nirc news sep. - the institute of company

September, 2011 1 NIRC-ICSI Newsletter


Dear ProfessionalColleagues,

The recent Nationalawareness campaign oncorruption has awakenthe nation and I am veryhappy to witness that eachand every citizenincluding Government

and the Parliament rose to the occasion and showntheir commitment for National cause. This kindof commitment, we need to have for growth ofour members, chapters and profession as a whole.It is always the endeavor of the Institute & NIRCto organize activities for the development of theprofession. Some of the activities organizedduring the month are covered below in mymessage and elsewhere in the Newsletter.

39th National Convention at Agra:-

It is a matter of great pride for all of us that thisyear 39th National Convention of the Institute isbeing held in Northern Region. The Conventionwill be held on 13th, 14th & 15th October, 2011 atAgra on the topic “Corporate Dynamism andInnovative Professionalism”. The response ofmembers to the Convention is very encouraging.I appeal all the members of Northern Region toenroll for the National Convention who have notenrolled so far and have the benefit of listening tothe galaxy of speakers from Government, Industry,professionals and academicians. I am sure all ofus together will make the National Convention agrand success.

1st Corporate Governance Week:-

Our Institute has taken several initiatives onCorporate Governance & various Green Initiativesfor the purpose of reducing the paper & electricityconsumption of the Institute. For furthering thecause of good governance amongst CorporateIndia, Institute has decided to observe “ICSICorporate Governance Week” as an annual event.The first “ICSI Corporate Governance Week” wasorganized by the Institute from 8th August, 2011

From the Chairman

to 12th August, 2011. NIRC, with special focus onCorporate Governance organized variousprograms for students and members on the themes:

Corporate Governance VoluntaryGuidelines 2009

Capital Market and Related Compliances

Non Financial Disclosures

Effective communication for CorporateGrooming

On 12th August, 2011, the Institute has organizedCorporate Governance Conclave on the theme“Integrating Sustainability into Corporate DNA”at Hotel le Meridien, New Delhi. Dr. M VeerappaMoily, Hon’ble Union Minister of CorporateAffairs was the Chief Guest on the occasion andSmt. Sheila Dikshit, Hon’ble Chief Minister ofDelhi was the Keynote speaker. The contents &quality of the conclave was excellent and it was agreat success.

Professional Developments Programs:-

NIRC organized a series of the professionaldevelopment programs for the benefit of members& students. The brief details of the programs arelisted below:

NIRC organized a Study Circle Meeting on thetopic “Non Financial Disclosures” at YMCAConference Hall, New Delhi on 12th August, 2011.Ms. Sunanda Sharma, Coordinator, GRI FocalPoint India was the guest speaker on the occasion.

In the continuation of holding workshops onXBRL to update our members NIRC organized atraining workshop on XBRL for members on 23rd

August, 2011 at Times Business School, NewDelhi. Mr. Ravindra Vadalli was the trainer ofthe workshop.

With an objective to sensitize our members onProfessional Misconduct and prepare them forhandling the notices issued by RevenueDepartment, Government of Delhi on StampDuty on share certificates and also on Professionalliabilities imposed by Recent circulars/


Yours sincerely,

(CS RANJEET PANDEY)[email protected]

5th September, 2011 Mobile : 9810558049

Notifications issued by MCA, NIRC organized aMeeting of Company Secretaries in Practice on23rd August, 2011 which was attended by goodnumber of members.

On 27th August, 2011 NIRC organized a NationalConference jointly with ASSOCHAM on the topic“Scientific Art of Valuation” at Hotel Inter-continental EROS, Nehru Place, New Delhi. Thepresence of large number of delegates made theprogram a grand success. I take this opportunityto express my sincere gratitude to Shri DhanendraKumar, Chairman, Committee on NationalCompetition Policy and Mr. R N Dash, DirectorGeneral of Income Tax (International Taxation)for sparing their valuable time to be the ChiefGuest & Guