyinservingprofessionalexcellencetowardsgovernanceatpar,recently,theMalaysianAssociationofCompanySecretaries(MACS),seekingICSI’scooperation,and subsequent to the approval of Ministry of CorporateAffairsleadtotheadoptionoftheICSI’sSecretarialStandardsasbenchmarksfordevelopingitsownsecretarialstandards.

The Significant Days and their memorable celebrations...• InternationalWomenDayonMarch8,2017 With a view to celebrate women empowerment and to

bestow upon auxiliary opportunities for empowering thewomen in coming future, the Institute celebrated theInternational Women Day through organizing a full daynationalseminaratNewDelhi.AspecialeditionofCharteredSecretarywasalsorolledoutunderthetheme“CSWomen–EmpoweredandEmpowering”.

• InternationalEarthDay It is on the occasion of International Earth Day, that the

cultureofgiftingplantsinplaceofbouquetsforfelicitationofdignitarieswasadoptedalongwiththelaunchofaweeklongPanIndiacampaignfromApril22–28,2017forsensitizingthe people and creating awareness among the public atlargetowardsprotectingtheearthanditsenvironment.

• 3rdInternationalYogaDayonJune,21,2017 “Yoga is a Journey of Self; Through Self, To Self”. In

furtherancetotheInstitutes’effortinkeepingpacewiththeflagshipinitiativesoftheGovernment,theInstitutecelebrated3rdInternationalYogaDayonJune21,2017byorganizingvariousyogasessionspanIndia.

• InternationalWorldEnvironmentDayonJune5,2017 In view to sensitize all stakeholders on “Connecting with

Nature” and to urge them to relish and appreciate natureand itsbeautyaswellas toponderoverourdependenceupontheenvironment,theInstitutecelebratedInternationalWorldEnvironmentDay.

• 71stIndependenceDay,2017onAugust15,2017 AligningtheInstitute’sdedicationtowardstheserviceofthe

nationandinthewakeofsalutingourfreedomfighterswhohavelaiddownthefoundationofourfreedom,theInstitutecelebrated the71st IndependenceDaywith thehonoured

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI

JANUARY 2018 I CHARTERED SECRETARY16

flag hosting at the Head Quarters, Regional Offices andChapterspanIndia.

• ICSISwachhataPakhwada,2017 Contributing our out and out support towards clean India

and aligning our ways with the Swachhta PakhwadaobservedbyMCA fromDecember16-31,2017under theCampaignonSwachhtaAwarenesson“HygieneandHandWashing by Corporates”, the Institute has observedSwachhata Pakhwada on pan India basis through all itsChapters,RegionalOfficesandatHeadQuarterstoo.

International Programmes/ Conferences/ Seminars/ Workshops• Global Convention on Corporate Ethics and Risk

Management PartneringwithInstituteofDirectors,theInstituteorganized

a Global Convention on Corporate Ethics and RiskManagementonFebruary17-18,2017atMumbaion thetheme “Corporate Ethics and Risk Management in anUncertainWorld”.

• ICSIResearchCompetitiononInternationalCorporateGovernanceCode

WithaviewtostronglypromoteandheadwaythecultureofCorporateGovernanceattheglobalfora,inalignmentwithitsvisionandmission,theInstituteconducteda“ResearchCompetitiononInternationalCorporateGovernanceCode”.

• 21stICPSKAnnualInternationalConference,Kenya The Institute, through its President, CS (Dr.) Shyam

Agarwal and Secretary, CS Dinesh C. Arora marked itsrepresentationinthe21stAnnualInternationalConferenceof The Institute of Certified Public Secretaries of KenyafromApril11-13,2017inKenya.

• 12th International Professional DevelopmentFellowshipProgram,2017

In perpetuation with the Institute’s efforts in annuallyorganising an International Conference on the emergentissues and developments in the field of CorporateGovernanceandotherrelatedissuesofeconomicsphere,

the12th InternationalConference tookplaceonJune12,2017 at Moscow, Russia on the theme of ‘StrategicLeadershipandBoardResponsibilities’.

• InternationalCompanySecretariesOlympiad Encouragedbythesuccessfulconductandaccomplishment

ofthe1stInternationalCompanySecretariesOlympiad,theInstitute has announced the 2nd International CompanySecretaries Olympiad for Academic Year 2017-2018,scheduled tobeconductedonJanuary23&January30,2018respectively.

• LondonGlobalConvention The Institute joined hands with the Institute of Directors

(IOD) as an Associate Partner in organizing the annual‘17th London Global Convention 2017’ and InternationalConference on Corporate Governance & Sustainabilityalongwith thepresentationofGoldenPeacockAwards&Global Business Meet. The address by CS (Dr.) ShyamAgrawal,President,ICSIwasverymuchcommended.

• GlobalSummitonCorporateRestructuring,InsolvencyResolutionandSustainability–EmergingOpportunitiesandStrategies

The Institute joinedhandswithASSOCHAM India, asanInstitutional Partner in organizing a Global Summit onCorporate Restructuring, Insolvency Resolution andSustainability -EmergingOpportunitiesandStrategiesonAugust19,2017atMumbai.

• OECD Asian Roundtable on Corporate Governance,2017

The Roundtable held on October 19-20, 2017 at Tokyo,Japan,wasattendedbyCS(Dr.)ShyamAgrawal,President,ICSIrepresentingtheInstituteensuringthemarkingICSI’Sgreaterglobalacclaimthanever.

National Programs / Conference/Seminars/Workshop• UdayDiwas Marking the enchanted completion of 36 years of our

statutory recognitionunder theCompanySecretariesAct,1980 made effective on January 1, 1981, the InstitutecelebrateditsUdayDiwasonJanuary15,2017atKolkata.

• SeminaronBusinessResponsibilityReporting ASeminaronBusinessResponsibilityReportingonMarch

22, 2017 at PHD House, New Delhi was organized incollaborationwiththePHDChamberofCommerce.

• Program on Business Collaborations- StrategicAlliances,JointVenturesandAcquisitions

The Institute in collaboration with Administrative StaffCollegeofIndia,HyderabadorganizedathreedaysintenseprogramonBusinessCollaborations–StrategicAlliances,JointVenturesandAcquisitionsonMarch16-18,2017.

• 7thEditionNationalLegalSubmit,2017 The Institute joined hands with Indian Chamber of

Commerce (ICC) as Knowledge Partner in organizing7thEditionNationalLegalSummit2017onMarch18,2017atNewDelhi.

• WorkshopsonSecretarialAudit The ICSI and NSE jointly conducted two workshops on

SecretarialAudit inKolkata andBangalore onMarch10,2017andMarch24,2017respectively.

• 1stDepositors’EducationandAwarenessProgramme ICSIregistereditselfunderRBI’sDepositorEducationand

Awareness Fund Scheme, 2014 for imparting financialeducation and spread awareness about the same in therural, semi urban and urban area.In this direction, the

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI


Institute organized its 1st Depositors’ Education andAwareness Programme under the aegis of RBI’s (DEA)FundScheme,2014onMarch19,2017atJaipur.

• Utkarsh–ProliferatingthePathtoSuccess TheInstituteorganizedatwodays’WorkshopcumTraining

Session titled as ‘Utkarsh – Proliferating the Path toSuccess’ for all Regional Directors/ Executive Officer /InchargeofChaptersandCareerCounsellingOfficersofICSIonMay5-6,2017atNewDelhi.

• ICSI-GennextCounselCongressandAwards,2017 The Institute joined hands as a Supporting Partner with

LegalErainorganisingthe6thEditionofGennextCounselCongress, 2017, a two day conference on the theme of‘CorporateGovernanceinthe21stCentury’heldonJune23-24,2017atMumbai.

• WebinarforofficialsofMinistryofCorporateAffairs AwebinarforofficialsoftheMinistryofCorporateAffairson

‘Cleaning and Updating of Corporate Registry’ wasconductedonAugust26,2017.

• NationalSeminaron‘InsolvencyandBankruptcyCode’ Withaviewtoappriseanadvancedunderstandingonthe

opportunitiesandconcernsonInsolvencyandBankruptcyCode,aNationalSeminaron ’InsolvencyandBankruptcyCode’wasorganisedonMarch23,2017atHyderabad.

• Conference on Merger and Acquisitions – GrowthMechanismandtheRegulatoryFramework

PartneringwithPHDChamberofCommerceaConferenceonMergerandAcquisition–GrowthMechanismand theRegulatoryFrameworkwasorganizedonAugust23,2017atPHDHouse,NewDelhi.

• SeminaronCompliancesunderLODRandSecretarialAudit

The Institute in association with BSE Ltd., organizedSeminars on Compliances under LODR and SecretarialAudit at 14 locations including Bhopal, Kochi (Cochin),Goa, Jaipur, Kanpur, Lucknow, Nashik, Nagpur, Noida,Patna,Rajkot,Raipur,SuratandVadodara.

• Round Table on the Shell Companies and RecentRegulatoryActions

In furtherance of its dedicated support towards thegovernment’s initiative against Shell companies, ICSIorganized a meeting of professionals at its New DelhiheadquartersonSeptember29,2017, todeliberateupontheregulatoryactionsagainstdisqualifieddirectors,strikingoffofthecompanies,etc.

• ICSICompetitionLawMonth The Institute inassociationwithCompetitionCommission

of India organised “Competition Law Month”, whereinprogramsontherelevantThemesandSub-ThemeswereorganizedonpanIndiabasis.

• WorkingCommitteeforstreamliningworkingundertheCompaniesAct,2013

ICSI is well represented at the Working Committee forstreamlining working under the Companies Act, 2013constituted by MCA under the chairmanship of ShriManmohanJuneja,DII(I/C)withrespecttofilingofvariousdocumentswithROC/CRC,theRDsandtheMinistry.

• ICSI-GRKFBSEDirectors’OrientationProgram ICSIGovernanceResearchandKnowledgeFoundationin

associationwithBSELimitedorganizedaonedayDirectors’OrientationProgrammeonNovember20,2017atMumbai.

• Webinar on Impact Analysis of Revised SecretarialStandards

To create awareness about the revised SecretarialStandards onMeetings ofBoard ofDirectors (SS-1) andGeneralMeetings(SS-2),madeeffective fromOctober1,2017,awebinaronImpactAnalysisofRevisedSecretarialStandardswasorganizedonSeptember1,2017.

• WebinaronSecretarialStandards Two panel discussionwebinars onSecretarial Standards

onGeneralMeetings(SS-2)andMeetingsoftheBoardofDirectors (SS-1) were organised on November 18, 2017and November 20, 2017 respectively, to apprise themembersabouttheamendmentsinrevisedSS-1&SS-2.

Academic Initiatives for Updating and Advancing Professional Expertise• InfoCapsule With a view to provide Company Secretaries with latest

insights on issues not just limited to compliance orgovernance butmuch beyond that and contribute to theirholistic development, Institute launched its new initiativecalled ‘Info Capsule’ on February 23, 2017. It is madeavailablethroughtheInstitute’smobile(app)aswellasonthehomepageoftheICSIwebsitewww.icsi.edu.

• KnowledgeKit Withaviewtomotivatethestudentstotakesteadystepson

the corporate ladder while updating their knowledgerecurrently and advancing their skills in order to achievesuccessintheircorporatecareerasCompanySecretaries,the Institute has commenced with a ground breakinginitiativeof“StudentsProfessionalsToday”.

• ICSIFINANCS Toprovidetheadvanceupdatesoffinancialmarketsalong

with identified opportunities and key developments inFinancialServicesonweeklybasis, the Institute launched“ICSI FinanCS – Financial Opportunities -The ICSIiansWay”. In continuation with this, the ‘ICSI FINANCS’, aFinancial Services e-helpdesk was also launched for allICSIstakeholders.

• FAQs-ICSIQuestAssistatICSIwebsite Forthebenefitofmembers,‘FrequentlyaskedQuestions’at

various sessions of ICSI- Quest Assist were uploaded atICSIwebsite.

• ICSI-MyICSIVirtualPlatform In view to createa comprehensivedigital platform for the

members, students and other stakeholders, wherein thevariedservicesandfacilitiesoftheInstitutecouldbeavailedwitheaseandefficacy,theInstitutewitnessedthelaunchofMYICSIVirtualPlatformonJune24,2017.

ICSI Task Forces• EmpanelmentofProfessionals With a view to having a pool of professionals across the

Nationwillingtocontributewiththeirknowledge,experienceandexpertise,theInstituteinvitedexpertstoempanelthemon honorary basis with the Institute for being part ofspecialisedTaskForcetoCoreGroupsinareaspertainingto Companies Act, 2013 & relevant Rules, SEBI Laws &Regulations, Goods and Service Tax, Labour Laws,IntellectualpropertyRights,FinancialServices,etc.

• Task force meeting on Simplification of ProceduresundertheCompaniesAct,2013.

MCA had desired suggestions on simplification of theprocedures under theCompaniesAct, 2013.Suggestionswere invited frommembers, pan-India and deliberated at

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI


TaskforcemeetingsatDelhiandMumbaiforfinalisation.• ICSITaskForceonAudit/DueDiligence/Complianceof

SEBILaws With an objective to ensure comprehensive check and

balances of compliances under SEBI law, the InstituteconstitutedanExpertTaskForceonAudit/DueDiligence/Compliance of SEBI Laws comprising eminent experts intherelatedfield.

• TaskForceonIntellectualProperty Celebrating“WorldIntellectualPropertyDay,2017”onApril

26, 2017, the Institute initiated the constitutionof a “TaskForceonIntellectualProperty”withtheobjectiveofcreatingawarenessandguidingtherelevantupdatesonIntellectualPropertyRightstothemembersatpar.

• TaskForceonDiligenceReport Initspersistentendeavourtoplayapivotalroleincreating

thearchitectureofmuchneededdiligencemechanism,theInstitute constitutedaTaskForcewitheminentexperts inthe related field todeliberateand recommend toReserveBankofIndiaabouttherevisedDueDiligenceMechanismalongwith themodified format thereof.TheReport of theTaskForcewassubmittedrecently.

• SuggestionsandRepresentations TheInstitute,withaviewtoexploreprofessionalopportunities

forouresteemedmembersandparticipateinvividinitiativesoftheGovernmentinensuringbettergovernance,submitteditssuggestionsandrepresentationsonthefollowing: Draft Guidelines for Operations of Direct Selling Food

BusinessOperators; Representation to authorize Company Secretary to

conductAudit&SpecialAudit under theRevisedDraftModelGoodsandServicesTaxLaw;

Draft Inter-State Migrant Workmen (Regulation ofEmployment and Conditions of Service) Central(Amendment)Rules,2015;

Draft Contract Labour (Regulation & Abolition) Central(Amendment)Rules,2017;

Representationformodification inConsumerProtectionBill, 2015 and authorization of Company Secretary inPracticetoappearbeforetheDistrictCommission,StateCommissionandNationalCommission;

SuggestionstoReserveBankofIndia(RBI)ontheDraftRegulations namely Foreign Exchange Management(CrossBorderMerger)Regulations,2017;

SuggestionstoMinistryofCorporateAffairson Voluntary Revision of Financial Statements under

Section131ofCompaniesAct,2013; Amendment to the Companies (Specification of

DefinitionDetails)Rules,2014; Amendment to Section 169 of the Companies Act,

2013 on providing for the removal of independentdirectorsbywayofaspecialresolution;

Companies(RegisteredValuersandValuation)Rules,2017.

Memorandum of UnderstadingDuringtheyear,ICSIenteredandrenewedvariousMoUswithorganizations of National and International repute. Theseorganizations include AU Small Finance Bank Limited,CompetitionCommissionofIndia,InsuranceInstituteofIndia,InstituteofDirectors,InstituteofValuers,NationalInstituteofSecuritiesMarket,InstituteofCostAccountantsofIndia.

GST Initiatives• TwoDayTrainingWorkshopsonGSTjointlywithCII Ensuing the Institute’s MoU with Confederation of Indian

Industry(CII) fororganizing learningprogramsonGSTonPanIndiabasis,aseriesofTwoDaysTrainingWorkshopsonGSThavebeenorganized jointlywithCII.DuringMay,2017, suchWorkshops were organized at around twenty(20)differentlocationspanIndia.

• Workshop on GST Implementation – Intricacies andImplications

TheInstitutecollaboratedwithPHDChamberofCommerceasanAssociatePartner inorganizingWorkshopon ‘GSTImplementation – Intricacies and Implications’ on August18,2017andAugust28,2017atPHDHouse,NewDelhi.

• ICSICoreAdvisoryGrouponGST ACoreAdvisoryGrouponGSTwasformedtodevelopand

deliverastrategiccapacitybuildingof themembersundertheGSTLaw.

• NationalGSTConclave The Institute joined hands as an Associate Partner with

PHDChamber inorganizingNationalGSTConclave:OneNation,OneTax–PivotalTaxReformheldatHotelHyattRegency, New Delhi on February 9, 2017 felicitating thetagline“India–EkBharatShreshthaBharat”.

• KnowledgeSeriesonGoodsandServicesTax Institute joined hands as an Associate Partner with PHD

ChamberinorganizingaKnowledgeSeriesonGSTrangingfromApril toJune,2017.The firstworkshopof theserieswas organized on “Registration, Payment, Returns andRefundsunderGST”onApril11,2017atPHDHouse,NewDelhi.

• ICSI-GSTNewsletter Circulatedonmonthlybasis, theGoodsandServicesTax

Newsletter, apprises the members and students with thelatestwritings,updatesandnewsunderGST.

• GSTEducationalSeries TheInstitute,asacapacitybuildinginitiative,startedadaily

GSTEducationalSerieswhichisbeingwellreceivedbythestakeholdersaswellaspublicatlarge.Tilldate,morethan150 issuesof thesamehavebeenbroughtoutwhicharealsoavailableontheGSTCornerofICSIwebsiteathttps://www.icsi.edu/GSTEducationalSeries.aspx

• GSTPoint Inviewtoeducatethepublicatlargeaboutthediversefacts

and facetsofGST, the Institute launchedaGSTPoint toreply to the queries, difficulties and challenges faced byconsumers, manufacturers, traders, MSMEs, public atlarge, professionals, etc. in understanding andimplementationof theGoodsandServicesTaxLaws.Sofar, more than fifty (50) sessions of GST Point havesuccessfullybeencompleted.

• ICSIGSTAPP To apprise public at large with latest news, articles,

regulations and various publications on GST by Institute,the ICSIGSTApphasbeen launchedasreadyreferenceonGSTfortheusers.India.TheApppresentlyavailableonandroidplatformhasalmost17882userstilldate.

• MasterClasses(Webinars)onGST To apprise the professional fraternity with the thorough

knowledgeandbrightunderstandingofthefactsandfacetsofGST,theInstituteinitiatedaSeriesof“MasterClassesonGST” for its members and students in the recent beheldregimeofthisTaxinIndia.

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI


• CrashCourseonGoodsandServicesTax SubsequenttotheintroductionofGoodsandServicesTax

inthesyllabusofPapersrelatedtoTaxLawsandPractices,a detailed supplement is uploaded at the website of theInstituteandCrashCoursesonGSTwerealsoconductedthroughRegionalOfficesandChapters toprovidehand inhandinformationandenhancedknowledgeinGST.

• VideosonGST Inastepforward,toequipthestudentsinthenewindirect

taxationregimeandtoupdateandenhancetheirknowledge,theInstituterecordedthevideo lecturesanduploadedthesame on ICSI website under Academic Corner for freeaccesstostudents.

ICSI-IPA Activities• Seminar on Insolvency and Bankruptcy Code –

ParadigmshiftinNewEra Tohelpprofessionalsandindustrytogainanunderstanding

and insight into provisions of the Code besides theirpractical implications, a seminar was organized onInsolvencyandBankruptcyCode–Paradigmshift inNewEraincollaborationwiththeCorporateAffairsCommitteeofPHDChamberonSeptember20,2017atNewDelhi.

• WebsiteofICSI-InsolvencyProfessionalAgency ThewebsiteofICSIInsolvencyProfessionalAgency(ICSI-

IPA), fully ownedsubsidiary of ICSIwww.icsiipa.comwaslaunched byCS (Dr.) ShyamAgrawal, President ICSI onFebruary7,2017providingforaneffectiveinterfacewithitsstakeholders.

• ICSI IPA Releases Publication “IBC: A Case LawCompendium(withcasebriefs)”

ICSI Insolvency Professionals (ICSI-IPA) has released apublication titled as IBC: ACase LawCompendium (withcasebriefs).Thebook indeed isaworkof firstof itskindwhile compiling all orders issued by various benches ofNCLTuptoApril30,2017.

• Interactive Session on Insolvency and BankruptcyCode,2016:Issues,ChallengesandCaseAnalysis

AninteractivesessiononInsolvencyandBankruptcyCode,2016:Issues,ChallengesandCaseAnalysiswasorganizedonMay18,2017,whereintheissuesandchallengesfacedby the Insolvency Professionals in the field of insolvencyandbankruptcywerewelladdressedundertheguidanceofHon’bleJusticeS.J.Mukhopadhaya,ChairmanNCALT.

• FirstStudyCircleMeetofInsolvencyProfessionals TheFirstStudyCircleMeetofInsolvencyProfessionalswas

organizedonSeptember23,2017atNewDelhi.• National Conference on Insolvency and Bankruptcy

CodeandRealEstateRegulationAct ICSI-IPA joined hands with ASSOCHAM in organizing a

NationalConference on Insolvency andBankruptcyCodeandRealEstateRegulationActonOctober25,2017atNewDelhi.

• ICSI IPA Certification Course on Insolvency andBankruptcyCode,2016

In an endeavour to educate and train the InsolvencyProfessionals (IPs), intensive training programmes wereinitiated in the form of 3 days Certification Course onInsolvency and Bankruptcy Code, 2016 (Code) on PANIndiaBasis.

Student Services• AcademicHelplineforCSStudents

A unique concept, the “ICSI Academic Helpline”, waslaunched on April 24, 2017 with the objective to provideacademic support to the students of CS Course overtelephone.TheHelplinestaysopenbetween7AM-11PM.

• Empanelment of Psychologists at the ICSI AcademicHelpline

InordertomakeAcademicSupportmorealignedtowardstheinclusivedevelopmentofthestudentsinbuildingthemthebestprofessionalsoftomorrow,Psychologistshavealsobeen empaneled along with academic subject experts toguideandcounselthestakeholders.Studentsmaycontactthemat0120-6267777.

• ICSIStudyCentreScheme The Study Centre Scheme was launched to break the

distancebarrier forstudentsbelonging tocities / locationswhereintherepresentativeofficesoftheInstitutearenotinexistence.Takingtheschemeatahigherpace,tilltheendof year 2017, Fifty Seven (57) Study Centres have beenestablishedincollaborationwithreputedcollegesindifferentlocations.Theyear2017havebeensignificantwhereintheSchemeevidenttheinclusionofvariousremoteplaceslikeLakshadweep,Andaman&NicobarIslands,NorthEasternStates,DamanandDiuandPuducherryetc.

• ICSISignatureAwardScheme Under the Scheme top rank holders in B.Com. Final

Examinations in reputed universities and also specializedprogrammes/ papers of IITs / IIMs are awarded a GoldMedalandaCertificate.Sofar,ICSISignatureAwardhasbeen instituted in Seventeen (17) Universities and TotalNine (09) Gold Medals have been awarded under thisscheme.

• CSOlympiad In view to establish brand CS amongst the student

communityintheschools,thisinitiativeisfocusedtowardsinvolvingschoolsandstudentsofClass11th&12th.Theexamination for the first ever CS Olympiad has beenconducted in more than 1300 schools and more than36,000 students had participated from across India. Theresults of CSOlympiad has been declared and the prizedistributionfunctionfortheInternationalrankholdersofCSOlympiadwasorganisedonJune4,2017atNewDelhiwithfelicitationofInternationaltoppers.

• StudentMonth Withaviewtoprovideaplatformforthestudentstoregister

their all-round development and to enhance theirprofessionalsinterfaceinteraswellasintracommune,theInstitute celebrated July, 2017 as the “Student Month”.Alongwith theorganisationof coreactivitiespertaining totheprofession,theInstitutealsotookupnumerousactivitieson socially relevant issues including Plantation of Trees,Blood Donation Camp on Doctor’s Day, Swachh BharatAbhiyan, Declamation Competition on World NatureConservation Day, Essay Writing Competition on KargilVictory Day and alike to inculcate such values in thebuddingprofessionals.

• e-MSOP In an initiative to digitizeMSOPand tomake certification

easyandconvenient,theInstitutelaunchede-MSOP,whichwouldbedeliveredine-ModeandservealargecommunityofProfessionalpassstudentstogettheirmembership.

• Sampark-Missedcallfacility ToenhancethereachofICSItothestudentsateachand

everycornerofthenationandtofacilitatestudents’access

REC

EN

T IN

ITIA

TIV

ES

TAK

EN

BY IC

SI

totheCSProgrammewitheaseandonzerocostlines,theInstitute came up with an initiative known as “ICSI –SAMPARK”,whichisMissedCallFacility.

• 18thAllIndiaStudents’ConferenceofICSI Withtheaimofcreatingvibrantandadvancedunderstanding

of the role of young professionals in sharing the newparadigm of governance, the Institute organized 18th AllIndia Students’ Conference under the theme “CS Youth:ShapingNewParadigmsinGovernance”onSeptember25,2017atJaipur.

• Class Room Teaching fee Waiver Scheme for thestudentsofUnionTerritories

With a view to empower the students to avail maximumpossibleunderstandingandadvancementinCSCourseonan equitable basis pan India, the Institute has initiated“ClassRoamTeachingFeeWaiverScheme”toreachouttothe students of the Union Territories excluding Delhi andChandigarhwhereawarenessoftheProfessionisslight.

• CareerCounsellingatPuducherryandLakshdweep In order to motivate the students, ICSI held a Press

ConferencecuminterviewatAIRduringthevisitofCS(Dr.)Shyam Agrawal, President, ICSI to Puducherry andLakshdweep.

Training and Placement• ICSIMegaPlacementDrive,2017 Inan initiative toopen thegateof flourishingprofessional

opportunitiesthroughcentralizedmechanismforrecruitmentof Company Secretaries, the Institute organized a MegaPlacementDrive,2017initsentireregionspanIndia.Inthefirstround,forSIROandWIRO,theMegaPlacementDrivewasorganizedonMay20,2017andforNIROandEIRO,itwasorganizedonMay27,2017respectively.

MegaPlacementDrive-IItookplacefromSIRConNovember4,2017atChennai.Subsequentsessionswereconductedat CCGRT for WIRC-Mumbai and EIRC-Kolkata onNovember14,2017andNIRC-DelhionDecember7,2017.

• ICSI–AIMAAssociationinHRConclave The Institute joined hands with All Indian Management

Association(AIMA)forHRConclaveheldonDecember6,2017atNewDelhi.Withtherelevantpromotionalactivities,Institute aptly invited the attention of HR Delegates forrecruitmentofCSmembers.

Training of Peer Reviewers• RevisedCriterionforEmpanelmentofQualityReviewers UnderthedirectionofMCA,aQualityReviewBoardofthe

Institute has been constituted to make recommendationsand to review the quality of services provided by themembersoftheInstituteincludingsecretarialservices;andalike.Incontinuationtothis,revisedeligibilitycriteriawereformed for Quality Reviewers. Members eligible underrevisedcriteriaandinterestedtojoinasQualityReviewerswereadvised toapply for theempanelment in theQualityReviewBoardoftheInstitute.

• TrainingProgrammestoempanelPeerReviewers Inorder toensure that theobjectiveof thepeer review is

achieved in letter and spirit and the reviewers are dulyequipped with thorough understanding of the procedure,manner,prescriptions,guidelinesandotherrelatedaspectsof conducting Peer Review, the Institute persistently

conducts training programmes to empanel more PeerReviewers. AroundSix (6) suchProgrammes to empanelPeerReviewerswereheldduring2017.

• AmrutDhara PerspectiveunderstandingofGovernanceandmanagement

fromAncientIndiaandIndianEpics.• GyanJyoti A series of research write-ups on various contemporary

issuesandtopics.• ICSI-CCGRTGeetaSaar ABriefPremieronCompanyLaw• ICSI-CCGRTE-BulletinChintanam• GyanMoti A daily quote on ICSI homepage extracted out of rich

ancientIndianliterature.• RecognitionstoCompanySecretariesinPractice Arrays of recognitions are being accorded to Company

Secretaries under various central and state laws. In thiscontext,theInstitutebroughtoutapublicationtitled‘Areasof Recognitions to Company Secretary in Practice underVariousLaws’toapprisethemembersaboutthevastworldofrecognitionsundervariouslawsofthecountry.

Newly-fangled IT enabled FacilitiesIn light of serving the stakeholders with ground-breaking,convenientanduserfriendlyservicesintheworldofcyberneticcommunication,theInstitutehaslaunchedcopiousITenabledfacilitations for members, students and other users. Theselectivelistisasbelow:• RevampedHomepageofICSIwebsitewithenhancedlook,

impression,embeddedsoundanduserfriendlyfeatures.• Exclusive suggestion/feedback system for stakeholders

underPresident’sportal.• Exclusive system facilitated to stakeholders through ICSI

website for uploading testimonials for information of theInstitute.

• Quick link to view credit hours generated for membersthroughICSIwebsite.

• Quick link to facilitate online payment membership feeswithoutlogin.

• Quicklinkfore-Cart/e-StoreontheICSIwebsite.• New version of dashboardmodule forROs/Chapterswith

additionalfeaturesandintegrationwithSMASH.• LaunchofChildPortalforFeeWaiverScheme,International

FacilitationCentre,InternationalProspective• LaunchofQuestEAssistWebApplication• LaunchofeMSOP• LaunchofMockTestWebApplicationforICSI-IPA• NewMPLSLink ImplementationatoldandNewBuildings

ofICSIatNoida• LaunchofeMagazineforCharteredSecretary• Roll out of eSurvey module and Chartered Secretary

Subscription module (for students), Verification of MarksrequestunderSMASH

• UpgradationofERP,ReceiptAccountingSystem(RAS)• OnlineVision2022Surveyconducted• UpgradationofStudentMonthPortal• Implementation of Data Centre and Network for the ICSI

HouseatSector–62,Noida• E-Library services for ROs/CCGRT/A & A+ Chapters

renewed.



Dear Professional Colleagues

Subject: Meeting with the Hon’ble President of India

Of the plentiful wonderful feats and achievements of the Institute of Company Secretaries of India, the one which stands tall and ahead of all of them is being bestowed with the honour of meeting the Hon’ble President of India, Shri Ram Nath Kovind at Rashtrapati Bhavan, New Delhi.

Not only did ICSI take this opportunity to present the First Citizen of the Country with the ‘Shaheed ki Beti’ Certificate, but was also able to share with him the grand achievement of making the World Record for the ‘Largest Taxation Lesson’ at Jaipur. ICSI also requested him to grace any future events of the Institute with his benign presence.

The series of events across the year involving making the presence felt across the who’s who of the political world which had until now felt incomplete without the Hon’ble President of India, now seems to have achieved the desired pedestal. I sincerely hope that his blessings and encouragement shall provide all of us with greater encouragement and enthusiasm in taking forward the torch of a New ICSI as a New India steps foot into its 75th Year of independence in 2022.

Regards,

CS (Dr.) Shyam AgrawalPresidentThe Institute of Company Secretaries of India

New Opportunities

Endless Possibilities

S ince inception, the Institute of Company Secretaries of India has conferred Honorary

Fellow Membership upon various dignitaries, including but not limited to Shri Arun Jaitely, Union Minister of Law, Justice and Corporate Affairs, Shri H R Bhardwaj, Former Union State Minister of Law, Justice and Company Affairs, Shri Bedabrata Barua, Former Dy. Union Minister of Law, Justice and Company Affairs and Shri K V Raghunatha Reddy, Former Union Minister for Labour, Employment & Rehabilitation.

Continuing with the legacy, the Honorary Fellow Membership was conferred upon Shri P P Chaudhary, Hon’ble Union Minister of State for Law and Justice & Corporate Affairs at the ICSI House, New Delhi. The oath taking and certificate presentation ceremony which was administered by CS (Dr.) Shyam Agrawal, President, ICSI was attended by the Council Members, Secretary and Heads of the Directorates of the Institute.

Brief Profile of Shri P P Chaudhary: Having conducted around 11000 cases, mostly Constitutional Litigations for the last 38 years on matters related to Land Acquisition, Farmers Grievances, Labour & Service, Central Excise & Customs and PIL related to restoration of natural water bodies and dams, Shri Chaudhary was formerly the Chairperson of the Joint Parliamentary Committee on Offices of Profit and was also a member of the Committee on Subordinate Legislation and the Standing Committee on Personnel, Committee on Public Grievances, Law and Justice. He had represented as Indian delegate in International Parliamentary Conference on Human Rights in the Houses of London, U.K.

Amongst his plethora of significant contributions towards the empowerment of farmers, having pursued cases of farmers related to various irrigation projects and promotion of organic farming, stand out. He has also worked to improve & uplift the educational status of children, especially girls, in rural areas and has developed hostel facilities in urban areas for students of rural areas to facilitate higher education especially for girls.

Honorary Fellow Membership to Shri P P Chaudhary, Hon’ble Union Minister of State for Law and Justice & Corporate Affairs, Government of India.


T he presentation ceremony of the 17th ICSI National Awardsfor Excellence in Corporate Governance and 2nd ICSI CSR

ExcellenceAwardsheldonDecember16,2017atJaipuraddedanotherbeautiful momentous day in the history of the Institute of CompanySecretariesofIndia.The grandeur of theCeremony of the awards reached its zenith by thegracefulpresenceofShriArjunRamMeghwal,Hon’bleUnionMinisterofStateForWaterResourcesRiverDevelopment&GangaRejuvenationand Parliamentary Affairs, Government of India as Chief Guest andShri ArunChaturvedi,Hon’ble CabinetMinister for Social Justice andEmpowerment,MinorityAffairsandWaqfGovernmentofRajasthanastheGuestofHonour.Certificates of Recognition under the 17th ICSI National Awards forExcellenceinCorporateGovernancewereawardedtothreecompanies,namely,Dabur India Limited, Hindustan Unilever Limited andRuralElectrificationCorporationLimited.TheawardsfortheBestCorporateunderthe2ndICSICSRExcellenceAwards were conferred upon Akzo Nobel India Limited (EmergingCategory),CholamandalamInvestmentandFinanceCompanyLimited(MediumCategory)andGAIL(India)Limited(LargeCategory).The ICSI Life Time Achievement Award for translating excellence incorporategovernance into reality for the year2017wasconferreduponShriRahulBajaj,Chairman,BajajAutoLimited.

17th ICSI National Awards for Excellence in Corporate Governance

and2nd ICSI CSR Excellence Awards



As you are aware, the inaugural ceremony of the Golden Jubilee Year of the Institute of Company Secretaries of India on 4th October, 2017 at Vigyan Bhavan, New Delhi was blessed by the gracious presence of the Hon’ble Prime Minister, Shri Narendra Modi. The historic day was also marked by aplenty releases, the Model Governance Code for Meetings of Gram Panchayats being one of them. Believing that transparency and governance are the keys to success for any institution, the Code seeks to promote effective decision making at the Panchayat Meetings which is a key facilitator in achieving the good governance mission of the government.

It gives me immense pride and pleasure to share that the Code has not only been gaining popularity but making its presence felt across. The months gone by have been heartening, revealing the ‘putting into practice’ of the above mentioned Code in the Gram Panchayats of the country. The same goes a long way in proving that ‘no good deed goes unrewarded’ and to reiterate the same, the Institute took the opportunity to recognize the efforts of Shri Jitesh Kumawat, Sarpanch, Lamba Kalan Gram Panchayat, Rajasthan for taking the lead in the adoption of the Code in the meetings of his Gram Panchayat. A Certificate of Appreciation was conferred upon him at the award presentation ceremony of the 17th ICSI National Awards for Excellence in Corporate Governance and 2nd ICSI CSR Excellence Awards held on 16th December, 2017 at Jaipur, Rajasthan.

We are hopeful that the Code and its adoption shall prove to be the much needed game changer in the governance scenarios of more than 6,00,000 villages of the country and more so be a beautiful milestone in achieving the goals of National Governance as envisioned by the Prime Minister for the nation.




4th January, 2018


Subject: Virtual Collaborative Platform for ‘connecting professionals virtually’

Wishing you a very happy and prosperous new year 2018 !!!

As you are aware that the Institute of Company Secretaries of India has always kept itself abreast with technological advancements and has held innovation at the helm of its affairs. The year gone by has witnessed a sea of revolutions as far as digitization of activities is concerned, keeping in sight the mission of ‘Digital India’ propagated by Hon’ble Prime Minister, Shri Narendra Modi.

In the wake of its tech-savviness, it goes without saying that the youth, the professionals and more so we as the citizens of a global village are thriving in a world hogged by social media. A day in our life without access to Facebook, Twitter, LinkedIn and the likes of the same is completely and utterly unfathomable and yet the irony being the fact that we have not been able to utilize these platforms fully to generate maximum professional benefit.

While the issues had been grappling for quite some time, the solutionwhich had nowhere been in sight is now available at the touch of a button. It gives me immense pleasure to share that, the Institute, while bridging this gap between all its members spread across the length and breadth of the nation, has launched the Concept of Virtual Collaborative Platform at the 45th National Convention of Company Secretaries at Trivandrum during 22nd-24th November, 2017.

Aimed at ‘Virtually Connecting Parivaar’, the platform has been developed with an intent to provide the members of ICSI with a closed group, and yet an open opportunity to not only portray themselves in the right light in front of like-minded people but also enhance their knowledge and skills to a larger extent than would be possible through any other social networking site.

While the intent was to provide with a discussion forum where shared professional interests could be enhanced, the VCP goes beyond simple interactions. The highlights of the Platform as follows:

Dedicated ID with opportunity to declare ‘Areas of practice’

Advaced search possible based on 'geographical location' &other fields


Open discussion forum for members & Closed groups for prolonged discussions

One-to-one chatting, sharing of achievments

Blog posting, Debates, quizzes, surveys

SHARING GRIEVANCES & SUGGESTIONS : ‘Ghar ki baat ghar me’

Access to professionals with varied professional accumen: ‘Ghar ka Kaam ghar me’

While most of the features above may find some similarities to the social networking platforms already in place, the last two features distinguish VCP from its varied global counterparts. The members will definitely nod in agreement when we say that the Team-ICSI has always held the grievances and suggestions in high regard, and yet we firmly believe that it has never made sense to publicize one’s flaws publically but to correct and redress them without making any noise. Supporting this thought, the VCP has been developed as a platform to tackle the grievances of the members at the earliest without them creating ripples in the outside world.

As far as the ‘Ghar ka kaam ghar me’ feature is concerned, the idea is to connect the members sitting at different geographical locations with different areas of practice find each other in times of need and get necessary support. A Company Secretary from Aizwal shall now be able to find and take help from his counterpart sitting in his office at Jaipur and the same shall hold true for professionals sitting across the nation.

With the above benefits at hand, I am assured of the fact that this soon-to-be-functional platform shall while giving an edge to the members of ICSI over their other counterparts, make the right waves. At ICSI, we believe that even in the finest of creations there’s always scope for improvement and with this belief we shall wholeheartedly welcome you all to mail your suggestions and value additions at [email protected].

Shared interests and shared knowledge give way to another ‘S’, i.e., synergy; synergy of stepping into an year of greater achievements and thus making 2018 an year filled with plenty of new opportunities and endless possibilities !!!

Regards


New Opportunities



ICSI Publications(brought out during the year-2017)


NationalMeetings of ICSI Delegations with dignitaries

(Year-2017)



(Year-2017)

16th January, 2018Dear Professional Colleagues,

SUBJECT: ICSI CREATES WORLD RECORD

Hip Hip Hurray!!!The Inaugural Ceremony of the Golden Jubilee Year of the Institute of Companies Secretaries of India on the 4th of October, 2017 at Vigyan Bhawan, New Delhi had brought with it not just immense happiness of stepping foot into the Golden Jubilee Year in the gracious presence of Hon’ble Prime Minister, Shri Narendra Modi but also a host of expectations pinned upon from his end, both with the members as well as the Institute. Of these, his prime concern had found grounds in the few-months-old Goods and Services Tax. His agenda of making GST Accounts Assistants from amongst the members and students a reality had gained top priority on our To-do list.

Today, three months and a few days later from that historic day, the Institute of Company Secretaries of India has achieved one of the biggest feats not just across India but across the entire globe. The Suraj Maidan of Jaipur shall be today onwards considered a landmark for having been witness to the “Largest Taxation Lesson on Tax Regime in India & Convergence of Indirect Taxes into GST – One Nation One Tax” in the august presence of Shri Gopal Krishan Agarwal, Govt. Nominee, Central Council, ICSI and Shri Ashok Lahoty, Mayor, Jaipur Nagar Nigam.

With a session by CS Bimal Jain, Chairman, Indirect Taxes Committee of PHD Chamber of Commerce, the World record was created with a vision to not only create awareness about taxation but generating an interest among participants to gain acumen in fields untreaded yet.


The Institute of Company Secretaries of India is deeply indebted to Ms. Lucia Sinigagliesi, Adjudicator, Guinness World Record for having giving us this opportunity to prove to the world that “If you want to achieve something you do not have, you need to do something you have never done”.

The moment for each one of us is not just of pride but exhilarating excitement and happiness, one which is hard to contain and yet the responsibility is immense, not only as members of the Institute but as the citizens of this nation. With the venue and the event becoming witness to one of the biggest events in the history of ICSI as well as the country, we are hopeful that this wonderful initiative of the ICSI in realization of the dream of the Hon’ble Prime Minister while empowering the whole nation with good governance shall bear amazing results.

And while you must be wondering how the words ‘wonderful’ and ‘amazing’ crept in… Well, that’s what Ms. Lucia called the event and the achievement…‘Wonderful’ and ‘amazing’!!!

That’s what you call the perfect beginning to an year of new opportunities and endless possibilities…

Regards,


New Opportunities



AT A

GLAN

CE


Thought LeadershipAnkit Jain

T hought leadership is the successful promotion of a company’suniquepointofview,insight,orsolutionwhichleadstosignificant

customer engagement. Thought leadership is all about convertinginterestinanewideaintoactingonthatideaformutualbenefitofthethoughtleader,thecustomerorotherstakeholders.Itcallsforastrongthought-provokingviewpointonanareaofinterestthatgoesbeyondtheproductorservice.Itaimstoprovidebestanddeepestanswerstothevariousstakeholdersandaudiencesanorganisationcatersto.

Thought LeadershipAnupam Jaiswal

A s the competition is rising andwe have to deliver our servicesatworld class levelnot for thesakeof competitiononlybut fortheultimate satisfactionof our followers andour clients aswell.Ourfollowers,clientsandenduserofourexpertiseneed tobe treated inaworldclassmanner. Ifasaprofessionalwedeliverourservicesatworld class level, it will carve a niche for us and build authoritativetrust in themind of clients. They need services and commandswithultimate authority.The article focuses on the inception of the termthought leadership and also address the answers of the questionsthat when should you consider the concept and the qualities of thethoughtleaders.Itsaysbespecific,study,participateandbecomethewarehouseoftheinventorycalled“EXPERTISE”.Iturgesyoutofocusonyourcompetencyandknowledgeandacquireaninfluentialauthoritybackedbyyourstudyandexperiencebasedexpertise.If Isayin justonesentenceitoffersyouthewaystobecomeathoughtleader.

Antecedent of Thought Leadership – Integrating Western Views, Spirituality and Adi Shankaracharya to Transcend from KMP to a Thought LeaderBhavesh A. Kinkhabwala and Dr. Ravi Gor

Evolution has always fascinated the mankind. A new milestoneahead for the Company Secretaries profession is to be aCorporate Leader and Thought Leader. Human asset can never beignoredandfromtimetotimeelementofleadershiphasgainedmoreand more attention from all the aspects. A Leader when expandinghorizonsoastocontributetothemacrolevelbycausingabiggerimpactbychangingtheworldaroundhim/herandalsohelpsotherstodothesamethenthereliesatransitionfromaleadertoaThoughtLeader.It’sallaboutgivingalegacytotheothersandtothenextgenerationforthesustainablestandardsof living.Ourrichancientscriptures,ethosandspiritualmasters from ancient time have been teaching the nuancesandcruxwhatthewesternconceptofThoughtLeadershipistelling.AdiShankaracharya’slife,teachings,leadershipstyleareuniqueandisstillrelevantinthemoderncontext.

The Ws and the H of Thought Leadership Bhagavathi N

T houghtLeadership is leadership that challenges, innovatesandinspirespeopletoperformbetter.Itmeansthataleaderisdriving

thethoughtusingtheirExpertise,Experience,EffortandTime.Inthis

article,wewillseethedefinitionofThoughtLeadership,afewreallifeThoughtLeaderexamples,why it is importantand thebenefits itcanbringwhilemaintainingacleardistinctionbetweenpersonalbrandingand Thought Leadership. A section of the article also focuses onThoughtLeadershipamongprofessionalserviceprovidersthatbringoutpossiblereasonswhywedonotseetoomanyThoughtLeadersintheprofessionalservicesindustry.IamhopingthatthereaderstakeawaytheWhat,WhyandHowofThoughtLeadershipthatmayalsohelpthemdiscoveranunidentified‘ThoughtLeader’withinthemselves.

Thought LeadershipB L AksharaThephrase‘ThoughtLeadership’ isnodoubtatrendyjargonandtheunderlying principles of ‘Thought Leadership’ concept was adoptedeven in ancient times as illustrated above. AsWilliam Shakespearequotedinoneofhisfamousplay,RomeoandJuliet-“What’sinaname?thatwhichwecallarosebyanyothernamewouldsmellassweet”.Theunderlying principles/model of ‘Thought Leadership’ is very essentialin managing an organisation in the present day intense competitiveenvironmentortoruntheaffairsofamodernstatewhereexpectationsofthesubjectsareveryhigh.Innovationistheorderoftheday.Innovationisessentialinallspheresofbusinessorintheadministrationofastate.ThoughtLeaderoranInnovativeLeaderthinksdifferentlybringin/takeinnovativeideasandimplementtheideaswhichhethinksasthebesttosuittothebusinessneedsortheStatehe/sheleadsandensurestheoverallgrowthofanorganisationor thestate,whichsustainover thegenerations.

Thought Leadership– A New Dimension in Solutions to Corporate Maladies – Through Humanistic Approach to ManagementDelep Goswami and Anirrud GoswamiThoughtleadershipisanewconceptandathoughtleaderisconsideredto be an individual or firm that is recognized as an authority in aspecializedfield,andwhoseexpertiseissoughtandoftenrewarded.Itinvolvesprocessesof-howtobalancethetalentandtheexperiencesofone’steam-withhumilityandauthenticity.Two‘thoughtleaders’havebeenhighlightedherewhohavebroughtaboutsignificantchanges inhuman thinkingand introspectionof self fordevelopingpositivenessandthedevelopmentofinnovativetoolforjusticetothecommonmanthroughPublicInterestLitigation.

Thought Leadership ParadigmK. Dileep KumarThoughtLeadershipParadigmwillenablethereadertohavealookatthekindofleadershipprofessionalismthatwaspracticedinRecondo,a company specializing in construction of bituminous and cementconcrete roads, runways and highways, operating all over India andintheMiddleEast,waybackincirca1950-1960,whiletheauthorhadcommencedhiscareerasabeginnerinthefieldoffinancialandcostaccountingdiscipline.Lateron,hewastobeinductedinthepracticalaspectsoffascinatingexposuretothatofcorporatesecretarycombinedwithothermanagementskillsanddisciplinestoemergeasaleader.

Types of Thinking and Thought- leadership – Integral PerspectivesOm Prakash Dani and M. S. SrinivasanInan integralperspective,andalso in thecorporatecontext, thoughtleadership requires innovationandcreativity inconceptionaswellasin execution. Innovation which brings the new idea and creativity in

Articles P-39

P-41

P-45

PART I ARTICLES ON THOUGHT LEADERSHIP

P-49

P-54 P-69

P-65

P-61

P-58

AT A

GLAN

CE


executionwhich leadstoasuccessfulrealisationormaterializationoftheideaintheouterlife,arethetwoaspectsoftotalthoughtleadership.To realize this ideal we have to go back to the fundamentals andexaminethetypesofthinking,identifythosetypeswhichcanleadtothought–leadershipinthefutureandcultivatethemsystematicallyineducation,traininganddevelopmentandintheIndividual,organisationandthenationasawhole.Atthenational level,thethinkingmindofIndia has to develop the truth seeking thought of the ancient IndianseerswhichmadeIndiathethought-leaderinthepast.

Thought LeadershipRaveena AgrawalThisarticleattemptstoexplaintheemergenceandconceptofthoughtleadershipwhichwasestablishedwith therelevanceof theteachingsof Ancient Indian scriptures like Vedas, Upanishads, BhagavadGita, Manusmriti, Arthashastra, etc. In this article, It is seen from aCompany Secretary’s perspective that how Company Secretariescan be thought leaders, what challenges s/he faces, how thoughtleadershipisimportantforcontributiontowardsorganizationandnation,how to improve thought leadership skills. Further there is discussionaboutongoingandupcoming trendsof thought leadershipas tohoworganizationswithleadersinIndia’sfast-growingeconomyfaceuniquechallenges with leader development and leadership developmenttrendshappeningintheregion.ProfessionalswhodevelopanddesignleadershipdevelopmentskillsmustkeepinmindtheIndiancontextanddevelopment trends.Furtheraligningwith theongoingandupcomingtrendswillhelporganizationsbothgrowleadersfasteranddevelopthecriticalskillsleadersneedtodrivegrowth.

Guru Mantras for Achieving Thought LeadershipDr. S K Gupta‘Thoughtleader’isthenewbuzzwordinthebusinessworld.Athoughtleader is an individual or firm that is recognizedasanauthority in aspecialized field andwhose expertise is sought and often rewarded.Thought leaders possess an innate ability to contribute to theconversations happening today, while also being able to speculateon what is going to happen tomorrow. One great aspect of thoughtleadership is, yes, you earn a position in your industry as a trustedand influential authority. But, it’s also a position that you monetize.It’snotjustaboutbeingagreatsourceofwisdomandknowledge.It’salsoaboutbuildingyourbusinessaroundyourthoughtleadership.Thesuccessmantraistochooseyourareaofexpertise,putyourfocusontrulymastering your subjectmatter, adding incredible value at everyopportunity,andproactivelycreatingasmuchvisibilityaspossible.

Advance Ruling in Central Goods and Services TaxRavi HolaniIn Advance Ruling there is a provision for filing an appeal againstadvancerulingalso.ItmeansanypersonwhowillnotsatisfywiththedecisionpronouncedbytheAuthorityforAdvanceRulingthenhemayfileanappealbeforetheAppellateAuthorityforAdvanceRulingwithinspecifiedtimeintheappropriateform.

reseArch corner P-83

ICSI – CCGRT ANNOUNCESUnique Critical Research Analysis on the Companies Amendment Act, 2017

P-84

n LMJ01:01:2018WeareoftheopinionthataboveobservationoftheHighCourtwasuncalledforaswehavestatedthatpowerunderSection29oftheActof1951canbeexercisedsubjecttotheprovisionsoftheCompaniesAct.[SC]

n LW01:01:2018TheCentralGovernment,quiteconsciousofallsuchfactors,hastakenabalanceddecision in thefactsandcircumstancesofthepresentcase.[SC]

n LW02:01:2018The taxrecoverable fromthe tenantundertheNDMCActasarrearsofrentbytheappellantcannotbeconsideredtobeformingpartoftherentforthepurposeofseekingeviction/ejectmentoftherespondentwhodefaultsinpaymentofsuchrecoverabletaxasrent.[SC]

n LW03:01:2018 The bankwas justified in recovering theamountoffinancial losssustainedby it,whichwascausedby the respondent, fromoutof thegratuityandemployer’scontributiontowardsprovidentfundpayabletotherespondent/employee.[SC]

n LW04:01:2018Themandateappearstobethatifanaggrievedpartydoesnotapproach theTribunal foradecisionon theissueofinvalidityofregistration,therighttoraisetheissueofinvaliditywouldnolongersurvivebetweentheparties.[SC]

n LW 05:01:2018 No presumption arose in favour of therespondentthatthechequerepresentedlegallyenforceabledebt.Inanycase,suchpresumptionstoodrebuttedbysettledlawthatclaimtowardsAdvocate’sfeebasedonpercentageofresultoflitigationwasillegal.[SC]

n LW06:01:2018Therecouldbecompetitionconcernsinrarecaseswhereamonopolybuyerexercisestheoptioninananti-competitivemannerbutthepresentcasedoesnotappeartobeinthatcategory.[CCI]

n LW07:01:2018TheconditionofseekingpriorpermissionoftheEstateOfficer,evenforplotswheresaleconsiderationisfullypaidseemstobeapparentlyunfair.[CCI]

n TheCompanies(Amendment)Act,2017n Companies(CostRecordsandAudit)AmendmentRules,2017n Companies(CostRecordsandAudit)SecondAmendmentRules,2017n Relaxation of additional fees and extension of last date of filing of

FormCRA.4undertheCompaniesAct,2013reg.n CondonationofDelayScheme,2018n DesignatedSpecialCourtforspeedytrialofoffencesn Companies (Filing ofDocuments and Forms in Extensible Business

ReportingLanguage),SecondAmendmentRules,2017n CategorizationandRationalizationofMutualFundSchemesn DisclosureofholdingofspecifiedsecuritiesandHoldingofspecified

securitiesindematerializedform.n InvestmentsbyFPIsinGovernmentSecuritiesn Exemption application under Regulation 11 (1) of SEBI (Substantial

AcquisitionofSharesandTakeovers)Regulations,2011

FroM the GoVernMent P-95

other hiGhliGhts P-103

• MembersRestored• CertificateofPracticecancelled• CLDP• GSTCorner• CGCorner• Ethics&SustainabilityCorner

leGAl World P-87

PART II ARTICLE ON GST

P-72

P-76

P-80

n THOUGHTLEADERSHIPn THOUGHTLEADERSHIPn ANTECEDENTOFTHOUGHTLEADERSHIP–INTEGRATINGWESTERNVIEWS,SPIRITUALITYANDADISHANKARACHARYATOTRANSCENDFROMKMPTOATHOUGHTLEADERn THEWSANDTHEHOFTHOUGHTLEADERSHIP n THOUGHTLEADERSHIPn “THOUGHTLEADERSHIP”–ANEWDIMENSIONINSOLUTIONSTOCORPORATEMALADIES–THROUGHHUMANISTICAPPROACHTOMANAGEMENTn THOUGHTLEADERSHIPPARADIGMn TYPESOFTHINKINGANDTHOUGHT-LEADERSHIP–INTEGRALPERSPECTIVES(APPROVED)n THOUGHTLEADERSHIPn GURUMANTRASFORACHIEVINGTHOUGHTLEADERSHIPn ADVANCERULINGINCENTRALGOODSANDSERVICESTAX

ARTICLES


AR

TIC

LE


Ankit Jain, ACSSenior ManagerReliance Industries [email protected]

Thought LeadershipWHAT IS THOUGHT LEADERSHIP ALL ABOUT“Management is getting people to do what needs to be done, Leadership is getting people to want to do what needs to be done.

Managers push, Leaders pull.

Managers command, Leaders communicate”

Gainingmomentumonthecorporatefloorsistherelativelynewleadershipbuzzword“ThoughtLeadership”.Butbehindthejargonliesthewholeconceptofimperativethoughtleader,onewhoisviewedasacredibleindustryexpertwhocutsthroughthe“buzzingnoise”andofferssomethingworthlisteningto.

Wikipediadefinesthoughtleaderasanindividualorfirmthatisrecognizedasanauthorityinaspecializedfieldandwhoseexpertiseissoughtandoftenrewarded.ThetermThoughtleadersiscoinedtodenotethoseleaderswhoinspireleadership; igniteimaginations,explodeoldmyths,andilluminatepathstothefuturethatotherscanfollow(Bulter2012)

ThoughtLeadership=Championingofnewideas

Thought leadership isasystematicapproachtodeliveringnewideas,relevantadviceandcompellingsolutions.Itstartswiththesparkofanewideaandendswiththeimplementationreadinessfortheidea.

VandenHeuvelandBadingsdefined thought leadershipas thesuccessfulpromotionofacompany’s unique point of view, insight, or solution which leads to significant customerengagement.Thoughtleadershipisallaboutconvertinginterestinanewideaintoactingonthatideatothemutualbenefitofthethoughtleader,thecustomerorotherstakeholders.Itcalls forastrongthought-provokingviewpointonanareaof interest thatgoesbeyondtheproductorservice.Itaimstoprovidebestanddeepestanswerstothevariousstakeholdersandaudiencesanorganisationcatersto.

ThoughtLeadershipisviewedasaradicaldeparturefromtraditionalleadership.Itisallaboutpromotionofnew ideas;an initiative rather thanapositionor role. In today’s competitiveworldonlythoseorganisationscanmanagetosurvive,whichofferacompetitiveedgeoverothersandsurelythoughtleaderscanhelporganisationinachievingso.Thoughtleadershipqualitiescanbeexhibitedbynon-managerialemployeeswithprogressivemindsetsandthecapabilityofchampioningnewideas.Moreover,thoughtleadershipisdemocratic,egalitarian,ephemeral,non-hierarchical,andisnoteasilymonopolized.Thoughtleadercanbeconstruedassomeonewhostandsabovesubject-matterexpertiseandstandsasanICONinhis/herspherebyexhibitingtrackrecord.Becomingathoughtleaderisn’tjustaprocess.Itrequiresapassionforandacommitmenttospreadingideasthatcanhelpothers.

WHAT IS SO UNIqUE ABOUT THOUGHT LEADERSHIP APPROACHThoughtleadershipisintertwinedwithinnovation.Gonearethedayswhentraditionalfamilyrunbusinessesmonopolisedthemarket.Acriticalelementtothesuccessoftheorganization,innovationisbecomingastrategicpriorityandcorevaluetomostof thecompanies inthecurrentbusinessscenario.Basedonthepowerofideastotransformourwayofthinking,a

Thought leadership provides corporate and other organisations with a way to considerably raise their profiles among customers and other stakeholders. Thus, in order to carve out a niche for themselves organisations should strive to adopt a proper thought leadership strategy.

PART I ARTICLES ON THOUGHT LEADERSHIP

AR

TIC

LE


strongtieisestablishedbetweeninnovationandthoughtleadership.Thoughtleadershipisanintegralpartofanorganizationalstructurethatisfocusedoninnovation.

INNOvATION CREATES THE NEW IDEA AND THOUGHT LEADERSHIP CHAMPIONS IT UNTIL IT IS READY FOR IMPLEMENTATIONWhileinnovatorsarecreativethinkerswiththeabilitytocreatenewideas, thought leaders are early adopters of these ideas. Theypossessinfluentialskillsthatenablethemtoinspireandpersuadetheorganization to implementsuch ideas.Once thenew idea isaccepted, traditional leadership takes over to ensure successfulimplementationofthenewideathroughmanagementpractices..

Intoday’sbusinessscenario,Companiesneedtoplacethemselvesatanedgeoverthecompetitors.Thought-leadingcompaniesofferthought--provoking insights on issues that truly matter to theirstakeholders. Therefore, now a days companies adopt thoughtleadershipapproachtopositionthemselvesmorefavorablyinthecompetitiveworld.

Thoughtleadershipdeliversvaluecreatingideasandinsightsthatenable intended audiences to become meaningfully moresuccessful. Only content that is worthwhile in the eyes of theintendedaudiencewillbegrabbed.

WHAT A GOOD THOUGHT LEADER ExPECTED TO SHOWFollowingattributesaredesirableoutofagoodThoughtLeader:

• Proactive: Insteadofareactive,aproactivetrait isrequiredfor someone to be classified as a Thought Leader. He isexpectedtofollowapre-emptiveandpreventativeapproach.

• ForwardLooking:Thisqualityismuchdesirableasitcallsforthe leader to anticipate and think through the forth comingissuesandexpectations.

• Distinct:ThoughtLeadershouldcarveoutadistinctspaceforhimself.Heneednotnecessarilygowiththecrowdandshouldbeabletoputforthhisviewsincaseswherehedisagrees.

• Inspiring:Nodoubtthisleadershiptraitneedstobedisplayed.A leadersurelyhas to inspirehis teams todrawresults.Heshouldbeabletoinstilthezealintheteamtoaccomplishthegoals.

• Relevant: It is very essential that a thought leader remainsrelevant by picking up and working upon the pertinent and

crucialaspectsanorganisationiswitnessing.• Credible:Credibilityisanindispensablequalityofanyleader

and when it comes to thought leadership the requirementbecomesaprerequisite.

• Resultdriven: Last but not the least, it is veryessential toensurethatoneisnotvagueandmustnotendupincreatinga lacunae or monologue. It should be ensured throughconstant monitoring that ideas can result in action orientedsteps. Continuous review can help in effective and efficientaccomplishmentofthegoals.

Followerbase

Influencer ThoughtLeader

Insider Expert

High

AuthorityHigh Low

Low

HOW TO CREATE THOUGHT LEADERSHIP THAT DRIvES RESULTS “Acompanycannotbecomeathoughtleaderinjustayearortwo.”Thoughtleadershipiscomprisedoftwopillars.Thefirstisnoveltyandthesecondistrust.WithouttruststakeholderswillnotendorsetheNPOV(novelpointofview).

In order to fix the ideas and products into people’s heads andinvolve them fully in the campaign it is necessary to have wellthought steps and strategy and also have an efficient executionsystem. Thought-Leadership needs to be an integrated part ofone’sbusinessmodel.Thesuccess,however,dependsuponwell-coordinatedmeasures.

Followingmeasures/stepsneedstobeadoptedfor implementingThought Leadership Approach so that it fetches the desiredresults:

Thought Leadership is viewed as a radical departure from traditional leadership. It is all about promotion of new ideas; an initiative rather than a position or role. In today’s competitive world only those organisations can manage to survive, which offer a competitive edge over others and surely thought leaders can help organisation in achieving so. Thought leadership qualities can be exhibited by non-managerial employees with progressive mindsets and the capability of championing new ideas.

Thought Leadership

AR

TIC

LE


Thought Leadership

1. Settingthegoal:Goalssetthefoundation,oneneedstodefinethearea/sphere/zonewherethoughtleadershipisdesired.

2. Strategy: Well plan is half done. A proper strategy is thecornerstonetosuccess.

3. Concept: After having a strategy it is time to develop theconcept and content. One needs to have proper platform(socialmediaandothers)bymeansofwhichthesamecouldreachtotheaudiences.

4. Execution:ItcallsforactualexecutionandthisbeingthemostimportantstepasthepracticalimplementationoftheConcepttakesplaceatthisstage.EffectivecommunicationplaysavitalroleinExecution.• Buyer Persona Management: Buyers’ Persona are

representations of the customers’ profiles. Besidesincluding socio-demographic factors they also includeinformationaboutthepersona’susageofthemedia,thepurchase decision-making process, i.e. the customerjourney and the persona’s usage of the businessesdifferentchannelsatthecustomertouchpoints.

• CampaignManagement:CampaignManagementmeanscampaigning the activities in marketing, sales, andcommunications.TheThoughtLeaderdevelopsan ideathatinspirespeopletoshareitandparticipate–notonlyon social media but alongside the entire customerjourney.Campaignneedsbeself-sustainablethroughoutall channels. A good campaign covers variousstakeholdersandcanensuregreatersuccess.

• Content Marketing: Content is King. All companies areproducing whitepapers, how-to manuals, and eBooks.Contentmarketingneeds tobewell incorporated in theThought LeadershipCampaign. It is to beensured thatproper content is produced that potential buyers arelookingforandseevaluein.

• InfluencerMarketing:ThoughtLeadersestablishcontactand communications with influencers and createengagement to increase the likelihood of themrecommendingprofessionalwordofmouthmarketing.

• Public Relations & Corporate Communications: PublicRelations call for developing thoughts over topics andconcerns formaking society better,which positions theCompany’scorebusinessinthepubliceye.Toestablish

asaThought-Leadersoneneedstoexpandthecorporatesocialresponsibilityaswell.

• InboundMarketing:InboundMarketingistheartofbeingfoundbythecustomerinsteadofconstantlybombardingthem with advertisements. The success of inboundmarketing cannot be ignored. Wherever possible, theCompanyshouldproducecontentthatexcitespeopleandthey will share and spread voluntarily as much aspossible.Blogposts,webinars,podcasts,andmanyotherchannels are touted as keys to becoming a thoughtleaderandgainingconsumertrust.

5. Monitoring:ThefinalstageofThoughtleadership,monitoringis pre requisite to ensure that the whole approach worksproperly.ContinuousreviewofthestrategyandmeasurementofThought-Leadershipcanhelpaccessthesuccessandhelpindrawingtherightconclusions

WHEN TO CONSIDER THOUGHT LEADERSHIP APPROACHThought-Leadershipisuniversallyapplicable–acrossallindustryboundaries and business models. Due to its efficacy, thoughtleadership has been the buzz word in areas of marketing,branding,publicrelations,corporatecommunicationandreputationmanagement. B2B and B2C businesses are significantly usingthoughtleadershiptobuildtheirbrand,developbrandawareness,createuniqueplatformforcompetitivedifferentiation,builddeeperrelationshipswithcustomers,be“heardaboveallthe‘noise’inthemarketplace”andengageimportantstakeholdersonboardwithacompany’s strategic plans. Thought leadership is a positioningstrategythatneedstobeunderpinnedbythecompany’scorporatestrategy,expertiseandcapabilities.

Moreandmorecompaniesareembracingthoughtleadership,andpublicrelationsagenciesaredevelopingfull-onthoughtleadershipstrategies. By leveraging the intellectual capacities, conductingin-depthresearch,andpackagingtheinsightsintheformofwhitepapers,articles,orvideos,organizationsseek tobeseenas theauthorityoncomplexmattersthatconcerntheclients.

Growth-starvedorganizationslookfordifferentwaystodifferentiate

AR

TIC

LE


themselveswithnewideas,educationandrelevantsolutionsthataddressbuyerpainand influence theirperceptionsof value.Bigideasandpioneersofnewtechnologies,products,andconcepts,havealwaysintuitivelywonoverourheartsandminds.

Theinternetandsocialmediaenablelong-establishedbusinessesand newcomers alike the reach and possibilities to interactwithcustomers,whichwereunthinkableearlierandisgivingopportunityto businesses, brands and institutions to become a ThoughtLeader.

WHICH ALL ORGANISATIONS HAvE APPLIED THOUGHT LEADERSHIP APPROACHAcrosssocietytherehavebeensignificantshiftsinpriorities.Manyofthemajorissuesaffectingsocietytoday–climatechange,watermanagement, renewable energy, aging, health and well-beinghavegainedpriorityofthecustomersandotheraudiencesratherthan merely the product or the service that the organisation isoffering.Various stakeholders towhich the company caters andthe society at large have started placing greater emphasis ondeterminingthewaysinwhichtheycanbetackledandprospectivesolution thereof. This bestows an opportunity to companiesproactively step in to the discussions about these issues andposition themselves as organisations that not only care, but asones thatmay have innovative perspectives and ideas that cancontributeorhelppushforwardthedebateandallthisgivesmorefocustotheconceptofThoughtLeadership.

Itisbytappingintosocietaltrends–andbeingperceivedashavingtakenupthegauntlettoaddresssociety’sconcerns–thatthoughtleaderscanemerge.Bydevelopingnovelpointsofview(NPOVs)thatcatchnotonlytheattentionofsociety,butwhichbreakwithorchallenge conventional thinking, companies are able to create aplatform from which they can differentiate themselves from

competitorsandbeseenbystakeholdersasintellectualleadersinthefightagainstsociety’sworries.

Unilever’spersonalcarebrandDoveisfrequentlycitedashavingimplemented a successful thought leadership strategy. In 2003,Unilever‘s Global Brand Team for Dove was charged withreinvigoratingthefifty-yearoldbrand.Theycommissionedresearchon theperception of beauty in ten countries and received somestartling results indicating that low self-esteem was rife amongwomen. Only 2 per cent of women described themselves asbeautiful and only 12 per cent were satisfiedwith their physicalattractiveness.Womenalso indicated that they feltpressuredbythebeautyindustrytodosomethingabouttheirappearance.

TheDoveBrandTeamusedthisresearchtocreateaNPOVfortheconvention-breaking‘RealBeautyCampaign’,whichincludedtheuseofaverage-lookingwomen insteadofprofessionalmodels topromotetheirproducts.UnileverusedtheirNPOVofthedefinitionofbeautytogivethemsocialrelevance.Dovebecameanauthority– a thought leader – on the social issue of beauty and ourpreconceptionsofit.Inpositioningthemselvesasthoughtleaderswithin their sector,Dovemovedbeyondstandardmarketingandbranding techniques. They developed platforms that their targetaudiencecouldgetinvolvedwith–MotherandDaughterdays,forexample,andtheDoveSelf-EsteemFund,thepurposeofwhich,accordingtotheirwebsite,is“tohelpfreethenextgenerationfromself-limitingbeautystereotypes.”

SIEMENSisanothercompanyknownfortheirThought-Leadershipcampaign. “Ingenuity for Life” campaigns stages the formerfounder and inventor Werner von Siemen’s ingenuity and thetechnological innovations inthecompany’s250-yearhistory.ThecampaignumbrellahelpsSIEMENStopositionthemselvesfortwocurrent Thought-leader topics: Industry 4.0 and autonomousdriving. With their “SIEMENS Thought-Leadership Tour” theypresent the entire spectrum of skilled Thought-Leadershipcommunicationtothepublicandprofessionalsalike:e.g.strikinglybig and extravagant exhibition appearances, numerousappearancesofthecompany’sinternationaltopmanagement,aswell as their brand faces, and the implementation of SIEMENSlaboratoriesatschoolsanduniversities.Withthehelpofallthese,SIEMENS has managed to make their brand position as a“Thought-Leader”intheirfield.

OtherthanUnilever’sDoveandSIEMENS,Companiesnoteworthyfortheir thought leadershipstrategiesarePhilips,Apple,GEandIBM.

Thought leadership marketing is a relatively new discipline.Traditionaladagenciesthatsalesandmarketingexecutiveslookto for support cannot generate the depth of insight, quality ofcontentorlevelofsalesprocessintegrationnecessaryforthoughtleadership programs to succeed. Pioneer professional servicesleaders such as McKinsey, IBM and the Gartner Group, havebecomeanexecutivepriorityformostbusiness-to-business(B2B)marketers.

To sum up, it would not be ostentatious to say that Thoughtleadershipprovidescorporatesandotherorganisationswithawayto considerably raise their profiles among customers and otherstakeholders.Thus, inorder tocarveoutaniche for themselvesorganisation should strive to adopt a proper thought leadershipstrategy.

Thought Leadership

Thought-Leadership is universally applicable – across all industry boundaries and business models. Due to its efficacy, thought leadership has been the buzz word in areas of marketing, branding, public relations, corporate communication and reputation management. B2B and B2C businesses are significantly using thought leadership to build their brand, develop brand awareness, create unique platform for competitive differentiation, build deeper relationships with customers, be “heard above all the ‘noise’ in the marketplace” and engage important stakeholders on board with a company’s strategic plans.

AR

TIC

LE


Anupam Jaiswal*, FCS)Practising Company SecretaryAnupam Jaiswal & [email protected]

Thought LeadershipWHAT IS THOUGHT LEADERSHIP?“The termwas firstused in1994byJoelKurtzman, formerEditor inChiefofStrategy&Business.Butthetracesarecenturiesback.Socrates,Aristotle,Confucius,Platoaretobeconsideredworld’s first thought leaders. They offered their teachings to the people andshownthemthewaystheyneeded.InmoderntimeswealsoconnectthiswiththeriseoftheGooglein1990,withitsamazingtechnologicalvirtualproduct.”

Wikipediarefersittoanindividualorfirmthatisrecognizedasanauthorityinaspecializedfieldandwhoseexpertiseissoughtandoftenrewarded.”Thetermandconceptismostlyusedascontentmarketing.

Thought leadership is about breaking the chain of rat race and go beyond that, why?Becausepeopleneedthat,theyarewaitingfortheleadersofnextlevel.Thoughtleadersarespecialists, experts and thinker, they devote their life to help othersmaking a confidentdecisionandtoovercomeoutofindecisiveness.

If talked in practical terms the exact origin of the concept is not known, The followingexamplemayhelptounderstandtheconceptbetter:

Supposeyouasaprofessionalsittingwithoneofyourclientsfewdecadesbackwhohadcomplete trust in you and you both were sitting to find the ways to make his pipelinebusinessthebusinessof21stCentury.Abrainstormingsessioncontinuedandsuddenlyanideaflashedinyourmindandyoustartedworkingonachartpaperwithyourpen,afterfewminutesyouturnedtoyourclientwithsomethingwrittenwithfigures,lines,circlesandblanksonthatchartpaperandsaidtohim,thatyouhavepreparedaplanforhisbusinessnowonlyfigureswillhavetobecollectedandtobeputintotheblanks,restthatplanwilldo.Lateron,you’reworkingontheChartpaperwasknownas“BUSINESSPLAN”,thefirstbusinessplanintheworld.Youareathoughtleaderinthisrespect.Youusedyourexpertise,you used your skills, and you relied on your professional instinct and came up with aninnovativeoneofkindconceptforthefirsttime.

Youdidfourthingsatatimea. Youunderstoodtheneedofyourclientb. Youturnedintoanoutofboxthinkerc. You cameupwith something important and innovative that can givemileage to his

proposedbusinessbeyondexpectationd. Youmadeyourclientabletotakeconcretedecision.

Thatexactlyisthefunctionofathoughtleader.

Thisisonlyoneinstance,Ibelievethousandsofinstanceslikeabovehavehappenedwheresomethinguseful,innovativeandofbusinessusehaveemergedoutoftheconceptthatisknownasthoughtleadership.IwouldliketomentionGeneralElectric(GE)acompanywhich

The article gives an overview of the concept “Thought Leadership”. What is thought leadership, benefits of thought leadership and why it has become so important for professionals to become a thought leader? As the competition is increasing day by day, carving a niche in the trade one operates has become must; here thought leadership comes to help one to drive his profession to the next level and make a brand in the field of his expertise. The present article also discusses the concept keeping in view, how international businesses have carved a niche in their field through thought leadership.

*Secretary,LucknowChapterofNIRCofICSI.

AR

TIC

LE


Thought Leadership

isknownforthoughleadershipinmanyareas.

GE ExCELLENCE STORY (an outcome of thought leadership approach)GE Highly diversified its businesses in Electric, appliances,medical equipments, plastics, Financial, automotive. AndGE isrankedinthetopthreecompaniesinAmerica.Itallbegunin1892withtheMergerofEdison’sDCwithAC.CharlesCoffinformedagroupandbrought theEdison’sPatentandhealsobrought theACpatentandformedGEin1892. » OvercomingBankruptcy » ElectrificationofAmericawasprovedtobetheturningpoint

forGE » Pension trust establishment -1923 (Innovative approach to

securetheemployeesfrombankruptcy) » DiversificationstartedatthetimeofWARandGEsteppedin

toAerospacetechnologies,Nuclearenergy,aircraftenginesandmanymoreithadmadeGEthestandalonetechnologygiant.

» JackWelch,thecontroversialCEOofGE.(oneofthegreatthoughtleaders)Divestiture,eliminationofemployees,Costreduction, increase in savings, small acquisitions all camewith jackWelch, he re-established theGE’sDyingmedicaldiagnosisbusinesslineandverysoonGEbecametheworldleaderinthisfield.*

ThemanagementstyleofJackWelchincluded:• Lead,notmanage• FollowCandor• FaceReality,stopassuming• Change,anopportunitynotathreat• Don’tcompete,ifyoudon’thavecompetitiveadvantage

GE’sfocusison(TheycallitdevelopingindustrialInternet)

AUTOMATION To enable reduction in loading, unloading time GE providescompleteelectricalsystemsandautomationsolutions,aswellasdrivetechnologyincranes(ports,terminals,andshipyards),bulkhandlingsystems,andoffshoreheavyliftequipment.

It offers fully integrated crane management systems includingautomationandsemi-automaticcontrolforcranessuchasship-to-shore,shipun-loaders,andgoliathcranes.GEcranemanagementfeatures can include process control, drive systems, automatictargetingpositioning,anti-swaysystems,lasercontrolledpositiondetection,andmotorsandencoders.

INVENTORY ON THE GO: Inventory tracking, Use of smartphones&tablets,handholdsmartdeviceswithprinters.Withthistechnologycanbeused to track inventoryandplacingorderonthe go so “no inventory” is needed to be maintained. Materialmanagerscanuselatestdataandknowaboutthelateststatusofmachinery,equipmentandstocksaspertheperformanceoftheunits so no units is overburdened andmaterial reaches exactlywhereitwouldbe.

This Innovative approach ranked GE in world Leaders, GE always hired best thought leaders and this thought leadership approach ranked it one of the brands in the world that help others with their vision to make their business transformed in to 21st Century businesses.

WHEN SHOULD YOU CONSIDER A THOUGHT LEADERSHIP APPROACH?When there are challenges there are the ways to encounter,thoughtleadershippavesthewaytomoveforwardinspiteofthechallengeswiththebestpossibleinnovativeapproachwhichisanoutcomeofthebrainstormingoftheexpertise.Ifyouareathoughtleader thencounter thechallenges,offer thebestwaystosolveovercomethesituationandtolightthepathtomoveahead.Youwill have to develop the best ways to promote yourself in themarket among your customers and your clients, even youremployeesmusthaveenoughtrainingandinformationtoansweranyofthequeriesofthecaller.Youhavetodevelopinternalaswell asexternal thought leaders tomake your concernabrandandaprofitcentre.

WHO SHOULD USE THOUGHT LEADERSHIP?Companies, organizations, professionals, orators, Leaders,employees in fact everyone needs this thought leadership.Anybodywhoneedstocarveanicheofhisownbrandneedstogothroughthewayofthoughtleadership.Why?Becausepeople

If you are a thought leader then counter the challenges, offer the best ways to solve overcome the situation and to light the path to move ahead. You will have to develop the best ways to promote yourself in the market among your customers and your clients, even your employees must have enough training and information to answer any of the queries of the caller. You have to develop internal as well as external thought leaders to make your concern a brand and a profit centre.

AR

TIC

LE


recognizetheauthority,theybelievesomethingcomingfromtheauthority acquired in a particular field, theywant a voice and aclearcut instruction fromsomeonewho iscompetentandholdsthatauthorityinhisniche.Itofferscutedgesolutions,expertise,innovativeapproach;itsetsthewayapartfromthecrowd.ThoughtLeadershipandprofessionals

When it comes to professional service provider firm thoughtleadership is a tool to deliver the considerable value to clients,thoughtleadershiptalksaboutcreatingvalueitcarriesinnovativeideas,andinsightsneededbyaudienceofclientstocreatemoremeaningful business.Moremeaningful operations lead towardssustainable success. The approachmust be towards deliveringhighqualitycontentandathoughtleadermustbeapttofindthewaystodeliverthatcontentwhichcarrytheinnovativeinputsforthe targetedaudiences. If youareaprofessional andyouhavesomeinnovativeideaandyouknowthathowtoturnitintorealitythen youdemonstrate your expertise and commandover it youeffectivelycommunicateyourphilosophytoyourclient, influencetheminspirethemandmakethemscalethatidea.

Whencompetitiongetstoughintheprofessionalfield,becomingathought leader is more essential pre-requisite to excel andsucceed. When professionals turn in to thought leaders theybecome thego to providers for their expertise.Theworld classapproachhelpstheprofessionaltoexcel,theythinkhowtoservetheir clientswith theworld class consultancy. They focus on it,theywork on it, they learn for it in turn they deliver it and theybecomethoughtleaders.

TIPS TO PROFESSIONALS TO BECOME A THOUGHT LEADERChooseaspecificfield/niche:askyourselfwhereyoucanbeatyourbest,yourcorecompetency,yourapproach.

Become best at your chosen field: acquire knowledge, readbooks,study,participateinseminars,keepyourselfupdatedwiththechangesinyourtrade.FormaNetworkwiththepeopleinyourtrade:Networkskeepyouupdateanduptodate.

Takepart inpresentations: thebestway todemonstrateyour

expertise, participate in presentations, be present at speakingeventsandbereadywithyourcontent,organizeclientmeets toupdatethemwiththedevelopmentsintheirtradeandregulatorychanges.

SpeakingOpportunities:Never leaveanopportunity tospeak,wheneveryougetachancetospeakyoutakethisopportunitytodemonstrate your expertise over your trade and that you havegatheredthatauthorityneededtomakeafanfollowing.Soneverevermissanyopportunitytospeak.

Membershipofvariousassociationsand forums:Go for themembershipsofthevariousforumsandassociationsofyourcity,town and trade area.Because these association invest a lot oftheir time to their visionandmissionand in developing thoughtleadershipthroughcarvinganicheintheirfield.Theyofteninviteandarrangeasymposiumofareaexpertsandthatisallyouneedtolearn.Youmaybeaskedtoshareyourthoughtontheareaofyourexpertise,usethoseforumsforyourbranding,remembernoonecanbecomeathoughtleaderovernightit’saprocessandyouwillhavetogowiththatprocess.

Writeblogsandarticles:ifyouareinthehabitofwritingyoumayget a competitive advantage. You publish your blog with thestrongcontentwhichcanleadyoutowardsthoughtleadership.

Yourmind,yourexpertiseandyourpenarethepowertoattaintheposition,takesometimefromyourbusyscheduleandutilizethattimetothinkandwrite.Trytofindoutthebestpossibleanswersofthequestionsofyourclients.Whenyouwriteyougetreadersand in turn they become your followers if the content is solidenoughfortheircuriousmind.

Here it’s quite relevant to quote Marshall Goldsmith, a greatthought leader,“thought leaders need to pay the price. It’s really not complicated. The price is speaking, writing, networking, building relationships, making those long-term investments that don’t necessarily produce short-term revenue, but make a long-term difference. You probably won’t get paid to write articles and do interviews. But it’s a positive attribute for the long term”.

THE qUALITIES OF THOUGHT LEADERSA thought leader is aneagerbeaver, visionary, lerner, effectivecommunicator, out of box thinker and brand ambassador ofchange management. He believes in candor and innovativeapproachyetadaptable.Ifyouareathoughtleader,brandingwillbeyoursoul.Itposestwoquestions1. Youwantedtobeknownforwhat?2. Itshouldbeyourbrand

Somecorequalitiesofthoughtleadersare:

1. Competencyandknowledge(Academicandprofessional)2. Principles(thecoremessagetowhichtheirlifeisdevoted)3. Performance4. Experience5. Expertise6. Influence

Thought leaders must not be confused with the experts onlybecause every expert may not be a thought leader but everythoughtleaderisanexpert.Sowhatisthedifference?

Thought Leadership

AR

TIC

LE


Thought Leadership

Difference lies in theauthorityandpower.Apersonmaybeanexpert but it may be possible that he has not derived such anauthority as it takes time to transform an expert into a thoughtleader.Valueofferedisthemostimportantcriteriontodifferentiatethese,thoughtleadersarenotmadeovernightbuttheyworkhardon their expertise and their branding as well. They offer worldclass services to their targeted audiences in the area of theirexpertise and they hold that expertise with the authority thatothersfollowthemandthisfollowinghelpsthemintheirrespectivetrades.Butanexpertonlyoffershisexpertiseashemaynotbematuredenoughtohandle theconceptof leadership.Hehadtolearntheprinciplesofleadershipafterattainingenoughexpertiseinhiscoreareaandisnowreadytosacrificetoattainthepositionofaleader,athoughtleader.

BENEFITS OF THOUGHT LEADERSHIPTheworldisfullofinformationanditisscatteredeverywhereandtheeasyaccessibilityoftheinformationsometimesmakeittoughto reach to a conclusion.So indecisiveness crept in slowly andhampers the brand value. In the fast changing scenario we allhavetobedecisiveandadaptabletochange.Theroleofthoughleaderbecomesrelevanthere,actuallyweneedaconcretehelpfromanauthoritativesourcewiththecoreexpertiseintheareaweareservingorplanningtobeinthenearfuture.Thoughtleadershelpus inmaking informedandconcretedecisionsandgiveusconfidencetostickandmoveaheadwiththeidea.

In this scenario a though leader plays the role of the decisionleaderaswell.

HOW TO CREATE THOUGHT LEADERSHIP THAT DERIvES RESULTNeed assessment is the key to create thought leadership thatderivesresult.Needprovokes thoughtsandhits thereservoirofthethoughts,knowledge,experiencesandexpertiseandcomeupwiththecumulativeresultsofallinthelightoftheneed.Itcompelstothinkdifferentfromthecrowdandcomewithsomeinnovationtoruledemandingsituation.Asanyleadership isbyhumanandforhumansowehavetotakevariouscomponentintoconsideration.

Human capital is the vital component for any organization tosucceed because a company or a giant can make saleableproducts,servicesbuttobrandthemconcretecontentisrequired,anefficientmarketingandsalesteamisrequiredandtheultimate

component Innovation is must. All these are achieved throughhumancapital, it is inevitabletotransformtheirhumancapital intothoughtleaderstoachievetheunderlyingobjectivesandinturntocarveanicheinthebusinessenvironment.

To turn youremployees into internal thought leaders it requirestheassistanceofCEOsandexternalthoughtleaders.Thewholeprocessrequirescalculatedstepswhichhavebeencalculatedinadvance.

Thewholepreparationhavevariousstepsasemployeetraining,customerneeds,organizationalobjectives,preparationofstrongcontent, core competency, competitive advantage etc. if anorganization is ready tosacrificesome immediatebenefit in theprocessofdevelopinginternalthoughtleaderssoitcanreapthebenefits in terms of long term results, benefit of competitiveadvantageandtocarveabrandnicheamongothercompetitors,as stated earlier when competition gets tough development ofinternal thought leaders is the only option. Your organization’sthought leadership reflects in itsMission andVision statementsandif it isnotboththestatementsareofnousebecausethesewillleadtheorganizationnowhere.

Here are few components for organization’s thought leadershipthatderivesresult:

a. Needassessmentb. Innovativeapproachc. Expertisewiththeauthorityd. Corecompetencee. Groupof internal though leaders backedby strongMission

andVisionf. RealizethepowerofChangemanagementg. StrongContent

CONCLUSIONThoughtleadershipisnotamodernconcept,thoughitmaybeamodern term. It persisted since centuries. The relevance ofthought leadership in carving a niche in the competitiveenvironmenthasbecomemoresignificant.Organizations,Leadersandprofessionalsarebusy inunfolding theways toexplore theconceptmoreandmoretodeliverworldclassresultsandclearlyunderstandtheimportanceoftheconceptinthedevelopmentofthesocietyandtheword.

Anybody who needs to carve a niche of his own brand needs to go through the way of thought leadership. Why? Because people recognize the authority, they believe something coming from the authority acquired in a particular field, they want a voice and a clear cut instruction from someone who is competent and holds that authority in his niche. It offers cut edge solutions, expertise, innovative approach; it sets the way apart from the crowd.

AR

TIC

LE


Bhavesh A. Kinkhabwala, ACSCompany Secretary, Hitachi Group Company, [email protected]

Dr. Ravi GorAssociate Professor, Department of Mathematics, Gujarat University Ahmedabad [email protected]

Antecedent of Thought Leadership – Integrating Western views, Spirituality and Adi Shankaracharya to Transcend from KMP to a Thought Leader

TRANSCENDING FROM KMP TO A LEADER AND THOUGHT LEADEREvolutionhasalwaysfascinatedthemankindandthat’sthebeautyandpurposeoftheMotherNature.Ourplanetearthhasseenaltogetheraparadigmshift ineverysegmentand fromoptimisticfragmentationoftheoverallsituation,humanbeinghastranscendedinalmostallwalks of life. Coming to theCompanySecretaries profession, which initially begunwith aprofileofpreparingminutes,filingcompanylawformsetc.andthentostatutorycompliances

and thereafter,managing IPOs, corporate laws, handling direct and indirect taxation laws,arbitration&conciliation, corporategovernance, stakeholders relationship, complianceandriskmanagement,CorporateSocialResponsibility.CompanySecretaries rolehasbecomemorecriticalwiththeapplicabilityoftheCompaniesAct,2013recognisingCSasaKMP(KeyManagerialPersonnel).

So,CompanySecretaries presence has evolved from:ComplianceManagerg CorporateStrategist gGovernanceProfessionalgKMPandthenextlevelandmilestonecouldbethe“CL”-“CorporateLeader”.

ComplianceManager

CorporateStrategist

GovernanceProfessional KMP Corporate

LeaderThoughtLeader

Therationalebehindthismetaphorof“CorporateLeader”istheVUCA(Volatility,Uncertainty,Complexity and Ambiguity) conditions prevailing in the world in general having largerconnectivityandreactiontothevariablesreciprocatingeachotherinthenetworkformatworldlevelandvariedmagnitudedependinguponthequalityofhumanbeingandenvironmentandgapexistingwiththeavailabilityofqualityleadership.

KeyManagerialPersonnelshouldnecessarilyhavemanagerialwisdomwithacornerstoneofeffectiveandefficientuseofhumanresourceswhichmanagesotherresourceslikematerials,machines,money.Leadershiptraitscomprisingvaluesystemtoservethesocietyatlargehaslargelybeenappreciated.Justtomanageandcontrolworkforceisnotsufficientandenoughbut,whatisrequiredistoinspire,explorethehiddenpotentials,nurturethequalitiesandlead.Leadersresorttobothinternalandexternalsourcestotakedecisionsandareinfluencedby

The authors, through this article have tried to integrate western views with India’s rich base of spirituality and concludes that our ancient scriptures carry the essence of leadership. Evolution from KMP to a Thought Leader could be the nearest reality in a CS profession. The Article through a case study approach of the period of Adi Shankaracharya deals in qualities of an individual for transcending in to a Thought Leader.

AR

TIC

LE


Antecedent of Thought Leadership – Integrating Western Views, Spirituality and Adi Shankaracharya to Transcend from KMP to a Thought Leader

experts,thoughtleaders.

FROM LEADER, TRANSFORMATIONAL LEADER TO A THOUGHT LEADER Theconceptofleadershiphasundergonearadicalchangeandhaswidely drawn scholarly attention because of its universal andindispensablecharacterinanycivilisation.Leadershipencompassesmany dimensions including styles and practices. There lies adifference between Leadership in organisationwhich is terms as‘SupervisoryLeadership’andLeadershipoforganisationknownas‘Strategic Leadership’. Opinion leadership believes in expressingonlyviewsandopinionswhereasthoughtleadershipissharingnewideasandinsightsfromgenerationtogenerationforthebenefitofothers.

Agrusa, Craig, Gilbert, Martinez & Nwokorie (2008) interviewedelevenpeoplehavingsuitablepersonalitiesrepresentingbusiness,ministry,education,mediaandbeingrespected,admiredandhavenotable contributions to their areas of expertise and in theirconference paper “Thought Leaders on Leadership” saidtransformational leadership was the preferred leadership stylewhich refers to the process whereby an individual engages withothersandcreatesaconnectionthatraisesthelevelofmotivationandmoralityinboththeleaderandthefollower(Northouse,2004).Further, they examined that (a) innate qualities, talents, abilitiesand traits combined with training will produce better results (b)womenhaveleadershipabilitiescommensuratetothatofmen(c)womenbringagreatbalancetomanyareasthatmenhavebeenmissing in the past (d) Some of the strengths identified asnecessary for effective leadership are found more commonly inwomenwhocanelevatetheirstatureasleaders.

ALeaderwhenexpandinghorizonsoastocontributetothemacrolevelbycausingabiggerimpactbychangingtheworldaroundhim/herandalsohelpsotherstodothesamethenthereliesatransitionfromaleadertoaThoughtLeader.Theconceptofthoughleaderhas becomepopular in the last few years only.A transformationfromaleadertoaThoughtLeaderistheoutcomeandanswertoaquestion–whatwillIleavebehind?It’sallaboutgivingalegacytotheothersandtothenextgenerationforhavingasustainableliving.

WHAT IS THOUGHT LEADERSHIP AND WHO IS A THOUGHT LEADER In 1994 Joel Kurtzman, Editor-in-Chief of Strategy & BusinessMagazinecoinedtheconceptof“ThoughtLeadership”.Whiledoingliteraturereview,wefinddivergentviewsandapproachestowardsThoughtLeadershipbutforthesakeofbrevityonlycomprehensiveviewshavebeennarratedhere.

a. Denise Brosseau, CEO of Thought Leadership Lab says..“Thought leaders are changemakerswhomove and inspireotherswiththeirinnovativeideas,turnthoseideasintorealityand then create a dedicated group of friends, fans, andfollowers to help them replicate and scale those ideas intosustainable change. They spread their ideas, programs orinitiativesfarbeyondonecompany,organizationorcommunityto make a broader impact in their industry or in the world.Thought leaders could be entrepreneurs or executives thataren’tsatisfiedwithanincrementalimprovementinhowthingshavealwaysbeendone;theypushtheirindustrybyintroducingsomething completely different – like cloud computing– that

willrevolutionizehowpeopleworkeveryday.Theyarenotallabout selling their own products or services – they areinterestedincreatingnewwaysofworkingorengagingpeopletothinkinnewways.(http://www.thoughtleadershiplab.com).

b. Thought leadership connotes a leadership orientationunderpinned by unconventional ideology that is historicallynuanced, culturally sensitive and contextually grounded.Thoughtleadership–distantfromandmorecriticalthanotherformsofleadership–hastobeabout‘leadershipthatisbasedonprogressiveideologies,beliefs,orientationswithsignificantpragmaticandimpactappeal’(Gumede,2015).

c. Management Guru and eminent researcher Dr. SubhashSharma says.. “any leader who influences organisations,society,nationsand theworld throughhis/heroriginal ideas,insights isaThoughtLeader.His/her ideashavea longtermtransformativeimpact.Indiaisthelandofmanygreatthoughtleaders”.

ExAMPLES OF THOUGH LEADERS Certainlyitwon’tbepossibletolistalltheThoughtLeadersso,onlyfew names have been mentioned and the below list is notexhaustiveandlotmanynamescanbeadded:a. From India in Spiritual context: Adi Shankaracharya, Shri

Aurobindo,PanditShriramSharmaAcharyab. FromIndiaingovernanceandsocialwelfare:Kautilya,Mother

Teresa,MahatmaGandhic. From India in business parlance: J.R.D. Tata, Dr. VIkram

Sarabhai,RatanTata,N.R.NarayanaMurthyd. From foreign countries : Napoleon, Nelson Mandela, Bill

Gates,SteveJobs,RichardBranson,MuhammadYunus

HOW COMPANY SECRETARIES CAN TRANSCEND FROM KMP TO A THOUGHT LEADER KMP,GovernanceProfessionaliscompetentprimarilyin‘business’involving,framingandexecutingstrategies,plans,decisionmaking,overallsupervisionandguidance.Leadersmustdosaidthingsandextend to (a)overcoming limitationsandhurdles inachallengingenvironment by perceiving them as an opportunity (b) serve thesociety at large in a socially responsible manner (c) collaboratejudicially amongst the stakeholders (d) accelerate throughinnovation(e)understandhumanmind,respectandnurturehumanvalues, emotions. KMP, Governance Professional has vitalorganisational value but, just ‘business’ is not sufficient in 21stcentury.

-Becomingachangeagentisthefirststep.Focussingonspreading

Thought leadership connotes a leadership orientation underpinned by unconventional ideology that is historically nuanced, culturally sensitive and contextually grounded. Thought leadership – distant from and more critical than other forms of leadership – has to be about ‘leadership that is based on progressive ideologies, beliefs, orientations with significant pragmatic and impact appeal’.

AR

TIC

LE



thechangeandrevolutionbroughttoanorganisationalleveltothesociety at large so as to get at the higher levels. For example,causingshareholderswelfareandmakingthemempoweredtobeselfreliant.

-sharingvisionandhelping,providingguidancetootherstobeachangeagentandcontributetowardstheevolutionofthesociety.

So, journey starts fromwithin oneself only. Depending upon theindividual interest, expertise, potential and after doing SWOTanalysisonecanembarkuponsoas toexpand thehorizon.Forexample, Company Secretary finding more interest in managingstakeholders relationship can further start a movement forstakeholderssupremacyandstakeholdersrightsandprotectioningovernance. Taking help of IoT (Internet of Things) andArtificialIntelligencecanestablishaplatformforstrengtheninginvolvementandinfluenceofminoritystakeholdersandfurthergettingjusticeinlesstimeandthat incosteffectivemanner.CompanySecretariescanbeabestThoughtLeaderinservingtheneedyclassofpeoplein legal matters by extending guidance, grievance handling,approachingthejudiciary.

Denise Brosseau in her book “Ready to be a Thought Leader?”narratesfollowingsevensteps:Step-1Baseduponthepassioncraftapossiblefuturecommittedtobringaboutnotrestrictingtoanorganisationbutacrosstheindustryortheworld.Step-2Testandrefineyourideaswithstakeholders,mentorsandrefinethethinking.Step-3 Moving your message and expand influence beyondexistingreach.Step-4Showingthewaysoastobuildsustainablemomentum.Step-5Codifyyourideasbyapplyingtestandrefinearepeatableand scalable blueprint for others who want to follow in yourfootsteps.Step-6Connectwithothersandsharevisibility.Step-7Audityourprogress.

BASE AND PERSPECTIvE OF SPIRITUALITY Thought Leadership is at infancy stage right now but, our richancient scriptures, ethos and spiritualmasters from ancient timehave been teaching the nuances and crux what the westernconcept of Thought Leadership is telling. Our ancient ‘Guru-

Shishya Parampara’, establishing monasteries so as toinstitutionalisethevisionandtherebyservetothemankindtoupliftathigherlevels.Principlesofmanagementandmodernmanagementconcepts of vision, excellence are discussed in various ancientliteratures like Vedas, BhagavadGita, Ramayana, Mahabharata,Kautilya’s Arthshashtra, Dasbodh by Swami Ramdas etc.Panchatantra tales are unique and is an excellent resource asmanagementcasestudies.

The classical definition of spirituality is one’s quest to know andinterprettheinnerself.Spiritualityandcorporatemanagementhavebeen kept as distinct field and not merged by and large exceptindividual efforts by the leaders. Challenges faced by industry,corporatecanbebetteraddressedwithahighlycontextsensitiveandenlightenedleader.

What we expect and see a transformation in outside world isbasically theextended transformationofoneself.Thatelementoftransformationcomesthroughthe leadershipvalues.PeripheryofLeadership has also evolved to entwine with spirituality. Futureleadernecessarilyrequiresemotionalandspiritualwisdomhavingbase of skills, new knowledge and vision. Spirituality createsalignment of business culture with the care, conscience andconsciousnessforthewelfareofhumanbeingatlarge.

Businessinthe18thand19thcenturywasestablishedandrunonlovingandspiritualprinciples.In20thcentury,businessesbecamemore obsessed with left-brain perspectives such as strategicplanning, performance management, analytical thinking, TotalQuality Management, financial results and profits, etc. Left-brainperspectives are considered to be too dispassionate and cold.Interestinglymenaremoreinclinedtowardsleft-brainthinking,thusthe male dominated society got deeply drenched in corporateculture.Then,asthewomenfolkstartedenteringthemaledomain,i.e.workplace,witnessedahugeinfluenceofwomen,therightbrainthinking found itswayby infusing spirituality, Love, empathy, theright brain perspectives associated with women. (Springer SallyandDeutchGeorge,2001).

Spirituality is gaining momentum in corporate sector. Seminars,conferencesbasedonSpirituality andManagement is not anewthing. Books like : “Ethics for New Millennium” by Dalai Lama,“Business Freedom – the Dharmic Challenge” by Judy Warner,“TurningPoints–AJourneythroughChallenges”byA.P.J.AbdulKalam, “Liberating the Corporate Soul: Building a visionaryorganisation”byRichardBarett,“Jesus–theCEO”byLaurieBerthJones, “The Monk – who sold his Ferrari” by Robin Sharma,“BhagwanRama–theManagementGuru”bySunilJogi,tonameafewbooksbyDr.SubhashSharma-“ManagementinNewAgeWestern Windows Eastern Doors”, “Quantum Rope: Science,MysticismandManagement”,“NewMantrasinCorporateCorridors:FromAncientRootstoGlobalRoots”.

ExAMPLES OF THOUGHT LEADERS WHO RESORTED TO THE SPIRITUALITY1. DuringthedifficulttimeofFacebookMarkZuckerberg(CEO&

Co-Founderofthesocialnetworkingwebsite‘Facebook’),hisone of the mentors - Steve Jobs (Founder of Apple Inc.)advisedtomakeaspiritualpilgrimagetoIndia.

2. Rahul Bajaj, Chairman of Bajaj Group in an interview withTimesof Indiasaid–“Spirituality, tome, is tryingtoconnect

What we expect and see a transformation in outside world is basically the extended transformation of oneself. That element of transformation comes through the leadership values. Periphery of Leadership has also evolved to entwine with spirituality. Future leader necessarily requires emotional and spiritual wisdom having base of skills, new knowledge and vision. Spirituality creates alignment of business culture with the care, conscience and consciousness for the welfare of human being at large.

AR

TIC

LE


withthebeyond.Faithinspiritualityhelpsmeleadagoodlife—alifeofintegrity,alifewithoutanybias….Wethenstrivetobethebestwecanbe,whichleadstoself-actualisation.And,this is what spirituality is all about—going beyond yourneeds…”

3. KishoreBiyani,FounderofFutureGroupsaidatCIIconference– “Asbusiness leaders,we influencemany lives...spiritualityplays a big role in the successful management of thebusiness,”

4. AjayPiramal,ChairmanofPiramalGroupsaidatCIIconference–“bypractisingspiritualvaluesinyourbusinessitcanactuallycreate long-term economic values— giving the example ofMahatma Gandhi’s successful career as a lawyer in SouthAfrica” further,heemphasised importanceofBhagavadGitaandspirituality.

5. Shivinder Singh of Fortis steps down to join spiritualorganizationin2015.

ADI SHANKARACHARYA – A ROLE MODEL AND SOURCE OF DEvELOPING AN INSIGHT

Afterthismuch,itwillbeinterestingtograsptheconceptthroughacasestudyapproach.Indiaisalandofnumerousrolemodelswhohaveinitiatedandnurturedthepathandsetanexampleof‘ThoughtLeadership’.Authors,takinghelpofGroundedTheory,havedealtwithanexampleofrolemodelrarelyexploredfortheresearch.

Our rich ancient legacy, culture, values, ethos have roots in‘SanatanDharma’ revivedbyAdiShankaracharya.PreachingsofAdi Shankaracharya is universal having deep roots of virtues,sharedvalueswiththegeneralwellbeingofallatthemacrolevel.

Goingthroughtheancienthistory,scripturesonecaneasilyrevealthatinthe9thcentury-therewasatimewhentherewaschaosinalmostallthesegments,partsofthesocietyandtheveryexistenceof the Hindu religion, culture and traditions were in danger andalmost to vanish and during that time a profound stalwart and agreatleaderandlogiciannamedShankar,whodiedataveryearlyage of 32, with an honour of “Bhagwadpad Jagadguru AdiShankaracharya”, brought a revolutionary change in the entiresociety and established “SanatanDharm” / Immortal Religion byestablishingfive“peeths”/“maths”–monasterieswithrichandmostrespected lineage of “Jagadguru Shankaracharya” which is inexistencetilldateandwillalsoexistinfuture.Heisthefounderof“Adhvait Philosophy” and many advanced levels spiritual andTantra practices.

AdiShankara’s leadershipstyle isuniqueand it isstill relevant inthemodern context. In the scriptures theword ‘Acharya’ is usedinsteadof‘Shikshak’.Acharyaisonewhosetsanexamplehimself,one who practices what he preaches and this was his way ofteaching(Someswarananda,2012).ShriShankarawasnotonlyagreat thinkerand thenoblestofAdvaitikphilosophers,butoneofthemostrigorousmissionaryleadersinourcountry(Ramachandran,2011). 1. Adi Shankaracharya established five monasteries (peeths)

being centers radiating India’s agelessmessage ofSanatanDharma in each of the four directions of the country andcreatedanorganisationalstructureandcultureforthespiritualintegrationofIndia.Objectwastounitethehumanvirtuesbysurroundinggeographic locationsaswellasefforts tobeputbyAcharyasofpeethascalled/designatedasShankaracharyaand thereby establishing a regulatory system and keep“knowledgeincirculation”.AdiShankaracharyaalsoframedagoverning constitution for the monasteries titled “Shruti SarSamuddharanam”whichgovernstheoperationsofmonasteriesand provide very detailed guidelines for appointing head ofmonastery–knownby“Shankaracharya”.

2. One of the key skills for a leader is the ability to handledifferences, so as to arrive at synergy and harmony. AdiShankarainitiatedandparticipatedinnecessaryphilosophicalcontroversies with many. He respected his opponents. Heengaged with them, rather than ignoring, suppressing orcircumventing them. He ended up influencing all of them.Manybecamehisdisciples.Healso learned in theprocess,the probable confusions in understanding Advaita (non-dualistic unity). This helped tomakehis later teachings andwritingsevenmoreeasytograspforgrosserminds(Athreya,2011)

3. SignificanceofAdiShankara’s life events is summarisedasperbelowfigure–3(Someswarananda,2012)

AdiShankara’slifeandteachingsareindeedasourceofinspirationto the modern business leader. They impel one to be a betterthinker and organiser, to be simple, yet profound, to be taskoriented,buthumane,toleadandtobeled,tobeintuitiveandyetdisciplined.Inshort,evenabriefremembranceofAdiShankara’slifeandteachingsmakesusconsciousofthegreatforceofdivinityworkinginusineverymomentoflife(Krishnamurthy,2011).

InVivekachudamani, themost famousnon-commentarialworkof


AR

TIC

LE


Shankaracharya that expounds Vedanta philosophy, throughfollowingversesignifiestheimportanceofThoughtLeadership.AThoughtLeadermusthelp thepeoplesurrounded toawake theirinnervoice,nurtureandexploittheirbestpotentials.

(Meaning :- Neither sacred baths nor any amount of charity norevenhundredsof pranayamascangiveus theknowledgeaboutourownSelf.ThefirmexperienceofthenatureoftheSelfisseentoproceedfrominquiryalongthelinesofthesalutaryadvicesofthewise.)

CONCLUSIONThought leadership, thought liberation and critical consciousnessshould be pursued concurrently, for thought leadership withoutcritical consciousness is useless. Thought leadership without aliberatedmind is futile.Higher levelsofconsciousness,basedoncomprehensive understanding of phenomena, make for a betterthoughtleader(Gumede,2015).ThereliesimportanceofSpiritualitywhichcarriesandensuressuchvaluesandqualities.

Atatimeinwhichorganizationsarefacedwithmorecomplexities,competition,andchangethanatanyothertimeinhistory,theneedforspiritualityisarecurringthemeincorporationsandbusinesses(Karakas,2006).Thebiggestchallenge fora leadercouldbe theinner journey,awakening theself,alignmentwithandharnessingthegroupenergy,sharingvision,establishingthevaluesystemandlead an organisation towards effectiveness, productivity andinnovationandqualitycontributiontothesociety.

Ancient Indian values and ethos have their roots in SanatanDharmawhichiseternalandevolvedovercenturies.Itwillbeinthelargerinterestifonestartslearningwithaspiritualbaseinmoderncontextinsteadofbeingobscurantist.

A critical question all professionals and leaders should askthemselves “how tobeeffective in job / taskandatwhich level Iwishtoseethenextgenerationandwhatcouldbemycontributiontoitsbest’?.TheanswertothisfundamentalquestionisfoundafterunderstandingJagadguruAdiShankaracharyawho inculcatesaninsight with a strategic and thought leadership traits with acontinuous question “youmust try tomanage yourself and whatbestcanIcontributetothesocietyforupliftingathigherlevels.”tobe asked oneself. The reason is that unless and until a leaderreachesalevelofhavingaholisticgraspofthematter,excellenceandeffectivenesswithavision toserveat themacro level,heorshewillbemerelyafaceinthecrowd.

REFERENCES :1. DAgrusa,Eric&ECraig,Joseph&Gilbert,Matthew&

Martinez,Jorge&Nwokorie,Daisy.(2008),“ThoughtLeadersonLeadership”,ProceedingsoftheSouthwestAcademyofManagementHouston,TXMarch4–8,2008.

2. NorthouseG.(2004),“Leadership:Theoryandpractice”(3rded.),ThousandOaks:SagePublications,Inc.

3. BrosseauDenise,“ReadytobeaThoughtLeader?”–book,

ThoughtLeadershipLab,http://www.thoughtleadershiplab.com(Sourceretrievedon22ndDecember,2017)

4. GumedeVusi(2015),“ExploringtheRoleofThoughtLeadership,ThoughtLiberationandCriticalConsciousnessforAfrica’sDevelopment”,AfricaDevelopment,VolumeXL,No.4,2015,pp.91-111,ISSN:0850-3907(CouncilfortheDevelopmentofSocialScienceResearchinAfrica,2015)

5. SpringerSallyandDeutchGeorge(2001),‘Left-brain,Right-brain:PerspectiveofCognitiveNeuroscience’,WorthPublishers,England,5thEdition.

6. https://timesofindia.indiatimes.com/I-AM-Rahul-Bajaj/articleshow/1717419.cms(Sourceretrievedon21stDecember,2017)

7. http://www.business-standard.com/article/news-ians/corporate-heads-receive-spirituality-tips-in-business-114121200614_1.html(Sourceretrievedon21stDecember,2017)

8. http://www.livemint.com/Leisure/7abU8KT77rS6tXuuFiBKgK/Ajay-Piramal-The-spiritual-negotiator.html(Sourceretrievedon21stDecember,2017)

9. http://www.livemint.com/Companies/X6gALmcFjghwNsnGTjiBGM/Fortis-cofounder-Shivinder-Singh-steps-down-to-join-spiritu.html(Sourceretrievedon21stDecember,2017)

10. SwamiSomeswarananda,“LeadershipStyle:HintsfromAdiSankara”–paperfromthebook-“AncientWisdomforModernManagement”,(Editor:TR.Ramachandran)SriShardaPeetham,Sringeri,2012

11. RamachandranT.R.,“Sankara,TheUniversalTeacher”,(Editor:TR.Ramachandran)SriShardaPeetham,Sringeri,April,2011

12. AthreyaM.B.Dr.,“Sankara’svirtuesinSpiritualManagement”--paperfromthebook-“Sankara,TheUniversalTeacher”,(Editor:TR.Ramachandran)SriShardaPeetham,Sringeri,April,2011

13. Karakas,Fahri(2006),‘TowardsaUniversalSetofValuesBridgingEastandWest:GlobalPositiveSpiritualityforWorldPeace’,JournalofGlobalizationfortheCommonGood.


One of the key skills for a leader is the ability to handle differences, so as to arrive at synergy and harmony. Adi Shankara initiated and participated in necessary philosophical controversies with many. He respected his opponents. He engaged with them, rather than ignoring, suppressing or circumventing them. He ended up influencing all of them. Many became his disciples. He also learned in the process, the probable confusions in understanding Advaita (non-dualistic unity). This helped to make his later teachings and writings even more easy to grasp for grosser minds.

AR

TIC

LE


Bhagavathi N, ACSUnited States of [email protected]

The Ws and the H of Thought Leadership WHAT IS THOUGHT LEADERSHIP?

T helatestcorporatebuzzwordonlinkedinis‘ThoughtLeadership’.Youmayhavealsocomeacrossthis termifyouhave looked intobloggingasthisphrasehasbeenspokenaboutmanytimes,especiallyontheinternet.Withanybuzzworditisoftentoughtopindownitstruemeaning.

TheOxforddictionarydefinesThoughtLeadershipas“Intellectualinfluence;innovativeorpioneeringthinking”andaThoughtLeader is, “onewhoseviewsonasubjectaretakentobeauthoritativeandinfluential”.

The Cambridge English dictionary defines a Thought Leader as “an expert on aparticular subject whose ideas and opinions influence other people especially inbusiness.”

The term technically dates back to the late 19th century (coined in the Oxforddictionary),buthowevergainedpopularityin1994whenitwasrevivedbymarketers.AccordingtoJoelKurtzman,AmericaneconomistandleaderrecognisedforhisworkinThought Leadership, “A Thought Leader is recognized by peers, customers andindustryexpertsas someonewhodeeplyunderstands thebusiness theyare in, theneeds of their customers and the broadermarketplace inwhich they operate. Theyhave distinctively original ideas, unique points of view and new insights.” Originallycoinedtoidentifyinnovativebusinessideas,organisationshavenowusedthetermasawaytopositionthemselvesaschampionsintheindustry.

ThoughtLeadersaretrustworthy, informedopinion leadersandGo-topeople intheirfieldofexpertise.Theyarerecognisedbytheindustryasindividualswhoareabletoprovidevaluableinsightsandviews.Theylayafoundationforotherstobuildonandare not confined to making small changes in a system. They not only possessknowledgebutarealsoabletoeducate,inspireandinfluenceothers.Theyurgetheirpeersandcolleaguestobeopentonewwaysofthinkingandurgethemtojointheireffortsinscalingnewideasacrossanindustryoranecosystem.

ThoughtLeadershipisaboutfomentingachange,gainingaccesstopeopleoutsideofthebusiness(governmentandpolicymakers,investors,mediaetc.,)toshareideasandknowledgeandinturnmakethepurposeoftheirpresencemoremeaningful.

A FEW ExAMPLES OF THOUGHT LEADERS ARE • RonFinely,‘GuerillaGardener’,amanwhoplantedagardeninhisLosAngeles

neighbourhoodandwatcharevolutiontakeroot.• Amanda Nguyen, CEO and founder of Rise, working to implement a Sexual

AssaultSurvivorBillofRights.• Beyondhissuccessasaninvestorandentrepreneur,WarrenBuffetwithhislarge

actofcharityinfluencedthephilanthropicinterestsofmanysuccessfulentrepreneurs.• Tim Cummins, founded the IACCM, and continues to promote and improve

The concept of Thought Leadership has become so widespread that organisations have started to establish ‘Thought leader’ jobs such as ‘Thought Leadership Director’ or ‘Manager - Thought Leadership’. In theory, establishing Thought Leadership may sound simple and may be all about publishing blog posts, opinions, articles on a matter of expertise. The resulting reality is a cluttered digital environment. For some Thought Leadership is an instinctive characteristic while for some it may be intimidating. Whichever end of the spectrum you belong to, it may still be important to understand the meaning of this phrase.

AR

TIC

LE


contract management practices among contractingprofessionals.

Differentschoolsofthoughtprovidedifferentinterpretationsforthe phrase ‘Thought Leadership’. The marketing fraternityclaimsthatpersonalbrandingandthoughtleadershiparethesamewhilethepuristschoolofThoughtLeadershipmaintainsthat these two terms are separate. The difference in theinformation provided by Thought Leaders and people withpersonalaspirationsisthattheknowledgeprovidedbyThoughtLeadersisoriginalandgainedthroughtheirexperiencesandthe information provided by personal brand aspirants iscurated. Curated means that the information provided is acollectionofdifferentviewsoropinionsandisseldomoriginal.One tends to believe that Thought Leadership is not anaspirationbutanattribution,asaThoughtLeader’smissionisto be helpful, knowledgeable and forward thinking. Althoughpopularity isnot theendgoal for these leaders, theymayberecognisedbyawidercommunityforthewisdomtheyhold.Inthis piece of writing, the another would like tomaintain thatThoughtLeadershipisdistinctfrompersonalbranding.

WHY IS THOUGHT LEADERSHIP IMPORTANT AND WHAT ARE ITS BENEFITS? The world has always been filled with people hungry forinformation.Intheearlierdays,asubjectmatterexpertusedtobe someone who was a go-to person in case of doubt.Although, Google search has changed the way we look forinformation, most readers today are suffering from contentabundanceandinsufficienttimetofindtargetedcontent.Thereislimitedtimeforreadingandconsumptionwhilethepressingneedistostayupdated.Nobodywantstodealwiththefearofmissing out on something critical. This information overloadhas created three vacuums - Relevance, meaning andengagement. And that is what a Thought Leadership canprovide.

The key benefits of awell done Thought Leadership are asfollows-1. Thought Leader is in a position to assist and support

peopleandhelp thembecomemoresuccessful. It is forthegreatergoodofthecommunityatlargewhenindividualsareabletoachievesubstantiallymorethantheyotherwisecan.Whenthishappens,arealThoughtLeaderisabletoderiveasenseofpersonalselfsatisfaction.

2. Thought Leader has the ability tomove things in a newdirectionand implementwidespread innovation.ThoughtLeaders are able to identify unseen opportunities andidentify shiftswithin their industry andareaof expertise.They guide the applicability of knowledge and providerecommendationsforgrowthstrategieswithinandbeyondtheirindustry.

3. Thoughtleadershipisaforwardthinkingapproachthatisbehind an organisation’s relentless pursuit to excel andwillingnesstoinvestinresearchandinnovation.Thiscanfurtherleadtodeliveringvaluetoclientsmuchmorethantheywouldnormallyexpecttoreceive.

4. Being a Thought Leader can help create unique ordifferentiated services that can be offered to clients. AThoughtLeaderisabletoturnhispassionandinnovationinto an organisation that can deliver valuable products/servicestoitsclients.

5. Thought Leadership focuses on internal efficiencies and

fosters improved work quality which in turn leads toincreasedsalesandprofitabilitywhicharecriticalmeasuresofanorganisation’ssuccess.

6. Economic downturns are but natural in any industry.Thought Leadership can be a saviour as innovativeapproaches are in demand even during unfavourableeconomicsituations.

7. ThoughtLeadershipapproachcanshowtargetedaudiencethatyouareontopoftheindustrydevelopments.Clientsare rewarding quality content that makes them moreintelligentandknowledgeable.Demonstratingexpertiseina particular field enables firms to deliver authoritativeThought Leadership in their field of expertise. Thispositionsthemwellenoughtoenhancetheirrevenuesassuchtheybecomemagnetsfornewbusiness.

8. ThoughtLeadersareabletostrengthenbusinessnetworksand elevate their organization’s brand awareness andcredibility.Theorganization’sbrandstandsoutandclientsassociatetheorganization’sbrandwithvisionarythinkingandcuttingedgeknowledge.

9. ThoughtLeadershipencouragesemployeeengagement.Employees these days care more about what’s up thehorizon so they can gear themselves to make moremeaningfulcontributions.Theyarenolongerexcitedwiththe ‘What Next’ power point presentations and want tolearn more about what really drives a leader’s thinking.Employeesarealsoable toassociate themselveswithaprofessionallydemandingorganisation,arewardingplacetoworkandthisenhancesanorganization’sculture.

HOW TO CREATE THOUGHT LEADERSHIP THAT DRIvES RESULTS?Thought Leadership may not necessarily mean a big brandname, a major school or top executive. In the most basicsense, Thought Leadership is about delivering the bestsolutionstotargetedaudienceinamannerthattheyareableto consume.Providinganswers.Soundseasyenough right?Although this sounds simple, creating Thought Leadership

Thought Leaders are trustworthy, informed opinion leaders and Go-to people in their field of expertise. They are recognised by the industry as individuals who are able to provide valuable insights and views. They lay a foundation for others to build on and are not confined to making small changes in a system. They not only possess knowledge but are also able to educate, inspire and influence others. They urge their peers and colleagues to be open to new ways of thinking and urge them to join their efforts in scaling new ideas across an industry or an ecosystem.

The Ws and the H of Thought Leadership

AR

TIC

LE


takespassion,commitment,hardworkanddedication.

HereareafewsuccessmantrasusedbyThoughtLeaders

1. Experience andExpertise - The primary and one of themost idealapproachestoThoughtLeadership is tohaveprofoundknowledgeonthesubject.Peopleareinterestedin listening to Thought Leaders because of their deepinsights intosubjectsof interest.Anyonewithknowledgecan portray themselves as a Thought Leader on theinternet. But the extra piece of puzzle that a genuineThought Leader possesses is experience and is gainedonly through years of effort, innovation and time.Competency alone is not the requirement for ThoughtLeadership,masteryis.

2. Engagewithv.Selling -Abusinessgoal isnotThoughtLeadership.ThoughtLeadershipshouldnotbeusedasanopportunity to discuss and promote products and/orservices. Selling products/services during a ThoughtLeadership discussion makes the program a pre-salesconversationandrepresentstheorganisation/individualashavingcommercialinterests.

3. Haveauniqueperspective-AThoughtLeadershipoffersorganisedandbestpossiblesolutions.Theaudienceisn’tlookingforcontentstobedifferentiatedallthetime.Theyarejustlookingforthebestanswerstotheirquestions.AuniqueperspectivemeansthataThoughtLeader isabletotakeameaningfulpositiononissues.

4. Get involved-Withpassion,ThoughtLeadershipcandowhat it takes to create explore and create influentialinsights.AThoughtLeadercarespassionatelyabouttheirsubjectandgetsinvolvedinthepassion.Gettinginvolvedmeans join associations, run panels, workshops andcreateaplatformwhereotherlikemindedindividualscanparticipate.BygettinginvolvedThoughtLeadersareabletogainamoreholisticviewofthefieldandabletomakepredictionsaboutfuturetrends.

5. Focussedusefulnessandsocialcontext-Mostpeoplearebusy with their usual personal and professional routineandhavelimitedbandwidthtotakenewideasunlesstheideas improve their lifeorwork.Thought leadershiponlymatters if it helps the right peopleat the right time.Thepromise of Thought Leadership is attained only when aThoughtLeaderdeliverscontentthatisworthwhileintheeyesoftheaudience.

Generic Thought Leadership is seldom useful. TrueThoughtLeadersarenoteternalhelpers.Theycreateanarmy of subject matter experts and potential ThoughtLeaderswhointurnvoicetheiropinionsandtakeontheroleofbringingaboutachange.Thoughtleadershipleadswithasocialcontext.

OnlinelearningplatformssuchasEdx,Courseera,FutureLearn,Udemy,KhanAcademy,OpenLearn,NovoEdetc.aregreat examplesofThought Leadershipwith a socialcontext.Whiletheseplatformsprovideanopportunity foranyonetopursueeducationthroughtheironlinecourses,thesesitesalsoofferfreecoursesthatmakesitaccessibleforall.

6. Reliability and Trusted Source - Thought leadership ismosteffectivewhenithasaperceivedpersonalvalue.Ifarecipient of Thought Leadership doesn’t perceive value,thentheyareeitherthewrongaudienceorthecontentisnot valuable and hence the audience will not pursue arelationship. Consider a scenario where an individualattends a Thought Leadership seminar on ArtificialIntelligenceandreturnstosharehisexperienceswithhisteam. The person sharing the idea is demonstrating acertainleveloftrustandreliabilityintheinformationfromthe source. The individual may return to the source forfuturereferencesifanyoftheideasworkwell.

7. Futuristic approach - Thought Leadership must blend a


In the earlier days, a subject matter expert used to be someone who was a go-to person in case of doubt. Although, Google search has changed the way we look for information, most readers today are suffering from content abundance and insufficient time to find targeted content. There is limited time for reading and consumption while the pressing need is to stay updated. Nobody wants to deal with the fear of missing out on something critical. This information overload has created three vacuums - Relevance, meaning and engagement. And that is what a Thought Leadership can provide.

AR

TIC

LE


futuristic view of the journey with the practical wisdom.GE’sThoughtLeadershipisoptimistic,futuristicandtakesonthechallengeofinspiringpeopletotacklethechallengesofthisgeneration.Theorganizationfocusesoninnovationand is able to show their expertise in their areas ofbusiness.Microsoft’sProductivityVisiongivesanexampleofhowemergingtechnologiestransformthewaywecangetthingsdoneinthefutureempoweringeveryonetodomore and achieve more. The content available on thewebsites of these organisations are exciting andinspirational.

THOUGHT LEADERSHIP FOR COMPANY SECRETARIES AND OTHER PROFESSIONALSProfessional firms have always believed that rich in contentpublications are a comfortable approach to demonstrateexpertise and Thought Leadership. The numerous statutoryandregulatoryupdates that firmspublishareconstantbrandreminders to ensure that the clients keep these serviceproviders in theirmind.DueDiligence?Thinkofus!Merger?Thinkofus!Worriedaboutpenalconsequences?Thinkofus!

Thinkabouttheeffectivenessofthesepublications?Majorityofthecontentinthesepublicationsarenottargeted.Thematerialpresents the readerwith toomuch stuff forgetting thatmostreadershaveplentyofchoiceandlessertimetodevour.

Further,asprofessionals,wehavealwaysstrived toachieveandmaintaina ‘TrustedAdvisor’status.Organisationsliketoworkwithindividualsandfirmswithwhomtheyhavealargertrustbasedrelationship.Theyareparticularaboutwhichfirm/individualtheywanttoworkonmattersandsooftentimesthetrustbasedrelationshipismoreimportant.Whileorganisationshavecreatedpreferencesforthemselves,wedon’tknowwhichin-house/firmapproachworksbest.Wedonothavemeasuresto figure out if we are able to achieve the results we areseeking.

A Trusted Advisor was the go-to person when delivery wasonly about selling expertise - knowing the lawwas the onlyrequirement.Now, a TrustedAdvisor is expected to supportproject/process management and technological expertise.Professionals are now seen as service partners advising onwhatformofbusinessstructure,thebusinesschallenges,thecost involved etc., which has drastically increased value toclients.ThisiswhereaThoughtLeadershipapproachbecomesvitalinservicesdelivery.

Future professionals must move away from the traditionalpartnermodel approach of services delivery and collaboratewith like minded professionals, project managers andtechnology(includingartificialintelligenceapplications)evenifit means taking a longer view of return-on-investment. Thebest path forward for us professionals is to collaborate andengagewiththebroaderprofessionalcommunityinamannerthateachofusbenefit.Organisationsmustconsiderpartneringwitheducationalandprofessionalinstitutionstohelptobettertrainandeducatethenextgenerationofprofessionals.

CONCLUSION Theconcept ofThought Leadership is often thought of asaleaderoneseeontelevision,readaboutonblogs,theCEOof

an organization andprobably big brands.References in thisarticle too are towards the bigger names. These are justexamples of leaderswho have taken on bigger roles in thisworldandarevisiblypopular.

The misconception among most people is that a ThoughtLeadership approach can only be defined by the CEO or ahighly ranked leader inanorganisation.Or some individualsfeel hyped up to live up to a Thought Leader expectation.ThoughtLeadershipdoesnotmeanonlinevisibility.Itisaboutbeingatrustedadvisorwheregrowthgoesbeyondspotlights.The best and most sought-after Thought Leaders todayinclude the less visible experts in every industry. They areawareoftheirgoalsandstrivetoachievethemevenifitmeanstheyarelessvisibleorpopular.

Albert Einstein said - “I have no special talent. I am onlypassionatelycurious.”

YoucanfindThoughtLeadershipineveryjourneystartingfromsmallstart-upstobignames.Fromapersonalityperspective,educational perspective and professional backgroundperspective,ThoughtLeaderscome fromdiversegroups -Ahigh school drop out to an academician to a HarvardMBA,introverts toextroverts,directandcontroversial, to thewarmand diplomatic. Irrespective of how diverse each of thesepersonalities are, they are all curious, passionate and workwithan intention tomakeapositivedifference to thepeoplearoundthemandthisworld.

REFERENCES - 1. https://www.forbes.com/sites/

forbescoachescouncil/2017/11/14/how-to-recognize-the-thought-leader-in-you/#d7bec18334e1

2. https://www.microsoft.com/enterprise/productivityvision/default.aspx

3. https://thepractice.law.harvard.edu/article/in-the-news-november-2016/

4. https://www.forbes.com/sites/glennllopis/2014/08/18/thought-leadership-is-the-new-strategy-for-corporate-growth/#17ae594e2b43

5. http://www.thoughtleadershiplab.com/Resources/WhatIsaThoughtLeader

6. https://petercook.com/blog/a-brief-history-of-thought-leadership

7. https://www.forbes.com/sites/russprince/2012/03/16/what-is-a-thought-leader/#60b561f07da0

Thought Leadership does not mean online visibility. It is about being a trusted advisor where growth goes beyond spotlights. The best and most sought-after Thought Leaders today include the less visible experts in every industry. They are aware of their goals and strive to achieve them even if it means they are less visible or popular.


AR

TIC

LE


B L Akshara, ACSGeneral Manager - SecretarialUnited Spirits [email protected]

Thought LeadershipINTRODUCTION

I s it a new Jargon to describe one of the leadership styles? Answer is - no.According to Oxford Dictionary – the phrase ‘Thought Leader’ was first used

during late 19th Century to describeMr HenryWard Beecher, a Clergyman and aSocial Reformer who had supported for the abolition of slavery in United States ofAmericaas‘oneofthegreatthoughtleadersinAmerica’.Oflatethisphraseisgaining

momentumtodescribeaninnovativeleadershipstylewhichlooksbeyondtheyearonyeargoalsandprovideanewdirection,dimensiontoanorganisation,societyatlargeor to the nation and bring in a positive change which would be cherished by thegenerations tocome.Manya times ‘ThoughtLeadership’hasbeenmisconstrued toindicatethatitisamarketingrelatedjargonwhereintheleaderprovidesnewdirectionorinnovativeideatohisteamtoachievethetarget.Ifwerestrictthisphraseonlytothemarketingstrategy,wefailinourunderstandingofthelargerconnotationofthephrase.

AccordingtotheOxfordDictionary‘ThoughtLeadership’means‘Intellectualinfluence,innovative,pioneeringthinking’anditdefinestheThoughtLeaderasthe‘Onewhoseviewsonasubjectaretakentobeauthoritativeandinfluential’.InWikipediaathoughtleaderhasbeendefinedas“anindividualorfirmthatisrecognizedasanauthorityinaspecialized field and whose expertise is sought and often rewarded”. Again, thesedefinitionsIbelievehaveshortcomingsandarenotaddressinganothercomponent–‘leadership’. Before understanding ‘Thought Leadership’ it would be worthwhile tounderstand themeaning of Leader and Leadership. As perCambridgeDictionary –Leadermeans ‘aperson incontrolofagroup,country,orsituation’andLeadershipmeans‘thepersonorpeopleinchargeofanorganisationandalmostsimilardefinitionsarestatedinOxfordDictionarytoo.ALeaderorLeadershiphasthegoalofachievingthemissionandthevision.Nowwecanconvenientlydefine‘ThoughtLeadership’as“aleadershipmodelwhereintheLeaderorLeadersthinkdifferentlyinaninnovativewayandstronglybelieveintheirapproachbackedbythein-depthknowledgeintheirareaof operation and influence not only people inside the organisation but also peopleoutsideanorganisationorthesocietyatlargetocreatesustainablepositiveimpactonallthestakeholders.”

IMPORTANCE OF THOUGHT LEADERSHIPEventhoughthephrase‘ThoughtLeader’or‘ThoughtLeadership’isinvogueinrecenttimes, yet the underlying qualities propounded about Thought Leadership had beenadoptedintheadministrationofaState/managementeveninancienttimesandsuchleaders were variously called as Great Leader or Visionary Leader etc. The greatChanakya, lived during 350 to 275 BC, an advisor to great emperor ChandraguptaMaurya, wrote a book on Arthashastra (Economics) which has been hailed as anauthority interalia in theareasof commerce,administration,economicsand judicialadministrationofaState.HewasinstrumentalinbringingdowntheNandaDynastyandmakingChandraguptaMauryaastheKing.Hisideaswereinnovativeatthattimeandhesucceededtremendouslyandtheprinciplespropoundedbyhimhavebeenfollowedoverthecenturiestherebyheleftanindeliblemarkofhiswisdomandvision.Similarly,GreekEmperorfamouslyknownasAlexandertheGreatlivedduring356BCto323BCi.e.around thesame timeofChanakya,builtoneof the largestempires theancient

Thought Leadership – Is it a trendy jargon used to describe one of leadership styles in the recent times? Would this leadership model enhance the growth of an organisation or the state or country when implemented? An overall analysis of the concept of ‘Thought Leadership’, its importance in the present day competitive world, its benefits, etc. is made in this article.

AR

TIC

LE


worldhadeverseen,stretchingfromGreecetonorthwesternIndia.Hewasnotdefeatedinbattleandisconsideredasoneofhistory’smostsuccessfulWarriors.Whatmadehimgreat?Undoubtedlyhis leadershipexcellence.Asquoted inMilitaryHistorymonthlymagazine–“Alexanderwasnotexactlywhatonewouldcalladiplomat,hewasamilitarygeniuswhousedguile, ingenuity and lateral thinking to defeat often vastlysuperiorforces.” Normalleadershipqualitiesinvolvefocussingonachievingthegoalsbasedontheestablishedpractices/normswithouttakingmanyrisksinthebusinessandalmostallmajordecisionsarebased on consultations, advises received from variousconsultants/advisors.TheLeadersmaygetsuccesswith thisapproachyetmanyatimetheyfailtocreateanimpactonthelargersectionofthestakeholdersandthechancesofcrumblingempirebuiltonsuchleadershipstylearegreater.

Thought Leaders donot exclusively rely on theadvicesandtheythinkindependentlyandweightheideasreceivedbeforeimplementingtoexcelintheirchosenfieldwhichwouldsustainover generationsand thereby createa favourable impact onthe largersectionsof thepublic.Yet thisapproachtoo isnotaverse to riskandat times thewhole ideamaynotworkasexpectedasriskiscommoninallformsofbusiness.AThoughtLeadernormallythinksbig.ThoughtLeadershipisnotabirthgift.Anyleaderwithaninclinationtobringpositivechangetohis subjectsor stakeholders canbecomeaThoughtLeader.TobecomeaThoughtLeader,perseverance,patience,strongbeliefintheinnovativeideawhichtheywanttoimplementandmake others to believe about the success of the idea,motivating thepeople around them, fearlessnessare certainessentialqualitiesaleaderneedstobeinculcated.Ms.DeniseBrosseau, theFounderandCEOofThoughtLeadershipLabsuggest the following seven steps to become a ‘ThoughtLeader’.

1. Findyourdrivingpassion:Leaderstohaveastrongfocusandpassionabouttheiridea.

2. BuildRipplesof influence:To test the ideaandopinionswith knowledgeable stakeholders, colleagues, mentors,

friendssoastogathertheirinputstorefinethethinking.

3. ActivateyourAdvocates:Toexpandinfluencebeyondtheexistingteamororganisation.

4. Put your “I” on the Line: Expose yourself on the centrestageaboutyournewideaswithoutfearingaboutriskingthereputation.

5. Codifyyourlessonslearnt:Tocreateablueprinttofollowinyourfootsteps.

6. Put Yourself on S.H.O.U.T: Increase your credibility,strategic visibility, reputation and gain recognition as aThoughtLeader.

7. Incite(R)Evolution:Learntoaudityourprogresstoensure

Thought Leaders do not exclusively rely on the advices and they think independently and weigh the ideas received before implementing to excel in their chosen field which would sustain over generations and thereby create a favourable impact on the larger sections of the public. Yet this approach too is not averse to risk and at times the whole idea may not work as expected as risk is common in all forms of business. A Thought Leader normally thinks big. Thought Leadership is not a birth gift. Any leader with an inclination to bring positive change to his subjects or stakeholders can become a Thought Leader.

Thought Leadership

AR

TIC

LE


that you gain traction for your ideas locally, regionally,nationallyandeveninternationally.

IDEAL TIME FOR IMPLEMENTING ‘THOUGHT LEADERSHIP’ APPROACHIn the present day competitive world, Thought Leadershipapproach provides a cutting edge to foster the growth andcreate/enhance the value of an organisation. Leaders whothinkdifferentlyandtakecalculatedriskarethemoresuccessfulpeople than the rest.Many examples can be quoted on thefallenempirewherein theThoughtLeadershipapproachwasnotadopted.

Therearenumerousexamplesthatshowsthataleadershouldalwaysbevigilantabout thechangingcircumstancesaroundthe organisation, keeps abreast of various developmentstaking place around the world, constantly thinks aboutinnovative ideas for fostering growth, keeps open ears toreceive all information from colleagues, subordinates etc.,alwaysmotivates his/her employees, colleagues, subjects toaccept his/her ideas to promote consistent growth and noparticular time can be considered as ideal for implementing‘ThoughtLeadership’andimplementingthisapproachsoonerthebetter.

BENEFITS OF THOUGHT LEADERSHIP Thought Leadership would bring a transformation in theorganisationandtheorganisationbecomemoreefficientinitswaysofworking.Itisquitecertainthatanefficientadministrationwouldbringapositiveimpactwhetherintheareasofsalesorreduction incost, therebyaid inenhancing thegrowthof theorganisation.ThoughtLeadersdrivesthepeopletoaligntothenewideastoachievethevisionandmissionandsuchleadersvisualise the organisation growth over a long period andcarefullydesign theorganisation’sstructureso that itwillnotsuccumbtothecompetitor’sonslaughtandsustainthegrowthyear after year. The organisation which adopts ‘ThoughtLeadership’canwithstandanyadverseeconomicconditionsinthe geography in which it operates. Most of the ThoughtLeaders drive their ideas towards augmenting growth rather

thancostcuttingasstatedbySteveJobs-“ThecureforAppleisnotcostcutting.ThecureforAppleistoinnovateitswayoutof itscurrentpredicament”*,whenhe returned toAppleaftertwelveyearsofabsencetotakeuptheleadershiproleandtheApplesuccessstorynowknowntoall.

Similarly, a Thought Leader running a state can change theentirecountryandseeitsoverallgrowth.AclassicexampleisSingapore. Today Singapore is one of the most advancedCountries in theworld and its tremendous growth has beenattributed to visionary leadership of its then Prime Minister,whoruledSingaporeforthreedecades.* As quoted in Apple Confidential 2.0: The Definitive History of the World’s Most Colorful Company (2004) by Owen W. Linzmayer

CREATION OF THOUGHT LEADERSHIP THAT DRIvES RESULTSRisk is inherent in all forms of business. There is no setformulathatguaranteescreationofwealth.ThoughtLeadershipisoneoftheleadershipmodelswhereintheLeaderusestheinnovative ideawith intention togeneratemore income/growrapidlyortocreatepositiveImpactasdiscussedearlier.Thisapproach can be used in any discipline like, administration,humanresources,marketingetc.Thisisslightlysimilartozerobased budgeting wherein the budgets are prepared withouttakingintocognizanceoftheearlierperiodnumbersandeachcomponent of budget is looked with a scientific approach.Similarly, Thought Leadership approach can provide a newgamut to the administration of an Organisation. MichaelBrenner, globally recognized Business Keynote Speaker,author of The Content Formula and the CEO of MarketingInsider Group, in an article published in Forbes magazinesuggested the following four steps for creation of ThoughtLeadershipthatdrivesresults.

Identify the questions your members are asking and thenprioritizethem.

Answerthosequestionsacrossmultipleformatsandchannelsinwaysthataddvalueforyouraudience.

Makeitinteresting.Themessagemustriseabovethenoiseofalltheothercontentthatisbombardingmembershiponadailybasis.Inviteallconcernedtotakepartintheorganization’smission.

CONCLUSIONThephrase‘ThoughtLeadership’ isnodoubtatrendyjargonandtheunderlyingprinciplesof‘ThoughtLeadership’conceptwasadoptedeven inancient timesas illustratedabove.Theunderlying principles/model of ‘Thought Leadership’ is veryessential in managing an organisation in the present dayintense competitive environment or to run the affairs of amodernstatewhereexpectationsofthesubjectsareveryhigh.Innovationistheorderoftheday.Innovationisessentialinallspheresofbusinessorintheadministrationofastate.ThoughtLeaderoranInnovativeLeaderthinksdifferentlybringin/takeinnovativeideasandimplementtheideaswhichhethinksasthebesttosuittothebusinessneedsortheStatehe/sheleadsandensuretheoverallgrowthofanorganisationorthestate,whichsustainoverthegenerations.

Thought Leadership

AR

TIC

LE


Delep Goswami, FCSAdvocate, Supreme Court of IndiaNew [email protected]

Anirrud GoswamiAdvocate, Goswami & GoswamiNew [email protected]

Thought Leadership – A New Dimension in Solutions to Corporate Maladies – Through Humanistic Approach to Management

S ociety today is fraught with tremendous threats to our very survival, including thealarmingclimatechange,existenceofnuclearweapons,extremepoverty,malicious

useof technology– tomentiononlya few. Thechallengesfacinghumanityareveryrealandit isbelievedthatthekeytoovercomingthesechallengesliesinthetransformationin

heartsandbehavioursofhumanbeings.TheinitiativetobringoutaspecialissueonThoughtLeadershipwillencourageout-of-boxthinkingandideas,notonlyforthedevelopmentoftheprofessionofcompanysecretaries,butwillalsoopenupnewideasabouttheemergenceofpracticesandmanagementtoolsthatareneededtobefollowedbycompanydirectorsandCEOsforsustainablebusinessdevelopmentandforthegeneralwelfareofthehumanity.

Onachievingthemilestoneof50,000membershipsofICSI,formerHon’bleUnionMinisterofStateforFinance&CorporateAffairs,ShriArjunRamMeghwal,highlightedtheexpectationfromtheICSIanditsmembersandthattheyshouldplaytheirroleasCorporateGovernanceprofessionalswithfulldedicationandresponsibilitywhileactingas“ConscienceKeepers”ofcompaniesandcautionedthemtowatchovertheblack-sheepofthecorporateworldwhoplayfoulbytakingadvantageofexistinglegalloopholes.ItwasalsoassertedthatmembersofICSIhaveamonumentalroletoplay,whileactingas“advisors”tothecorporatesector,soas togreatlycontribute to theobjectiveofmaking India,aworld leader ingovernance.Therefore,ICSIhasanimportantroleinstrivingtoempoweritsmemberstoachievehigheststandardsofprofessionalexcellenceand transparency.Toaspire to fulfil thisexpectation,apartfromexcellingintheirknowledgebaseofcorporatelawsandprocedures,themembersof the ICSIarealso required todoself-introspection soas tohavea changeofheart bytappingtheirinnerpowerandwisdomanddirecttheireffortsnotonlyfortheprofit-motivatedcorporatestheyworkwith,buttodirecttheireffortstowardswelfareofsocietyandhappinessofconsumersandallthestakeholdersaswell.

Accordingtowell-knownauthorJohnCMaxwell,“Aleaderistheonewhoknowstheway,goes thewayandshowstheway.”Viewed in thisperspective, itneeds tobeappreciatedthat since this topic of “Thought Leadership” is itself a new concept for discussion in aprofessionaljournallikethe“CharteredSecretary”,itisadifficulttasktoselectandchoosefromalongandexhaustivelistofillustriouspersonswhoseout-of-boxinnovativeideasandthought processes have moulded and shaped important developments in the world andwhoseinitiativesforpeaceandhappinesshavegreatlybenefitedmankind.Equallydifficultisthetaskofsuggesting/prescribinghowpersonsassociatedwiththecorporatesectorcanunderstand,appreciateandapplyprinciplesofthoughtleadershipintheirworkplaceandintheirdailylife.

Accordingtoleadingbusinessmanagementanalysts,“thoughtleadership”isabuzzwordin

Thought leadership is a new concept and a thought leader is considered to be an individual or firm that is recognized as an authority in a specialized field, and whose expertise is sought and often rewarded. It involves processes of - how to balance the talent and the experiences of one’s team - with humility and authenticity. In this article the authors have identified two ‘thought leaders’ who according to them have brought about significant changes in human thinking and introspection of self for developing positiveness and the development of innovative tool for justice to the common man through Public Interest Litigation.

AR

TIC

LE


business.Wikipediaelaborates–“Athoughtleaderisanindividualor firm, that is recognised as an authority in a specialised fieldand whose expertise is sought and often rewarded”. It involvesprocessesof how tobalance the talent andexperienceof one’steam with humility and authenticity. While the aim of everyexecutiveistorunasuccessfulcompany,manyhavetheirsightsonanother,moreesotericgoalofbecominga“thoughtleader”intheirchosenfield.Thoughtleaders,therefore,cancomefromanysource– commonpersons, technocrats, innovators,executives,customers, product development managers; customer servicerepresentatives, sales people – anyone who has some uniquespecialisedidea,knowledge,expertiseorapointofview,butmostimportantlyavisionwhichultimatelyinspiresandmotivatesotherstoactandtotakenecessarystepsinachievingtheirvision/dreams.Theydisplaytraitsthatinstiltrustandprovideappropriateleadershipstylethatcomplementsthepersonandthesituation.Thestylesoffunctioning inspires trustandconfidenceandmotivatesothers togivetheirbesttoachievetheembarkeduponideasandtasks,asamissionandwithtremendouszealandgusto.Athoughtleadercaresabouttheopinionofothersandtruststheskillandsincerityofothersandinspiresandmotivatesotherswithhis/herinnovativeideas,dreamsandvisionandmakessincereeffortstoturnthemintorealityandalsoshowsothershowtoreplicatehis/hersuccess.

Onesuchthought-leaderinthefundamentalaspectof“importanceofhumanlife”andtheimportanceof“humanspirits”and“humanmind”isDr.DaisakuIkeda,thepresidentoflay-BuddhistorganizationSokaGakkaiInternational(affiliatedtotheUN).Dr.DaisakuIkeda,isaworld-renownedpeaceactivistandaspiritualBuddhistleaderandisrecipientofmorethan300academichonoursandhonorarydoctoratesever sincehe receivedhis first honorarydoctorate in1975fromtheMoscowStateUniversity.Dr.Ikeda’scoremessageistorespectthedignityoflife,i.e.,one’sownlifeandalsothelivesofothersaroundusandheurgeseachpersontostandupwherehe/sheisandassumeleadershipbydisplayingpositivequalitiesoflifesuchascourage,compassion,wisdomandvitalitysothateachperson can lead himself/herself and others towards happiness,peaceandprosperity.Itistoowellknownthathistoryhasshown

that human beings are capable of both wondrous and foolishundertakings.TheSokaGakkaimovementofBuddhisthumanismworkshardat creating linkswithothergroupsand individuals insocietywiththeaimoffindingsolutionstotheproblemsthatinmostcaseshavebeenman-made.

SpeakingatTribhuvanUniversity inNepal in1995, Dr.DaisakuIkedaoncecommented,“Tobethemasterofone’smindmeanstocultivatethewisdomthatresidesintheinnerrecessesofourlives,andwhichwellsforthininexhaustibleprofusiononlywhenwearemovedbyacompassionatedeterminationtoservehumankind,toservepeople.”

AccordingtoDr.Ikeda,to“becomethemasterofone’smind”impliesthatwestrivetodevelopanaltruisticspirittotapourinnerwisdomto direct all things—our knowledge, our talents and the uniqueparticulars of our character—to the end of creating happinessfor ourselves and for others. The practical Buddhist philosophypropounded by the 13th century Japanese sage, NichirenDaishonin, was based on the Lotus Sutra that was propagatedbyGautamaBuddhainthelatterpartofhislife.AccordingtoDr.DaisakuIkeda,NichirenBuddhismisthusahumanisticphilosophythat isbasedon treasuring the inherentdignityandvalueof themostprecioustreasureintheuniverse,that is, life itself. Itseekstoempowereachpersontoseethevalueoftheirlifeandtherebycreatepositivechangestotheirowncircumstancesandwhich inturnhaveapositiveimpactonthepeoplearoundthem.Throughthecorrectpracticeofdailychantingthephrase“Nam-Myoho-Renge-Kyo”(meaning:‘Idedicatemylifetothemysticlawofcauseandeffect’),eachpersoncanmakesignificantchangesinhis/herownlifeandchangetheirkarmaandraise their “lifecondition”,whichhelps inchangingourpreviouslyheldattitude toamorepositivewayofbeing.

Also, in the context of law and professionals, another thoughtleaderisJusticeP.N.Bhagwati,theformerChiefJusticeofIndia,whohasbeenconsideredasatruechampionofhumanrightsandatorchbearerofintroducingtheuniquesystemof“PublicInterestLitigation”(PIL)inIndia.JusticeBhagwati’s insightful judgementson the role of the Indian judiciary in extending access to justicetothecommonmassesandtothedowntrodden,haveblazedthetrail for important concepts of judicial review, that have helpedthe judiciary interpret and test out lawsmadeby the legislature,vis-à-visthecommongoodofmankind.Inthelandmarkcasethatintroducedtheconceptof‘publicinterestlitigation’,S.P.Guptavs.UnionofIndia,(AIR)1982SC149,JusticeBhagwatisaid:

“Itmaythereforenowbetakenaswellestablishedthatwherealegalwrongoralegal injuryiscausedtoapersonortoadeterminateclassofpersonsbyreasonofviolationofanyconstitutionalorlegalrightoranyburdenisimposedincontraventionofanyconstitutionalorlegalprovisionorwithoutauthorityoflaworanysuchlegalwrongor legal injuryor illegalburden is threatenedandsuchpersonordeterminateclassofpersonsisbyreasonofpoverty,helplessnessor disability or socially or economically disadvantaged position,unabletoapproachtheCourtforrelief,anymemberofthepubliccanmaintainanapplication foranappropriatedirection,orderorwritintheHighCourtunderArticle226andincaseofbreachofanyfundamentalrightofsuchpersonordeterminateclassofpersons,inthisCourtunderArticle32seekingjudicialredressforthelegalwrong or injury caused to such person or determinate class ofpersons.”

ICSI has an important role in striving to empower its members to achieve highest standards of professional excellence and transparency. To aspire to fulfil this expectation, apart from excelling in their knowledge base of corporate laws and procedures, the members of the ICSI are also required to do self-introspection so as to have a change of heart by tapping their inner power and wisdom and direct their efforts not only for the profit-motivated corporates they work with, but to direct their efforts towards welfare of society and happiness of consumers and all the stakeholders as well.


AR

TIC

LE


Inanotherinstance,JusticeBhagwati’swordsonlyprovehowgreatathoughtleaderhewas:

“It is true that therearerulesmadeby thisCourtprescribing theprocedureformovingthisCourtforreliefunderArticle32andtheyrequirevariousformalitiestobegonethroughbyapersonseekingtoapproachthisCourt.Butitmustnotbeforgottenthatprocedureisbutahandmaidenofjusticeandthecauseofjusticecanneverbe allowed to be thwarted by any procedural technicalities. TheCourt would therefore unhesitatingly and without the slightestqualmsofconsciencecastasidethetechnicalrulesofprocedureintheexerciseofitsdispensingpowerandtreattheletterofthepublicmindedindividualasawritpetitionandactuponit.Todayavastrevolutionistakingplaceinthejudicialprocess;thetheatreofthelawisfastchangingandtheproblemsofthepoorarecomingtotheforefront.TheCourthastoinnovatenewmethodsanddevisenewstrategies for thepurposeofprovidingaccess to justice to largemassesofpeoplewhoaredeniedtheirbasichumanrightsandtowhomfreedomandlibertyhavenomeaning.Theonlywayinwhichthiscanbedoneisbyentertainingwritpetitionsandevenlettersfrom public spirited individuals seeking judicial redress for thebenefitofpersonswhohavesufferedalegalwrongoralegalinjuryorwhoseconstitutionalorlegalrighthasbeenviolatedbutwhobyreasonoftheirpovertyorsociallyoreconomicallydisadvantagedpositionareunabletoapproachtheCourtforrelief.”

How such innovative ideas of starting the new type of litigationlike the PIL by invoking the provisions of Article 32 and 226 ofthe Constitution of India has helped common masses, can beunderstood from various judgements of the Supreme Court ofIndiaandalsoofthevariousHighCourtsandsuchordersoftheCourtshaveresultedintakingcorrectiveactionstosafeguardtherightsofthecommonmassesinpublicinterest.Thoughtherearenumerous judgements emanated fromPILs, but one such orderoftheSupremeCourtofIndiathathastremendousimportanceinbringingwithintheambitoftheCourtthefunctioningandill-effectsoffunctioningofIndiancompanies,isthePILfiledrecentlyagainstJaypeeInfratechLimitedbymorethan30,000homebuyerswhocouldnotgetpossessionofflatspurchasedby themevenwhentheyhadpaidasubstantialportionof thesaleprice(somewhereclosetoabout90to95percent)andtheHon’bleSupremeCourtofIndiaadmittedthePILandissuedseveralimportantdirections,including the directions to the promoters and company directorsnottoselltheirassetsandalsothoseoftheirimmediaterelativesandalsorestrainingthemfromtravellingabroadwhilethecaseisbeingheard,besidesdirectingthesaidcompanyanditsassociatedcompanies to depositRs.1000Crores to take care the interestsof thehome-buyers. Whocouldhave thoughtof such impactfulramifications against a well known corporate group initiated

throughPIL.Infact,suchtypesof litigationsarealsobeingfiledagainstotherbuildersanditisunderstoodthatthepromotordirectorsofanotherbuilder group “Unitech” are already behind the bars and theyhavebeenaskedtodepositasubstantialsumofmoneytowardscompletionofthependingprojects.

Therecannotbeanydoubtthatwithoutthethehumanisticapproachand initiativeof “thought leaders” likeJusticeP.N.BhagwatiwhointroducedtheconceptofPublicInterestLitigationforthecitizensof India, this typeof legalremedyagainstcorporatewrong-doingcouldnothavebeenpossible.So,thisneededathoughtleaderlikeJusticeBhagwatitobringaboutthischangeforjusticetoall,eventhoughtheinitiatormaynothavedirectlocus-standi.

In fact many corporate analysts have commented that had theleadership at the helm of these companies adopted positivegood corporate governance measures and adhered to ethicalpractices,notonlythepromotersofsuchcompanies,butalsothepeople associated with their management could have avoidedsuchacatastropheandthiscouldhavesavedthereputationandgoodwill of the companies and their promoters. Basically, thenotionsofgreed,self-centerednessandtheselfishmotivesoftheleadersovertookthe“conscience”andinnerwisdomandpositivehumanqualitiesofthepersonsatthehighermanagementofsuchcompanies, which eventually led to tarnishing the image andgoodwillofsuchwell-knowncompanies leading to theirdownfall.Thus,thoughtleadershipseemstobetheneedofthehourtobepractisedintheIndiancorporatesector.

Another type of litigation in the genre of PIL is the new type ofremedial action made available to the shareholders of Indiancompaniesisthe“classactionsuit”,introducedforthefirsttimeinIndiabythenewCompaniesAct,2013.Infact,thenewCompaniesAct,2013hasintroducedmanyfarreachingchangesintherealmofgoodcorporatenormsandmanypath-breakingnewconceptsfor advancement of justice and corporate governance in Indiancompanieshavebeenintroduced.Thefacilityof“classactionsuit”thatcanbe initiatedbyaspecifiedclassofshareholdersagainstacompanyasprescribed in Section245of theCompaniesAct,2013,whichcameintoforceon1stJune,2016.AspertheCentralGovernmentnotification,such“classactionsuit”canbefiledbeforethePrincipalBenchoftheNationalCompanyLawTribunal(NCLT)atNewDelhi.Basically,a“classactionsuit”isacollectiveactionbyaclassofpersons, representingagroupofpersons, tofilealawsuitandtopursueitonbehalfof thelargergroup,tomitigatecommongrievancesortofightforcommonrights,anditisbelievedthatintroductionofthisSection245intheCompaniesAct,2013forthefirsttimeinIndiawillusherinatotallynewregimeofcollectiveaction on behalf of the particular class of shareholders. It is feltthat only innovative and ethically conscious “thought leaders” ofthe Indian companies and the professionals associated in themanagement of companies will be able to effectively deal andhandlethisnewtypeoflitigation.

AftertheinfamousSatyamComputerepisode/scamrevealedtheutter failureofcorporategovernancenormsbyan internationallyrenownedcompany,despite thepresenceof severalwell-knownand reputed outside management experts as “IndependentDirectors”on theBoardofSatyamComputersServiceLtd.,howthe promoter-director could manipulate and fabricate corporateaccounts and documents, came to the fore. Since then, a lotof precautionary measures have been taken in the arena of


AR

TIC

LE


managementofIndiancompaniesundertheCompaniesAct,andeventhesecuritiesmarketwatchdog,SEBI,hasintroducedmanystrictmeasurestobefollowedbypubliclistedcompanies. AnothernewconceptwhichhasassumedtremendousimportanceintheIndiancorporatesectoris“CorporateSocialResponsibility”(CSR), which was basically a voluntary initiative before it wascodified and statutorily mandated in India in the CompaniesAct,2013andwasmadestatutorilyapplicable tocertainentitiesas defined in theCompaniesAct, 2013.However, it seems thateven this unique initiative thatwasmadeavailable to the Indiancorporatesector,hasbeen,unfortunately,misconstruedbymanyoftheconcernedcompaniesandaspertheCentralGovernment’sreport, in July 2016 and March 2017, the Centre has issuedmorethan1,018show-cause-noticestocompaniesthathavenotcompliedwithCSRprovisionsundertheCompaniesAct.Recently,inDecember,2017,theUnionMinister,ShriP.P.Chaudhary,hasstatedthattheMinistryofCorporateAffairshasgivenpermissionfor penal action to be taken against 196 companies who haveviolated corporate social responsibility (CSR) norms in 2014-15fiscal.

In the context of such developments, the lack of encouraging“thoughtleadership”intheIndiancompanieshascomeintofocusonceagain.Duetoinformationexplosionandactivesocialmedia,incidencesofnon-adherencetogoodcorporategovernancenormsandnon-complianceofmandated,applicable legalprovisionsbyIndian companies, have suddenly started gettingmore attentionthesedaysandeventheregulatoryauthoritiesaretakingatoughstandagainstsuchviolators.Resultantly,thesedevelopmentshavebroughtintofocus,theroleandimportanceofcompanydirectorsandtheurgencyinprovidingadequateplatformandopportunitiestocorporatedirectorsandemployeestocomeforwardwithinnovativeideasandencourage “thought leaders” insuchcompanies. Thecompanydirectorshaveamajorroletoplayinthisregard.

In fact,with regard to the responsibilityof companydirectors forcompliance with the Companies Act, 1956 (which have beenfurther strengthened andmade strenuous under theCompaniesAct,2013), theHon’bleSupremeCourtof India inN.Narayananvs.AdjudicatingOfficer,SEBI(AIR)2013SC3191,hasheldthat:

“Failureofcorporategovernanceonthepartofdirectors,iftheyfailtoexerciseduecareanddiligenceandtherebyallowingfabricationof figures and false disclosure, they would be liable for suchomissionsandcommissions.”

RelevantobservationsofthesaiddecisionoftheSupremeCourtare:

“Responsibility is cast on the directors to prepare the annualrecordsandreportsandthoseaccountsshouldreflect‘trueandfairview’.Theoverridingobligationsofthedirectorsistoapprovetheaccountsonlyiftheyaresatisfiedthattheygivetrueandfairviewoftheprofitsorlossfortherelevantperiodandthecorrectfinancialpositionofthecompany.Thecompany,thoughalegalentity,cannotactbyitself–itcanactonlythroughitsdirectors.Theyareexpectedtoexercisetheirpoweronbehalfofthecompanywithutmostcare,skill anddiligence. ThisCourt,while describingwhat is the dutyof a director of a company, held inOfficial Liquidator, SupremeBank Ltd. vs. P.A. Tendolkar (1973) 1SCC602, that a directormaybeshowntobeplacedandtohavebeensocloselyandsolongassociatedpersonallywiththemanagementofthecompany

thathewillbedeemedtobenotmerelycognizantof,butliableforfraudintheconductofthebusinessofthecompanyeventhoughnospecificactofdishonestyisprovedagainsthimpersonally.Hecannottakeshuthiseyestowhatmustbeobvioustoeveryonewhoexaminestheaffairsofthecompany,evensuperficially.”

TheSupremeCourtfurtherheldthat:“Theappellanthastakenthestand,asalreadystated,thateventhoughhewasaWholeTimeDirector, he was not conversant with the accounts and financeand was only dealing with the human resourcemanagement ofthecompany,hence,hehadnofraudulentintentiontodeceivetheinvestors.Wefinditdifficulttoacceptthecontention.Theappellant,admittedly,wasaWholeTimeDirectorofthecompanyasregardsthe preparation of the annual accounts, the balance sheet andfinancialstatementandlayingthesamebeforethecompanyattheAnnualGeneralMeetingandfilingthesamebeforetheRegistrarofCompanies, aswell as before theSEBI. The directors of thecompanyhavegreaterresponsibility,especiallywhenthecompanyisaregisteredcompany.Thedirectorsofcompanies,especiallyofthelistedcompanies,haveaccesstoinsideknowledge,suchas,financialpositionofthecompany,dividendrates,annualaccounts,etc.Directorsareexpectedtoexercisethepowersforthepurposesforwhich theyareconferred.Sometimes, theymaymisuse theirpowersfortheirpersonalgainandmakefalserepresentationtothepublicforunlawfulgain.”

Further, the Hon’ble Supreme Court of India in its judgementdated 10th November, 2017 in Rohit Tandon vs. EnforcementDirectorate(Crl.AppealNo.1878-79/2017),arisinginthecontextofinterpretationofSections3,readwith4and45ofthePreventionofMoneyLaunderingAct,2002,hasheldinPara18thereof,that:

“TheconsistentviewtakenbytheSupremeCourtisthateconomicoffenceshavingdeeprootedconspiraciesandinvolvinghugelossof public funds need to be viewed seriously and considered asgraveoffencesaffectedtheeconomyofthecountryasawholeandtherebyposingseriousthreattothefinancialhealthofthecountry.Further,whenattemptismadetoprojecttheproceedsofcrimeasuntaintedmoneyandalsothat theallegationsmaynotultimatelybeestablished,buthavingbeenmade,theburdenofproofthatthemoneyswerenottheproceedsofcrimeandwerenot, therefore,tainted,shiftsontheaccusedpersonsunderSection24oftheActof2002.”

Itcanthusbeseenthattherootcauseofthisproblemisnotlimitedtocompaniesalonebutextendstotheleadershipassociatedwithsuch companies, who have to revolutionize their thinking andemerge as thought leaders whowill guide companies with theirinnovative and out-of-the-box thinking and ideas. Unless suchcompaniesandtheirthoughtleadershavebrain-stormingsessionstodevisewaysandmeans toachieve theCSRobjectives, therecannotbeany implementationof the laudableobjectof reachingoutbenefitsthroughCSRtothemassesthatareunderprivileged.

CONCLUSIONEven though company directors and company secretaries have,under the statute, been entrusted with enormous duties andresponsibilities,inthecontextofcurrenteconomicandsocialmilieu,itishightimethatascompaniesmustencourageregularinteractivesessionswhere company policies are discussed and suggestionsareinvitedfromprofessionalassociatedwiththecompanies,sothatthecompanycanfosterthoughtleadersoftomorrow,whowillhelpsuchcompaniesemergeasgloballeaders.


AR

TIC

LE


K. Dileep Kumar*, FCSCompany [email protected]

Thought Leadership ParadigmA GLIMPSE OF LEADERSHIP IN INDIA Inthecontextofthetopicathand,theauthorwouldliketoquotetheexampleofhisreveredguruandmentor,Dr.N.H.Atthreya,aneducator,authorofseveralbooksonmanagementscience, who has scored as many as four decades of management consulting. Somecorporategovernanceprofessionals,standoutinboldreliefasThoughtLeaders.ApioneerofmodernmanagementmovementinIndia,Atthreyahasmanyfirststohiscredit,includingtheManagementStudyGroup (theprecursor to theBombayManagementAssociation)whichhesetupin1952.Hehasbeenoneofthefirstprofessionalmanagementconsultantsof India since1954. A professional problem solver, a learning facilitator, a key-notespeaker,anexecutivecoach,authorandaconcernedcitizen,Doctor’sspecialcontributionsareintheareaofHolisticWell-being,LearningtoLearn,RoleExcellence,ManagementbyImplications,SpiritualityintheWorkplace,WasteReduction,Deliveryend-pointofviewandTinyEnterpriseasacareeroption.

AUTHOR CONNECTTheauthor’saffinitywithDr.Atthreyaasafriend,philosopherandguidehasbeensince1975whiletheformerwasfinancialcontrollerwithRecondoLimited,Bombay,destinedtogrowfurthermoreinlateryears,whenhewaspromptedbyAtthreyatocontributehisviewswhichwerescriptedinthelatter’sauthenticbook“SpiritualCultureintheCorporateDrama”withasubtlesub-title ‘ToRevolutionizeRoleExcellenceandtoMakeWinnersAll intheWorkplace’(2003).

REMINISCENCESThroughanexperiencesharingprocess,theAuthorhopesthatthesubjectmatterofthistreatise,‘ThoughtLeadershipParadigm’willenablethereadertohavealookatthekindofleadershipprofessionalismthatwaspracticedbyhimduringthelongtenureofovertwoandahalfdecadeswithRecondo,acompanyspecializing inconstructionofbituminousandcement concrete roads, runwaysandhighways,operatingall over Indiaand in theMiddleEast,waybackincirca1950-1960,whiletheauthorhadcommencedhiscareerasabeginnerinthefieldoffinancialandcostaccountingdiscipline.Lateron,hewastobeinducted in the practical aspects of fascinating exposure to that of corporate secretarycombinedwithothermanagementskillsanddisciplinestoemergeasaleader.

ThefounderofRecondowasoneMr.NormanHenryTaylor,thewriter’sfirstguru,moreofanIndianthanaBritish,holdingtriplemaster’sdegreeincivil,mechanicalandchemicalengineering.His professional acumen and contribution in the arena of ‘leadership’wasexemplary, so much so, that he was considered to be an authority on managementprinciplesandpractice;hewasfrequentlycalledupontodeliverlecturesonsubjectsofhischoicebyCollegesandInstitutesteachingmanagementscience.AsaThoughtLeader,hehadinitiatedin1947aninnovativebusinessof‘reconditionedasphalt’forlayingbituminousroadsinplaceofpebbledandothertypesofroadsinBombayCityandSuburbs,carryingthree to five years of freemaintenance warranty. Gradually, the company’s operationsbecame diversified and spread all over India; eventually, the company had acquiredpatentsinIndia,Britain,AustraliaandUnitedStatesofAmerica.

The advent of Ultra-Modern Management Science at the global level and in the face of stiff multinational competition, unlike that of the yore, demands innovative group in the shape of Human Think Tanks composed of intelligentsia possessing specific experience in managing the affairs of a given corporate business. Such a group certainly calls for a Thought Leader under whose chieftainship successor could be trained as yet another ‘Thought Leader in the Making’.

* FormerlyCompanySecretary,VicePresident&InternalAuditor,AjwaniInfrastructureGroupofCompanies,Mumbai.

AR

TIC

LE


Thought Leadership Paradigm

Asprovidencewouldhaveit,thewriterhappenedtobeTaylor’sright-hand man and was nick-named the latter’s ‘adjutant-general’. The lessons about ‘Leadership’ per se learnt by thewriter from his guru Taylor can be illustrated succinctly in thefollowingdissertation:

IN GENERAL• EventhoughTaylorwasthefounderofandthebossinthe

company,heconsideredthewriter tobehiscolleagueandfriend;

• Hefreelyandfrequentlydiscussedmajorplansandproposalswith the writer before implementation; especially thoserequiringfinancial,administrativeandlegalacumen;

• Bothput together, theyhadevolvedan In-houseextensivetraining scheme for freshly recruited graduates in specificdisciplines likemechanicalandcivilengineering, integratedcost & financial accounting, management audit andadministration;

• Thecompany’saffairswereverywellandcarefullymanagedprofessionallyoveranumberofyearsputtogether;

• ThesystemsandproceduresweresodesignedandappliedthattheAnnualAccountsasat31stMarch,dulyaudited,forevery financialwerepublishednot later than30th June, inthelightofthefactthatthecompanyhadnosuchdigitalorautomatedfacilitiesinthosedays,asthesearenow.

ExPERIENCE SHARINGIn the followingportionof this treatise, theAuthorwould like toshare his intimate, practical and scholastic journey offeringvariegatedexperiencesfromthebottomrungasafollowertothatofamatureleaderinthefieldofcorporategovernance.Thewriterhaschosentodocumenthisthoughtsandideasaboutthesubjectmatter in terms of dotted phrases and paragraphs under eachheading in bold, easy to read and understand the theme ofleadership:

TRAIT & TENETS • Thebestamongleadersistheonewhomthepeopledonot

noticetheirexistence;• Thenextbestistheonewhomthepeoplehonourandpraise;• Thenextistheonewhomthepeoplefear;and• Thenextistheonewhomthepeoplehate.• Theexperience,powersand functionsare tobesharedby

andbetweenthetrainerandthetrained;• Leadershipcanbedevelopedwithtraining;andthepotential

iswide;• When it is shared or distributed, the organization(s) or

individual(s)orgroup(s)aremoreeffective.• Leadershipisaprocess,notasetofindividualcharacteristics.

Itisorganizationcenteredandnotpersoncentered;• Leader’slotisoneofsacrificeforhisfollowers;andcertainly

isnotabedofroses.• A leader has to move ahead often carrying unsolved

problems;• In any organization the crucial mental models are those

sharedbythetopmanagementorthekeydecisionmakers;• Becausetheirattitudesshapetheorganization;• Leadersseemtodifferwidelyfromonetoanother;• The olden ideas of a powerful leader were more as a

strategist;• Today, leader is seen more as a person with a powerful

vision,whocangetothers to identifywith it andshare thevisionwithasenseofpride;

THE MATRIx IntuitiveFactor• Oneofthequalitiesthatdistinguishoneleaderfromanother

isthequalityofintuitionorgut-feelingwhichisoftenmistakenas‘luck’.Here,intuitionincludesobjectivityandfulfillment;

• Thereshouldbeabalancebetweensuppressionofemotionsandoverplayof thesame.Themasteryover theemotionalstormsisessentialtowithstandtheevilwroughtbymisfortuneorbadluck;

• Theaimistomaintainbalance,notemotionalsuppression;everyfeelinghasitsvalueandsignificance;

• A life without passion would be dull, like a wasteland ofneutrality;

• What is wanted is appropriate dose of emotion or feelingproportionatetothegivencircumstance;

• When emotions are too muted they create dullness anddistance; when out of control, too extreme and persistent,theybecomeanxiety,anger,andagitation;

• Controloveremotionsisanessentialpre-conditionforanytypeofoccupationincludingthatofleadership;

• RealLeadersare thosewhomaintain theirbalanceat therighttimeattheturnofevents.

PatienceFactor• Timingisanimportanttoolforaleader;• Heshouldbewithinthesameambienceandshouldnotseek

exclusiveness;• He should be fully aware of the follower, and should not

preachsermons;• Heshouldallowthefollower to learnbyhimself,andwhen

maturity strikes, the follower on his own will join himwholeheartedly;

• The follower finds the lime light from the leaderplayingonhimself;

• He eventually finds the transformation complete and thefollower becomes fearless, perfectly satisfied, calm andserene;

• This kind of relationship can be seen amongst the highercaliberofleader-followerpairs.

ComplexityFactorFrom metaphysical point of view, there are two types ofcomplexities factored in leadership development process: TheDynamic(agitated)andtheDivine(serene)approach.• Dynamic complexity relates to situationswhere cause and

effectbeingsubtle,theeffectsinthelongrunarenotclear;• Ontheotherhand,theDivineaspectofsocalledcomplexity

(rather syndrome) relates to clarityof visionand therefore,thecauseeffectcontinuityisperceivedimmaculately;

• Thelatterstrategyyieldspositiveandsatisfactoryresultsfortheleaderandthefollowerboth;inasmuchasthefollowerhasthehumilitytoseekadvicefromtheleader.

AmbienceFactorApersonpossessingthetemperamental‘balance’or‘ambience’is thewell adjustedperson. It is found thathe ishappywhosecircumstancessuithis temper;butone ismoresuccessfulwhocansuithistempertoanycircumstance.Thereisneedforpersoninleadershippositiontohavethisqualitytosuithistempertoanycircumstance to really excel,which basically concernswith thequalitiesofaleader.

AR

TIC

LE



Briefly,thetemperamentallybalancedleaderistheonewho:• acceptsresponsibility forhisbehaviourand learnsfromhis

pastmistakesandavoidsrepetitionofsucherrors;• welcomesconstructivecriticism;• doesnotlookforspecialtreatmentforhimself;• plansforthefuturecarefully;• doesnotdependuponinspiration;andremainspleasedwith

others;• believesthathappinesshasnojealousy;• respectsothers’feelingsandisattentivetoothers;• doesnotgetirritatedwithreasonabledelays;and• realisesthatnoneistotallygoodorbad.

SubservienceFactors

(a) DocilityThis is a kind of a docile leader who develops an attitude ofsubordination and keeps the groupmoving without any visiblegoaloreffortonhispartasaleader;andtheleadershipqualitiesare displayed by him appears to be muted in his style andapproach.

(b) AltruisticHowever,themetaphysicalfactisthatagreatleaderisbasicallyaselflessserviceorientedpersonandleadershipisbestowedonhimbyhisaltruisticnature togiveawaywhathepossessesbywayofseva.

(c) RarityBut the chancesare thatmanywill never comeacross suchaleader,barringthoseintheguru-shishya-paramparaorthemonk-hoodstatusearnedbythefollowerthroughparopakaraattitudeoftheleader.

THE TREKTobeaThoughtLeader:• Oneoughttolookintohimselftofindoutwhatattributesone

possesses,havingbeeninthespecificorgivenprofession,businessorvocation forovera reasonable time, leadingateamofafewpeopleandhavingachievedasustainablegainand success; because long is not enough to be a thoughtleader;

• Tobealeaderonehastotrekapathtosharetheskillandknowledge that has been gained by himduring leadershiptenure;

• Because,thispositionisacquiredbythosewhocomewithalotofexperienceandknowledge that isworthsharingwiththosewhoarewillingtogrowintheparticularfield.

Advice• Be dispassionate and liberal in spreading your knowledge

withintheteamtograduallyemergeasathoughtleader;• Short-list someoneelse tobeas involvedasmuchasyou

areinthegiventask;• In doing so, be assured that the feelings and the gush of

emotionsthatyougothroughwillbeunprecedented;• Atthisstage,betolerant,patient;findoutexactlywhatdrives

youandwhatyourpassionis;• Onecanleadonlythosepersonswhocanrelatetoyou;that

isoneoftherequirementsthatneedstobeinplaceinordertomakethingswork;

• Onehastoshowthemthe‘realyou’;• Buildastrongpresenceforyourselfallalongthroughvarious

strategies;• Lookintoyourownselfandrecapitulateyourexperiences;• Traceout the incidents that hadmoved you, changed you

andshapedyouroutlookabout theorganizationandsharethemwiththosewhocrossyourowntrek.

• Beingathought leader involvesariskofputtingyourself inthespotlight;.

• Hencemakeuseofyourinnateskillsandsellyourideasthatcanbetheinstrumentofchangeforothers.

SELF-SCAN YOUR ExPERIENCES Theproductofone’sexperience ismainlyhisskills,knowledgeand expertise. Thought leaders are followed because of theirabilitytobringdeepinsightsintothesubjectofyourexperiencewhichwillenablethemtoseetheothersideofthecoin,toseeasubject in a different dimension that focuses their attention tothinkbeyondthemundaneconventionalterms.Thisscanwillgivetheirconfidenceanimpetus.

Thought leaders are the most successful individuals in theirrespective fields but their expertise andexperience vary.Whatmatters is the expertise. Therefore, sharing your work ethics,alongwithcriticallessonslearntbyyoushouldbemaincenterofexposure.

SEEK CHANGE Thoughtleadershipissomethingthatcallsforcontinualself-audit,rectification,improvementandsustainablegrowthpattern.Admittoyourselfifyouarewrong,examineandseekcorrection.Ifyouthinkthatsomethingisnotworkingthewayitshould,thendonothesitatetoremodeltheapproachintomoreeffectiveandefficient

One ought to look into himself to find out what attributes one possesses, having been in the specific or given profession, business or vocation for over a reasonable time, leading a team of a few people and having achieved a sustainable gain and success; because long is not enough to be a thought leader.

AR

TIC

LE


planorabandonitentirelyforabettersituation.

USER FRIENDLYTheneedforaThoughtLeadercanbetracedinalmostallfieldsof work. Be it politics, military, business, profession, vocation,strategyandarenaswherechallengesconfront.Thought leadership is important for running an organization;especiallythelargeones.Becauseofthecomplexityandlengthof the decision-making process in conglomerate environmentswhere a large number of people is involved, the thoughtleadershipcontentcanhelpanyoneinvolvedindecisionmakingprocesstogainalignmentacrosstheorganizationasregardstheproblemstheyarefacing.Thiscanhelpthemtoidentifyandsolvetheproblems.

POTENTIAL THOUGHT LEADERAThoughtLeadercanemerge fromanysource:suchas, fromamongst themembers of the board of directors, stakeholders,partners, consultants, managers, executives, customers,planners,designers,servicerepresentatives,executiveforceandemployees.Theyallhaveknowledge,insight,experienceandapointofview.Theyexpect tobe inspiredtoactandtotakethenextstepintherightdirection.Thereliesthechallenge.AnditisintellingwhattheThoughtLeaderwantstotell!!

THINK TANK Thoughtleadershipstatuscannotbeachievedsoeasily.Onehasto muster own experience and create credibility over a longperiodoftime,Ittakespatience,hardworkandawillingnesstolistentoandlearnfromothers.Thosewhoobserveandconnectinformationfromanumberofsourcesaregenerallywellpositionedtocreateideasthatarecongenialtotheneedsoftheorganization.Credibility emerges fromhumility, honesty and appreciation forthehumanaspectofleading.A leader’s aim as mentor should be to transform willing andsuitable person(s) to a new vista or vision and motivate aresponse. Genuinely honest leader should have a passion forhelping the trainee.

ASPIRANTS Budding or aspiring thought leaders are recommended to takethefollowingstepstomaketheirpresenceintheshapeofThinkTanks.• Workcloselywithmentorsandinfluencers;• Tell themabout your ambition, passions and constructive

ideas;• Observeandunderstandhowtheystartedandoperate;• Reflectonwhattheysayandhavesaidduringtheirsessions

andengagementswithyou;• Attend in-person on ‘one-to-one’ basis their sessions or

eventsandseekopportunities;• Onceyourreputationasafollowerbeginstogrow,youcan

startsharingormakingbolderclaimsandpredictionsaboutyourownfuture;

• Beclearaboutyourchosenareaofexpertise;• Do not attempt to be a thought leader in each and every

arenaorfield;• Instead,focusonwhatyouknowbestandremainsteadyat

it;• Delvedeepintoyourchosentopic,thantospreadacrosstoo

manycomplementarytopics.

BEHAvE AS A LEADER• As a thought leader, you should understand the issues at

handandthe impactyouradvicewillhaveonthose issuesandnotjustwhatyouraimdemands;

• Keeplearningaboutyourexpertiseandgoonupdatingandevolving;

• Youwillhavetostayonthetopofwhatishappeningsothatyou can share and comment on the current and futuristictrends;

• Create and follow discipline to study the dynamics to findoptionalinnovativepatterns;

• Thiswillenableyoutosolverealtoughproblems;• Beavisionarythinker;.• Thoughtleadersdonothavealltheanswers;soitisprudent

toadmitwhatyoudonotknow,andremainhumbleenoughtolistentowhatothershavetosay.

ICSI INITIATIvEIn the wake of the lead taken by the ICSI in the Vision 2022document to cleanse and reinforce the corporate governancepractices and ethics, it is indeed gratifying to note that it hasalreadytrainedindependentdirectorsofpublicsectorundertakingsaswellascertaincategoryoflistedcompanies.Innearfuture,itisenvisaged thatsuch trained independentdirectorswill takeoveras ‘thought leaders’at the rankofKeyManagementPersonnel,includingcompanysecretariesofcorporateentities.


Thought leaders are followed because of their ability to bring deep insights into the subject of your experience which will enable them to see the other side of the coin, to see a subject in a different dimension that focuses their attention to think beyond the mundane conventional terms. This scan will give their confidence an impetus.

AR

TIC

LE


Om Prakash Dani*, FCSMember Executive Committee Sri Aurobindo Society & Vice Chairman Sri Aurobindo Foundation for Integral Management, [email protected]

M.S.SrinivasanResearch AssociateSri Aurobindo Society [email protected]

Types of Thinking and Thought- leadership – Integral Perspectives

I nanintegralperspective,andalsointhecorporatecontext,thoughtleadershiprequiresinnovationandcreativityinconceptionaswellasinexecution.Innovationwhichbrings

newideaandcreativityinexecutionandleadstoasuccessfulrealisationormaterializationofideaintheouterlife,arethetwoaspectsoftotalthoughtleadership.Torealizethisidealwehavetogobacktothefundamentalsandexaminethetypesofthinking,identifythosetypeswhichcanleadtothought–leadershipinthefutureandcultivatethemsystematically

ineducation,traininganddevelopmentandintheIndividual,organisationandthenationasa whole. This article examines thought-leadership in this broader, holistic and long-termperspective.

FLAvOURS OF THOUGHTOurhumanmindisinitsessenceathinker.Thinkingistheprimaryfunctionofourmind.Buttherearemanykindsortypesofthinkingdependingonwhereorfromwhichpartofmindwethink.Letusexaminetheseflavoursofthought.

Informational: This is the lowest form of thinking based on the report of our senses orcollectionoffacts.ThiskindofthinkingcomesfromwhatIndianpsychologycallsasmanas,the sense-mind; it is based primarily on outer observation of theworld perceived by oursensesorwhatweget fromhearing fromothersor read in thebookswithoutany furtherreflection or very minimum reflection. It may be accompanied by feelings and emotionsinducedbythesensationsoraccumulationofundigestedconceptsinthemind,butwithoutmuch of reflection from the thinking mind. A considerable part of traditional education,especiallyinIndiaisinformational.Obviously,thiskindofthinkingcanneverleadtothought–leadership.Pragmatic: Informational thinking stops at observation or receiving concepts. Pragmaticthinkinggoesfurtherandasks:whatistheuseofthisinformationorknowledgeIhaveinmymind. Utility, problem-solving, application, execution, action and innovation are thepredominant orientation or inclination of the pragmatic thinking. Even the animal mind,especially the more advanced animals, can do this kind of thinking. For example, achimpanzeeputshishandsintoanantholeforfoodbutgetsbadlybittenbythefierceants.Thenexttimeourancestralbrotherdevicesastrawtosuck-offtheantswithoutputtinghishands into the hole! This is, at the primitive level, the essence of pragmatic instinct orthinking. Human pragmatism of various kinds is only a vast extension of this instinctivepragmatismoftheanimalmindsbecomingmoreandmoreconsciousandcomplex-fromthesimpleandearly innovationof thewheel,bullock-cartandthecycle to thestreamengine,aeroplaneandtheendlessarrayof technological innovationsweenjoyatpresent, likeTVandthemobile.Howevertechnicalandutilitariankindofthinkingisonlyoneformofpragmatism.Therecanbeotherorhigherformsofpragmaticthinking.Theessenceofpragmatismistheabilitytoconvert an abstract idea into a concrete inner or outer realization. For example,modernmanagement is a comprehensive science of pragmatic thinking for organizing economic,commercial, social and mental ideas - like profit, productivity, quality, customer service,innovation,employeedevelopmentorwellbeing-formaterialrealizationoftheideainthemarket-placeorthework-place.Similarly,theancientIndianyogaisapragmaticscienceforaconcreteinnerrealizationofmoralandspiritualidealsinourconsciousness.Analytical: In the informational thinking, whatever that enters into the mind remainsundigested, chaotic and more or less subconscious. Analytical thinking tries to bring a

To become a leader in thought we have to develop those types of thinking and corresponding faculties which lead to thought leadership. They are intuition, imagination, ideal mind and the truth-seeking thought.

* PastPresident,TheInstituteofCompanySecretariesofIndia.

AR

TIC

LE



mentalpreferenceforaparticularidea,whichdrivesourlogicandreasontowardsaconclusion favorable to the idea.Thescientificthinking aims at eliminating these faults in informational andanalyticalthinkingbythefollowingfeatures:• Founding all enquiry, reasoning and logic on bare facts of

Nature or Life acquired through objective, impersonal,unbiasedobservation.

• Critical questioning of all established, preconceived, orunproved notions, beliefs, assumptions or conclusions,howeversacrosanctitmaybe.

• Analysisnotforitsownsakebutaimingtowardsarrivingataninsight into hidden patterns or laws behind the facts orobservedphenomena,formulatedintoahypothesis.

• Testingthehypothesisthroughexperiments.Philosophical:Thisformofthinkingaimsatarrivingatfundamentaloruniversalprinciplesoflifeorexistencethroughabstractthinking.Itcanalsobebasedonfactsorthediscoveriesofsciencebutnotboundbyfactsorneednotaccepttheconclusionsofscience.Idealistic:All thehigheraspirationsandvaluesofhumanityarebornfromthiskindofthinkingwhichtendstowardstruth,beauty,goodness, harmony, unity, perfection, wholeness and the innersourceofallthesevalues,theDivine.Wemayincludehereinthiscategorythevisionaryortheutopianthinkingwhichdreamsofanidealorperfectfuture.Thephilosophicalthinkinghasanaturalbenttowardstheidealisticbut not always. For example Socrates and Plato are idealisticphilosophersbuttheIndianSankhyaphilosophyisnotidealisticbutcenteredoncosmicprinciples.Imaginative:Thinkingintermsofimages,symbols,poetry,storiesandunmanifestpossibilities.Theessenceofhigherimaginationisthe last one-the ability to perceive the unmanifest or unrealizedpossibilities lying in the womb of the future. Most of the greatliterarycreationsof theworldcomefromthiskindof thinking.Allgreatvisionsandpath-breakinginnovationshavealargestreakofimaginativethinking.Intuitive:Wetendtoassociatethinkingwithlogicandreason.Butaswe have stated earlier, thinking can be imaginative and alsointuitive. Oxford dictionary defines intuition as “the ability tounderstand or know something immediately without consciousreasoning.” In fact creative thinking of a genius in most of thecategorieswehavediscussedsofarcomesfromsuchanintuition.Itisnowrecognizedthatmanygreatscientificdiscoveriesarenotentirelytheresultofrigorousscientificreasoning,butcomesfroman original or initial intuition and later justified or amplified byscientificreasoning.AstheeminentmathematicianHenryPoincarewrote “It is by logicweprove, it is by intuitionwe invent. Logic,therefore,remainsbarrenunlessfertilizedbyintuition.”

There is an intuition at every level of our being- physical, vital,emotional,andmental-andinthespirituallevelitbecomesmoreorlessfullyconscious.Inaspiritualperspective,wecallthishigherfacultyorknowledgebeyondtherationalmindasintuition.Mostofthethinkingofmystics,seers,sagesandsaints,whohaverisentohigher consciousness, comes from such a conscious supra-rationalintuition.Indianspiritualphilosophyisaclassicexampleofsuchanintuitivethinking.EverymajorschoolofIndianphilosophyisanintellectualformulationofahigherspiritualintuition,expressedthroughanalyticalorphilosophical thinking.Allgreatgeniuses inevery field - secular, scientific or spiritual - have an element ofintuitionandimaginationintheircreativeworks.

A HOLISTIC SYNTHESISEachcategoryofthinkingwehavediscussedsofarcomesfroma

consciousordertotheseinputstothemindthroughaprocessofanalysis like comparison, classification, critical assessment,evaluation,discriminationorjudgment.Mostofthecommentarieswe find in newspapers oneconomic, financial or political eventsbelongtothiskindofthinking.Scientific: The traditional scientific method combines theinformational and the analytical but both elevated to a higherintellectual level and reinforced with two more elements.Observation,classification,comparison,analysis,hypothesisandexperimentation,allbasedonthesolidgroundsof facts….theseare the main limbs of the traditional scientific method. Theobservations of the informational thinking can be colored bypersonal, subjective and emotional factors. But in the scientificthinking,aconsciousattemptismadetokeeptheobservationasmuch impersonal and objective as possible by eliminating orminimizing the subjective, personal and emotional coloring.Similarly, analytical thinking can be colored by preconceivednotions, beliefs, or assumption or a subconscious emotional or

Technical and utilitarian kind of thinking is only one form of pragmatism. There can be other or higher forms of pragmatic thinking. The essence of pragmatism is the ability to convert an abstract idea into a concrete inner or outer realization. For example, modern management is a comprehensive science of pragmatic thinking for organizing economic, commercial, social and mental ideas - like profit, productivity, quality, customer service, innovation, employee development or well being - for material realization of the idea in the market-place or the work-place.

AR

TIC

LE


national life. But how to do it? The natural instinct of a culture-sensitiveandorthodoxIndianmindistowardsrevivalism;insteadofgraspingtheuniversalessenceoftheIndianspiritandapplyittothepresentproblemsoflifewithaforwardlookingvision,ittendstoreviveoldworn-outideasandformsofabygoneera.

Inanyquestfortruth,inwhateverfielditmaybe,successdependsonaskingtherightquestion.Ifwearenotaskingtherightquestionswe are likely to be led away into wrong channels. What is thecentralquestwhichledtothosemomentousspiritualdiscoveriesofVedas and Upanishads? Is it not what is the deepest, highest,universal and eternal truth of man, life and nature? This is thecentral quest of the great founders of our Indian civilization andculture.AndthisisperhapsthetrueIndianapproach.

Soifweareseekingforthehighesttruthoflife,thefirstquestionwehavetoaskiswhattheIndianseersasked:whatisthedeepest,highestandtheuniversaltruthandlawofeachhumanactivity.Aswehave indicatedearlier, thehabitual tendencyof theorthodoxIndianmindisnottowardsthisquestfortheuniversaltruth,buttogobacktoancientIndianvalues,idealsorsystemsofthoughtandpractices.SuchanapproachisvalidonlyifithelpsusinourcentralIndianquestforthehighesttruth.ForancientIndianinsightscanshedlightonthisquest.Butwhenitispursuedwiththesoleaimofreviving the ancient Indian values without any higher quest fortruth,wemayendupwith formationswhichare irrelevant to thepresentorthefuture.

Howto find theuniversal truth?The firststep isascientificanddispassionateobservationof factsof thepastandpresent.Thesecond step is to penetrate behind outer facts to their innerpsychological, evolutionary, cosmic and spiritual causes. Forexample,ifIamastudentofeconomicsandseekingforthetruthof economics, what are the first questions I have to ask, thecentralquestionswhichwill leadmetothehighesttruthandthemost creative vision in economics? They are first what is thedeepest,highestanduniversaltruthofeconomics?Second,whatisthepurpose,functionandmissionofeconomicsinfulfillingthehighest evolutionary destiny of humanity and our planet?Third,whatwillbethenature,needsandvaluesofthefutureeconomicsystem?Buttodothiswithatruecreativeforceoreffectivenessrequires a penetrating spiritual intuition beyond reason. Theordinarysurfaceintellectualreasondoesn’thavethispenetratinginsightandvision.

If we don’t have this spiritual intuition, we have to rely on thethoughtsand insights of thosewhohave this higher knowledge.Butthismethod,throughtheintellectworkingupontheintuitionsofothers,maynotbeaseffectivewhenweourselfhavetheintuition.However,eachcapableIndianmindcancontributesomethingwithwhateverfacultiesavailabletohimorher—reason,faith,emotionorintuition.

Inthistask,aswehavealreadysaid,ancientIndianconceptsandinsights can be of great help because India had the tradition ofsuch a deeper seeking established by a long-line of spirituallyilluminedsagesandseers.AndamongIndianseers,Sri.Aurobindoprovides themostcomprehensiveand integralvisionand insightintotheIndiantraditionandculture.

REFERENCE:1. Sri Aurobindo, The Renaissance In India, CWSA, Vol.20,

Pg.89

specificclusteroffacultieswithinourconsciousness.Informationalthinkingcomesfromthesense-mindwhichobservesandreceives.Analytical, scientific, philosophical thinking comes from differentaspects of the rational mind. Idealistic thinking comes from adeeperandhigherpartoftherationalmindworkingalongwiththeethicalandaestheticfaculties.Pragmaticthinkingcomesfromthefacultiesofwillandaction,applicationandexecution.Imaginativeand intuitive thinking from the respective faculties. For a holisticdevelopmentofmindineducationortraining,wehavetoawakenall these faculties in an integrative manner through appropriateeducationalinputs,whichinducescorrespondingthinking.

Thesense-mindwhichobservesandreceiveshastobeencouragedand trained to observe with a scientific objectivity. Instead ofmugginguporreceivingpassively,thelearnerhastobeencouragedtoarriveatconceptsthroughdisciplinedthinking,withascientific,analyticalvigor,throughinductiveordeductivereasoning.Hemustbeawakened to the importanceof great ideas like truth, beautyandgoodnessforkindlingahigheraspirationinhismindandheartandtheupliftmentofhumanlifeasawhole.HemustbemotivatedtoexplorefundamentalquestionsregardinglifeanduniverseandGod through philosophical enquiry. He must be awakened to abroader vision of pragmatism beyond narrow utilitarianism, as acreativepowerofaction,applicationandrealization.Hemustlearnto project his imaginative faculties into the invisible, unknown,unmanifest and the unrealized and keep the images positive,constructive,transformative,sublimeandbeautiful.Andfinallyhemust be made aware that all these activities can only help indeveloping his mental faculties but will not lead to any trueanswersorlastingsolutionsordeeptruthofthings,whichcanbefoundonlyinaconsciousnessbeyondmind.Thisdeepertruthcanbefoundonlythroughasupra-rationalintuition.

Thisbringsustothequestionhowtoarriveatthesynthesisofallthese types of thinking which may appear contradictory? Forexample, how to reconcile soaring idealism or imagination withscientific objectivity or down-to-earth pragmatism? Here comesanother kindof thinkingwhich is not verymuch recognized.WemaycallitasEvolutionaryThinking.Therearethreeaspectstothisthinking: first step is to have a clear, objective and scientificunderstandingofthepresentcondition.Thesecondistohaveanequallyclearperceptionoftheidealwewanttorealize.Thethirdstepistofigureouthowtoconsciouslyprogressfromthepresentcondition to the ideal through various stages and intermediaryideals.

However, for thought leadership in the future, the faculties ofintuition, imagination and the idealistic mind centered arounduniversalvaluesmust leadthewaywithscientificmindprovidingthefactual,objectiveandexperimentaloutlookandthepragmaticfacultiesprovidingtheexecutivefunction.There is one more category of thinking which is essential forthought leadership in thefuture. It iswhatSriAurobindocallsasthe“truth–seeking thought”.1Herecomesthe importanceof theculturalgeniusofIndia.

THE CULTURAL DIMENSION: WHAT INDIA HAS TO DO?This brings us to the cultural dimensions of the problem at thenationallevel.Indiawasathoughtleaderinreligion,spiritualityandphilosophywhicharethepartofherculturalgenius. Indiahastorediscover this inner genius and apply it to every activity of her


AR

TIC

LE


Raveena Agrawal, ACSKharghar, Navi [email protected]

Thought LeadershipINTRODUCTIONThe digital and corporate world in the 21st Century is bombasting around the term“thoughtleadership”.AccordingtoasurveybyTheEconomistGroupin2016,atleast7out of 10 executives will be more inclined to do business with organizations that areperceivedasthoughtleaders.Todefinethoughtleadersinsimpletermstosomeonewhohas never even heard of has always been quite challenging. Thought leadership issomethingthatisworthytobeaspiredto,beinganexpertisgreat,butit’snotsufficientanymore.Whenyouthinkofthetermthoughtleader,whatcomestomind?

Thought leader, if youparse it, breaksdown into its constituentpartsas thoughtsandleader.Yourthoughtmeansthatyouarebeingknownandrecognizedforyourideas,yourthinking,yourreasoning,yourviews,etc.Itmeansthatyouhavethatexpertiseanditisavaluable thingwhichwecanall agreeon.Second the leaderpart is theessential onewhich is theartof leading,guiding,motivatingand influencingagroupofpeople toacttowardsachievingacommongoal.InthewordsofoneofourgreatandcharismaticleaderMahatmaGandhi:“Isupposeleadershipatonetimemeantmuscles;buttodayitmeansgettingalongwithpeople.”

Thedefinitionofthoughtleadershipcameaboutintheearly1990’swhenJoelKutzman,anauthorforStrategyandBusinessMagazine,coinedtheterm.Thedefinitionwasfirstusedtodescribeafuturist;apersonwhowaswidelyknownforhisuniquethoughtsandideas that were considered unusual at the time. In Cambridge Dictionary - a thoughtleadermeansanexpertonaparticularsubjectwhoseideasandopinionsinfluenceotherpeople,especiallyinbusiness.

The phrase “thought leader” was initially identified by some writers as: an annoyingexampleofbusinessjargon,meaninglessmanagementspeak,anickyterm,whycan’twejustsayexpert,itsegomaniacal,etc.However,withcompetitionforthehigh-calibreclientsbecomingmoreintenseandanincreasinglyfungiblearrayofcompetitors,beingathoughtleaderisprovingtobeoneofthemostpowerfulwaystogarnerthebestclients.Itisduetothefactthatthoughtleadershipentailshavingauniqueperspectiveandpointofviewthatventuresawayfromthenorm.

EvOLUTION OF THE TERMThoughtleadershipmarketinginthemanagementconsultingindustryeffectivelybeganin1964,whenstrategyconsultancyMcKinsey&CompanylauncheditsMcKinseyQuarterlymanagement journal.Resemblinganacademic journal, theQuarterlygaveMcKinseyachannelitcouldcontrol,andthejournalwoundupinmanyexecutivesuitesofMcKinsey’sFortune500clients. Initially the focusof the leadershipwas limitedat lower levelswithtraits,behavior,contingency,relations,etc.approach.In1978,JamesBurns’bookentitledLeadership,dramaticallychangedthatinterestbyintroducingthenotionoftransactionalandtransformational leadership.Transformational leadersarecharismatic, inspirational,visionary, intellectually stimulating and considerate of individual needs that encouragefollowers to find novel solutions to problems and delegate, coach, advice and providefeedbackwhiletransactionalleadershaveacost-benefitorientationtowardsleadership.

Burns(1978)toutsMahatmaGandhiasthebestmodern-dayexampleofatransformationalleaderwhoelevated thehopeanddemandsofmillionsofhiscountrymenwhose lives

The digital and corporate world is bombasting around the term “thought leadership”. The Company Secretaries can be thought leaders facing the challenges and improving their leadership skills. As Company Secretaries, the professionals need to focus on the role towards governance, organization and nation.

AR

TIC

LE


Thought Leadership

distinctly Indiandefinitionof thought leadership?Theanswer totheabovequestionbroadlyliesintheIndianethoswhichismorethan 3500 years old and has stood the test of time helpingModern Management principles to create a more sustainablemodel ofmanagement.Much of this ethos is derived from theancientIndianscripturesliketheVedas,Upanishads,Ramayana,BhagavadGita,Manusmriti,Arthashastra,etc.wherecentralideaisselflessness.Further,theconceptofSelfandselflessnesswaswellelaboratedintheKarmaYogaofBhagavadGitawhereLordKrishna’sdemonstrationofhisowncosmicform(containingtheentire universe within it) to Arjuna in the Gita said: indriyāniparāny āhur indriyebhyah param manah manasas tu parabuddhiryobuddhehparatastusah(3.42,TheBhagavadgītā)

Thismeans that - “Thesensesaresaid tobesuperior to thebody,themindissuperiortothesenses,andintellectissuperiortothemindandthatwhichissuperiortotheintellectisHe(Self,Atman).”Itmaybearguedthatanindividualwhoisabletoperceivethisuniquecombinationofspecificityanduniversalityinotherhumanbeingsistheonewhoisbestsuitedtoleadothers.TheexampleisAshoka,thegreatMauryanemperorwhobecameapeacefulandmoralleader,whenafteranextremelybloodybattlehegaveupthewarandcombinedtheattributesofstrongleadershipandhighmorality.

AccordingtoHarvardBusinessreviewLeadershipLessonsfromIndia 2010 issue- Far more than their Western counterparts,Indianleadersandtheirorganizationstakealong-term,internallyfocusedview.Theyworktocreateasenseofsocialmissionthatisservedwhenthebusinesssucceeds.Theymakeaggressiveinvestments in employee development, despite tight labormarketsandwidespreadjob-hopping.Andtheystriveforahighlevelofemployeeengagementandopenness.

COMPANY SECRETARY AS THOUGHT LEADERGlobally, the aim of every executive is to run a successfulcompany,manymodernC-suitemembersincludingKMPsalsohavetheirsightssetonanother,moreesotericgoal:becominga“thought leader” in their field.Thought leadership is commonlydiscussed in the businessworld, thought leader is the honestandadmirableambitionofbeingviewedasacredible industryexpert,onewhocuts throughthe“noise”andofferssomethingworthlisteningto.

Thelegitimatethoughtleadersare:• Authentic and original: They say something new and

exciting,ratherthansimplyrecyclingoldideas.• Respected:Peopleintheirfieldpayattentiontothem.• Trusted:Peoplearewillingtostaketheirreputationonwhat

theyhavetosay.

were transformed in theprocess.Leadershiphasbeen furtherarticulated in 1989 by Stephen Covey in his bestselling book“TheSevenHabitsofHighlyEffectivePeople”.

Althoughthemanagementconsultingindustrybeganmorethan131yearsagoandtheITservicesindustryisonly55yearsoldin the business of providing data processing services toorganizations.Yetuntilthe1980s,thepracticeofmarketingwaslargely absent from both sectors. McKinsey & Company verywell have been instrumental to systemically launching theapproach to thought leadership that ties innovative ideas withbusinessdevelopment,thereafterasmallnumberofITconsultingfirms began conducting programmatic research sponsored bynumerouslargecompanies.

Twentyyears later,under theumbrellaof“thought leadership,”the concept is applied to B2B marketing. Today from techcompanies across the world to app developers all are justcompeting for go-to solution on their market’s challenges,earningthetrustofcustomerswitheverywordtheywritewhichin turn, leads towarmed-up prospects that ultimately turn intopayingcustomers.

Informationtechnologyandbusinessarebecominginextricablyinterwoven. I don’t think anybody can talk meaningfully aboutonewithouttalkingabouttheother-BillGates.

EMERGENCE IN INDIA“India is the cradle of the human race, the birthplace of human speech, the mother of history, the grandmother of legend, and the great grandmother of tradition. Our most valuable and most instructive materials in the history of man are treasured up in India only”. - Mark Twain

Sofarwehavelargelydrawnuponglobaltextsandliteraturetounderstandtheself-developmentaspectofthoughtleadership.InIndia the studies on leadership began in themid 50swith twodefinite trends in the studies, one done by Indian researchersfollowing the western models, ignoring the Indian culturalcharacteristicsand thesecondoneconductedby theAmericanorganizationalbehavioralscientistsvisitingmanagementinstitutesin India in the 60s on the basis of a limited data. Is there a

Thought leadership is commonly discussed in the business world. Thought leader is the honest and admirable ambition of being viewed as a credible industry expert, one who cuts through the “noise” and offers something worth listening to.

AR

TIC

LE


thenhaveanaturalcommunityandsomethingtotalkabout.Ifyouarewillingtodotheworktocodifywhatyouknowandyouhavethepatienceandfortitudetobuildmomentumovertime,thenyoucanstillbecomeathoughtleaderinyourniche.

HOW TO IMPROvE THOUGHT LEADERSHIP SKILLSBefore you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others. —Jack Welch

Thought leader require the leadership qualities of humanity, humility, high intelligence, an understanding of agendas, negotiation and a tough resilience to dealing with everyday issues. Company secretaries believe in the technical value of the qualification, although the findings do suggest an opportunity to promote the standard and its competitive advantages among board members and organization. The efforts for our leadership

ManyoftheProfessionalsincludingCompanySecretariesdulyfitintheabovementionedcategoriesincludedinthedefinitionofthoughtleadership.Theyhaveoftenbeeninbusinessformorethanadecade,haveavastknowledgeoftheirindustry,andhavenewandcreativeideasonhowtomakeamarkontheworld.

The skills and attributes of the best company secretaries areclosest to those of the chairman: humanity, humility, highintelligence,negotiationandresilience.“Thevarietyandvolumeofactivityandthedemandsoftherolearechallenging,althoughgenerallyoneshouldseethatpositively.Twothingsarevital–findingateamwithaleaderthatinspires,whilegettingasmuchon-the-jobexperienceaspossible”-SarahMcLaughlin:CompanySecretary of theYear 2017, Institute ofCharteredSecretariesandAdministrators,UK.

HENLEY BUSINESS SCHOOL, UK RESEARCH 2014 REvEALS THAT• CompanySecretariesorthosefulfillingasimilarrole,make

a significant contribution to board performance, share thesame qualities as good chairman and enable effectivedecision-making. A sometimes undervalued and oftenmisunderstoodrole, it is intrinsic toorganizationalsuccessinthepublicsector

• Theyaretrustedsourceswhomoveandinspirepeoplewithinnovativeideas;turnideasintoreality,andknowandshowhowtoreplicatetheirsuccess

• Over time, they create a dedicated group of friends,colleagues, fans and followers to help them replicate andscale their ideas into sustainable change not just in onecompany but in an industry, niche or across an entireecosystem

• CompanySecretaries justasThought leadersdocome ineveryshapeandsize,theydocomefromanybackgroundor community and they can be of any age, gender orethnicity

• CompanySecretariesrole ismuchmore thandealingwithadministration.Topperformersdeliverstrategicleadership.Thecompanysecretaryisthethirdmemberofthetopteamandassuchisavital,independentbridgelinkingtheboardandtheexecutive

• Companysecretariesaligntheinterestsofdifferentpartiesaround a boardroom table, facilitate dialogue, gather andassimilate relevant information, and enable effectivedecision-making

The research, ‘TheCompanySecretary:Building trust throughgovernance’ undertaken in UK, the Republic of Ireland, andinternationally-based organizations in collaboration with ICSA,scrutinizestheuniqueroleoftheCompanySecretary.Sincethefinancialcrisis,publicmistrustofinstitutionshasseengovernanceexplode in importance,withall typesoforganizations–public,privateandnot-for-profit–seekingtoembedgoodgovernanceaspartofgoodpractice.This,coupledwithincreasingdemandforservicesandcuts inpublicspending,means thatcompanysecretaries have more to do than ever, in bigger and moresignificantrolesastheguardiansandleadersofgoodgovernance.

Anyonejustcannotbeathoughtleader.Thoughtleadershiptakestime(sometimesyears);knowledgeandexpertise inaparticularniche;acertainlevelofcommitmentandawillingnesstobuckthestatusquoorthewaythingshavealwaysbeendone.Becomingathought leader ismuch easier if you have already built a greatproduct,service,program,initiativeorcompanybecauseyouwill

Thought Leadership

Anyone just cannot be a thought leader. Thought leadership takes time (sometimes years); knowledge and expertise in a particular niche; a certain level of commitment and a willingness to buck the status quo or the way things have always been done. Becoming a thought leader is much easier if you have already built a great product, service, program, initiative or company because you will then have a natural community and something to talk about. If you are willing to do the work to codify what you know and you have the patience and fortitude to build momentum over time, then you can still become a thought leader in your niche.

AR

TIC

LE


skills improvement lies within ourselves. “Those who know how to think need no teachers- Mahatma Gandhi.”

HOW TO CONTRIBUTE AS THOUGHT LEADERTowardsOrganization1. During the organization’s crisis period, it is time for the

companysecretarytocometothefore.Companysecretariesare the only ones with access to all relevant information,know the culture of an organization inside out, and areattunedtotherealityofwhatishappeningontheboardandin theorganization.Theyhaveonlyoneagenda–what isbest for the company and the board. Great leaders arealmost always great simplifiers, who can cut throughargument,debate,anddoubt toofferasolutioneverybodycanunderstand.—GeneralColinPowell

2. “The research shines a light on the enabling role ofCompanysecretaries.Thespacetheyoccupyattheheartofanorganization’sgovernancemeanstheyareideallyplacedtofacilitatedialogue,helpaligninterestsofdifferentpartiesand enable effective decision-making. This requires skillsthat go beyond administrative competence,” says RichardCarr,ChiefExecutiveatCentralBedfordshireCouncil.

3. A qualified company secretary deliver a more roundedgovernance and board member service than those whohavecometotheroleviaotherprofessionalroutes.Astheguardians of governance, their value to organizationalsuccessisnowmorevitalthanever.

4. Acompany’sreputationisoneofitsmostprizedpossessionsinpursuitofsustainedgrowth,where reputational riskcanmake or break a company. The company secretary mustensure that legislation isnot infringed, that regulationsareadheredto,thatcomplianceisfullandup-to-dateatalltimesandthatareasofpotentialrisksareidentifiedanddealtwith.

ONGOING & UPCOMING TRENDSThebookProfitableBrilliance(ForbesMedia,2012)documentshowearlyadopters—suchas IBM,PwCandMcKinsey—havegenerated measurable sales outcomes by systematicallyinstitutionalizing, packaging and delivering thought leadershipthroughsales,marketingandmediachannels. In thepast twodecades, a rapid evolution of the marketplace has forcedconsulting and IT services firms to get themselves in front ofmanymoreprospectivecustomers,toexplaintheimplicationsfortheirbusinessoftechnologyandothercomplexmatters,andtopositionthemselvesasbestpositionedtohelp.Thatforcesthemto spend heavily on thought leadership marketing to keepthemselvesintheircustomers’sights.

The Industrial Revolution shifted America’s economy from anagriculture base to an industrial one. Thereby, it ushered in achange in how leaders viewed and treated their followers. Itcreatedaparadigmshifttoanewtheoryofleadershipinwhich“common”peoplegainedpowerbyvirtueoftheirskills(Clawson,1999).New technology,dataand informationat our fingertips,andglobalizationoftheworkforcearereshapinghumanthoughtand action in the workplace. Leader focus is already beingteased and coaxed to look off center fromwhere it views theorganizationanditsworkerstoday,withthetheoristspullingandtugging to see which constructs will fit best into the newframework.With1.27billionpeopleandtheworld’sthird-largesteconomyinterms of purchasing power, India’s recent growth anddevelopmenthasbeenoneofthemostsignificantachievements

ofourtimes.Overthesixandhalfdecadessinceindependence,thecountryhasbroughtaboutalandmarkagriculturalrevolution,Life expectancy has more than doubled, literacy rates havequadrupled,healthconditionshaveimproved.AtthesametimeIndia has become the first country to enter Mars orbit on amaidenmission.

CONCLUSIONThe extraordinary diversity, the size of the Country and thedynamics of Change sometimes make consensus over majorissues difficult to achieve and perhaps even more difficult topredictinacountrylikeIndia.Neverthelessthoughtheprocessisdiscontinuousanduneven,rapideconomic,technologicalandsocialinnovationsarechangingthefabricofIndiansocietyanditswayofthinking.

AsCompanySecretary isatrendingprofession, their influenceandplatformgrow,sowilltheopportunitiestocreateasignificantimpactona largerand largerscale, to inspireandbringaboutmeaningful change that can last longer. As a thought leader,theywillleavealastinglegacy–transformedteams,communities,industriesorsystems.

Thoughtleadersshouldnotjustbeindividualswhoproducevalidscientificideasandobservationsrootedintheirexpertknowledge.They ought to be individuals who read complex businesssituationswellandcanbringoutthebestinotherpeople.Inotherwords,athoughtleadershouldleadotherstothink—andtherebytoinnovate,self-motivate,andreachtheirhighestpotential.Thetop thought leaders around the world use a number of highlyeffective and tried-and true brainstorming techniques to helpthemcreate ideasandcontentandmovetheneedle.“Nomanwillmakeagreatleaderwhowantstodoitallhimself,ortogetallthecreditfordoingit.”-SirAndrewCarnegie.

REFERENCES:1. EconomicTimes2. HarvardBusinessReview20103. ForbesEdition4. RANDReport,20105. ICSA,UKReports6. HenleyBusinessSchool,UKResearchreports.

Thought Leadership

Thought leader require the leadership qualities of humanity, humility, high intelligence, an understanding of agendas, negotiation and a tough resilience to dealing with everyday issues. Company secretaries believe in the technical value of the qualification, although the findings do suggest an opportunity to promote the standard and its competitive advantages among board members and organization. The efforts for our leadership skills improvement lies within ourselves.

AR

TIC

LE


Dr. S K Gupta, FCSGroup CEO – AIHP [email protected]

Guru Mantras for Achieving Thought Leadership

“The world is begging for you to lead.” — Seth Godin

WhoisaThoughtleader?

A thoughtleaderasanindividualis“oneoftheforemostauthoritiesinselectedareasof specialization” andwho “significantly profits frombeing recognizedas such.”These individuals, recognized and rewarded for their technical expertise, but thisdefinitionofthoughtleadershipdoesn’tkeepupwiththelatestresearchandscholarshiponleadership,whichsuggeststhatleadersrequiremuchmorethantechnicalexpertise

for effective leadership. Research shows there are three essential qualities, beyondtechnical expertise, that definegood leadership—mindfulness, emotional intelligence,andstrategic thinking. Ifwhatweconsider “good” leadershiphaschanged, thenwhyhasn’tourconceptionof “good” thought leadershipchanged too? It’s time foramorenuancedconceptualization.

Thought leadersshouldnot justbe individualswhoproducevalidscientific ideasandobservationsrootedintheirexpertknowledge.Theyoughttobeindividualswhoreadcomplexbusinesssituationswellandcanbringout thebest inotherpeople. Inotherwords, a thought leader should lead others to think—and thereby to innovate, self-motivate,andreachtheirhighestpotential. Inspiringotherpeople inthiswayrequirespersonaltraitsandskillsthatfarexceedexpertknowledge.

‘Thought leadership’ is a controversial term. Some dislike it as it can be seen aspatronizing(“Iwillleadyou”),suggeststhatthe‘thoughtleader’isbeyondcriticismandsuggeststhatonlyanelitefewhavethoughtsworthlisteningtoonewhoseviewsonasubject are taken to be authoritative and influential. According to Forbes, the termthought leader is only reserved for those who are “capitalizing on the dramaticallyenhancedbrandequityattainedbybeingathoughtleader.”

THOUGHT LEADERSHIP - LITERATURE REvIEWSurprisingly,relevantliteraturedidnotrevealevidenceofsignificantempiricalresearchon thought leadership. Unlike other management-based concepts like strategy andinnovation,theearlierworksonthoughtleadershipcannotidentifytherealoriginoftheterm.However, thereseemstobeconsensus in therelevant literaturesupporting theemergence of the term from Kurtzman’sThought leaders: insights on the future of business(1997).Inhisbook,Kurtzmanusedthetermtodescribeagroupofindividualswhomhebelievedtohaveaddressed“thebigquestionswithwhichtoday‟smostseniorexecutives are wrestling”. The group of participants included business leaders withglobal mindset. During a series of interviews, individuals were asked questions inrelation to business strategy, growth, and human resources. Collectively, the drives,perspectives, motivations, viewpoints, and talents of these business leaders wereassimilatedandreferredtoasthoughtleadership.Despitethevariationsinthestyleandskills, a common thread that united all those leaders was their ability to championsomethingnew.

A thought leader is an individual or firm that is recognized as an authority in a specialized field. Thought leadership is the key that unlocks a whole new level of professional accomplishment and achievement as well as career and personal satisfaction. Thought leaders are not only on the cutting edge in terms of their ideas, but also know how to inspire and influence others.

AR

TIC

LE


Thought leadership is “the championing of new ideas ratherthananythingtodowithmanagingpeopleorhelpingagroupachieves a Goal”(McCrimmon, 2005, p. 1064). Radicallydeparting from traditional leadership, thought leaders “inspireleadership; they ignite imaginations, explode old myths, andilluminate paths to the future that others can follow”. (Butler,2012,p.1). It isvery important todrawadistinctionbetweenthought leadership and traditional leadership. The lattermandatesauthorityoverothersandcanvaryinstyleincludingcharismatic, altruistic, transformational, and commanding.Regardless to the culture and structure of the organization,some form of traditional leadership is indispensable to thesurvival of the organization. On the other hand, thoughtleadershipdoesnotrequiremanagementofotherpeople.

(Alhaddi,2014).McCrimmon(2005)outlinedkeycharacteristicsof thought leadership. In his work, thought leadership is thepromotionofnew ideas;an initiative rather thanapositionorrole. The qualities of thought leadership can be exhibited bynon-managerialemployeeswithrevolutionarymindsetsandthecapability of championing new ideas. Additionally, thoughtleadershipisnon-hierarchical,egalitarian,ephemeral,andnoteasilymonopolized.Unliketraditionalleadershipthatneedstoexist for the lifeof theorganization, thought leadershipstartswith the spark of a new idea and ends with implementationreadinessfortheidea.Athoughtleadercontinuestochampionothernewideasuntiltheideaisacceptedandimplementedbytheorganization.

Different thanMcCrimmon‟s,Gibbins-Klein (2011) suggestedstandardsforthoughtleadershipbydefiningfourkeyattributesof thought leaders.Firstly, thought leadershave theability toeffectively reach other individuals in their respectiveorganizations and/or industries. Secondly, thought leadershave thecapability toengagewithother respectiveaudiencethroughpersonalcommunication.Thirdly,thoughtleadershavethe capacity to stand-out as authoritative figures in theorganization. This authority stems from the individual’sconfidence, expertise, and his/her influential skills. Lastly,thoughtleadersarewillingtoweavelongevityintothefabricoftheir ideas (or the ideas they championed). Thought leadersleave an impact that lasts long after the idea has beenimplemented.

WHAT TO ExPECT FROM A THOUGHT LEADER1. Youmust, firstly, have original, interesting, thoughts. It’s

hardtobeathoughtleaderunlessyouarefirst.Regurgitatingpopular concepts of the latest business books does notcount.Neitherdoespresentingliteraturereviewsfromthelatest academic journals, or anything else that is acompendiumofotherpeople’sthoughtsandwork.

2. Athoughtleaderisanexpertonthebodyofworkthatledthemtotheiroriginalthoughts.Expertiseisaprerequisiteto thought leadership because real thought leadershipextends the thinking of all other experts along newtrajectories.Otherpeoplehave toacknowledge thatyouroriginalthoughtsareusefulandvaluable.

3. Itisn’tenoughtocomeupwithnewstuff,ithastobenewstuff that people can actually use.Otherwise,what’s thepoint?

4. Arealthoughtleaderhasmorethanoneidea.Theyhaveatrackrecordofcreatingnewtrajectoriesforexpertisetofollow.

5. Athoughtleaderhasnotonlyneworiginalthoughts,theyhavegreatstoriestoexplainwhytheiroriginalthoughtsarerelevantandhowtheycanbeused.Theyaren’ttheorists.They’repractitionerswithexperienceofputtingtheirideasintoaction.

The idea of becoming a thought leader is a nebulous andconfusing to grasp. Every leader’s approach is different, andthere’s no secret formula to success. Becoming a thoughtleaderdoesn’thappenovernight.Ittakestime‘nottomentionawillingness to share the ‘secrets’ of your success’. The termthoughtleaderisthehighestofcompliments,andarguablythehardestmonikertoachieve.It’snotenoughtobegoodatwhatyoudo;a thought leader ismeant tobe thegreatest formofpraise,gearedtowardssomeonewhoisontheabsolutecuttingedgeoftheirindustryormakingbigenoughmovestowarrantthedistinction.

AccordingtoForbes,thetermthoughtleaderisonlyreservedfor thosewho are “capitalizing on the dramatically enhancedbrand equity attained by being a thought leader.”Thoughtleaders possess an innate ability to contribute to theconversations happening today, while also being able tospeculate on what is going to happen tomorrow. One greataspectofthoughtleadershipis,yes,youearnapositioninyourindustry as a trusted and influential authority. But, it’s also aposition that you monetize. It’s not just about being a greatsourceofwisdomandknowledge.It’salsoaboutbuildingyourbusinessaroundyourthoughtleadership.

“Ibelieve thought leadersarenotonlyon thecuttingedge intermsoftheirideas,butalsoknowhowtoinspireandinfluenceothers,” said Walt Rakowich, a leadership speaker and theretiredCEOofProLogis. “Leaders canhavegreat ideas, buttrue thought leadershave thecourage toexpress their ideasandinspireotherstoimplementthem.”

ESTABLISHING YOURSELF AS A THOUGHT LEADER – GURU MANTRASAneffectivethoughtleadershipprogramishardtodescribeandeven harder to execute because it is a new managementpractice that requires a unique blend of art and science.Thought leaders do come in every shape and size, they do

Thought leaders should not just be individuals who produce valid scientific ideas and observations rooted in their expert knowledge. They ought to be individuals who read complex business situations well and can bring out the best in other people. In other words, a thought leader should lead others to think—and thereby to innovate, self-motivate, and reach their highest potential.


AR

TIC

LE


comefromanybackgroundorcommunityandtheycanbeofanyage,genderorethnicity.Thatsaid,notjustanyonecanbea thought leader. Thought leadership takes time (sometimesyears);knowledgeandexpertiseinaparticularniche;acertainlevelofcommitmentandawillingnesstobuckthestatusquoorthe way things have always been done. Thought leadershipisn’tsomethingcreatedovernight.However,overtime,withtheright action steps and approach one can become a thoughtleader.

Chooseyourspecialty:Don’tbeageneralist,beaspecialist.“Get rich in a niche.” Go an inch wide and a mile deep.Generalists try tobeall things toall peopleanddiversify toomuch;theygoamilewideandaninchdeepandlackthedepththatspecialistshave.Thoughtleadershavedeepexpertiseinaspecificsubject.Clarifyyourareaofexpertise(andsticktoit).Don’tattempt tobea thought leader ineveryarea related toyourindustry,Instead,focusonwhatyouknowbestandhoneinonthatmessagerepeatedly.It’smoreeffectivetogodeepona few topics, than to spray across toomany complementarytopics.

Igniteyourpassion:Beadevotee.That is,devoted toyourspecialty,yourchosenniche.Understandwhattrulymotivatesyou.Whatputsthefireinyourbellythatmakesyouleapoutofbed in themornings?Whatwould you do all day every day,evenifyoudidn’tgetpaid?You’llneedtotapintothiswellofpassionanddevotiononthedayswhentheridegetsbumpyorwhenyouhave todealwithamisstep, forexample. It’s yourpassionthatwillsustainyou.

Developyourownuniquestyle:Theworlddoesn’tneedanymore‘metoo’s.’Cultivateyouruniqueviewpointandpersonality.Standoutfromthecrowd.Studywhatotherprofessionalsaredoing and focus on authentically differentiating yourself.“Thoughtleadershipisnotaboutbeingknown;it’saboutbeingknownformakingadifference.”—DeniseBrosseau.

Writemore:Athoughtleaderisanauthority.Therootwordof‘authority’ is ‘author.’ If you want to establish yourself as anauthority, you simply must write more. Publish regular blogposts,articles,and/oranemailnewsletter.Or, ifwritingisnotyour thing, at least find your favorite vehicle for publishingcontent–itmaybeaudio(e.g.podcast)orvideoinsteadoraswellasprint.Thekeyistogetyourvoice(thoughts)outthereasmuch as possible. Do have high standards and don’t getcaughtupinjustcrankingoutanythingforthesakeofhavingcontent.Ithastobehighqualityandrelevanttoyouraudience.Doagut-checkbeforeeachpost.Beforeyoushareanythingonline,askyourself,“Whatismydeepestintent?”“DoIhaveanagendahere?”Doyourbest tostayaway fromanythingself-serving. Rather, focus on serving others and you’ll deserveamazing success. Deserve comes from the Latin root “deservus”:oforfromservice.

Speakmore:Ifyou’rejuststartingoutinyourparticularcurrentcareerpath,youmightconsideracceptingasmanyspeakinginvitationsasyou feasiblycan.Thiswillgiveyou tremendousvisibility,assumingthestagesandaudiencearetherightonesfor you. If public speaking is not your thing, do it anyway!Practice, practice, practice. You’re not limited to physicalstagesatin-personevents.Proactivelyseekoutvirtualstages,too.Whatonlineevents, telesummits,andwebinarscanyou

contributeto?Also,seekoutguestopportunitiesonradioandpodcastshows.Anytimesomeonehasachancetohearyourvoice expressing your thought leadership, you increase yourchancesofgettingmoreinvitationstospeak!

Focus on quality over quantity: This goes for both theaudienceyou’rebuildingand thecontentyoushare.With theaudience, it’s not a competition or race to get the “biggestnumbers.”That’safearofrunningoutofpeopleandwithsevenbillionofusontheplanet,thereareplentyfolkstoreach!Withcontent,berigorousaboutonlycreatingandcuratingthebestqualityarticles,postsandresources.You’llbecomeknownassomeone with high standards and a trusted go-to person inyour industry. Over time, with a quality network and qualitycontent,you’llexponentiallybuildyourpresenceandbusiness.

Listen deeply to your audience: Get to know your peopleinsideout.What are their needs,wants, desires, hopes, anddreams?Howcanyoubetheirtrustedresource?Howareyourcompetitorsservicingtheircustomers?Isthereagapthatyoucanfill?“Themostimportantthingincommunicationistohearwhat isn’t being said.” —Peter F. Drucker. Tap into yourFacebookInsightstogathermoredataonyouraudience.Also,tryouttheadvancedanalyticsofservices.

Workwithmentorsandinfluencers:Talktothemaboutyourpassionsand innovativeprofessional ideas.Youcanobservehow they started and have now achieved the stature of athoughtleader.Youcanreadandreflectonwhattheysayontheir blogs and social media platforms, and during theirspeakingengagements.

Create your own body ofwork: As you produce your owncontentthatyouputoutthereforfree,youshoulddefinitelyalsocarveouttimetocreateyourownmodels,yourowngraphicsandinfographics–yourownbodyofwork.Thoughtleadershipisabout constantgrowthandnotaboutmaking thebetearlyandhopingyouarenotwrong.Itisapathofperseveranceandwillingness toexaminewhysomethingyou thinkshouldworkisn’t working and then to remodel it into something moreefficient,orabandonitentirelyforabetterposition.

Buildyourripplesofinfluence:Tobuildyourfirstripplesofchange,you’ll testyourideasandopinions(oftennotyetfullybaked) with knowledgeable stakeholders –- colleagues,mentorsandfriends–-gathertheirinput,andcontinuallyrefineyour thinking. By listening to what resonates, you will distillmanydifferentpointsofviewandthoseconversationswillalsoinformyouhowtopositionandleverageyourmessagetotellabiggerstory.

Codify your lessons learned: The essential differencebetweenleadersandthoughtleadersisoftenthelatter’sabilitytodistill theirknowhow intoa replicablemodelso thatotherscan be inspired and empowered to expand on what thoseleadershaveaccomplished. Tocodifyyour ideaswill requirethatyoutestandrefinearepeatableandscalableblueprintforothers.

Incite(R)Evolution:Hasthetransformationyou’veenvisionedandworkedtowardsbeguntotakehold?Nowit’stimetoaudityourprogresstoensurethatyougaintractionforyourideas.Asyou accelerate and amplify your voice, you’ll increase your


AR

TIC

LE



influence, expand your impact and build a sustainablecommunity of followers that will carry forward your efforts.Havingfollowerswillhelpyoutopreventburnoutasyoubringabouttheevolutionaryandevenrevolutionarychangethatwillbeyourlegacy.

Attendindustryconferences:Whetheryoudopublicspeakingornot, forsureresearchavarietyof liveevents thatyoucanattend locally and nationally, possibly internationally, aswell.There’stremendousbenefittoattendingindustryconferences:they are often terrific places to see and be seen. You canconnect with influencers and industry leaders and begin tofostergenuine relationships.Besure to takeplentyofphotosandpostonyoursocialsites,ifappropriate!Create ‘Radical Strategic Visibility’: ‘Radical StrategicVisibility’meansyou’reseeninalltherightplaces,bytherightpeople,at theright times.Thisgoesforboththeonlineworldandonline.It’sapower-blendofboth.Dependingonwhereyouareatwithyourcareerpath/businessgrowth,youmaywishtobemoreaggressiveinseekingoutopportunitiestospeak,writeand provide your expert input. By diligently and passionatelywriting, speaking, and proactively seeking appropriateopportunitiestogetyourvoiceoutthere,thecompoundeffectwillnaturallykickin.Beforeyouknowit,peoplewillbesayingtoyou,“Ikeepseeingyoueverywhere.”Towhichyourespond,

“Fantastic!Mymarketingisworking!”Seekfirsttounderstandthentobeunderstood:Themorevisible you become through social media, the greater thepossibilitythatnoteveryonewillresonatewithyou...andsomewill feel theneed tocontradictyou. Ifyou findyourself in themidstofachallengingsituation,bestyoucan,listenvery,veryintentlytowhat’sbeingsaid(andwhat’snotbeingsaid)beforestating your position.Or, in some cases, silencemaybe thebestsolution.

Build everyone up:By being a beacon of light and love toeveryoneyoumeet–onlineandoffline–youcanreallymakea difference to peoples’ days. Encourage and acknowledgeothers; be personal and use their first name whereverappropriate.Asimple‘Thankyou,’or‘Congratulations,’or‘Yougogirl!’canmakeahugeimpact.

ARE THERE RISKS TO BEING A THOUGHT LEADER?Yes,therearesomerisks–youwillbeinthespotlight,whichmeansyoumaytakesomeprettypainfularrows.Besidestheexternal arrows, making the journey from leader to thoughtleader is also an internal dialogue – one that often requiressomesoulsearchingandthewillingnessto,asIcall,it‘putyour“I” on the line’ – step into the spotlight as thepersonwho isready to lead theway. If youare facing that crossroads,askyourself, “If not me, then who?” ‘Thought leadership’ is acontroversialterm.

THE WAY FORWARDThoughtleadershipisthekeythatunlocksawholenewlevelofprofessional accomplishment and achievement as well ascareerandpersonalsatisfaction.Thoughtleadershipalsoleadsto invitations to join corporate boards, serve on governmentcommissions and participate in industry-wide committees–opportunitiestoraiseyourprofilefromthelocaltothenationalto the international stage. They possess an innate ability tocontribute to the conversations happening today, while alsobeingabletospeculateonwhatisgoingtohappentomorrow.Ratherthanchimeinoneverytopic,theysetthepacefortheindustryandofferintelligentinsightsandinformedopinions.Sosetyoursightsonbecomingathoughtleader.Takeyourfocusoff the ‘fame’ and ‘fortune.’ Take your focus off of building a‘massive audience’ and accumulating as many fans andfollowersasyoucan.Instead,putyourfocusontrulymasteringyoursubjectmatter,addingincrediblevalueateveryopportunity,andproactivelycreatingasmuchvisibilityaspossible.

REFERENCES1. Butler,G.(2012).Thinkwritegrow.Howtobecomea

thoughtleaderandbuildyourbusiness.Australia:JohnWiley&Sons.

2. Gibbins-Klein,M.(2011).Winningbythinking:howtocreateacultureofthoughtleadershipinyourorganization.DevelopmentandLearninginorganizations.25(1),8-10.

3. Kurtzman,J.(1997).ThoughtLeaders:InsightsontheFutureofBusiness.Jossey-BassPublishers:SanFrancisco.

4. McCrimmon,M.(2005).Thoughtleadership:aradicaldeparturefromtraditional,positionalleadership.ManagementDecision.43(7/8),1064-1070.

Becoming a thought leader doesn’t happen overnight. It takes time not to mention a willingness to share the ‘secrets’ of your success. The term thought leader is the highest of compliments, and arguably the hardest moniker to achieve. It’s not enough to be good at what you do; a thought leader is meant to be the greatest form of praise, geared towards someone who is on the absolute cutting edge of their industry or making big enough moves to warrant the distinction.

AR

TIC

LE


Ravi Holani, FCAPractising Chartered [email protected]

Advance Ruling in Central Goods and Services Tax

C hapterXVIIoftheCentralGoodsandServicesTaxAct,2017containstheprovisionsfor AdvanceRuling inwhich there is a provision for filing of an appeal against the

advancerulingalso.ItmeansanypersonwhoisnotsatisfiedwiththedecisionpronouncedbytheAuthorityforAdvanceRulingthenhemayfileanappealbeforetheAppellateAuthorityforAdvanceRulingwithinspecifiedtimeintheappropriateform.

In termsofSection97(2)of theAct,2017 thequestion [onwhich theAdvanceRulingwillbesought]shallbeasfollows:-a. classificationofanygoodsorservicesorboth;b. applicabilityofanotificationissuedundertheprovisionsofthisAct;c. determinationoftimeandvalueofsupplyofgoodsorservicesorboth;d. admissibilityofinputtaxcreditoftaxpaidordeemedtohavebeenpaid;e. determinationoftheliabilitytopaytaxonanygoodsorservicesorboth;f. whetherapplicantisrequiredtoberegistered;g. whetheranyparticularthingdonebytheapplicantwithrespecttoanygoodsorservicesor

bothamountstoorresultsinasupplyofgoodsorservicesorboth,withinthemeaningofthat term.

AspertheprovisionofSection97(1)readwithSection95(c),anyperson[registeredordesirousofobtainingregistrationundertheCentralGoodsandServicesTaxAct]desirousofobtaininganadvance ruling under this Chapter may make an application in such form and manner andaccompaniedbysuchfeeasmaybeprescribed,statingthequestiononwhichtheadvancerulingissought.

Aspertherecommendation,thefeeofRupeesfivethousandshallbedepositedinthemannerspecified in Section 49 of theCGST, 2017.The Form specified is FormGSTARA-I shall beaccompaniedbyalltherelevantdocumentswithverificationinspecifiedmanner.

Asper thesettledprecious systemof theCentralExcise,CustomsandServiceTax, in casewheretheissueinvolvedwasapurequestionofinterpretation,anextendedperiodoflimitationwasnotapplicable-* PADMINIPRODUCTSVs.CCE1989(43)ELT–195(SC).* CCEVs.KARNATAKAAGROCHEMICALS2008(227)ELT–12(SC)

ThereasonbeingontheprovisionofSection11AoftheCentralExciseAct,1944andSection73 under Chapter V of the Finance Act, 1994, the term employed is “..with intent to evadepaymentof….”

However,underSection73and74oftheCGSTAct,2017,priortotheterm“toevadepaymentof tax”, theword“with intent”hasnotbeenemployed.Nowconsidering thescopeof the term“suppression”aswellastheperiodoflimitationunderSection73,onanylegalissue,thebestoptionistofiledetailedrepresentationbeforetheAuthorityforAdvanceRulingtoavoidatugofwarwiththeDepartmentaswellastheemploymentofChapterXIVoftheAct,2017.

AnotheralternativewillbeSection73(5)oftheAct,2017[whichisinlieuofSec11A(1)(b)oftheCentralExciseAct,1944andSec73(3)underChapterVoftheFinanceAct,1994]butbecause

In Advance Ruling there is a provision for filing an appeal against advance ruling also. It means any person not satisfy with the decision pronounced by the Authority for Advance Ruling may file an appeal before the Appellate Authority for Advance Ruling within the specified time in the appropriate form.

PART II ARTICLE ON GST

AR

TIC

LE



ofpurequestionoflaw,theregisteredpersoncouldadoptanyoftheboth route.Howeverso farasnon registeredperson is concerned,ChapterXVIIwillbethemosteffectiveroute.

Section73(5)oftheActisreproducedasfollows:-The person chargeable with taxmay, before service of noticeunder sub-section (1) or, as the case may be, the statementundersub-section(3),paytheamountoftaxalongwithinterestpayable thereon under section 50 on the basis of his ownascertainmentofsuchtaxorthetaxasascertainedbytheproperofficerandinformtheproperofficerinwritingofsuchpayment.

Iftheassesseeishavingsufficientlegalreasonfornottopayingtaxduetonon-taxabilityorbecauseofanexemption,byreferringallthedetailedbasis,hecanclaimunderSection73(5)beingniltaxliabilityon that basis and in sucha situation, theappropriateAuthoritywillpass the order to admit it or to reject the claim by asking the tax.However,underSection73(5),thetimelimittodecidethequantificationortodecidetheapplicationhasnotbeengivensoitwillbesubjecttothelimitgivenunderSection73.

HoweversincethereisaspecificchapterforadvancerulingsoitwillnotbedesirabletofiletheapplicationunderSection73(5)oftheAct,2017 specifically considering the key role of Authority of AdvanceRulingincomparisontoanAdjudicatingAuthority,aswellasthetimelimittodecidetheissue.

Section98oftheAct,2017laysdowntheprocedurewhichistobeadoptedwhiledisposingtheapplicationbytheAuthority.Sub-Section(1) stipulates that copyof suchapplicationwill be forwarded to theappropriateAdjudicatingAuthoritytoaskvariousdocuments/recordsaswellashiscomment/report.

Sub-Section(2)ofSection98laysdowntherequirementforprincipleofnaturaljusticewhichisreproducedasfollows:-

The Authority may, after examining the application and therecordscalledforandafterhearingtheapplicantorhisauthorizedrepresentative and the concerned officer or his authorizedrepresentative,byorder,eitheradmitorrejecttheapplication:

Itmeans for fair and reasonable decision, a copy of such records,documentsandhisreport/commentwillbeprovidedtotheapplicant.Theorderpassedwillbefullspeakingonalltheissuesraised.

Itisawellsettledlawthatonthesamecauseofaction;twoparallelproceedingscannotbeinitiated-STATEOFRAJASTHANv.UNIONOFINDIA2016(341)ELT162(SC)

WhileframeworkingthescopeoftheAuthorityofAdvanceRuling,theaboveprincipleoflawhasbeenkeptinmind.

ItcouldbeconcludedfromthefollowingprovisioofSection98(2):-ProvidedthattheAuthorityshallnotadmittheapplicationwherethe question raised in the application is already pending ordecidedinanyproceedingsinthecaseofanapplicantunderanyoftheprovisionsofthisAct.

Andaccordingly,intermsofSection98(2),theorderontheapplication[inanyway]willbefullspeakingorderafterconsideringalltheissuesreferred by the applicant with proper and reasonable analysis withreasonsaftergivingtheopportunityforhearingintermsofthelawofnaturaljustice.

TherelevantabstractofSection98(2)isreproducedasfollows:-xxxx

xxxxProvidedfurtherthatnoapplicationshallberejectedunderthissub-sectionunlessanopportunityofhearinghasbeengiventotheapplicant:Providedalsothatwheretheapplicationisrejected,thereasonsforsuchrejectionshallbespecifiedintheorder.

Even after admitting the application, the entire approach to beadoptedseemstobejudicialandreasonablyfair.

In this reference, Sub-Section (4) of Section98 is reproduced asfollows:-

Where an application is admitted under sub-section (2), theAuthorityshall,afterexaminingsuchfurthermaterialasmaybeplacedbeforeitbytheapplicantorobtainedbytheAuthorityandafterprovidinganopportunityofbeingheardtotheapplicantorhisauthorizedrepresentativeaswellastotheconcernedofficerorhisauthorizedrepresentative,pronounceitsadvancerulingonthequestionspecifiedintheapplication.

Section98(5)laysdownthat:-Where themembersof theAuthoritydifferonanyquestiononwhichtheadvancerulingissought,theyshallstatethepointorpointsonwhichtheydifferandmakeareferencetotheAppellateAuthorityforhearinganddecisiononsuchquestion.

Itmeansevenanydifferenceofopinionwillbefullspeaking.

Eveninthelaw,thetimelimithasalsobeengivenwhichcouldnotbesaidtobeunreasonable.

Sub-Section(6)ofSection98stipulatesthat:-TheAuthorityshallpronounceitsadvancerulinginwritingwithinninetydaysfromthedateofreceiptofapplication.

Consideringtheaboveprovisions,itcouldnotbesaidthatthelawisin vacuum. Under the Central Excise Act, 1944, the adjudicationprocess has been developed by several judicial pronouncementwhichlaysdownhowtheshowcausenoticecouldbeissuedandhowitshouldhavebeenadjudicated.However,intheCentralGoodsandServicesAct,2017suchprocedurehasbeenframeworkedinitself.Now the justicewill be on the face of the statute itself rather thandepend upon the intrinsic approach of the representative of theassessee.However,itdoesnotmeanintrinsicapproachishavingnovalue.Ultimately to framework thequestion,most importantpart ishow thequestion in referencewillbecomeaquestionof law ratherthananissueofdeterminationoffact.Section97(2)and98(1)and(4)oftheAct,2017mustbeperusedcarefully.

An appeal against the order can be filed before the AppellateAuthorityspecifiedunderSection99whichpointsoutasfollows:-

SubjecttotheprovisionsofthisChapter,forthepurposesofthisAct,theAppellateAuthorityforAdvanceRulingconstitutedundertheprovisionsofaStateGoodsandServicesTaxActoraUnionTerritoryGoodsandServicesTaxActshallbedeemedtobetheAppellateAuthorityinrespectofthatStateorUnionterritory.

The appeal can be filed by the concerned officer, the jurisdictionalofficeroranapplicantaggrievedbyanyadvancerulingpronounced.

ThefeetofiletheappealshallbeRs.TenThousanddepositedinthenamespecifiedinSec49oftheCGST2017wheretheappealwillbefield by the applicant. The Form of Appeal will be GST ARA 2

AR

TIC

LE


(b) on the concerned officer or the jurisdictional officer inrespectoftheapplicant.

(2)Theadvancerulingreferredtoinsub-section(1)shallbebindingunless the law, facts or circumstances supporting the originaladvancerulinghavechanged.

ItisrelevanttopointoutthatSec.117and118containstheprovisiontofileanappealbeforethejurisdictionalHighCourtortheSupremeCourt in which there is no reference of the order passed underchapterXVII.ItdoesnotmeanwritjurisdictiondoesnotliebeforetheHighCourtortheSupremeCourt.

Section104providesthat:-(1) Where the Authority or the Appellate Authority finds thatadvancerulingpronouncedbyitundersub-section(4)ofsection98orundersub-section(1)ofsection101hasbeenobtainedbytheapplicantortheappellantbyfraudorsuppressionofmaterialfactsormisrepresentationoffacts,itmay,byorder,declaresuchrulingtobevoidab-initioandthereuponall theprovisionsofthisActortherulesmadethereundershallapplytotheapplicantortheappellantasifsuchadvancerulinghadneverbeenmade:Provided that no order shall be passed under this sub-sectionunless an opportunity of being heard has been given to theapplicantortheappellant.

Explanation.––The period beginning with the date of suchadvancerulingandendingwiththedateoforderunderthissub-sectionshallbeexcludedwhilecomputingtheperiodspecifiedinsub-sections(2)and(10)ofsection73orsub-sections(2)and(10) of section 74. (2) A copy of the order made under sub-section(1)shallbesent to theapplicant, theconcernedofficerandthejurisdictionalofficer.

Section105laysdownthat:-

(1) TheAuthorityortheAppellateAuthorityshall,forthepurposeofexercisingitspowersregarding—a. discoveryandinspection;b. enforcingtheattendanceofanypersonandexamininghim

onoath;c. issuingcommissionsandcompellingproductionofbooksof

accountandotherrecords,d. haveallthepowersofacivilcourtundertheCodeofCivil

Procedure,1908.(2) TheAuthorityortheAppellateAuthorityshallbedeemedtobea

civil court for the purposes of section 195, but not for thepurposesofChapterXXVIof theCodeofCriminalProcedure,1973,andeveryproceedingbeforetheAuthorityortheAppellateAuthorityshallbedeemedtobeajudicialproceedingswithinthemeaningofsections193and228,andforthepurposeofsection196oftheIndianPenalCode.

Section 106 proposes to provide powers in the hands of theAuthority or the Appellate Authority for Advance Ruling toregulate its own procedure subject to the limit specified in theSectionitself.

And accordingly, it could be fairly concluded that while frameworking the law, in comparison to the erstwhile provisions ofadvance ruling for Excise, Customs and Service tax, theprovision for advance ruling under theAct 2017, are quite fairand reasonableaswell ashaving sufficient scope tominimizelitigationatthecostofpayersandthecountry.

accompanied with all the relevant documents with verification inspecifiedmanner.

ThephraseemployedunderSec.100(1)istheconcernedofficer,thejurisdictional officer or an applicant aggrieved rather than the term“person aggrieved”. It means only the parties to the proceedingsbeforetheAdvanceRulingAuthoritycanprefersuchanappeal.

TheRevenuealsohasareciprocalrightofappealagainsttheorderofadvanceruling.Sincetherightofappealisacreatureofstatue,athirdpartycouldnotfileappealeventhoughheisabletoshowthatithas a direct legal interest in the order involved. The ratio of thedecision inNORTHERNPLASTICSLTD.Vs.HINDUSTANPHOTOFILMS MFG. CO. LTD. 1997 (91) E.L.T. 502 (S.C.) could not beappliedinwoodenmanner.

SincetheDepartmentishavingtherighttofilecrossappeal,itmeansonce the applicant withdraw their appeal, the appeal filed by theDepartment is not maintainable [COMMISSIONER OF CENTRALEXCISEVs.M.R.F.LTD.2005(180)E.L.T.310(S.C.).].

Section100(2)stipulatesthateveryappealunderthissectionshallbefiledwithinaperiodof thirtydays fromthedateonwhich therulingsought to be appealed against is communicated to the concernedofficer,thejurisdictionalofficerandtheapplicant.

Onthebasisofsufficientcause,theappellateauthoritymayallowanextensionnotexceeding30daystofileanappeal.

IntermsofSection100(3),everyappealunderthissectionshallbeinsuchform,accompaniedbysuchfeeandverifiedinsuchmannerasmaybeprescribed.

Section101(2)pointsoutthattheappealshallbedecidedwithin90days from the date of filing of appeal. Section 101 (1) specify therequirementof thepersonalhearingprior topassing theorderas itthinksfit.IfthereisdifferenceofopinionamongthemembersoftheAppellateAuthority,intermsofSection101(3),itshallbedeemedthatnoadvancerulingcanbeissuedinrespectofthequestionundertheappealorreference.

So far as the rectification in the order is concerned, both theauthorities[i.eAuthorityforAdvanceRulingortheAppellateAuthority]are competent to rectify its own order. Section 102 expresses asfollows:-

TheAuthorityortheAppellateAuthoritymayamendanyorderpassedbyitundersection98orsection101,soastorectifyanyerrorapparentonthefaceoftherecord,ifsucherrorisnoticedbytheAuthorityortheAppellateAuthorityonitsownaccord,orisbroughttoitsnoticebytheconcernedofficer,thejurisdictionalofficer, the applicant or the appellant within a period of sixmonthsfromthedateoftheorder:Providedthatnorectificationwhichhastheeffectofenhancingthetaxliabilityorreducingtheamountofadmissibleinputtaxcreditshallbemadeunless theapplicantor theappellanthasbeengivenanopportunityofbeingheard.

Section103stipulatesthat:-(1) TheadvancerulingpronouncedbytheAuthorityortheAppellate

AuthorityunderthisChaptershallbebindingonly—(a) ontheapplicantwhohadsoughtitinrespectofanymatter

referred to in sub-section (2) of section 97 for advanceruling;


n ICSI–CCGRTANNOUNCESUNIQUECRITICALRESEARCHANALYSISONTHECOMPANIESAMENDMENTACT,2017

2Research

Corner



Cr

itiC

al r

es

ear

Ch

an

aly

sis

on

th

e C

om

pan

ies

am

en

dm

en

t a

Ct,

2017

ICSI – CCGRT ANNOUNCES

Unique Critical Research Analysis on the Companies Amendment Act, 2017

I CSI-CCGRTispleasedtoannounceUniqueCriticalResearchAnalysisonTheCompaniesAmendmentAct,2017withan

objectiveofcreatingknowledgereserveamongitsMembers,bothin employment and practice, students pursuing CompanySecretary and other professional courses, academicians,corporateprofessionalsandotherinterestedfolkinordertomakethemasepitomeofknowledgeandusefultocorporateworld.

Thepurposeofthiscompetitionistoidentifysignificantconceptsandtrytofindoutacomprehensiveanddefinitivesolutions.Sinceresearchinalldisciplinesandsubjects,mustbeginwithaclearlydefinedgoal,thisactivityisalsodesignedkeepingthoseobjectivesinmind.

PrologueTheCompaniesAmendmentAct, 2017whichwas passed by

RajyaSabhaon19thDecember2017has receivedassentofthe Hon ‘ble president and same has been published in theOfficialGazetteofIndiaon3rdJanuary2018.ThechangesshallcomeintoforcefromthedatenotifiedbyMinistryofCorporateAffairs. MCA may prescribe different dates for differentprovisions.

TheamendmentsundertheCompaniesAmendmentAct,2017,arebroadlyaimedat:• addressingdifficultiesinimplementationowingtostringent

compliancerequirements;• facilitating ease of doing business in order to promote

growthwithemployment;• harmonization with accounting standards, the Securities

andExchangeBoardofIndiaAct,1992andtheregulationsmadethereunder,andtheReserveBankofIndiaAct,1934

CENTREFORCORPORATEGOVERNANCE,RESEARCH&TRAINING(CCGRT)


Cr

itiC

al r

es

ear

Ch

an

aly

sis

on

th

e C

om

pan

ies

am

en

dm

en

t a

Ct,

2017andtheregulationsmadethereunder;

Inlightofthis,itgeneratessubstantialinteresttodelvedeepintothe critical dimensions of The Companies Amendment Act,2017.Thiscriticalresearchanalyseswillhelpthemembersandothersinidentifyingthegapsandalsoprovidingthesolutionstotheindustryandregulatorsetc.

Objectives: a) Tocomprehendtheimplicationsofcriticalaspectsamended

underTheCompaniesAmendmentAct,2017.b) Toanalyze thedifferent schoolof thoughtson thecritical

issues.c) TofindoutprobablesolutionbasedonNational/International

Practices, Principles, procedures and JudicialPronouncements.

d) Tounderstandtheprobablehurdlesthatarebeingwitnessedby corporate houses in embracing the sections amendedunderTheCompaniesAmendmentAct,2017.

Coverage-1. The analysis of Section 2 of theCompaniesAmendment

Act,20172. TheanalysisontheManagerialRemunerationand3. The analysis on the Relaxation of the Related Party

Transactionandit’sApproval.

The ProblemViewsareinvitedonvariousintricaciesofclassactionsuitsandalso identify various critical aspects of the amendment thissectionbydwellingdeepintoeveryclauseamended.

Thesubmissionscanbesubstantiatedwith foreigncase lawsalso,sincethisisanewconceptintroduced.

How to present the Significant AspectsAnswers of the critical issues needs to be presented in theformatappendedbelow- S.NO. Issue(heads) Detailsofissuewithjustification DifferentSchoolofThoughts Interpretationissues RelevantSectionsofIndianCompaniesAct,2013aswell

asIndianCompaniesAct,1956. Relevant provisions of any other Indian Corporate Laws

andinternationalCorporateLaws.

Research Paper / Manuscript Guidelines Original papers are invited fromCompanySecretaries in

employment&practice,CharteredAccountants,Advocates,Academicians, merchant bankers, doyens from industryandinterestedfolk.

The paper must be accompanied with the author’sname(s),affiliations(s), fullpostaladdress,email ID,andtelephone/faxnumberalongwiththetitleofthepaperonthe front page and membership details of professional

bodies,ifany. Full text of the paper should be submitted in MSWord

usingTimesNewRoman,fontsize12onA4sizepaperin1.5spacing,withamaximumof5000words.

ThetextshouldbetypedinMS-Word. Theauthor/s’nameshouldnotappearanywhereelseon

the body of the manuscript to facilitate the blind reviewprocess.Theresearchpapershouldbeinclear,coherentandconciseEnglish.

Tables / Exhibits should be numbered consecutively inArabicnumeralsandshouldbe referred to in the textasTable1,Table2/Exhibit1,Exhibit2etc.

All notes must be serially numbered. These should begivenatthebottomofthepageasfootnotes.

Thefollowingshouldalsoaccompanythemanuscriptsonseparate sheets: (i) A brief biographical sketch (60-80words)of theauthor/sdescribingcurrentdesignationandaffiliation, specialization, number of booksandarticles inrefereedjournals,membershipnumberofICSI,ifany,andothermembershiponeditorialboardsandcompanies,etc.

The research papers should reach the CompetitionCommitteeonorbefore15thNovember2017by12noon(IST).

Participants should email their research papers on thefollowingemail id: [email protected]& [email protected]

Thepapermaybepresentedeitherinsinglesectionofanychapterormultiplesectionsafterchapters.

Thereisnorestrictiononnumberofentries.Oneparticipantcansubmitmorethanoneentries.

Further Information for Authors / Participants ThedecisionoftheReviewingCommitteewillbefinaland

bindingontheparticipants. TheInstituteofCompanySecretariesofIndiareservesthe

right to publish or refer the selected papers for variouspublications viz; Souvenirs, Books, Study materialspublishedbytheinstituteorinanyseminar/conference/workshop / Research Programs conducted by instituteeitheronitsownorjointlywithotherorganizationsandalsoinregularcourseofactivitiesofICSI.

ThepaperswillbescrutinizedbyanExpertCommittee. Foranyquery /assistance, kindlycontactat: ccgrt@icsi.

edu Participantswillberewardedwithsuitableprizes. FurtherparticipantswhoarethemembersoftheICSIwill

beconferredwithcredithoursofICSIbasedonthecontentandqualityoftheresearchpaperandasrecommendedbyscreeningcommittee.

ICSI reserves all intellectual property rights including inparticular copyright, trade mark, design and otherintellectual rights. The authors are not entitled for anyremunerationorcompensationorroyalty.Theparticipants/authorsshallsubmittheDeclarationFormtotheinstituteatthetimeofsubmissionofpaper.

ICSI reserveall the rights for finalizationandselectionofpapersandawardingrewards,credithours.

CS(Dr.)ShyamAgrawalPresident,ICSI

CSAhaladaRaoV CSAshishGarg Chairman Chairman ICSI-ResearchCommittee ICSI-CCGRTManagementCommittee


COMPANY SECRETARIES BENEVOLENT FUND

TheCompanySecretariesBenevolentFund(CSBF)providessafetynettoCompanySecretarieswhoaremembersoftheFundandtheirfamilymembersindistress.

CSBF• RegisteredundertheSocietiesRegistrationAct,1860• RecognisedunderSection12AoftheIncomeTaxAct,1961• Subscription/ContributiontoFundqualifiesforthedeductionundersection80GoftheIncomeTaxAct,

1961• Hasamembershipofover12,000

EligibilityAmemberoftheInstituteofCompanySecretariesofIndiaiseligibleforthemembershipoftheCSBF.

Howtojoin• BymakinganapplicationinFormA(availableatwww.icsi.edu/csbf)alongwithonetimesubscriptionof

`10,000/-.• OnecansubmitFormAandalsothesubscriptionamountof`10,000/-ONLINEthroughInstitute’s

webportal:www.icsi.edu.Alternatively,hecansubmitFormA,alongwithaDemandDraftorChequefor`10,000/-drawninfavourof‘CompanySecretariesBenevolentFund’,atanyoftheOfficesoftheInstitute/RegionalOffices/Chapters.

Benefits• `7,50,000intheeventofdeathofamemberundertheageof60years• Upto`3,00,000intheeventofdeathofamemberabovetheageof60years• Upto`40,000perchild(uptotwochildren)foreducationofminorchildrenofadeceasedmember• Upto`60,000formedicalexpensesindeservingcases• LimitedbenefitsforCompanySecretarieswhoarenotmembersoftheCSBF

ContactForfurtherinformation/clarification,[email protected],Executiveontelephoneno.0120-4082135.

Saathi Haath BadhanaâæÍè ãUæÍ ÕÉ¸UæÙæ

Safeguarding and caring for your well being

Company Secretaries Benevolent Fund

Formoredetailspleasevisitwww.icsi.edu/csbf

3Legal World

n A.P.STATEFINANCIALCORPORATIONV.OFFICIALLIQUIDATOR[SC]n 63,MOONSTECHNOLOGIESLTD(FORMERLYFINANCIALTECHNOLOGIES(INDIA)LTDV.UNIONOFINDIA&ORS[BOM]n ATMARAMPROPERTIESPVTLTDV.THEORIENTALINSURANCECO.LTD[SC]n CANARABANK&ANRV.LALITPOPLI(THRIUGHLRS)[SC]n PATELFIELDMARSHALAGENCIES&ANRV.P.MDIESELSLTD&ORS[SC]n BSUNITHAV.STATEOFTELANGANA&BANR[SC]n VIJAYMENONV.MAHARASHTRASTATEPOWERGENERATIONCOLTD[CCI]n GURGAONINSTITUTIONALWELFAREASSOCIATIONV.HARYANAURBANDEVELOPMENTAUTHORITY[CCI]


Legal W

orld


LMJ 01:01:2018A.P. STATE FINANCIAL CORPORATION v. OFFICIAL LIQUIDATOR [SC]

Civil Appeal Nos. 3439 & 3440 of 1997

S Rajendra Babu & S N Phukan, JJ. [Decided on 09/08/2000]

Equivalent citations: AIR 2000 SC 2642; (2000)102 Comp Cas 1 SC; JT 2000 (8) SC 587; 2000 (5) SCALE 486; (2000) 7 SCC 291; 2000 Supp 2 SCR 288; (2000) 3 UPLBEC 2229.

Companies Act, 1956- section 446- conditional permission granted to secured creditor to stand out of the winding up proceedings- whether company court could grant permission with conditions- Held, Yes.

Brief facts:Twocompaniesviz.M/SNagarjunaPaperMillsandM/SChandraPharmaceuticalsLimitedwere in liquidationand the liquidationproceedingswerependingbefore the learnedCompanyJudgeoftheHighCourt.Theabovetwocompaniesobtainedloansfromtheappellantandforrealisationofdues, theappellant invokedtheprovisionsofSection29of theStatefinancialcorporationsAct,1951(theActof1951).Asboththecompanieswereunderliquidation, the appellant filed two separate applications underSection446(1)oftheCompaniesActreadwithSections29and46ofActof 1951before learnedCompanyJudgeof theHighCourtforstayingoutsidetheliquidationproceeding.ThelearnedJudgepassedtwosimilarordersinrespectofboththecompaniesand granted permission to the appellant to stay outside theliquidationproceedingssubjecttocertainconditions.TheappealsfiledchallengingtheaboveorderweredismissedbytheDivisionBenchoftheHighCourtbytheimpugnedjudgmentandhencethese appeals.

Decision: Appeals dismissed.

Reason: The short question to bedecided in theseappeals iswhethertheorderoftheHighCourtimposingtheabovethreeconditionsislawful.

Theonly contentionof theappellantwas that theAct of 1951beingaspecialAct,poweroftheappellantcorporationtoinvokeprovisionsofSection29oftheActof1951isabsoluteandcannotberestricted.

By inserting theprovisoofSection529of theCompaniesAct

by theamendingActof1985 legislaturehasprovided that thesecurityofeverysecuredcreditorshallbedeemedtobesubjecttoaparipassuchargeinfavouroftheworkmentotheextentoftheworkmen’sportiontherein.

NowthequestioniswhetherSection29oftheActof1951canoverride aboveprovisions of the proviso toSub-section (1) ofSection529andSection529Aof theCompaniesAct. InotherwordswhethertheCorporationcanexerciseitsrightsunderaboveSection29ignoringaparipassuchargeoftheworkmen.

TheActof1951isaspecialActforgrantoffinancialassistanceto industrial concernswith a view to boost up industrialisationandalsorecoveryofsuchfinancialassistanceifitbecomesbadandsimilarlytheCompaniesActdealswithcompaniesincludingwindingupofsuchcompanies.BothSection29ofActof1951andSection529AoftheCompaniesActhavecompetingnonobstanteprovisionsbuttheprovisotoSub-section(1)of529andSection529Abeinga subsequent enactment, the nonobstante clauseinSection529AprevailsoverthenonobstanteclausefoundinSection29oftheActof1951inviewofthesettledpositionoflaw.Weare,therefore,oftheopinionthattheaboveprovisotoSub-section(1)ofSection529andSection529AwillcontrolSection29oftheActof1951.InotherwordsthestatutoryrighttosellthepropertyunderSection29oftheActof1951hastobeexercisedwiththerightsof pari passuchargetotheworkmencreatedbytheprovisotoSection529oftheCompaniesAct.UndertheprovisotoSub-section(I)ofSection529,theliquidatorshallbeentitledtorepresenttheworkmenandforcetheabove pari passu charge. Therefore, theCompanyCourtwas fully justified in imposingabove conditions to enable theOfficial Liquidator to dischargehis functionproperly under supervision of theCompanyCourtasthenewSection529AoftheCompaniesActconfersuponaCompanyCourtadutytoensurethattheworkmen’sduesarepaidinprioritytoallotherdebtsinaccordancewithprovisionsoftheaboveSection.TheLegislaturehasamendedtheCompaniesActin1985withasocialpurposeviz.toprotectduesoftheworkmen.Ifconditionsarenotimposedtoprotecttherightoftheworkmenthereiseverypossibilitythatsecuredcreditormayfrustratetheaboveparipassurightoftheworkmen.

In the impugned judgmentHighCourtexpressed theviewsasfollows:

“In our opinion, therefore, it was not at all necessary for theFinancialCorporation to approach thisCourt for permission tostayoutsidethewindingupproceedings.Inspiteofthesame,theFinancialCorporationdidventuretomakesuchapplicationinviewofthefactthat pari passuchargewascreatedontheassetsofthecompanyforpaymentofarrearstoworkmenofthecompany....”

In viewof theaboveopinionof theHighCourt that itwasnotnecessary forFinancialCorporation to approach theCourt forpermissiontostayoutsidethewindingupproceedings,thelearnedCounselforappellanthasurgedthatHighCourterredinimposingtheaboveconditions.WeareoftheopinionthataboveobservationoftheHighCourtwasuncalledforaswehavestatedthatpowerunderSection29oftheActof1951canbeexercisedsubjecttotheaboveprovisionsoftheCompaniesAct.

Forwhathasbeenstatedabove,weholdthatimpositionoftheabove conditions by theHighCourtwas lawful. The presentappealshavenomeritandaccordinglydismissed.

CorporateLaws

Legal W

orld


LW 01:01:2018MOONS TECHNOLOGIES LTD (FORMERLY FINANCIAL TECHNOLOGIES (INDIA) LTD v. UNION OF INDIA & ORS [BOM]W.P.No. 2743 of 2014 with W.P.Nos. 2985 of 2014, 387 of 2015, 1785 of 2016 & 1922 Of 2016

Manjula Chellur & M.S. Sonak, JJ. [Decided on 04/12/2017]

Companies Act, 1956- section 396- power of central government to amalgamate companies- amalgamation of NSEL and FTIL- whether valid in the public interest- Held, Yes.

Brief facts:Themainchallengeinallthesepetitionsistothefinalamalgamationorderdated12thFebruary2016(impugnedorder)madebytheCentralGovernmentunderSection396oftheCompaniesAct,1956(CompaniesAct),amalgamatingtheNationalSpotExchangeLimited (NSEL)and63MoonsTechnologiesLimited, formerlyknownasFinancialTechnologies(India)Limited(FTIL).

Thepetitionerschallengedtheimpugnedorderonthefollowinggrounds.Firstly,itisingrossbreachoftheprinciplesofnaturaljusticeandfairplayforatleastfourreasons.Firstly,noopportunityofpersonalhearingwasgrantedtoanyof theaffectedpartiesexcept FTIL andNSEL, despite specific directions issued bythisCourt in itsorderdated4thFebruary2015.Secondly, theCentral Government has not even properly considered theobjectionsand suggestionsmadeby theaffectedparties andsuchnon-consideration constitutes breachof theprinciples ofnaturaljusticeandfairplay.Thirdly,theCentralGovernmenthasrelieduponadversematerialintheformofproposals inter alia fromFMC,withoutgrantingtheaffectedpartiesanyopportunitytoexplainwhysuchproposalswereflawed.Fourthly,theysubmitthatthereisavariationbetweenthegroundsstatedinthedraftorderandthefinalorder.Theysubmitthatconsideringthedrasticnatureoftheimpugnedorder,prejudiceisinherent,particularlytoNSELwhosecorporateexistencestandswipedoutandtotheshareholdersofFTILtheeconomicvalueofwhoseshares,andstandsdrasticallydiminished.Theysubmitthatanyactionwhichvisitsthepartieswithsuchseriouscivilconsequences,iftakeninviolationofprincipleofnaturaljusticeandfairplay,isanullityandmustbedeclaredassuch.

Decision: Petition dismissed.

Reason: ItisinbackdropofsuchfactsandcircumstancesandtheschemeofFCRAthatwehavetoconsiderandevaluatethesubmissionsmadebythelearnedcounselforthepartiesandtodeterminetheissueswhichariseinthesepetitions.

ISSUE -Awhether the impugned order is in violation of theprinciplesofnaturaljusticeandfairplay?

This isalsonotacasewherethere isfailureofnatural justicebecausetheobjectionsandsuggestionsmadebyFTIL,NSEL,andseveralotherinterestedpartieshavenotatallbeenconsidered

bytheCentralGovernmentbeforemakingtheimpugnedorder.TherecordindicatesthattheCentralGovernment,inthiscase,constituted aCommittee headed by theAdditional Secretaryassistedby theLegalAdviser to facilitate theconsiderationofsuchobjectionsandsuggestions.ThisCommitteewiththehelpofspeciallycreatedcomputersoftware, tabulatedandcollatedvariousobjectionsandsuggestions,asreceived.Suchobjectionsandsuggestionswere thenanalysedandaddressed to.Suchanalysisandaddressisreflectedtoasubstantialextent intheimpugnedorder.Merelybecausethesuggestionsorobjection,maynothavebeenacceptedbytheCentralGovernment,doesnotmeanorimplythatthesamehavenotatallbeenconsideredbeforemakingtheimpugnedorder.

ISSUE-(B)

Whether, taking into consideration the provisions inSection396(3)oftheCompaniesAct,theCentralGovernmentwasatallempoweredtoordercompulsoryamalgamationoflossmakingwhollyownedsubsidiary (NSEL)with itsprofitmakingholdingcompany(FTIL)underSection396oftheCompaniesAct?

ThereissufficientmaterialonrecordonbasisofwhichtheCentralGovernmenthassubjectivelysatisfieditselfthattheamalgamationisessentialinpublicinteresttofacilitaterecoveriesofduesfromdefaultersfrompoolinghumanandfinancialresourcesofFTILandNSEL.DespiteclaimsbyNSELthatithasthemeanstoandithasbeenrigorouslypursuingrecoveries,thefactremainsthatthepositionofrecoveriesisnotverypromisingandmayfurtherdeteriorateifonlyNSELhastofendforitself.Insuchmatters,it isnotsufficient thatsomedecreesorattachmentordersareobtained.Thisisalsonotanissueofmererecoveriesbutthisisanissueofinvestorconfidenceintheveryfunctioningofstockand commodity exchanges. If theCentralGovernment,werenottoactinasituationofthisnature,investorconfidencewouldcertainlybeacasualty.Suchasituationthen,hasacascadingeffect,whichisbynomeansconducivetothenationaleconomy.

TheCentralGovernment, inmaking the impugned order hasbalancedtheinterestsofthetwocompanies, itsshareholders,creditorsandemployeesononehandandtheinterests,notonlyoftheinvestorswhomayhaveclaims,butalso,oftheinvestingpublic,which is required to be given the confidence that theCentralGovernmentwillacttoseethataholdingcompanydoesnottakeshelterbehinditswhollyownedsubsidiaryandtherebyshirkresponsibilityinthewakeofsuchanunprecedentedpaymentcrisis.Thethreegroundsorreasonsstatedintheimpugnedorder,inouropinion,weresufficienttoarriveatthesubjectivesatisfactionthatitwasessentialinpublicinteresttoordertheamalgamationofthetwocompanies.Thisisnotacaseofexerciseofpowersforanyextraneousconsiderationsoralienpurposes.

ISSUE-G(i)Whethertheimpugnedorderisbasedononlyonegroundorreason,i.e.,facilitatingNSELinrecoveringduesfromdefaulters,andtherefore,applyingMohinderSinghGillprinciple,theCentralGovernmentisbarredfromaddingorsupplementingreasonsbywayofaffidavits?

(G)(ii)Whethertheimpugnedorderstandsvitiatedbecausethereisnomaterialwhatsoeveronrecordinsupportoftheaforesaidsolitarygroundorreason?

In IonExchange (India) Ltd. (supra), thisCourt hasheld that

Legal W

orld


though, as amatter of law, the transferee companies areindependentcorporateentities,equally,asamatterofbusinessreality, theCourt cannot ignore the plea of the TransfereeCompany that the that the health and the wellbeing of itswhollyownedsubsidiarieswasamatterwhichwaslegitimatelyentitledtobetakenintoaccountbytheTransfereeCompanyincomingoutwith thedecision toamalgamate itswhollyownedsubsidiarieswith itself. In thecircumstances, theplea that theschemeofAmalgamationisanattempttoreducethebusinessandoperational losses, inclusiveofmanpowerandmachinerycosts ought to be accepted. Similarly the foundation of theschemeforAmalgamationisthattheamalgamationwillenablethethreeCompaniestopooltogetherhuman,materialandfinancialresources.Thisconsiderationparticularly inacasewhere thetwoTransferorCompaniesarewhollyownedsubsidiariescannotberegardedasextraneousorirrelevant.ThisCourt,takingintoconsiderationthebusinessrealitynotedthattheholdingcompanyseeks to emerge from the economic difficultywhich face itssubsidiarieswhichhavebecomelossmakingentities.Theeffortistopooltogetherhuman,financialandmaterialresourcesandto deploy them, upon amalgamation in amanner thatwouldenhanceprofitability.Thisisapermissibleobjectandnothingintheproposedschemeinthepresentcasemilitatesagainstcommercialmorality,thepublicinterestoraviewwhichareasonablebodyorshareholdersorcreditorswouldadopt.Theimpugnedordercannot,insuchcircumstances,beheldtobeirrationalorbasedonanyextraneousorirrelevantconsiderations.

For all the aforesaid reasons,we are unable to accept thecontentionthattheimpugnedorderisbasedononlyonegroundor reason.Weare also unable to accept the contention thattherewasnomaterialon record insupportofsuchgroundorreasonandfurther,suchgroundorreasonwasnotsufficienttopromptanyreasonablemanorauthoritytoorderthecompulsoryamalgamationofNSELwithFTIL.

ISSUE - (H)Whether the impugnedorder can be said to beunreasonable,applyingWednesburyprinciples?

Thematerialonrecord,however, indicatesthatNSEL,offeredandpromotedcontractswhichwereinbreachoftheconditionsinexemptionnotificationdated5th June2007.Further,NSELofferedandpromotedpairedcontracts,whichwerefoundtobenothing but financing transactions distinct fromgenuine saleandpurchasetransactionsincommodities.ThereismaterialonrecordwhichindicatesthatNSELwenttotheextentofassuringfixedreturnstotheinvestorsandbytheyear2013,almost99%oftheturnoveroftheexchangecomprisedsuchpairedcontracts.Ultimately,on31stJuly2013,NSEL,suspendedtheoperationsattheexchange.Atthisstage,thecommoditiessellersdefaultedontheiroutstandingpaymentsobligationstotheTradingClientstotheextentofalmostRs.5600crores.TheNSELalsosoughttowriggleitselfoutofitsobligationsbycontendingthatthecounterguaranteewastoapplyonlyinrelationtospecifiedcommoditiesandsincenonehadbeenspecified,thecounterguaranteewasineffective.ThesettlementguaranteefundtobemaintainedbyNSELandwhichwasstatedtobeRs.738.55croresason1stAugust2013,was,on4thAugust2013foundtobeonlyRs.62crores.Eventhoughthetransactionsatthespotexchangeweretobebackedbycommoditiessupposedlycheckedandstoredin warehouses owned and controlled by NSEL, SGS IndiaLimited,whichwasappointedtoinspectandaudittheposition,reportedthatstockworthonlyRs.358croreswasavailable,even

though,NSEL,hadsolemnlystatedthatithasstockedvaluedatRs.2389.36crores.Thismeansthattherewashardlyanystockinthewarehouseswithwhichdeliveriescouldbeeffected.Allthis,lefttheTradingClientsinalurch.TheimpugnedorderdetailsthenexusbetweenNSELandFTIL,inthecontextofthecrisis,whichledtothecollapseofthespotexchange.Forallthesereasons,weareunabletofaulttheimpugnedorderapplyingthetestofWednesburyunreasonableness.

ISSUE -IWhether the impugned order defies the doctrine ofproportionality?

Evenapplying the proportionality test,weare quite satisfiedthat the impugnedorderwarrants no interference in the factsand circumstances of the present case. The impugnedorderamalgamatesNSELwithFTILfor thethreebroadreasonssetoutintheimpugnedorder.Inthecontextofthethreereasons,wehavealreadyheldthatneitherofthemcouldberegardedasextraneousorirrelevanttothepurposeforenactmentofSection

If exchanges suchas thesearepermitted to be subvertedorfailwithout honouring their obligations and commitments, theconfidenceinnationaleconomicinstitutionsisboundtosufferandtherepercussiontothenationaleconomywillbesevere.Insuchsituations,anegativeperceptionaboutthebusinessenvironmentofthecountryiscreated,whichhasgraverepercussionsonthenationaleconomy.TheCentralGovernment,quiteconsciousofallsuchfactors,hastakenabalanceddecisioninthefactsandcircumstancesofthepresentcase.Foralltheaforesaidreasons,wedismissthesepetitions.

LW 02:01:2018ATMA RAM PROPERTIES PVT LTD v. THE ORIENTAL INSURANCE CO. LTD [SC]

Civil Appeal No.20913 of 2017(Arising out of S.L.P. (Civil) No.17117 of 2016)

J. Chelameswar & S. Abdul Nazeer, JJ. [Decided on 06/12/2017]

NDMC Act, 1994 read with Delhi Rent Control Act, 1958- collection of property tax as arrears of rent- non-payment of property tax by tenant-eviction sought by landlord under Rent Act- whether tenant could be evicted as failure to pay rent- Held, No.

Brief facts:This appeal involves an important question of law as towhetherpropertytaxrecoverablefromthetenantunderSection67(3)oftheNewDelhiMunicipalCouncilAct, 1994 (for short ‘NDMCAct’) asarrearsofrentbythelandlord/ownercanbeconsideredtobeformingpartoftherentforthepurposeofseekingevictionorejectmentof

General Laws

Legal W

orld


suchtenantwhodefaultsinpaymentofsuchrecoverabletaxasrentandwhentherentincludingrecoverabletaxinrespectofthetenantedpremisesexceedsRs.3500/-permonth,therebylosingprotectionoftheDelhiRentControlAct,1958(forshort‘RentAct’).

Decision: Appeal dismissed.

Reason:The issuewhich arises for consideration in the presentmatter isregardingthe interplayofSection67(3)of theNDMCActvis-à-visSection7(2)oftheRentAct.UnderSection67(3)thelandlordhasbeengiventherighttorecoverthehousetaxfromthetenantasifthesamewererentwhereasunderSection7(2)oftheRentAct,thereisaspecificbartorecoveranytaxasrentfromthetenant.

Theobjectof theRentAct is toprovideprotection to tenantswhoundercommonlaw,includingTransferofPropertyActcouldbeevictedfromthepremisesletouttothematanytimebythelandlordontheterminationof their tenancy. It restricts the rightof the landlord toevictthetenantattheirwill.Itisaspeciallawinrelationtolandlordandtenantissue.Therefore,theRentActhastoprevailinsofaraslandlordandtenantissueisconcerned.

Therefore,weareoftheviewthatthoughtheRentActisanearlierActwhencomparedtotheNDMCAct,itisaspecialenactmentwithregard to thematter in issueandhasanon-obstanteclause.TheNDMCActisnotaspecialenactmentinsofaraslandlord-tenantissueisconcernedanditcontainsSection411whichprovidesthatotherlawsnottobedisregarded.Section67(3)oftheNDMCActmerelygivesaright torecoverthetax inrespectof thepremisesasrent.Itdoesnotoverride theRentAct insofarasobviating theeffectofSection7(2)oftheRentAct.Inouropinion,thetaxrecoverablefromthetenantunderSection67(3)oftheNDMCActasarrearsofrentbytheappellantcannotbeconsideredtobeformingpartoftherentforthepurposeofseekingeviction/ejectmentoftherespondentwhodefaultsinpaymentofsuchrecoverabletaxasrent.

LW 03:01:2018CANARA BANK & ANR v. LALIT POPLI (THRIUGH LRs) [SC]Civil Appeal No. 9666 of 2010

Arun Mishra & M M Shantanagoudar, JJ. [Decided on 06/12/2017]

Disciplinary action- bank clerk fraudulently withdrew money from customer’s account- dismissed from service- retirement benefits withheld by bank and adjusted against the loss caused – net amount paid to him- whether correct –Held, Yes.

Brief facts:Therespondentwhowasaclerk,andtwootherpersonsi.e.managerandspecialassistant,allarebankemployees,werefoundguiltyoffraudulentlywithdrawinganamountofRs.1,07,000/-fromthesavingaccount of a customer. Themanager and special assistantwerecensuredfortheirnegligenceandsomerecoveryweremadefromthemwhiletherespondentwasdismissedfromservice.

The respondent’s appeal challenging the order of dismissalwasallowedbylearnedSingleJudgeagainstwhichtheappellant–Bankfiledanappealagainstthesaidorder.Duringthependencyofthe

appeal,bankwithheldanamountofRs.74,180.09,payable to therespondent,whichincludedthegratuityandprovidentfund(employer’scontribution)andtokeepthesameinafixeddepositwithaviewtoadjustthesaidamounttowardsanylosscausedtothebankbytherespondent.AppealwasallowedbytheDivisionBenchoftheHighCourtandtheorderofdismissalwasrestored.

Thereafter,thebankadjustedRs.1,07,000/-outofRs.1,08,923/-(thematurityvalueofRs.74,180.09),towardslosscausedtothebankbytherespondentandremainingamountofRs.1,923/-wasreleasedinfavouroftherespondent.

Being aggrieved by such action of the bank, the respondentapproached theHighCourt,which allowed thewrit. Theorder ofthelearnedSingleJudgeisaffirmedbytheDivisionBench,whichisimpugnedbeforethisCourtinthisappeal.

Decision: Appeal allowed.

Reason: ThisCourt in the first round of litigation by its judgment dated18.02.2003hadgivenacategoricalfindingthatitwastherespondentwho committed forgerywhichultimately led to the loss caused tothebank.Thus,hiscasestoodonadifferentfootingfromtheotherthreeemployees.Sincetheamountrecoveredfromtheotherthreeemployees,whowereimposedpenaltyof‘censure’, isrefundedtothem,thebankhadtorecovertheamountoflosscausedtoitfromthepersonwhowastheauthoroftheforgery.

Lookingtothematerialonrecord,wefindthattheotherthreeofficialswereheldtobenegligentintheirdutyandasheldbythisCourtinits judgment dated 18.02.2003, that it was the respondent,whocommittedforgeryofthesignatureoftheaccountholder,consequentuponwhichthebankhadsufferedlosstothetuneofRs.1,07,000/-.Therefore,thebankhastakenanequitabledecisiontorecovertheentireamountfromtherespondentandtorefundtheamountalreadyrecoveredfromtheotherthreeofficials,becausetheywereonlyfoundtobenegligentintheirduty.

Rule12of theCanaraBankEmployees’GratuityFundRules (forshort,‘GratuityRules’),Clause19oftheCanaraBankStaffProvidentFundRegulations,1994(forshort,ProvidentFundRegulations)andRule3(4)ofChapterVIIIoftheGeneralConductRules,governingtheservicesoftheemployeesfullysupporttheactiontakenbythebankagainsttherespondentinwithholdingtheamountofgratuityandemployer’scontributiontowardsprovidentfund.

SpecialRulesrelatingtogratuity,mentionedsupra,makesitamplyclearthattheemployeewhohasbeendismissedforhismisconductand if suchmisconduct has causedfinancial loss to thebank, heshallnotbeeligibletoreceivethegratuitytotheextentoffinanciallosscausedtothebank.Soalso,Clause19oftheProvidentFundRegulations permits thebank to deduct thepayment of providentfund to the extent of financial loss caused to the bank from thebank’scontribution.BoththeaforementionedClausesareplainandsimple.Theyareunambiguous.SinceRule12oftheGratuityRulesandClause19oftheProvidentFundRegulationspermitthebanktowithholdgratuityanddeductthebank’scontributiontowardsprovidentfund,insuchmatters,thebankwasjustifiedinrecoveringtheamountoffinanciallosssustainedbyit,whichwascausedbytherespondent,fromoutofthegratuityandemployer’scontributiontowardsprovidentfundpayabletotherespondent/employee.

Legal W

orld


Thus,inourconsideredopinion,theHighCourtwasnotjustifiedinsettingasidethedecisionofthebanktorecovertheamountoflosssustainedby it from the respondent,particularlywhen thebank isempoweredtodoso,asdiscussedsupra.Accordingly, the instantappealisallowed.

LW 04:01:2018PATEL FIELD MARSHAL AGENCIES & ANR v. P.M DIESELS LTD & ORS [SC]

Civil Appeal Nos.4767-4769 of 2001 with connected appeals

N Sinha & R Gogoi, JJ. [Decided on 29/11/2017]

Trade and Merchandise Marks Act, 1958- sections 46,56,107 and 111 -abandonment of plea of invalidity of trademark by defendant- plaintiff ‘s infringement suit is pending before the court- defendant filed application to rectify the trademarks register by claiming invalidity of trademark- whether tenable-Held, No.

Brief facts: The respondent is the registered owner of three trademarks, thecommonfeatureofallofwhichisthewords“FieldMarshal”.Thefirstregistrationcertificateisdated16.10.1964andthesecondandthirdregistrationcertificatesaredated4.10.1968.

Itappears thatsometimes in theyear1982theappellantsappliedforregistrationofthetrademark“Marshal”fortheiruse.Intheyear1989,therespondentinstitutedasuitbeforetheHighCourtofDelhi,whichheldthatthecourthadnojurisdictionand,therefore,orderedforreturnoftheplaintforpresentationbeforethecompetentcourtintheStateofGujarat.Thereafter,thecasewastransferredfromtheDelhiHighCourttothecourtatRajkot.

WhatisofsignificanceisthatwhenthesuitinquestionwaspendingadjudicationintheHighCourtofDelhi,theappellantshereininitiatedparallel proceedings before the HighCourt of Gujarat seekingrectificationof the registrationof the trademark(s) granted to therespondent.ThelearnedsingleJudgeoftheHighCourtofGujaratdismissed the suit,whichwas affirmed in appeal by theDivisionBench.Thisorderhasbeensubjectedtochallengepresentlyunderconsideration.

Decision:Appealsdismissed

Reason: While the reasoning of theDivisionBench of theHighCourtindismissingtheapplicationsinquestionwillbenoticedinduecourse,thequestioncallingforananswerbythisCourtwouldneedaformulationatthisstage.Anattemptatsuchformulationisbeingmadehereunder.

Inasituationwhereasuit for infringement ispendingwherein theissueofvalidityoftheregistrationofthetrademarkinquestionhasbeenraisedeitherbytheplaintifforthedefendantandnoissueonthesaidquestionofvalidityhasbeenframedinthesuitorifframedhasnotbeenpursuedbytheconcernedpartyinthesuitbyfilinganapplicationtotheHighCourtforrectificationunderSections111readwithSection107of theTradeandMerchandiseMarksAct,1958,whetherrecoursetotheremedyofrectificationunderSections46/56ofthe1958Actwouldstillbeavailabletocontestthevalidityofthe

registrationoftheTrademark.

Thus,byvirtueoftheoperationofthe1958Act,thepleaofrectification,uponabandonment,must be understood to have ceased to existorsurvivebetweenthepartiesinterse.Anyotherviewwouldbetopermitapartytocollaterallyraisetheissueofrectificationatanystagenotwithstandingthatafinaldecreemayhavebeenpassedbythecivilcourtinthemeantime.True,thedecreeoftheCivilCourtwillbeonthebasisoftheconclusionsontheotherissuesinthesuit.Buttopermittheissueofrectification,onceabandoned,toberesurrectedattheoptionofthepartywhohadchosennottopursuethesameatanearlierpointoftimewouldbetoopenthedoorstoreopeningofdecrees/ordersthathaveattainedfinalityinlaw.Thiswillbringinuncertaintyifnotchaosinthejudicialdeterminationsbetweenthepartiesthatstandconcluded.Besides,suchaninterpretationwouldpermitanaggrievedpartytogetovertheoperationofastatuteprovidingfordeemedabandonmentoftherighttoraiseanissuerelevant;infact,fundamentaltothelis.Thepositionmaybehighlightedbyreferencetoasuitforinfringementwherethedefendantraisesthepleaofinvalidityoftheplaintiff’strademarkandalsointhealternativetakesupanyofthedefencesavailableinlaw.ThedefendantbyoperationofSection111(3)ofthe1958Actisdeemedtohaveabandonedthepleaofinvalidity.InthetrialitisfoundthatthedefendantisguiltyofinfringementandisappropriatelyrestrainedbyadecreeoftheCivilCourt.

IftherightunderSection46/56ofthe1958Actistosubsisteveninsuchasituation,thepossibleuncertaintyandpossibleanarchymaywellbevisualized.ThisiswhythelegislaturebyenactingSection111ofthe1958Acthasmandatedthattheissueofinvaliditywhichwouldgototherootofthemattershouldbedecidedinthefirstinstanceandadecisiononthesamewouldbindthepartiesbeforethecivilcourt.Onlyifthesameisabandonedordecidedagainstthepartyraisingitthatthesuitwillproceedinrespectoftheotherissues,ifany.Iftheaboveisthelegislativeintent,whichseemstobeclear,wedonotseehowthesamecanbeovercomebyreadingtherightsunderSections46and56ofthe1958ActtoexisteveninasituationwheretheabandonmentofthesamerightunderSection111(3)hastakeneffectinlaw.Themandateofthe1958Act,particularly,Section111thereof,appearstobethatifanaggrievedpartydoesnotapproachtheTribunalforadecisionontheissueofinvalidityofregistrationasprovidedforunderSection111(2)and(3),therighttoraisetheissue(ofinvalidity)wouldnolongersurvivebetweenthepartiestoenabletheconcernedpartytoseekenforcementofthesamebyrecoursetoorbyaseparateactionundertheprovisionsofSection46/56ofthe1958Act.

In the light of the abovewhile answering the question arising inthemanner indicated above, we dismiss all the appeals underconsiderationandaffirmtheorderpassedbytheHighCourts.

LW 05:01:2018B SUNITHA v. STATE OF TELANGANA & B ANR [SC]

Criminal Appeal No. 2068 of 2017 (Arising out of SLP (Crl.) No.10700 of 2015)

A K Goel & U U Lalit, JJ. [Decided on 05/12/2017]

Negotiable Instruments Act, 1881 – Advocate obtaining blank fee cheque from client – later fills up and presented into the bank- cheque dishonoured- complaint filed- accused sought quashing of proceeding on the ground that there was no enforceable debt- High Court declined to quash the proceeding- whether correct- Held, No.

Legal W

orld


Brief facts:ThisappealhasbeenpreferredagainsttheorderoftheHighCourtof Judicature at HyderabadCourt which declined to quash theproceedingsinitiatedagainsttheappellantunderSection138oftheNegotiableInstrumentsAct,1881(‘theAct’).

Theproceedingswereinitiatedbytherespondentwhoisanadvocateinwhosefavourtheappellantexecutedachequeallegedlytowardshis fee.Thesamewasdishonoured.Thestandof theappellant isthatSection138oftheActisnotattractedastherewasnolegallyenforceabledebt.TheappellanthavingalreadypaidasumofRs.10lakhstowardsfee,thechequewastakenfromtheappellantbywayofabuseofpositionandthetransactionwasvoidunderSection23oftheIndianContractAct,1872(‘ContractAct’).Claimforfeebasedonpercentageofthedecretalamountwasunethical.Itwassubmittedthattheappellant,asaclient,beinginfiduciaryrelationship,burdento prove that the feewas reasonable and had been voluntarilyagreedtobepaidwasontheAdvocate.TheAdvocatebyusinghisprofessionalpositioncouldnotbeallowedtoexploitaclientbytakingsignatures on a chequeand no presumption of enforceable debtarises,especiallywhennoaccountmaintainedinregularcourseofbusinesswasfurnished.

Decision: Appeal allowed.

Reason: ThemaincontentionraisedonbehalfoftheappellantisthatchargingpercentageofdecretalamountbyanadvocateishitbySection23of theContract Act being against professional ethics and publicpolicy,thechequeissuedbytheappellantcouldnotbetreatedasbeingindischargeofanyliabilitybytheappellant.Nopresumptionaroseinfavouroftherespondentthatthechequerepresentedlegallyenforceabledebt.Inanycase,suchpresumptionstoodrebuttedbysettledlawthatclaimtowardsAdvocate’sfeebasedonpercentageofresultoflitigationwasillegal.SigningofthechequewasbywayofexploitationoffiduciaryrelationshipofAdvocateandtheclient.

Thus,mere issuance of chequeby the clientmaynot debar himfromcontestingtheliability.Ifliabilityisdisputed,theadvocatehastoindependentlyprovethecontract.ClaimbasedonpercentageofsubjectmatterinlitigationcannotbethebasisofacomplaintunderSection138oftheAct.

Inviewof theabove, theclaimof the respondentadvocatebeingagainstpublicpolicyandbeinganactofprofessionalmisconduct,proceedingsinthecomplaintfiledbyhimhavetobeheldtobeabuseoftheprocessoflawandhavetobequashed.

Wemaynotethatafterthehearingwasconcluded,learnedcounselforRespondentNo.2mentionedthemattertotheeffectthatRespondentNo.2wantedtowithdrawthecomplaint.Ane-mailtothiseffectwasalsohandedovertoCourt.Thesamehasbeenkeptontherecord.However,wedidnotpermitthisprayer.Havingcommittedaseriousprofessionalmisconduct,therespondentNo.2couldnotbeallowedto avoid the adverse consequenceswhich hemay suffer for hisprofessionalmisconduct.Theissueofprofessionalmisconductmaybedealtwithatappropriateforum.

Thus,whileproceedingsagainst theappellantwillstandquashed,the issueofprofessionalmisconduct is left tobedealtwithat theappropriateforum.

LW 06:01:2018VIJAY MENON v. MAHARASHTRA STATE POWER GENERATION CO LTD [CCI]

Case No. 61 of 2017

S.L.Bunker, Sudhir Mital, U. C. Nahta & G. P. Mittal. [Decided on 30/11/2017]

Competition Act, 2002- section 3- disqualification conditions for bidders- bidders against whom an inquiry is pending before the Commission or who have been already penalised- whether constitutes entry barrier- Held, No.

Brief facts: ThegravamenoftheinformationfiledbytheInformantemanatesoutofthequalifyingrequirementputbyMAHAGENCOinitstenderfloatedinthemonthofSeptember2017forappointmentofsupervision,monitoringandcoordinationagencyfortheworkofsupervisionofrakemovement,coalqualitymonitoringand loadingofqualitycoalandmovementofsizedcoalforvariousthermalpowerstationsofMAHAGENCObyrailmodefromcoalcompanies.

The impugned condition, as excerpted earlier, inter alia seeks todisqualify bidders against whom an inquiry is pending before theCommissionorwhohavebeenalreadypenalised.TheInformanthasstatedthatsuchconditionisillegal,baselessandagainstthespiritoftheActas itseekstodisqualifyanotherwisequalifiedbiddermerelybecauseaninquiryispendingbeforetheCommission.Ithasbeenalsoarguedthatsuchconditionisinthenatureofbarriertoentryandhence,amajorrestraintonthedynamicsofcompetition.

Decision: Complaint dismissed.

Reason: TheCommissionhasperusedtheinformationandthedocumentsfiledtherewith.Onacarefulperusaloftheinformationandthedocumentsfiledtherewith,theCommissionisoftheopinionthattheissueprojectedintheinformationispurelyadministrativeinnatureastheprocurer,beingaconsumer,retainsthediscretiontodisqualifythebiddersaspertheexperiencegainedandtheexigencyoftherequirement.Nocompetitionissueisrevealedfromthefactsallegedintheinformation.

TheCommissionisoftheconsideredopinionthataconsumer/procurermustbeallowedtoexercisechoiceandtoframethetermsandconditionsofthetenderdocumentssoastobestsecureanoptimaloutcome.Thisrightofconsumer’schoicemustbesacrosanctinamarketeconomybecauseitisexpectedthataconsumerwoulddecidewhatisbestforitandfreeexerciseofconsumerchoicewouldmaximizetheutilityoftheproductorservicefortheconsumer.Foranindividual,thatconsumer’s

Competition Laws

Legal W

orld choice is based on personal assessment of competing products or

services,theirrelativepricesorpersonalpreferences.Foranyothertypeofconsumer,thisprocessofdecisionmakinginexerciseofconsumerschoiceismorestructuredandreflectedintheprocurementprocedures.Sucha consumermayuse experts or consultants to advise, do itsowntechnicalassessment,takeadviceofothersitmaytrustorevenpurchasefromknownandreliablesources.Eachofthepurchaseprocessisacceptableandvalidsolongasitdoesnotrestrictmarketentryandallowsvendorstofreelycompeteintheprocurementprocess.Incaseofpublicentities,thereareadministrativemechanismsinplaceforcarryingonthedueprocessofexercisingconsumer’schoiceonbehalfofthepublic.Ofcourse,therecouldbecompetitionconcernsinrarecaseswhereamonopolybuyerexercises theoption inananti-competitivemannerbutthepresentcasedoesnotappeartobeinthatcategory.

Inviewof theabove, theCommission isof theopinion thatnocaseofcontraventionof theprovisionsof theAct ismadeoutagainst theOppositePartyandtheinformationisorderedtobeclosedforthwithintermsoftheprovisionscontainedinSection26(2)oftheAct.

LW 07:01:2018GURGAON INSTITUTIONAL WELFARE ASSOCIATION v. HARYANA URBAN DEVELOPMENT AUTHORITY [CCI]Case No. 94 of 2016

D.K.Sikri, S.L. Bunker, Sudhir Mital, Augustine Peter, U.C. Nahta & G.P. Mittal. [Decided on 31/10/2017]

Competition Act,2002- section 4- HUDA monopoly right to allot plots- allotment of institutional plot on free hold basis by HUDA- agreement containing restriction to transfer plot without the permission of HUDA- whether constitutes abuse of dominance requiring investigation- Held, Yes.

Brief facts:Themaingrievanceof the Informant is that theOppositeParty hasrestricteditsrighttotransferthetitleofplotandbuildingconstructedoveritwithoutthepriorpermissionoftheOppositeParty.Ithasbeenarguedthatsincetheinstitutionalplotswereofferedonfreeholdbasis,thecompleteownershipmustvestintheallotteesafterpayingtheentireconsideration.TheOppositePartyhasnotdeniedtheexistenceofsuchcondition.Rather it has argued that themembers of the Informant/allotteeswere already aware about the said restriction at the timeofallotmentandnoneof themever raisedanyobjection to thesaidrestriction.TheOppositePartyalsoargued that itsactionsare legalunder therelevant lawsandregulationapplicable to theallotmentofsuchplotsandthus,Commissionshouldnotintervene.

Decision: Investigation ordered.

Reason:TheInformanthasannexedvariousallotmentlettersandconveyancedeedswiththeinformationhighlightingtheinconsistencybetweenthestandardformatprovidedundertheHUDARegulationsandtheclausesappearingintheconveyancedeedsexecutedbytheOppositeParty.Aconveyancedeeddated02ndJuly,2010containedthefollowingasClause2:

“TheVendorshallhaveafirstandparamountchargeoverthesaidsite

fortheunpaidportionofthesalepriceandtheTransfereeshallhavenorighttotransferbywayofsale,gift,mortgageorotherwisethelandoranyright,titleorinteresttherein(exceptbywayofleaseonamonthlybasis)withoutthepreviouspermissioninwritingoftheEstateOfficer.TheEstateOfficerwhilegrantingsuchpermissionmay imposesuchconditionsasmaybetheChiefAdministratorfromtimetotime.”

TheaforesaidconditionisinconsistentwiththelanguagecontainedinForm ‘D’of theHaryanaUrbanDevelopment (DisposalofLandandBuildings)Regulations,1978(‘HUDARegulations’).

Atthepreliminaryconferenceheldwiththeparties,theOppositePartycouldnotexplaintheinconsistencybetweenthestipulationappearingintheconveyancedeedexecutedbyitandtheoneappearingintheHUDARegulations. TheCommission, vide order dated 28th June,2017,directedtheOppositePartytospecificallyprovideinformationonvariousqueriesinwritingandtoappearforapreliminaryconferencescheduledon09thAugust,2017.On09thAugust,2017,theOppositePartyappearedbeforetheCommissionbutdidnotfiletheinformationonqueriessoughtbytheCommission.Duringthehearing,thelearnedcounselfortheOppositePartyundertooktofilearesponsetoallthequeriesraisedbytheCommission.However,theresponsefiledbytheOppositePartydidnotcontainspecificanswerstothequerieswhichwereposedbytheCommission.Instead,theOppositePartychosetotakeshelterundertheHUDAActandregulationstojustifyitsactions.

The condition of seeking prior permission of theEstateOfficer, evenforplotswheresaleconsideration is fullypaidseems tobeapparentlyunfair.TheInformanthascitedaninstanceofmortgageintheinformationwhereinoneV&SInternationalPvt.Ltd.mortgagedtheinstitutionalplotallottedbytheOppositePartytoHDFCwhileraisingaloan.ItisstatedthattheOppositePartyallowedthesaidmortgage.However,whenV&SInternationalPvt.Ltd.failedtorepaytheloanandtheinstitutionalplotwassoldoutinanauctionbythelendingbank,namelyHDFCBank,toFourAcesElectronicsPvt.Ltd.,theOppositePartyfailedtotransferthepropertyinfavourofthebuyerFourAcesElectronicsPvt.Ltd.,despiterepeatedrequests.Thisinstanceprimafacieindicatesthattheprovisionofseekingpermission from theEstateOfficer for transferof rights in thepropertyisnotbeingused in favourof theallottees.Thus,contrary toclaimsoftheOppositeParty,thatitallowsfortransferofrightsintheproperty,theCommissionnotesthatprimafaciethematerialonrecordsuggestthatitimposesrestrictionontransferofrightsintheinstitutionalplotsallottedbyit.

To ascertainwhether theOppositeParty undertook any actions tomodifythetermsandconditionwhichwereallegedlyanti-competitive/unfairbyvirtueoftherelevantprovisionsoftheActcomingintoforce,theCommissionhadaskedtheOppositeParty,videorderdated28thJune,2017,tofurnishinformation.However,theOppositePartydidnotprovideanyanswertothisquery.Despitebeinggivenanopportunity,theOppositePartyfailedtoprovidevalidjustificationforitsconduct.

Inviewoftheaforesaiddiscussion,theCommissionfindsthataprimafaciecaseofabuseofdominantpositionwithinthemeaningofSection4(2)(a)(i)hasbeenmadeoutagainsttheOppositeParty.Thiscaseneeds tobesent for investigation to theDirectorGeneral (the ‘DG’)undertheprovisionsofSection26(1)oftheact.TheDGisdirectedtocarryoutadetailedinvestigationintothematterandsubmitareporttotheCommission,within60days.

Itis,however,madeclearthatnothingstatedhereinshalltantamounttoanexpressionoffinalopiniononthemeritsofthecaseandtheDGshallconducttheinvestigationwithoutbeinginfluencedbyanyobservationsmadeherein.


4Government

From the

n THECOMPANIES(AMENDMENT)ACT,2017n COMPANIES(COSTRECORDSANDAUDIT)AMENDMENTRULES,2017n COMPANIES(COSTRECORDSANDAUDIT)SECONDAMENDMENTRULES,2017n RELAXATIONOFADDITIONALFEESANDEXTENSIONOFLASTDATEOFFILINGOFFORMCRA.4UNDERTHECOMPANIESACT,2013REG.n CONDONATIONOFDELAYSCHEME,2018n DESIGNATEDSPECIALCOURTFORSPEEDYTRIALOFOFFENCESn COMPANIES(FILINGOFDOCUMENTSANDFORMSINEXTENSIBLEBUSINESSREPORTINGLANGUAGE),SECONDAMENDMENTRULES,2017n CATEGORIZATIONANDRATIONALIZATIONOFMUTUALFUNDSCHEMESn DISCLOSUREOFHOLDINGOFSPECIFIEDSECURITIESANDHOLDINGOFSPECIFIEDSECURITIESINDEMATERIALIZEDFORM.n INVESTMENTSBYFPISINGOVERNMENTSECURITIESn EXEMPTIONAPPLICATIONUNDERREGULATION11(1)OFSEBI(SUBSTANTIALACQUISITIONOFSHARESANDTAKEOVERS)REGULATIONS,2011


FR

OM

TH

E G

OVER

NM

EN

T


01 The Companies (Amendment) Act, 2017*

[Issued by the Ministry of Law and Justice (Legislative Department). Published in the Gazette of India, Extraordinary, Part-II, Section(1) dated 03.01.2018]

* (No.1of2018).ReceivedtheassentofthePresidenton3rdJanuary2018.

Text of theAmendmentAct, 2017not reproducedhere forwantofspace.ReadersmaylogontothewebsiteoftheMCA(www.mca.gov.in)forfulltextoftheAmendmentAct,2017.

02 Companies (Cost Records and Audit) Amendment Rules, 2017

[Issued by the Ministry of Corporate Affairs vide [F.No. 01/40/2013-CL-V] dated 07.12.2017. To be published in the Gazette of India, Extraordinary, Part-II, Section(3) Sub-section(i)]

Inexerciseofthepowersconferredbysub-sections(1)and(2)ofsection469andsection148oftheCompaniesAct,2013(18of2013)(hereinafterreferredastheAct),theCentralGovernmentherebymakesthefollowingrulesfurthertoamendtheCompanies(costrecordsandaudit)Rules,2014,namely:-

1. TheserulesmaybecalledtheCompanies(costrecordsandaudit)AmendmentRules,2017.

2. In theCompanies (cost records and audit) Rules, 2014(hereinafterreferredtoastheprincipalrules),inrule2,afterclause(f),thefollowingclauseshallbeinsertedandshallbedeemedtohavebeeninsertedwitheffectfromthe1stdayofApril,2016,namely:-

(fa)“IndianAccountingStandards”meansIndianAccountingStandardsasreferredtoinCompanies(IndianAccountingStandards)Rules,2015.

3. In the principal rules, in theAnnexure, for FormCRA-1andFormCRA-3,thefollowingFormsshallrespectivelybesubstitutedandshallbedeemedtohavebeensubstitutedwitheffectfromthe1stdayofApril,2016,namely:-

AMARDEEPSINGHBHATIA

JointSecretary

Form No. CRA-1, CRA-3, Annexure to the Cost Audit Report

Part-A, Part-B, Part-C, Part-D not published here for want of space. Readers may log on to mca.gov.in.

03 Companies (Cost Records and Audit) Second Amendment Rules, 2017

[Issued by the Ministry of Corporate Affairs vide [F. No. 1/40/2013-CL-V] dated 20.12.2017. To be published in the Gazette of India, Extraordinary, Part-II, Section(3) Sub-section(i)] Inexerciseofthepowersconferredbysub-sections(1)and(2)ofsection469andsection148oftheCompaniesAct,2013(18of2013)(hereinafterreferredastheAct),theCentralGovernmentherebymakesthefollowingrulesfurthertoamendtheCompanies(costrecordsandaudit)Rules,2014,namely:-

1. TheserulesmaybecalledtheCompanies(costrecordsandaudit)SecondAmendmentRules,2017.

2. In theCompanies (cost records and audit) Rules, 2014(hereinafterreferredtoastheprincipalrules),inrule2,forclause(aa)thefollowingclauseshallbesubstitutedandshallbedeemedtohavebeensubstitutedwitheffectfromthe1stdayofJuly,2017,namely:-

(aa) “CustomsTariffActHeading”means theheadingasreferredtointheAdditionalNotesintheFirstScheduletotheCustomsTariffAct,1975(51of1975).

3. Intheprincipalrules,inrule3,forthewords“CentralExciseTariffActHeading”,occurringatboththeplaces,thewords“CustomsTariffActHeading”shallbesubstitutedandshallbedeemedtohavebeensubstitutedwitheffectfromthe1stdayofJuly,2017.

4. Intheprincipalrules,intheAnnexure,inFormCRA-2,FormCRA-3andFormCRA-4, for thewords “CETAHeading”,wherever it occurs, thewords “CTAHeading” shall besubstitutedandshallbedeemedtohavebeensubstitutedwitheffectfromthe1stdayofJuly,2017.

AMARDEEPSINGHBHATIA JointSecretary

04 Relaxation of additional fees and extension of last date of filing of Form CRA.4 under the Companies Act, 2013 reg.

[Issued by the Ministry of Corporate Affairs vide General Circular No. 15/2017 F. No. 52/28/CAB/2017 dated 15.12.2017] 1. TheMinistry of Corporate Affairs has received several

representationsaboutextensionofthelastdateforfilingofFormCRA-4withoutadditionalfeesonaccountofCompanies(CostRecordsandAudit)AmendmentRules,2017andotherreasons.Thematterhasbeenexaminedand ithasbeendecidedtoextendthelastdateforfilingofFormCRA-4,forthefinancialyearsstartingonorafter1stApril,2016,without

CorporateLaws

FR

OM

TH

E G

OVER

NM

EN

T


additionalfeestill31stDecember,2017.

2. Thisissueswiththeapprovalofcompetentauthority.

KMSNARAYANAN AssistantDirector

05 Condonation of Delay Scheme, 2018

[Issued by the Ministry of Corporate Affairs vide General Circular No. 16/2017 F. No. 02/04/2017-CL-V dated 29.12.2017]Whereas,companiesregisteredundertheCompaniesAct,2013 (or its predecessor Act) are inter-alia required to filetheir Annual Financial statements andAnnualReturnswiththeRegistrarofCompaniesandnon-filingofsuchreportsisanoffenceunderthesaidAct.

Whereas, section 164(2) of the Act read with section 167of the Companies Act, 2013 [the Act], which provisionswere commenced with effect from 01.04.2014, provide fordisqualificationofadirectoronaccountofdefaultbyacompanyinfilinganannualreturnorafinancialstatementforacontinuousperiodofthreeyears.

Whereas, Rule 14 of the Companies (Appointment andQualification ofDirectors)Rules, 2014 further prescribes thateverydirectorshallinformtothecompanyconcernedabouthisdisqualification,ifany,undersection164(2),informDIR-8.

Whereas,consequentuponnotificationofprovisionsofsection164(2),Ministry ofCorporateAffairs (MCA) had launched aCompanyLawSettlementScheme2014providinganopportunitytothedefaultingcompaniestocleartheirdefaultswithinthetimeperiodspecifiedthereinandfollowingthedueprocessasnotified.

Whereas,MCAinSeptember2017,identified3,09,614directorsassociatedwith the companies that had failed to file financialstatementsorannualreturnsintheMCA21onlineregistryforacontinuousperiodofthreefinancialyears2013-14to2015-16intermsofprovisionsofsection164(2)r/w167(1)(a)oftheActandtheywerebarredfromaccessingtheonlineregistryandalistofsuchdirectorswaspublishedonthewebsiteofMCA.

Whereas,asaresultofaboveaction,therehavebeenaspateofrepresentationsfromindustry,defaultingcompaniesandtheirdirectorsseekinganopportunityforthedefaultingcompaniestobecomecompliantandnormalizeoperations. Whereas,certainaffectedpersonshavealsofiledwritpetitionsbeforevariousHighCourtsseekingrelieffromthedisqualification.

Whereas, with a view to giving an opportunity for the non-compliant,defaultingcompaniestorectifythedefault,inexerciseofitspowersconferredundersections403,459and460oftheCompaniesAct,2013,theCentralGovernmenthasdecidedtointroduceaSchemenamely“CondonationofDelayScheme2018” [CODS-2018]asfollows.

1. The scheme shall come into forcewith effect from01.01.2018andshallremaininforceupto31.03.2018

2. Definitions-Inthisscheme,unlessthecontextotherwiserequires,-

i. “Act”meanstheCompaniesAct,2013andCompaniesAct,1956(whereeverapplicable);

ii. ‘overduedocuments’meansthefinancialstatementsortheannualreturnsorotherassociateddocuments,asapplicable,inthecaseofadefaultingcompanyandrefer todocumentsmentionedinparagraph5of thescheme.

iii. “Company”meansacompanyasdefinedinclauseof20ofsection2oftheCompaniesAct,2013;

iv. “Defaultingcompany”meansacompanywhichhasnotfileditsfinancialstatementsorannualreturnsasrequiredundertheCompaniesAct,1956orCompaniesAct,2013,asthecasemaybe,andtheRulesmadethereunderforacontinuousperiodofthreeyears.

v. “Designatedauthority”meanstheRegistrarofCompanieshaving jurisdiction over the registered office of thecompany.

3. Applicability:-Thisschemeisapplicabletoalldefaultingcompanies (other than the companieswhich have beenstuckoff/whosenameshavebeenremovedfromtheregisterofcompaniesundersection248(5)oftheAct).Adefaultingcompany ispermitted tofile itsoverduedocumentswhichwere due for filing till 30.06.2017 in accordancewith theprovisionsofthisScheme.

4. Procedure to be followed for the purposesof thescheme:- (1) In the caseof defaulting companieswhosenameshavenotbeenremovedfromregisterofcompanies,-i) TheDINsof the concerneddisqualifieddirectors de-

activated at present, shall be temporarily activatedduringthevalidityoftheschemetoenablethemtofiletheoverduedocuments.

ii) ThedefaultingcompanyshallfiletheoverduedocumentsintherespectiveprescribedeFormspayingthestatutoryfilingfeeandadditionalfeepayableaspersection403oftheActreadwithCompanies(RegistrationOfficesandfee)Rules,2014forfilingtheseoverduedocuments.

iii) Thedefaulting companyafter filing documents underthisscheme,shallseekcondonationofdelaybyfilingforme-CODSattachedtothisschemeonlineontheMCA21portal.Thefeeforfilingapplicatione-formCODSisRs.30,000/-(Rs.ThirtyThousandonly).

iv) TheDINsoftheDirectorsassociatedwiththedefaultingcompaniesthathavenotfiledtheiroverduedocumentsand the eform CODS, and these are not taken onrecordintheMCA21registryandarestillfoundtobedisqualifiedontheconclusionoftheschemeintermsofsection164(2)(a)r/w167(1)(a)oftheActshallbeliabletobedeactivatedonexpiryoftheschemeperiod.

v) lntheeventofdefaultingcompanieswhosenameshavebeen removed from the register of companies undersection248oftheActandwhichhavefiledapplicationsforrevivalundersection252oftheActuptothedateofthisscheme,theDirector’sDINshallbere-activatedonlyNCLTorderofrevivalsubjecttothecompanyhavingfilingofalloverduedocuments.

5. Schemenottoapplyforcertaindocuments-Thisscheme

FR

OM

TH

E G

OVER

NM

EN

T


shall not apply to the filing of documents other than thefollowingoverduedocuments:i) FormNumber20B/MGT-7-FormforfilingAnnualreturn

byacompanyhavingsharecapital.ii) Form21A/MGT-7-ParticularsofAnnualreturnfor

thecompanynothavingsharecapital.iii) Form23AC,23ACA,23AC-XBRL,23ACA-XBRL,AOC-

4,AOC-4(CFS),AOC(XBRL)andAOC-4(non-XBRL)-FormsforfilingBalanceSheet/FinancialStatementandprofitandlossaccount.

iv) Form66-FormforsubmissionofComplianceCertificatewiththeRegistrar.

v) Form23B/ADT-1-FormforintimationforAppointmentofAuditors.

6. TheRegistrarconcernedshallwithdrawtheprosecution(s)pending if any before the concerned Court(s) for alldocumentsfiledunderthescheme.However,thisschemeiswithoutprejudicetoactionundersection167(2)oftheActorcivilandcriminalliabilities,ifany,ofsuchdisqualifieddirectorsduringtheperiodtheyremaineddisqualified.

7. At theconclusionof theScheme, theRegistrarshall takeallnecessaryactionsundertheCompaniesAct,1956/2013against the companieswhohavenot availed themselvesofthisSchemeandcontinuetobeindefaultinfilingtheoverduedocuments.

8. Thee-FormCODS2018wouldbeavailablefrom20.02.2018oranalternatedate,whichwillbeintimatedbytheministryon www.mca.gov.in. The stakeholder should completethe necessary procedural requirements and file overduedocumentswithoutwaitingfortheavailabilityofthee-CODSform.

KMSNARYANAN) AssistanrDirector(Policy)

Form No.-e-CODS 2018 not published here for want of space. Readers may log on to mca.gov.in.

06 Designated Special Court for speedy trial of offences

[Issued by the Ministry of Corporate Affairs vide [F. No. 01/12/2009-CL-I (Vol. IV)] dated 04.12.2017. Published in the Gazette of India, Extraordinary, Part-II, Section(3) Sub-section(ii)]

Inexerciseofthepowersconferredbysub-section(1)ofSection435 of theCompanies Act, 2013 (18 of 2013), theCentralGovernment,with the concurrenceof theChief Justiceof theHighCourtofKarnataka,herebydesignatesthefollowingCourtmentionedincolumn(1)oftheTablebelowasSpecialCourtforthepurposesofprovidingspeedytrialofoffencespunishablewithimprisonmentoftwoyearsormoreunderthesaidsub-section,namely:—

TABLECourt JurisdictionasSpecialCourt

(1) (2)

LIXAdditionalCityCivilandSessionsJudge,BengaluruCity

StateofKarnataka

AMARDEEPSINGHBHATIA JointSecretary

07 Companies (Filing of Documents and Forms in Extensible Business Reporting Language), Second Amendment Rules, 2017

[Issued by the Ministry of Corporate Affairs vide [[F. No. 1/19/2013-CL-V] dated 04.12.2017. Published in the Gazette of India, Extraordinary, Part-II, Section(3) Sub-section(i)] Inexerciseofthepowersconferredbysub-sections(1)and(2)ofsection469readwithsection398oftheCompaniesAct,2013(18of2013),theCentralGovernmentherebymakesthefollowingrulesfurthertoamendtheCompanies(FilingofDocumentsandFormsinExtensibleBusinessReportingLanguage)Rules,2015,namely:—

1. Short title and commencement.—(1) These rulesmaybecalledtheCompanies(FilingofDocumentsandFormsin Extensible Business Reporting Language), SecondAmendment,Rules,2017.

(2)TheyshallcomeintoforcefromthedateoftheirpublicationintheOfficialGazette.

2. In the Companies (Filing of Documents and Forms inExtensibleBusinessReportingLanguage)Rules,2015,forAnnexure-III,thefollowingAnnexureshallbesubstituted.

AMARDEEPSINGHBHATIAJointSecretary

Annexure 3 not published here for want of space. Readers may log on to mca.gov.in.

08 Categorization and Rationalization of Mutual Fund Schemes

[Issued by the Securities and Exchange Board of India vide Circular No. SEBI/HO/IMD/DF3/CIR/P/2017/126 dated 04.12.2017.] 1. SEBI,videcircularno.SEBI/HO/IMD/DF3/CIR/P/2017/114

datedOctober 6, 2017, has issued guidelines regardingcategorizationandrationalizationofMutualFundSchemes.

2. Upon consideration of the subsequent representationreceivedfromAMFI,ithasbeendecidedtopartiallymodifytheaforesaidcircularasunder:i. In pt. 8 of the aforesaid circular, after clause c, an

additionalclause‘d’shallbeaddedasfollows:

d. Whilepreparingthesingleconsolidatedlistofstocks,averagefullmarket capitalizationof theprevious sixmonthof thestocksshallbeconsidered.

ii. In respect of sr. nos. 3, 4, 6, 7, 8 and 9 of SectionBofAnnexure to the aforesaid circular, it is clarified

FR

OM

TH

E G

OVER

NM

EN

T


thatMacaulayduration shall beat portfolio level andaccordingly, the column ‘Type of Scheme (Uniformdescriptionofscheme)’oftherespectiveschemeoftheaforesaidsr.nos.ismodifiedandshallbereadasgivenbelow:

‘AnopenendedXYZschemeinvestingininstrumentssuch that theMacaulay duration of the portfolio isbetweenAtoByears(pleaserefertopageno.__)#.’

#PleaserefertothepagenumberoftheOfferDocumentonwhichtheconceptofMacaulay’sDurationhasbeenexplained

iii. WithrespecttotheMediumDurationFundandMediumtoLongDurationFund(sr.no.7andsr.no.8ofSectionBof theAnnexure to theCircular), thecharacteristicsof the scheme shall remain the same under normalcircumstancesasstated in thecirculardatedOctober6, 2017.However, the fundmanager, in the interestof investors,may reduce theportfolio durationof theaforementionedschemesuptooneyear,incasehehasaviewoninterestratemovementsinlightofanticipatedadversesituation.TheAMCshallberequiredtomentionits asset allocation under such adverse situationin its offer documents. Thus, themodified schemecharacteristicsforthefollowingcategoriesofschemeswouldnowreadasfollows:

CategoryofSchemes SchemeCharacteristicsMediumDurationFund- InvestmentinDebt&MoneyMarket

instrumentssuchthattheMacaulaydurationoftheportfolioisbetween3years–4years.PortfolioMacaulaydurationunderanticipatedadversesituationis1yearto4 years

MediumtoLongDurationFund-

InvestmentinDebt&MoneyMarketinstrumentssuchthattheMacaulaydurationoftheportfolioisbetween4years–7years.PortfolioMacaulaydurationunderanticipatedadversesituationis1yearto7 years

Also,whenevertheportfoliodurationisreducedbelowthespecifiedfloorsof3yearsand4yearsinrespectofMediumDurationFundandMediumtoLongDurationFundrespectively,theAMCshallberequiredtorecordthe reasons for the samewith adequate justificationandmaintain the same for inspection. The writtenjustificationsshallbeplacedbeforetheTrusteesinthesubsequentTrusteemeeting.Further,theTrusteesshallalsoreviewtheportfolioandreportthesameintheirHalfYearlyTrusteeReporttoSEBI.

iv. Further,CorporateBondFunds(Sr.No.11ofSectionBoftheAnnexuretotheCircular)wouldbepermittedtoinvestinAA+andaboveratedinstruments.Accordingly,theCreditRiskFund (Sr.No. 12ofSectionBof theAnnexure to theCircular)would nowbepermitted toinvestinAAandbelowratedinstruments(excludingAA+ratedinstruments).Thus,theschemecharacteristicsandTypeofSchemefortheCorporateBondFundandCreditRiskFundwouldnowreadasfollows:

CategoryofSchemes

SchemeCharacteristics

TypeofSchemes

CorporateBondFund Minimuminvestmentincorporatebonds–80%oftotalassets(onlyinAA+and above ratedcorporatebonds.).

Anopenendeddebtschemepredominantlyinvesting in AA+ andaboveratedcorporatebonds.

MediumtoLongDurationFund-

Minimuminvestmentincorporatebonds–65%oftotalassets(onlyinAA* and below ratedcorporatebonds)

Anopenendeddebtschemepredominantlyinvesting in AA andbelow rated corporatebonds (excludingAA+ratedcorporatebonds).

*excludesAA+ratedcorporatebonds

v. Sr.no.13and16ofSectionBoftheAnnexuretotheCircular,shallnowreadasfollows:

CategoryofSchemes

SchemeCharacteristics

TypeofSchemes

BankingandPSUFund Minimuminvestmentindebtinstrumentsofbanks,PublicSectorUndertakings,PublicFinancialInstitutionsandMunicipalBonds–80%oftotalassets

Anopenendeddebtschemepredominantlyinvestingindebtinstrumentsofbanks,PublicSectorUndertakings,PublicFinancialInstitutionsandMunicipalBonds

FloaterFund Minimuminvestmentinfloatingrateinstruments(includingfixedrateinstrumentsconvertedtofloatingrateexposuresusingswaps/derivatives)–65%oftotalassets

Anopenendeddebtschemepredominantlyinvestinginfloatingrateinstruments(includingfixedrateinstrumentsconverted to floatingrate exposures usingswaps/derivatives)

3. MutualFundsarerequiredtosubmittheirproposalstoSEBIafterobtainingdueapprovalsfromtheirTrusteesasearlyaspossiblebutnotlaterthanDecember15,2017.

4. AllotherconditionsspecifiedinSEBIcirculardatedOctober06,2017shallremainunchanged.

5. Thiscircular is issuedinexerciseofthepowersconferredunderSection11(1)oftheSecuritiesandExchangeBoardof IndiaAct, 1992, readwith the provision ofRegulation77 ofSEBI (Mutual Funds)Regulations, 1996 to protectthe interestsof investors insecuritiesand topromote thedevelopmentof,andtoregulatethesecuritiesmarket..

DEENAVENUSARANGADHARAN DeputyGeneralManager

09 Disclosure of holding of specified securities and Holding of specified securities in dematerialized form.

[Issued by the Securities and Exchange Board of India vide Circular No. SEBI/HO/CFD/CMD/CIR/P/2017/128 dated 19.12.2017.] 1. This circular is in continuation toCircularNo.CIR/CFD/

CMD/13/2015datedNovember 30, 2015, prescribing the

FR

OM

TH

E G

OVER

NM

EN

T


mannerofrepresentationofholdingofspecifiedsecurities.

2. Clause2(c)oftheaforesaidcircularhasbeenamendedasunder:

“The details of the shareholding of the promoters andpromoter group, public shareholder and non-public non-promoter shareholdermust be accompanied with PANNumber (firstholder incaseof jointholding).Further, theshareholdingof the promoter andpromoter group, publicshareholderandnon-publicnon-promotershareholderistobeconsolidatedonthebasisofthePANandfolionumbertoavoidmultipledisclosuresof shareholdingof the sameperson.”

3. TheStockExchangesareadvised tobring theprovisionsofthiscirculartothenoticeofthelistedentitiesandalsotodisseminatethesameonitswebsite.

4. ThisCircularisissuedinexerciseofthepowersconferredunderSection 11 andSection 11Aof theSecurities andExchangeBoardofIndiaAct,1992readwithRegulation31andRegulation101(2)oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015.

5. ThiscircularisavailableonSEBIwebsiteatwww.sebi.gov.inunderthecategories“LegalFramework”and“ContinuousDisclosureRequirements”.

TVVPSCHAKRAVARTIT DeputyGeneralManager

10 Investments by FPIs in Government Securities

[Issued by the Securities and Exchange Board of India vide Circular No. IMD/FPIC/CIR/P/2017/129 dated 20.12.2017.] 1. RBI in itsFourthBi-monthlyPolicyStatement for theyear

2015-16, dated September 29, 2015 had announced aMediumTermFramework(MTF)forFPIlimitsinGovernmentsecurities in consultationwith theGovernment of India.Accordingly,SEBIhadissuedcircularsCIR/IMD/FPIC/8/2015datedOctober 06, 2015, IMD/FPIC/CIR/P/2016/45 datedMarch 29, 2016 and IMD/FPIC/CIR/P/2016/107 datedOctober03,2016,IMD/FPIC/CIR/P/2017/30datedApril03,2017, IMD/FPIC/CIR/P/2017/74dated July 04, 2017 andIMD/FPIC/CIR/P/2017/113datedOctober04,2017regardingtheallocationandmonitoringofFPIdebtinvestmentlimitsinGovernmentsecurities.

2. IthasbeendecidedtorevisethelimitforinvestmentbyFPIsinGovernmentSecurities, for the January -March 2018quarter,witheffectfromJanuary01,2018,asfollows:a. LimitforFPIsinCentralGovernmentsecuritiesshallbe

enhancedtoINR191,300cr.b. Limit for LongTermFPIs (SovereignWealth Funds

(SWFs),Multilateral Agencies, Endowment Funds,InsuranceFunds,PensionFundsandForeignCentralBanks)inCentralGovernmentsecuritiesshallberevisedtoINR65,100cr.

c. Thedebt limit category ofStateDevelopment Loans(SDL)shallbeenhancedasfollows:

i. SDL-GeneralshallbeenhancedtoINR31,500crii. SDL-LongTermshallbeenhancedtoINR13,600

cr

3. Accordingly,therevisedFPIdebtlimitswouldbeasfollowswitheffectfromJanuary01,2018:

TypeofInstrument UpperCapasonDecember31,2017(INRcr)

RevisedUpperCapwitheffectfromJanuary01,2018(INRcr)

GovernmentDebt–General

189,700 191,300

GovernmentDebt–LongTerm

60,300 65,100

SDL–General 30,000 31,500SDL–LongTerm 9,300 13,600Total 289,300 301,500

4. All other existing conditionswith regard to allocation andmonitoringofdebtlimitsshallcontinuetoapply.

Thiscircularshallcomeintoeffectimmediately.ThiscircularisissuedinexerciseofpowersconferredunderSection11(1)oftheSecuritiesandExchangeBoardofIndiaAct,1992.

Acopyofthiscircularisavailableatthewebpage“Circulars”onourwebsitewww.sebi.gov.in.CustodiansarerequestedtobringthecontentsofthiscirculartothenoticeoftheirFPIclients.

ACHALSINGH

DeputyGeneralManager

11 Exemption application under Regulation 11 (1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

[Issued by the Securities and Exchange Board of India vide Circular No. SEBI/HO/CFD/DCR1/CIR/P/2017/131 dated 22.12.2017.] 1. Regulation11(1)ofSEBI(SubstantialAcquisitionofShares

andTakeovers)Regulations,2011(SASTRegulations),givespowertotheBoardtograntexemptionfromtheobligationtomakeanopenofferforacquiringshares.Further,asperRegulation11(3) ofSASTRegulations, theacquirer shallfileanapplicationwiththeBoard,supportedbyadulyswornaffidavit,givingdetailsoftheproposedacquisitionandthegroundsonwhichtheexemptionhasbeensought.

2. In order to ensure uniformity of disclosures in suchapplications,ithasbeendecidedtoprovideastandardformatforfilingofapplicationwithSEBI.TheinstructionsanddetailsinthisregardaregivenatAnnexure-A.

3. ThiscircularshallbeapplicabletoalltheapplicationsthatarefiledwithSEBIafterthedateofthiscircular.

4. Thiscircular is issuedinexerciseofthepowersconferredunderSection11readwithSection11AoftheSecuritiesandExchangeBoardofIndiaAct,1992.

5. ThiscircularisavailableonSEBIwebsiteatwww.sebi.gov.inunderthecategories“LegalFramework”and“Takeovers”.

RAJESHGUJJAR DeputyGeneralManager

FR

OM

TH

E G

OVER

NM

EN

T


Annexure–A

(STANDARDFORMATOFAPPLICATIONUNDERREGULATION11(1)OFSEBI(SUBSTANTIALACQUISITIONOFSHARESANDTAKEOVERS)REGULATIONS,2011)

(SASTREGULATIONS)

I. Instructions1. Theapplicationshouldbemadebytheacquirer.Ifitismade

byapersonother thantheacquirer, the letterofauthoritygrantedby theacquirer (includingall thePACs)must beenclosedwiththeapplication.

2. Theapplicationmustbesupportedbyadulyswornaffidavitby the acquirer confirming that the details stated in theapplicationaretrueandcorrectandinaccordancewiththestandardformatprescribedbySEBI.

3. Iftheacquirerisabodycorporate,atruecopyoftheresolutionofitsBoardofDirectorsortheGoverningBodyauthorizingfilingoftheapplication,mustbeenclosedwiththeapplication.

4. If theacquirer is aTrust, executed trust deed(s)must besubmittedandtheacquirershouldendeavourtocomplywiththeguidelinesoutlinedatthe‘Schedule’tothisAnnexure.

5. Theapplication filedwithSEBI should be complete in allrespectsandonlycompleteapplicationwouldbeprocessed.

6. Inaddition,softcopyof thesaiddocuments inpdf formatshouldbeemailed toSEBIat [email protected]

7. Alltheinformationgivenintheapplicationshouldbeasofthedateofapplicationunlessotherwisespecifiedtherein.

II. GeneralDetails1. Dateoftheapplication:

2. Name, PAN and address of the acquirer(s) and PACs(includingtelephonenumber,emailetc.)

3. Iftheapplicantisapersonotherthantheacquirer,thenstatename,address,telephonenumber,emailetc.,oftheapplicantandstatewhetherletterofauthoritygivenbytheacquirerandpersonsactinginconcert,isenclosed.

4. Statethedetailsofthefilingfeesasspecifiedinregulation11(4)oftheSASTRegulations.

5. Statewhethertheacquirer/PACsarepartofthepromoter/promotergroup.

6. Ifanyapplicationwasfiledunderregulation11(1)ofSASTRegulationswithSEBIinthepast,givedetailsincludingnameof targetcompany,preandpostacquisitionshareholding,regulationtriggered,exemptiongrantedornot,conditionsforexemptiongranted,ifany,whetherthesaidconditionswerefulfilled,etc.

7. Details of any directions bySEBI subsisting against theacquirersincludingPAC.

8. DetailsofanypendingproceedingsbeforeSEBI.

III. DetailsoftheTargetCompany1. NameandaddressoftheTargetCompany(includephone,

email etc )2. BriefhistoryoftheTargetCompanystating inter-alia,date

ofincorporation,addressofregisteredoffice,mainbusinessactivities,etc.)

3. Details of Board of Directors stating the total numberof directors, their names and status namely whetherExecutiveDirector,PromoterDirector,NomineeDirectorandIndependentDirector,etc.

4. Detailsofsharecapitalofthetargetcompany.I. No.ofequitysharesissued/subscribedandpaidupand

facevalueofeachequityshare.II. No.ofpreferencesharesissued,subscribedandpaid

upandfacevalueofeachpreferenceshare.III. Whetherallequityshareshaveuniformvotingrights,if

not,thenthedetailsofvotingrightsattachedtoequityshares.

IV. TotalpaidupEquityShareCapital(numberofsharesxfacevalue),showingseparately,callsinarrears,ifany.

V. TotalpaidupPreferenceshareCapital(numberofsharesxfacevalue),showingseparatelycallsinarrears,ifany.

5. Total equity share capital / voting rights of the targetcompanybeforeandafter theproposedacquisition.StatethefollowingfinancialparametersofthetargetcompanyfortheimmediatelyprecedingfinancialyearI. Net-worth-Rs……….II. Bookvalueperequityshare-Rs.III. ReturnonNet-worth%IV. Earningspershare-Rs.

6. NameofStockExchangeswheresharesofTargetCompanyarelisted/permittedtotradeandthedateoflisting.

7. Indicateopeningandclosingpricesofitssharesasonadatepriortothedateoftheapplication.

8. Clarify whether the shares of the target company arefrequentlyor infrequentlytradedintermsofregulation2(j)ofSASTRegulations,takingthedateofapplicationasthereferencedate.

9. Calculateandindicatetheminimumofferpriceofthesharesof the target company, in accordancewith regulation 8of SASTRegulations (taking date of application as thereferencedate) consideringall theparameters laid downtherein,asmaybeapplicable(dependinguponthefrequencyoftradinginsharesofthetargetcompany).

IV. DetailsoftheProposedAcquisition1. Number and percentage of equity shares / voting rights

proposedtobeacquired.2. Acquisitionpricetobepaidpershareofthesharesproposed

tobeacquired.3. Names,PANandaddressof theentities fromwhom the

abovesharesareproposedtobeacquired.4. Date(s)sincetheentitiesfromwhomtheabovesharesare

proposedtobeacquiredhavebeendisclosedaspromotersintheshareholdingpatternfiledwiththestockexchanges

5. Shareholdingpatternofthetargetcompanybeforeandaftertheproposedacquisitioninthefollowingformat:

Particulars Shareholdingbeforetheproposed

acquisition

ProposedTransaction

Aftertheproposedacquisition

No.ofshares

%holding

No.ofshares

%holding

No.ofshares

%holding

Promoters&PromoterGroupotherthanAcquirers

FR

OM

TH

E G

OVER

NM

EN

T

AcquirersandPAC

Public

Total

6. Statewhich provision(s) ofSASTRegulationswould betriggeredonaccountoftheproposedacquisition.

7. If the proposed acquisitionwould result into change ofcontrol of the target company, themanner and relevantdetailsofsuchacquisitionofcontrolinter-aliadetailslikenatureofapprovalsrequiredforsuchacquisition,statusofsuchapprovals,etc.shallbefurnished.

8. Detailedgroundsforseekingexemption9. Detailsofrelevantprecedence,ifany

Schedule

CasesinvolvingTrustasacquirerSEBIintherecentpasthasreceivedanumberofapplicationspertaining to transfer of shares from promoters to Trustswhichwerereferredtothepanelofexperts(TakeoverPanel)asperRegulation11(5)ofSASTRegulations.BasedontherecommendationsoftheTakeoverPanel,SEBIhadpassedordersgranting/notgrantingexemptiontotheapplicants.Inthe recent past, grant of exemptionwere considered if thefollowingconditionsweremetbytheapplicants,expresslyintrustdeed:i. The Trust is in substance, only amirror image of the

promoters’holdingsandconsequently,thereisnochangeofownershiporcontrolofthesharesorvotingrightsinthetargetcompany.

ii. Only individual promotersor their immediate relativesorlinealdescendantsareTrusteesandbeneficiaries;

iii. Thebeneficialinterestofthebeneficiariesofthetrusthasnotbeenandwillnotinthefuture,betransferred,assignedorencumberedinanymannerincludingbywayofpledge/mortgage;

iv. In case of dissolution of the Trust, the assets will bedistributedonlytothebeneficiariesofthetrustortotheirlegalheirs;

v. TheTrusteeswillnotbeentitledtotransferordelegateanyof theirpowers toanypersonother thanoneormoreofthemselves.

Inaddition,thefollowingundertakingswerepartofthetrustdeed:vi. Anychangeinthetrustees/beneficiariesandanychange

inownershiporcontrolofsharesorvotingrightsheldbyTrustshallbedisclosedwithin2daystotheconcernedstockexchangeswithacopyendorsedtoSEBIforitsrecord;

vii. AsfarastheprovisionsoftheSEBIActandtheregulationsframedthereunderareconcernedtheownershiporcontrolofsharesorvotingrightswillbetreatedasvestingnotonlywiththeTrusteesbutalsoindirectlywiththebeneficiaries;

viii. TheliabilitiesandobligationsofindividualtransferorsundertheSEBIActandtheregulationsframedthereunderwillnotchangeorgetdilutedduetotransferstotheTrust;

ix. TheTrust shall confirm,onanannual basis, that it is incompliancewiththeexemptionorderpassedbySEBI.Thesaidconfirmationshallbefurnishedtothecompanywhichitshalldiscloseprominentlyasanotetotheshareholding

pattern filed for thequarter endingMarch31eachyear,under regulation31of theSEBI (ListingObligationsandDisclosureRequirements)Regulations,2015;

x. TheTrustshallgetitscompliancestatuscertifiedfromanindependent auditor annually and furnish the certificatetotheStockExchangesforpublicdisclosurewithacopyendorsedtoSEBIforitsrecords.

Further,exemptionsweregrantedwhenthefollowingconditionswerecomplied:xi. The proposed acquisition is in accordance with the

provisionsoftheCompaniesAct,2013andotherapplicablelaws;

xii. The transferors are disclosed as promoters in theshareholdingpatternfiledwiththeStockExchangesforaperiodofatleast3yearspriortotransfer(exceptforholdingonaccountofinheritance);

xiii. Thereisnolayeringintermsoftrustees/beneficiariesincaseofTrusts;

xiv.TheTrustdeedagreementdoesnotcontainanylimitationofliabilityofthetrustees/beneficiariesinrelationtotheprovisions of theSEBIAct and all regulations framedthereunder.

TheTakeoverPanelandSEBIwillcontinuetoscrutiniseexemption application based on the above conditions.It is further clarified thatwhile the above conditions /undertakingarebroadandgeneralinnature,compliancewiththeaboveconditionsdoesnotguaranteeautomaticexemption fromopen offer and all applicationswill beconsideredbytheTakeoverPanelandSEBIonacasetocasebasis.However,theprocessingtimeofapplicationswhere the above conditions are complied could besignificantlyfaster.


PerkinsEastmanDesignConsultantsIndiaPrivateLimited,havingitsregisteredofficeatFifthFloor(WestWing),ForbesBuilding,CharanjitRaiMarg,Fort,Mumbai-400001,Maharashtra, India requires dynamic, dili-gent&resultorientedCompanySecretary.

TheCandidateshouldbeaqualifiedCom-panySecretarywith3Yearsofexperiencepreferably worked in Company or similarindustry.

Candidateshouldbecapableofliaisingwithvarious Government Authorities and shallhaveflairforwriting,draftingandvettingoflegal documents, agreements, contracts,MOUDraftingandfilingofvarious returnswithdifferentGovernmentAuthorities.

Interested candidates fulfilling the abovecriteriacanemail theirCVs [email protected]

APPOINTMENT

5InstituteNews from the

n MEMBERSRESTOREDFROM1/11/2017TO30/11/2017n CERTIFICATEOFPRACTICESURRENDEREDDURINGTHEMONTHOFNOVEMBER,2017n KNOWYOURMEMBER(KYM)


NEW

S F

RO

M T

HE IN

STIT

UTE

InstituteNews

The last date for payment of annual membership fee was31-08-2017 and for renewal of certificate of practice was30-09-2017. The members who have not paid their annualmembership fee and/or certificate of practice fee by the lastdatearerequiredtorestoretheirmembershipand/orcertificateof practice by paying the requisite entrance and restorationfees alongwith the applicable annual membership fee andannualcertificateofpractice feewithGST@18%onthetotalfee payable. Members are required to submit Form–BB forrestoration of membership and Form-D for restoration ofcertificate of practice duly filled and signed. For moreclarification,[email protected](forrestoration of membership) and [email protected] (forrestorationofcertificateofpractice).

NOTICE

AUserManualforfillingtheKnowYourMember(KYM)proformaonlineisavailableatthelink:https://www.icsi.in/student/Portals/0/Manual/KYM_Usermanual.pdf

KnowYourMember(KYM)

ForlatestadmissionofAssociateand FellowMembers,LifeMembersofCompanySecretariesBenevolentFund(CSBF), LicentiatesandissuanceofCertificateof Practice,kindlyrefertothelinkhttp://www.icsi.edu/Member.aspx

MEMBERS RESTORED FROM 1/11/2017 TO 30/11/2017Sr.No.

A/F MEM.NO.

MEM.NAME PLACE

1 A 13440 CSSANJEEVJAIN NIRC2 A 40452 CSASHISHGUPTA EIRC3 A 27408 CSPURVASATIJA NIRC4 A 24629 CSRICHAKHANGAROT NIRC5 A 33385 CSDEEPIKASHARMA NIRC6 A 31289 CSRADHIKARAJAGOPAL WIRC7 A 31626 CSKUNJBIHARIYADAV NIRC8 A 28703 CSSAGARGROVER NIRC9 F 4168 CSAJAYBHATNAGAR NIRC10 A 2887 CSSVJAYARAMAN SIRC11 A 27679 CSRUCHIKABERIWAL NIRC12 A 29054 CSCHANDRIKAR SIRC13 A 19290 CSMEGHANASATYAKIPHADNIS WIRC14 A 41748 CSNIVEDITAPANDE NIRC15 A 19056 CSREETUSHARMA SIRC16 A 32857 CSJYOTIAGARWAL NIRC17 F 3669 CSSANJEEVGEMAWAT NIRC18 F 3537 CSSANJAYBANKA EIRC19 A 16367 CSNIDHISHARMA NIRC20 A 40537 CSHEMALAKHMICHANDADWANI WIRC21 A 20566 CSJYOTIBALAVIKASPORWAL SIRC22 A 10775 CSCHHAVIKOCHHAR NIRC23 A 25453 CSDINESHGUPTA NIRC24 A 41086 CSMANOJKUMARJHA NIRC25 A 17744 CSVINAYKUMARCHAWLA NIRC26 F 6305 CSPRAGYESHKUMARSINGH NIRC27 A 32355 CSPARULGARG NIRC28 A 20585 CSCHARURANJAN NIRC29 A 30482 CSBISWAJITADHYA EIRC30 A 25261 CSRAVENDRAPRATAPSINGH NIRC31 A 14886 CSSUNILKUMARJHUNJHUNWALA EIRC32 A 30683 CSRAJNIAGARWAL EIRC33 A 40720 CSDEEPAKRAMAKANTKAMATH WIRC34 A 24986 CSSALONIMEHTA NIRC35 A 15822 CSSIRISHACHINTAPALLI SIRC36 A 15627 CSS.V.JAGANNATHAN SIRC

CERTIFICATE OF PRACTICE SURRENDERED DURING THE MONTH OF NOVEMBER 2017SL.No.

NAME MEMBNO. COPNO.

REGION

1 CSPOOJAGARG ACS 51037 19024 NIRC2 CSASHWINIPUNDALIKABLE ACS37891 17518 WIRC3 CSJALPAHARESHADBHAISALVI ACS 26677 18775 WIRC4 CSMOHITSHAW ACS 36735 14934 EIRC5 CSSRIBALAADITYAYANAMANDRA ACS 31759 14114 SIRC6 CSAMITPODDAR ACS 46311 16974 WIRC7 CSSONIAKAHLON ACS41804 17014 WIRC8 CSSHILPYJAISWAL ACS 41239 16243 WIRC9 CSLOVELYKUMARI ACS34778 16881 NIRC10. CSSONIABADRILALKAKANI FCS8156 8329 WIRC11 CSGURPRIYASABHARWAL ACS 39700 16328 NIRC

12 CSNEERAJSINGHAL ACS21385 17265 NIRC13 CSBINAMAHESHBHAIDARJI ACS50812 18970 WIRC14 CSSRIKANTHGODAVARTHI FCS9130 16466 SIRC15 CSDEEPAMETHWANI ACS 29560 12260 WIRC16 CSNANCYSINGLA ACS 42571 15961 NIRC17 CSAMITABHARGAVA ACS50897 18950 WIRC18 CSABHISHEKDEEPAKSUPEKAR ACS43798 16320 WIRC19 CSVIKASHKUMARSINGH ACS 51176 18619 EIRC20 CSVARUNVINODKUMARGUPTA ACS 40969 15407 NIRC21 CSKUNJILIKKATTILSADANANDHANSINDHU ACS 30031 11778 SIRC22 CSSWATIDAGA ACS43208 16017 NIRC23 CSKRUTIKAMAHESHWARI ACS43984 16674 WIRC24 CSJYOTIKAMEHRA ACS48337 19372 NIRC25 CSPRITHADAHNDHANIA ACS 49631 18519 EIRC26 CSSAURABHMAHESHWARI ACS 32026 17831 NIRC27 CSBHARATKUMARPRAJAPAT ACS 45120 17816 WIRC28 CSMYTHILIGIRISH ACS 9029 14038 SIRC29 CSNAMRATACHAMPAKBHAILAD ACS 41100 16440 WIRC30 CSARJUNSURYANARAYANAMANCHI FCS8887 18529 WIRC31 CSANURADHAAGGARWAL FCS7866 7801 NIRC32 CSAMITKUMARJAIN ACS 49531 18609 NIRC33 CSRAJASHOKMANEK ACS 49277 18878 WIRC34 CSABHISHEKMEHROTRA ACS 45437 18793 NIRC35 CSJBANUMATHI ACS 12605 9606 WIRC36 CSSHINTOSTANLY ACS30860 16160 SIRC37 CSMOHAMMADANWARULHAQABDULM ACS 33676 12553 SIRC38 CSAKASHSHARMA ACS 40399 17289 NIRC39 CSMONIKASHARMA ACS 16942 15895 NIRC


6Corner

Miscellaneous

n CORPORATELEADERSHIPDEVELOPMENTPROGRAM(CLDP)n GSTCORNERn CGCORNERn ETHICS&SUSTAINABILITYCORNER



Vision‘Transforming Governance Professionals to future CorporateLeaders’

BackdropTheconceptofintroducingaresidentialCLDPprogramof45daysduration with comprehensive syllabus was a revolutionary steptaken by ICSI. This shows the commitment of ICSI towards thebuildingofnationbyofferinghighcalibreprofessionalsandleaderstotheIndiancorporateworld.

The council approved the concept and constituted a committeeto finalize the modalities for implementing the Program. Thecommitteedecidedthatinitiallyaprogramofashorterdurationtobeintroducedonpilotbasistostudyitseffectivenesswhichwillbeasteptowardsimplementingtheproposedthreemonthscompulsoryresidential program for professional pass out candidates. Theobjectiveof introducingapilotprogramof45daysdurationwasto understand the challenges thatmay be faced in the effectivedeliverywith respect tomaintaining thequalityof instructionandensuringcontinuousinvolvementoftheparticipants.

The classic and first ever 45 days pilot residential CorporateLeadership Development Program was launched by Hon’bleJustice Shri Dinesh Maheshwari, Chief Justice, High Court ofMeghalaya,onJune24,2017atthe18thNationalConferenceofPractisingCompanySecretaries,heldatShillong.

ThefirstbatchofCLDPwasorganisedfrom1stAugust,2017to14thSeptember2017by theHeadOffice inNoida.The institutesigned an MOU with Lloyd Law College, Greater Noida forconductingtheprogramattheircampusalong-withprovidinghostelaccommodationtotheparticipants.

InauguralCeremonyofSecondBatchofCLDPWith recognizing the accolades of our first ever CLDP, theInstitutedecidedtoimplementtheprogramthroughICSIregionalofficesandtobeginwiththesecondbatchofCLDPprogramwasannounced at ICSI-CCGRT Navi Mumbai campus. The valueaddition created through innovative training design and delivery,generated awareness about the program and aroused a keeninterest in professional pass out candidates to join this programwhichresultedin26registrationsfortheprogram.

TheinauguralceremonywasheldonNovember302017,atICSI-CCGRT, in the august presence of Chief Guest Shri MrugankParanje,MDandCEO,MCX,GuestofhonourShri.NareshKumarPinisetti President (HR), Deepak Fertilizers and PetrochemicalsCorporation Limited, CS Atul H. Mehta, Past President andCouncilMemberICSI,CSAshishGargCouncilmemberICSIandChairman-ICSI-CCGRT Management Committee. The CCGRTofficialsDr.TarunPandeyaDean-ICSICCGRT,Dr.RajeshKumarAgrawal-DirectorICSICCGRTwerealsopresentontheoccasion.

CSAtulMehtaexplicatedthatICSIisamajorcontributorinshapingcorporategovernancepracticesinIndia.Heemphasisedthatoutof110000governanceprofessionalsintheworld,53000areinIndiaonly.This furtherstrengthens theneed to trainCSprofessionals

and provide them the platform to develop requisite skill-sets toexpandtheirrolesingovernanceareas.

CS Ashish Garg motivated the participants by highlighting theimportanceofwomenempowerment.Headvisedtheparticipantstospeakthetruthandabideby lawasthesearereflectedintheancientHinduscriptures.Givingreallifeexamplesofthesuccessstories of well- renowned inspirational leaders, he encouragedparticipantstoconsistentlyputeffortstowardstheircareergrowthanddevelopment.Mr.N.K.Pinisetti advised theparticipants tokeeppatienceandcontinue hard work in life to get the success. Mr M. Paranjpenarrated various difficult phases through which the MCX haspassedovertheperiodoftimeandemergedasindustryleader.

InauguralFunctionheldonThursdayNov30,2017atICSI-CCGRT

KeyHighlightsResidential Format highly appreciated by the participantsThe residential nature of the program is highly appreciated byparticipants who are coming from different parts of the countryand having a diverse cultural background. During the 45 daysparticipants,experienceemergenceofastrongbondingamongstthemselves which results in developing supportive and positiveteamrelationships.

Corporate Interface with Industrial Visits Theuniqueappearanceoftheprominentcorporateleadersduringthe program is well appreciated by the participants. ICSI feelshighly indebted to Reliance Industries Ltd, and its entire teamof officials lead by CS S Sudhakar for actively and voluntarilyhosting the visit of participants at their company premises. Themeaningful discussions on the various corporate and secretarialfunctionsservedavalueadditionfortheparticipants.Meetinganddiscussions with other prominent corporate leaders from ICICIBank,RBI,SEBIandBSEexposedparticipantstowardstheeverchanging role of CS and how they can contribute towards thestrategicgrowthoforganisations.

IndustrialvisittoRBIMuseum

CORPORATELEADERSHIPDEVELOPMENTPROGRAM(CLDP)TheSecondbatchof45daysResidentialProgramorganisedatICSI-CCGRT



IndustrialVisittoBSE

IndustrialvisittoICICIBank

Continuous AssessmentParticipants during the 45 days went through a continuosassessmentprocesswhichincludes,pre-training,during-trainingandpost-trainingassessmentstoevaluatetheirprogressduringthe program.Continuous feedbackwas taken from the facultymembers during the program which helped to enhance thequalityofinteractionwithparticipantsandmakemodificationsinthestructurewhenrequired.

IndustrialvisittoRelianceIndustriesLtd

Engagement of Intellectual CapitalIdentificationoffacultyforthetopicswasexecutedinascientificmanner by assessing their past experience and exposurein delivering the topics. Two pronged faculty engagementapproach was adopted where certain senior faculties wereengaged as mentors and others as subject experts. The roleof the mentors was to observe and effectively channelizeparticipant’s enthusiasm and desire to learn by giving them,challengingassignmentsandpresentationsandmotivatingthemto actively participate during the training program. ICSI highlyappreciates the untiring efforts taken by mentors and facultymembersassociatedwith theprogramandputson record theinvolvementof industryveteransnamely,CSSSudhakar fromRelianceIndustriesLtd,CSNarayanShankarfromMahindra&MahindraLtd,forsparingvaluabletimefromtheirbusyscheduleandsharingtheirexperienceandwisdomwiththebatchonsomeoftheemergingareasoftheprofession.

Induction program for participants Forthesmoothinductionoftheparticipants,anorientation(day

zero)wasplannedanddulyconducted.TheSessionstartedwithintroductionof theparticipantsthroughanice-breakingactivity.DuringthedayzeroICSICoordinatorsmetwiththeparticipantsandaddressedtheirfears,doubtsandqueriesregardingthe45daysresidentialprogram.Theguidelinesonthecodeofconductduringthe45daysandthereadingmaterialonthemoduleswassharedwiththeparticipants.

Master Blaster KMP ContestThe Master Blaster KMP contest was planned in two stages.The scores of the two stages were added and the winnerswere announced. Various activities, such as Book ReviewPresentations, IndividualPresentations,BusinessQuiz,Projectreport submissionandPresentationsandsecret votingamongtheparticipantsformedapartofthecontestandaconsolidatedscorecardwasgenerated.ThewinnersoftheKMPcontestarefelicitatedduringtheValedictory.

Placement Initiatives ICSI has put rigorous efforts in preparing the participants toface interviews by guiding them on writing professional CV’s,groomingonappearingforinterviewsandgroupdiscussionsandsensitising themon the corporate expectations on the variousrolesofferedtothem.Theuniquepropositionoftheplacementdrive was the variety of profiles being offered to participantsfrom some of the core and emerging areas like, Legal, GST,Compliance,Secretarialetc.

Participation in extra curricular activities As part of the training program, extra curricular activities,organisedintheformofbirthdaycelebrations,culturalprogram,treasure hunt, sports and games and yoga sessions, hastremendouslybuildtheconfidenceoftheparticipantsandhelpedthemtodeveloppositiveattitudetowardslife.

Valedictory FunctionThe Valedictory function for the Second Batch of 45 daysResidentialCLDPwassuccessfullyconcludedonJan13,2018atICSICCGRT,inthebenignpresenceofMr.SachinJain,COOEdelweissCustodialServicesLtd,astheChiefGuestofthedayalongwith,Dr.TarunPandeya-DeanCCGRT,Dr.RajeshAgrawalDirector-CCGRT, Dr. Prasant Sarangi- Director ResearchCCGRT,Dr.JaiprakashPaliwalJointDirector-Placements,andDr. Sapna Malhotra Deputy Director-Strategies, who sharedtheir views on the successful completion of the program andcongratulatedtheparticipants.

ValedictoryFunctionheldonSaturdayJan13,2018atICSICCGRT

SummaryWith the successful completion of the second batch of CLDPatCCGRT, the institutehasseena remarkableprogress in itsimplementationandexecution.


Gs

t C

or

ner

GSTinNEWS

1. GST: E-way bill system set for all-India rollout byFebruary• NineIndianstatesandoneUnionterritoryarelikelytohavethee-waybillsystemunderGSTinplacebytheNewYearinpreparationforanall-IndiarolloutbyFebruary

• Karnataka,RajasthanandUttarakhandhaveallstartedthee-way bill systemwith Karnataka the first tomove to ane-waybillsysteminSeptember,2017

• Kerala,Madhya Pradesh, Nagaland, Gujarat, Jharkhand,MeghalayaandtheUnionterritoryofPuducherryarelikelytolaunchsuchsystemsoverthenextfewdays

• Atpresent,Karnataka,whichledtheimplementation,seesanaverageof100,000e-waybillsgeneratedeverydayandinspectsonlyaroundtwoin1,000shipments

• Rejectionsarelessthan10%ofthetotalinspections2. FirstPost-GSTBudgetLikelyonFebruary1,2018

• FinanceMinister is likely topresent India’s firstpost-GSTandthecurrentgovernment’slastfullBudgetonFebruary1,2018

• TheBudgetsessionofParliamentmaybeginonJanuary30,2018withthePresidentaddressingtheJointSessionofboththeHousesofParliament

3. NaturalgaslikelytocomeunderGSTin2018• TheCentremaytrytobringupinclusionofnaturalgasatthenextGSTCouncilmeetinginJanuary

• Outof the5petroleumproducts,naturalgas isaneasiercandidate for bringing intoGST, adding that a 5 percentGST,equivalent to thatbeingchargedoncoal,whichwillbenefitstatesinreducingpriceofCNGaswellascookinggaspipedintokitchens

4. For ongoing projects, Railways GST-neutral, will bearextrataxburden• Railways has decided to make all its ongoing projects“GST-neutral”bybearing theadditionalburdenunder thenewtaxregimetobenefititscontractors

• The policy decision issued in December by the RailwayBoard is aimed at contracts awarded to individualcontractorsbeforethenewtaxregimecameintobeing

5. Exportersfileover10,000applicationsforGSTrefunds• Withover10,000applicationsforrefundsfiledbyexporterstillNovember,2017 theGSTNetworkaskedexporters toensurethattheclaimsdonotexceedtheGSTpaidinthatmonth

• Central Board of Excise and Customs (CBEC) had lastmonth started refunds for exporters of goods who havepaidIGSTandhaveclaimedrefundbasedonshippingbillbyfillingupTable6AofGSTR1

• Earlierthismonth,itallowedbusinessesmakingzeroratedsuppliesorthosewhohavepaidIGSTonexports

6. Odisha registers 2.3 per cent growth in tax collectionafterGST• Odisha has registered a growth of 2.3 per cent in taxcollectionafterimplementationoftheGSTinJuly

• OdishaFinanceMinisterclaimsthestatehascollectedRs3735.14croreasGSTfromJulytoOctober,2017whichisabout2.3percentmorethanthecorrespondingperiodofthelastfiscal

7. Advisory group on GST submits report, suggestschanges• AnadvisorygrouponGSThassuggestedseveralchangesin the new indirect tax regime with a view to simplifyingprocedures and ensuring automatic refund of taxes, saidCAITGeneralSecretaryandmemberofthepanel

• Thesix-memberpanelsetupbythegovernmenthasmadeover100recommendationsregardingGST

• Refund process should be automated, return processshouldbe simplifiedand rationalised, allowing revision inreturns, and formation of a National Advance RulingAuthority

• ThepanelsubmitteditsreporttotheRevenueSecretary• The panel received more than 700 representations onproblemsfacedbyindustryoverreturnfiling,thee-waybill,inputtaxcreditandexports

8. Anti-profiteering:Filingcomplaintsagainstfirmsnotaneasytask• Thegovernmenthasnotifiedaformatforfilingcomplaints• Theformatrequiresdetailsoninputtaxcredit,HarmonisedSystemofNomenclature codeandGSTINof a companyalong with self-attested copies of every documentaryevidencesuchasproofofidentity,invoiceandprice,andadeclarationbythecomplainantthatallinformationfurnishedis true and that due diligence has been exercised insubmittingsuchinformation

• Theanti-profiteeringstructurehasathree-tieredframework,with state-level screening committees and a standingcommittee at the national level forming the first level ofexaminationofcomplaints

• Ifthesecommitteesfindaprimafaciecaseafterpreliminaryexamination, the matter will be referred to the DirectorGeneralofSafeguardsforadetailedinvestigation

• Thedirectorgeneralwillinvestigatethecompany’sbalancesheetandtheallegationslevelled

• The investigation reportwill thengo to theNationalAnti-ProfiteeringAuthorityforthefinaldecision

9. Importers of food, cosmetics to get refund on excessGST;GovernmentExtendsDeadlineToPasteNewMRPStickers• Unsoldinventoryofimportedchocolates,confectioneryandcosmetics, which attracted 28% Integrated Goods &Services Tax during inbound shipments but are nowretailingwithan18%levy,canclaimrefundsontheexcesstaxpaid

• All imports face customs duty and IGST (CGST+SGST),unlessspecificallyexempted

• GST Council had slashed tax slabs on 178 products,including chocolates, confectionery, deodorants andshampoo,from28%to18%

• Almost all Indian firms have dropped prices in relevantcategoriesafterthecut

• Thegovernmenthasallowedcompanies, tillMarch2018,to paste price stickers on unsold packaged products toreflectnewMRPpostGST

• AfterGSTbecameeffectivefromJuly1,companieswereaskedtousestickersonunsoldpackagedcommoditiestodisplay new maximum retail price (MRP) till September,whichwaslaterextendedtillDecember,2017

GST CORNER


Gs

t C

or

ner

10. GovernmenthintsatreviewingratesintopGSTbracket• After slashing the GST rates of over 200 items, thegovernmenthintedatreviewing leviesonthe itemsinthetop28percenttaxbracket

• WehavealreadyreducedGSTslabsof12percentto5percentand5percenttozeropercent(onsixitems),goingforward,wemay lookat reviewing the28percentslab -UnionMinisterofStateforFinance

11. ReviseerroneouscreditclaimsunderGSTbyDecember27:Governmenttotaxpayers• The government has warned the industry to amend anyinflatedinputtaxcreditclaimedinlieuoftaxespaidpriortoroll out of GST, failing which it will initiate audit andenforcementaction

• Taxpayerswhohaveclaimedtransitionalcrediterroneouslyare advised to avail of the opportunity to revise FormTRAN-1 by December 27, 2017 and ensure that onlycorrectandbonafidecreditisavailedintransition

12. GSTNetworksimplifiesreturnsfilingprocess• The GST Network has introduced a functionality whichsimplifiesthereturnsfilingprocessfortaxpayers

• AnewfunctionalityhasbeenintroducedontheGSTportalfor ease of the taxpayers under which questions will beposed as soon as the taxpayer enters the Returnsdashboardandonly relevant tileswillbedisplayed to thetaxpayersbasedontheanswerstothequestionsposed

• This has been started first with GSTR-3B returns (initialsalesreturn)

• For ‘nil’ GSTR 3B returns, one-click filing has beenintroducedasnotilewillbeshowntosuchtaxpayers

• Also,ahelpsectionhasbeenprovidedoneachpage fortheconvenienceofthetaxpayer

13. GSTCouncilmaybringpetrol,realtyunderGSTinfuture• AllpowerfulGSTCouncilwillconsiderbringingelectricity,petroleumproductsandsomeother items likerealestateand stamp duty under the ambit of GST in future- BiharFinanceMinister

• ThesecanbeincludedwithoutamendmentinConstitution14. AutoindustryseekstwoGSTratesforpassengervehicles

• AutomobileindustrybodySIAMisseekingtwotaxratesforpassenger vehicles under the GST regime instead ofmultipleratesleviedcurrently

• The industry body has also sought from the FinanceMinisterArunJaitleyaspecial tax rateof12percent forelectricandhydrogenfuelcellpoweredvehicles

• Currently,underGSTregime,smallpetrolcarswithenginecapacity less than 1200cc attract 1 per cent cess, whiledieselcarswithenginecapacityoflessthan1500ccattract3percentcess,ontopofthe28percenttax

• Similarly, cess on hybrid cars, including mid, large andSUVs,remainsat15percent,likewisethosevehiclesusedfortransportnotmorethan13passengers

• Theautoindustryhasalsourgedthegovernmentfortaxonusedcarstobefixedat5percentGSTonthedifferentialvaluebetweensaleandpurchasepriceoftheusedcar

15. GSTrevenuecollectiondeclinesinthelasttwomonths • OfficialdataclaimsNovemberGSTcollectionswerejustRs80,808crore,downfromaroundRs83,350crorerevenuegarnered inOctober till the corresponding reporting time,

and much lower than a comparable monthly average ofclosetoRs92,000croreintheJuly-Septemberperiod

• AnalystsattributethedipincollectionstotheGSTratecutsforasmanyas200 itemsonNovember15—130 itemshad seen rate reductions earlier — commencement ofrefundstoexportersandsettlementoftransitionalcredits.

GST CORNER

oBitUAriesChartered Secretary deeply regrets to record the sad demise of the following Members:

CS Dharmender Dhingra (14.01.1964 – 29.03.2017), a Fellow Member of the Institute from New Delhi. CS Lalit Kumar Sharma (25.11.1958 – 23.09.2017), a Fellow Member of the Institute from Indore.CS Pradeep Kumar Sharma (20.05.1978 – 10.05.2017), a Fellow Member of the Institute from Ghaziabad. CS Smitesh A Desai (26.05.1954 – 09.01.2016), a Fellow Member of the Institute from Valsad .CS Narayan Chandra Mukherjee (03.02.1939 – 09.05.2017), an Associate Member of the Institute from Jharkhand.May the almighty give sufficient fortitude to the bereaved family members to withstand the irreparable loss.

May the Departed souls rest in peace.


Hansgrohe India Private Limited havingits registeredofficeatOfficeNo.701,7thFloor, Lunkad Sky Station, Viman NagarPune-411014requiresdynamic,diligent&resultorientedCompanySecretary.

TheCandidateshouldbeaqualifiedCom-pany Secretary with minimum 3 years ofpreviousworkexperiencepreferablyasaCompanySecretaryinacompany.

Candidate should be capable of liaisingwith various Government Authorities andshallhaveflairforwriting,draftingandvet-tingoflegaldocuments,agreements,con-tracts,MOU.DraftingandfilingofvariousreturnswithdifferentGovernmentAuthori-ties.

Interested candidates fulfilling the abovecriteria can email their CVs [email protected]

APPOINTMENT

CG

Co

rn

er

Developments – December, 2017

AUCKLAND CENTRE FOR FINANCIAL RESEARCH INTRODUCES NEW TOOL TO MEASURE CORPORATE GOvERNANCE EFFECTIvENESS

NEW PRINCIPLE ON “CORPORATE SOCIAL RESPONSIBILITY” ADDED TO THE x PRINCIPLES OF CORPORATE GOvERNANCE OF THE LUxEMBOURG STOCK ExCHANGE

CORPORATE GOVERNANCE CORNER

T he Auckland Centre for Financial Research hascreated the New Zealand Corporate Governance

Index (NZCGI) which provides a quantitative measure of corporate governance practices in New Zealand through an academic lens. The Indexhas two important uses– toprovidearankingofcompanies’corporategovernanceandtotrackacompany’scorporategovernanceovertime.

Investorscanusequantifiedcorporategovernanceinformationin their investment decision-making process and companiescancomparetheirowncorporategovernancepracticesagainstthemeasuresusedintheindex.

TheNZCGIisan independent measure of how well boards of NZX 50 companies are representing the interests of investors. It aims to quantify the voice of the shareholder at the boardroom table.

The Luxembourg Stock Exchange (LuxSE) revised “TheX Principles of Corporate Governance of the LuxembourgStockExchange”soasto integrate inthemanewprinciplerelating to theCorporateSocialResponsibility (CSR)of thecompaniesconcerned.

The revisions aremade to theXPrinciples in particular to introduce an approach to extra-financial information relating to companies’ corporate social responsibility.Bythus facilitating a stronger integration of financial and non-financial data, such companies will give investors a betterunderstanding of their strategy for creating value and theirglobalperformance.

Thefirsteditionof“TheXPrinciplesofCorporateGovernanceoftheLuxembourgStockExchange”wasbroughtintheyear2006 by Luxembourg Stock Exchange (LuxSE). The rulesapply to all companies listed on the regulatedmarket andincorporated under the Luxembourgish law. For all othercompanies, the X Principles are applicable on a voluntarybasis.

The revised X Principles of Corporate Governance introduce a new Principle 9 on companies’ Corporate Social Responsibility and to integrate Principle 6

CONSTRUCTIONOFINDEXCompaniesarescoredon17research-backedmeasuresandthescoresareusedtocreatetheindex.Thesemeasuresfallunderfourbroadcategories:

• Ownershipstructure• Boardofdirectors• Independence• RemunerationThesebroadcategoriesandmeasureshavebeentheverygoodindicatorsofgoodcorporategovernance.Thedataisgatheredfrompublicsourcesmeaningitisbasedoninformationalreadyavailabletotheaverageinvestor.Theindexwillbereleasedannuallytoallowbenchmarkingofcompaniesagainsttheirpeersandownperformanceovertime.The full report is available at: https://acfr.aut.ac.nz/__data/assets/pdf_file/0012/123033/ACFR-NZCGI-Report-v4-final.pdf

(Evaluation of theperformance of the Board) in Principle 2 (The Board of Directors’ remit).

The ninth principle forces companies to define theirpolicy on CSR aspects. It specifies the measures for theimplementationofthepolicyandhowtogivethemadequatepublicity.CompanieshavetointegrateCSRaspectsintotheirlong-term value creation strategyandwill have to describehowtheCSRapproachcontributestothisgoal.

Thecompanywill present theCSR-related information inareport that assesses the sustainability of the activities andprovide clear and transparent non-financial information insupport.Boardofdirectorswillhavetoregularlyaddressandreview the non-financial risks of the companies, includingsocialandenvironmentalrisks.

TheXPrinciples havebeen revised three timesduring theelevenyearsthattheyhavebeeninexistenceinordertofulfiltheneedtoadapttonewrealitiesinlightoftheconclusionsdrawn from their application, coupledwith developments intheconceptofcorporategovernanceacrosstheGlobe.

Therevisedprinciplesareavailableat:https://www.bourse.lu/documents/legislation-GOVERNANCE-ten_principles-EN.pdf



Certification from a Premier Institution established by Ministry of Corporate Affairs, Government of India

Last date for registration: 28th February, 2018(Limited Seats per Batch)

ThisCertificateProgrammefocusesupontheCorporateandIndividualInsolvencyProcessandintroducestheconceptssuchasInsolvencyandBankruptcyRegimein India, Authorities and Enforcement Mechanism in IBC 2016, CorporateInsolvencyResolutionProcess(CIRP),LiquidationProcess,InsolvencyResolution&BankruptcyforIndividuals&PartnershipFirmsandIBBIwhichwouldregulateanewgenreofInsolvencyProfessionalsthroughInsolvencyProfessionalAgencies. • FORWHOM:Thiscertificatecoursewouldbeuseful toprofessionalssuch

as CS, CA, CMA, Insolvency Professionals, Legal Practitioners, creditors,academicsandotherrelatedstakeholderswhoareinterestedinpursuingthisareaintheirprofessionallife.

• CoursedeliverybywayofOnlineLearningManagementSystem spreadover3months(50+ClassHours)

Contact:Dr.PylaNarayanaRao

CourseCoordinator,SchoolofCorporateLaw,IICAWeb:www.iica.inE-mail:[email protected]

T:0124-2640088:Mob:7042712183

B eginningofaNewYeardoesn’treallymeanjustthebeginningofanewcalendaryear.Formany,it’stimetomakenewresolutionswithrenewedenergyandstartafresh,leavingthepast behind. Manymake new promises to themselves – to change a bad habit or to

developagoodhabit.Regardlessofmakinganewresolution,thegoalistoimprovelifewiththestartofanewyear.Inshort,it’sthattimeoftheyearwheneveryonewantstotreasurethejubilantspiritofthemoment.

• WiderandWiserPerceptionLife can become a great place to learn and grow. Behind seemingly difficult situations areconcealedmajor lessons. This awareness comeswith awiser perception of lifewhich onlyspirituality provides. Challenges in a working environment are bound to come but anadministratorwithawiderandwiserperceptionwillperceivethemastheopportunities,togrowasahumanbeing,andnotasbadsituations.Disguisedinroutinetasksarethesignboardsthatpointtowardstruth.Relationshipsthatbringwiththemrepeatedscenesofnegativitywiththesamepersonandforthesamereasonsshowtheweaknessesonehastoworkon.Ifyouhavethesubtleeyestoseeandthecouragetogoforward,lifeisaconstantexperienceofremindersandbenefitstoprogressalongtheroadtoahigherconsciousness.

Disguisedinroutinetasksarethesignboardsthatpointtowardstruth.Relationshipsthatbringwiththemrepeatedscenesofnegativitywiththesamepersonandforthesamereasonsshowtheweaknessesonehastoworkon.Ifyouhavethesubtleeyestoseeandthecouragetogoforward,lifeisaconstantexperienceofremindersandbenefitstoprogressalongtheroadtoahigherconsciousness.

Asanadministrator,onemayalsowanttochangemanythingsattheirworkplace-toimprovetheworkingoftheorganizationortheworkingenvironmentoftheofficeorthebehavioroftheemployees.Improvementinanexistingsituationorpeoplestartswithanewwayofthinking.LetNewYearbethattimeoftheyeartoadoptanewapproachtowardseverything.NormanVincentPealesaid“Youchangeyourthoughtsandyouchangeyourworld”.Butisitthateasytobringaboutanychangeinyourthinking?Theansweris‘Yes’,onlyifyouaredeterminedtodoso.

• Don’tChooseonlywhatyouLike,explorehiddencapabilitiesAnythingnewstartswhenweadoptanewattitudetowardsthesameoldthing.Newattitudemeanschangingourpointofviewwhetherit isanewsituation/personorthesameoldone.Thisiswhatisneededtoturnthingsaroundandbringaboutthechangethatwedesire.Attitudegovernsthewayyouperceivetheworldandthewaytheworldperceivesyou.Let’sseethiswithanexample.Usually,weavoidpeoplewhowearenotcomfortableworkingwith.Everyoneishappyworkingwiththepeoplewhomtheylike.Butifforanyreason,oroutofchoice,someonedecidestoworkwiththosewhomtheycannotstand,itcanworkwonders,becauseiftheyeverytimechoosetobewithsomeonetheylike, itwouldmakethemself-limitingastheywouldbeacquainted to deal with only those sorts of people. The chances of realizing the true innerpotentialwouldbelesswhichwouldconsequentlylimitthesuccessoftheentireorganization,aswell.Changingtheviewpointletsusexecuteandworkuponnotonlythatwhichwelike,butalsoexplorethatwhatwemaynotlikebutareverymuchcapableofhandling.

Manyatimesweherepeopletaggingthedayas‘Good’or‘Bad’justonthebasisoftheweather.Itmaybeoneoftheparametersbutisdefinitelynotthedecidingfactorforthequalityofourday!Weatherwillalwayschangebutnomatterwhattheweatherconditionis,itisuptoustomakeitagoodday.Whatcomestous isnotourbusinessbutwhatwemakeoutof it, is therealoutcomeofourattitude,whichdeterminesourgrowthandsuccessinanyfield.

Therefore, it simply depends on our perception whether we see life as a battleground andexperience a constant battle from morning to night that may even tire us emotionally andmentallyorareweconstantseekingand tappingopportunities tomakeourway throughthehurdlesoflifetoeventuallybethewinner.Complaintswouldonlytakeusawayfromthepowerthatwehavewithintoovercomedifficulties.Spiritualityunitesuswithour innerpowersandpotentials,whichshowus the ‘realme’and

Challenges in a working environment are bound to come but an administrator with a wider and wiser perception will perceive them as the opportunities, to grow as a human being, and not as bad situations.

Improvement in an existing situation or people starts with a new way of thinking.

Anything new starts when we adopt a new attitude towards the same old thing.

NEw YEAR MEANS A NEw wAY OF THINkINGContributed by Brahma kumaris, Om Shanti Retreat Centre, Gurugram

eth

iCs

& s

Us

tain

aB

ilit

y C

or

ner


[email protected]

Mind is the creator of thoughts, feelings, attitudes and emotions. Mind is a faculty of the soul. It is not an organ or part of the body.

Spirituality unites us with our inner powers and potentials, which show us the ‘real me’ and empower us to walk through the beautiful journey called ‘Life’, not free from obstacles, but unstoppable.

Most of us are worrying today for almost everything in life thinking it as an expression of care.

Worry is fear or anxiety and care is love or concern, they are two opposite emotions which can never exist together at the same time.

empower us towalk through the beautiful journey called ‘Life’, not free fromobstacles, butunstoppable. It clears up our thinking and re-orients ourmind tomake it more stable andhealthy.

• MindoverMatterIn thematerialisticworld today,we are slowly becomingmore inclined towardsmatter andlosingcontrolovermind.Asaresult, insteadofweguidingthemindandachievingwhatweaspireto,matterisguidingthemind,makingusslavesofourownmind.GeorgeBernardShaw,a famous Irish writer said, “Progress is impossible without change and those who cannotchangetheirminds,cannotchangeanything”.Sotocrackanewbeginning,weneedtostartwiththemind.

Mind is quite similar to a computer that canbeprogrammed.Wecan choosewhat kindofsoftwaretoinstall-productiveorunproductive.Theinnerdialogueisthesoftwarethatprogramsour attitude. It may seem difficult but is very much possible to have full control over theprogramming.Whateverweputintoitisreflectedinwhatcomesoutofit.

Therehasbeenalotofconflictingviewsintheworldaboutwhatthemindisandhowitworks.Manyofusoftencomplainanddenotemindasdevilwhichconspiresagainstourownpeace,positivityandwell-being.Itbehaveslikemercury,slipperyandnoteasytocontain.Wereactorrespondtowardsthesamepersonorsituationindifferingwaysdependingontheimpulseofthemind.Thesecomplaintsareonlybecauseoflackofunderstandingandharmonywithourownmind.

Mindisthecreatorofthoughts,feelings,attitudesandemotions.Mindisafacultyofthesoul.Itisnotanorganorpartofthebody.Thedifferencebetweenbodyandmindislikeatelevisionsetandthemoviesseenonthatset.Themoviesoriginateinthemindsofthedirectors,notinthetelevisionset.Thetelevisionsetisjustamediumfordisplayingthemovies.Sameiswiththoughts,feelings,attitudesandemotionswhichoriginate inthenon-physicalconsciousness(mind)andnot inthephysicalbrain.Thebrainis justaprocessorofthesethoughtsandthebody is a medium via which all the above-mentioned four are displayed or brought asexpressions,physicalgestures,wordsandactions.Mindcreatesdifferentkindsofthoughtstoexpressdifferentkindsofemotionsbutwesometimesmisinterpretthethoughtsrequiredtoexpresssomekindofemotions.Acommonexampleistointerpretworryascare.

• CarewithoutworryingIt’seasytogetcaughtupinyourphysicalrole–yourpositionordesignationintheorganization.Theresponsibilityofthepositionmayfetchworryoranxietyaboutcertaintasks.Again,oneoftheincorrectbeliefsthatwehaveacquiredsincechildhoodisthattoworryistocare.Parentsarethefirstsourceoftransmittingthisbelieftousbecausewe,asspiritualenergies,notonlytransmitorradiatebutalsoabsorbenergy.Aswegrowup,thisfalsebeliefkeepsreachingusfromeveryoneonasubtlelevel.Andslowlywestartacceptingthisbeliefasbeingcompletelytrue.Graduallyweleadourlivesaccordingtoitandeventransmitthesametoothers.Thatiswhyitisextremelydifficulttofindasinglepersonwithoutthisbelief.Mostofusareworryingtodayforalmosteverythinginlifethinkingitasanexpressionofcare.

Theverydifferencebetweenworryingandcaringisthattheformernotonlyweakensourselvesbutalsotheotherperson/situation,whilethelatterenablesustoremainstableandstrongwhileextendingsupportandpowertotheotherperson.Thisclearlyexplainswhatbothofthemwouldleadto.Worryshallnotdoanybettertotheperson/situationwhilecarewilleaseouttheeffortstocomeoutofasituation.

Worryisfearoranxietyandcareisloveorconcern,theyaretwooppositeemotionswhichcanneverexist togetherat thesame time.To replaceworrywith loveandconcern,weneed tochange theworryconsciousnesswithinourmind,whichmeans replacingnegative thoughtswith positive ones. With this change, the care for others will be better showcased by ourbehaviorbecomingmorepositiveandstableleadingtostrengthenedrelations.

• HavefaithinyourteamandexpectgoodfromthemAsanadministrator,wewantthebestofrelationshipswithallthosewhomwedealwith;andothers, too,want the samewith us.A goodwork environment leads to highmorale,whichresultsinbetterproductivityandsubsequentlyleadstosuccess.Whenpeoplecareaboutthepeopletheyworkwith,thingsgetdonefaster.Colleaguesandsub-ordinatesgotheextramile

eth

iCs

& s

Us

tain

aB

ilit

y C

or

ner


eth

iCs

& s

Us

tain

aB

ilit

y C

or

ner

togetthingsdone;theytakeownershipofthejobandworkthroughitwithouthavingthefeelingof any burden. There are certain expectations from both sides in a good relationship. Theexpectations we have of someone, whether negative or positive, do have an effect on thepersonwearerelatingto.Iftheseexpectationsarenotmet,oftentherelationshipgoessour.Atthesametime,ifwehavefaithandconfidenceinourteammembersorworkcolleagues,thentheirperformanceandthebehaviorwillsurelyincreaseforthebetter.Ithasbeenproventhroughmany studies that the teacher’s expectations form one of themost influential factors in theacademicperformanceoftheirstudents.Ifateacherhopesandexpectsgoodresultsfromtheirstudents,theirperformancetendstobemuchclosertotheirrealcapacitythaniftheteacherisexpectingpoorresults.Thesameappliestoanyrelationship.Therefore,it’salwayswiseandgoodtohavefaithandexpectonlygoodandpositivefromothers.

• InfluencetheWorldbysmallesteffortspossibleTherearetwowaystoexistorexperiencethisworld.Onewayistogetinfluencedbywhateverishappeningintheworldandtheotheristoinfluencetheworld.Thelatterseemtobeatallorderbutweactuallycandoit.Let’sseehow.Whenwereadaboutapersonoraplaceinthenewspaperorarewatchingthenewschannel,wetendtostartcreatingthesameemotionsasthe news. Ifwearewatchingnewsof a natural calamity, terrorist attack, accident, disease,financialcrisis,thenfeelingsorrow,fear,angerandhatredseemstobenatural.Whenwecreatetheseemotions,itisnomorethenewsoftheouterworld;itbecomesthequalityofourinnerworld.Bycreatingthenegativeemotions,wetoostartradiatingthesamevibrationtothepeopleandplace involved in the incident therebyaddingpain to theirexistingpain.Webelievethatfeelingthesamepainasthevictim,iscompassion.Itisnot.Compassionmeanstounderstandthemandgivethemwhattheyneed.Ifthereisangerandhatred,weneedtosendlove.Ifthereispanicandfear,weneedtosendpeace.Whilewatchingorreadingthenews,ifweconsciouslytrytodetachourselvesandcreatepositivevibrationswhichtheaffectedpeopleneedtheninawaywewouldbecontributingtotheoverallvibrationsoftheworldwhichmaynotbevisiblebutdefinitelyelevate thestateofhumansociety.Today, thestrife-tornworldneedsvibrationsofunity,compassion,respect,loveandpeace.Forthis,itisveryimportantforustobefilledwithpositivevibrationsourselvessothatweareabletodistributethesame.

• NewKnowledgeEveryDayThebest timetostartsomethingneworrevivetheold,especiallywhenit is linkedwithself-progress,iswiththebeginningofaNewYear.It’snotjusttheNewYearwhichmakesusdoorthinkofsomethingnew.Dailydoseofnewanddifferentspiritualknowledgeatthestartofthedayworkswondersasfarasthenewnessisconcerned.Itrekindlesourcreativespirit.Noveltyof thoughts then flows intoour feelings,beliefs,attitude,personality,perception,actionsandinteractions.Unlikeothermeditation techniqueswhich teach toempty themindof thoughts,RajyogMeditationteachestocreatepositiveandconstructivethoughtsinordertotakethemindtoexperiencepeaceandbliss.Feedingdailyspiritualknowledge to themind isessential forRajyog Meditation. Then, meditation becomes an interesting, new and creative exercise,instead of a routine affair. New aspects of our personality emerge and life seems to betransformed-forever.

Alongwithentering intoaNewYearand leavingbehind theold, letus leavebehindouroldhabitsofanger,comparison,worry,jealousy…andfillourselveswiththevirtuesoflove,peace,happiness,co-operation..

WishingeveryoneaVeryHappyandVirtuousNewYear2018.

A good work environment leads to high morale, which results in better productivity and subsequently leads to success.

By creating the negative emotions, we too start radiating the same vibration to the people and place involved in the incident thereby adding pain to their existing pain.

Today, the strife-torn world needs vibrations of unity, compassion, respect, love and peace. For this, it is very important for us to be filled with positive vibrations ourselves so that we are able to distribute the same.


BACK COVER (COLOURED) COVER II/III (COLOURED)Non – Appointment Non – Appointment

Per Insertion 75,000 Per Insertion 50,0004 Insertions 2,70,000 4 Insertions 1,80,0006 Insertions 3,96,000 6 Insertions 2,64,000

12 Insertions 7,65,000 12 Insertions 5,10,000

FULL PAGE (COLOURED) HALF PAGE (COLOURED)Non – Appointment Appointment Non – Appointment Appointment

Per Insertion 40,000 10,000 Per Insertion 20,000 5,0004 Insertions 1,44,000 36,000 4 Insertions 72,000 18,0006 Insertions 2,11,000 52,800 6 Insertions 1,05,600 26,40012 Insertions 4,08,000 1,02,000 12 Insertions 2,04,000 51,000

PANEL (QTR PAGE) (COLOURED) EXTRA BOX NO. CHARGESPer Insertion 10,000 3,000 For ‘Situation Wanted’ ads 50

(Subject to availability of space) For Others 100

MECHANICAL DATAFull Page - 18X24 cm Half Page - 9X24 cm or 18X12 cm Quarter Page - 9X12 cm

Advertisement

Tariff

(With Effect from 1st April 2012)

VOL 47 I NO. : 11 I Pg. 1-132 I NOVEMBER 2017 I `100/- (Single Copy)

Empowering

nationalGovernance

VOL 47 I NO. : 12 I Pg. 1-124 I DECEMBER 2017 I `100/- (Single Copy)

Anti-bribery and Charity Governance

VOL 47 I NO. : 10 I Pg. 1-172 I OCTOBER 2017 I `100/- (Single Copy)

g¨H ën go {g{Õ

‹Øê §¢çÇUØæ ×êß×ð´ÅU (2017-2022)

LET’S UNIVERSALIZE TREASURED ‘GOVERNANCE MANTRAS’

OF OUR ANCIENT INDIAN LITERATURE

Spl.Attraction

rebate on the total billing for 36 insertions

in 3 years in any category

F The Institute reserves the right not to accept order for any particular advertisement.F The Journal is published in the 1st week of every month and the advertisement

material should be sent in the form of typed manuscript or art pull or open file CD before 20th of any month for inclusion in the next month’s issue.

For further information write to:

The EditorCHARTERED SECRETARY

Regn. No. 21778/71 Delhi Postal Regn. No. DL(S)- 17/3197/2018-20Posting Date : 10/11-01-2018 Licenced to post without prepayment at Lodi Road P.O.Date of Publication : 04-01-2018 Licence No. U-(C)-80/2015-2017

JAN

UA

RY

20

18

CH

AR

TERED

SECR

ETAR

Y

01

VOL 48 I NO. : 01 I Pg. 1-116 I JANUARY 2018 I `100/- (Single Copy)

Diligent Board

Diligent Board Evaluations is designed to meet mandatory board evaluation requirements under Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR).

Administrators can prepare a board assessment with multiple question types, evaluating the board at all required levels, generate custom reports and cross-link content.

To book a demo, please visit: diligent.com/ICSI

FIND OUT MORE

� Singapore 800 130 1595

� India +91 96869 02287

� [email protected]

“Diligent” is a trademark of Diligent Corporation, registered in the US Patent and Trademark Office. “Diligent Boards,” “Diligent D&O,” “Diligent Evaluations,” “Dili-gent Messenger,” and the Diligent logo are trademarks of Diligent Corporation. All third-party trademarks are the property of their respective owners. ©2017 Diligent Corporation. All rights reserved.

Evaluations

� Malaysia +60 (3) 9212 1714

�Hong Kong +852 3008 5657

™

LRD-UK-EvaluationsAd-Print-AD2.indd 1 07/11/2017 12:39

New OpportunitiesEndless Possibilities

GU

IN

NESS WORL

D

RE

C

O R D H O L DE

R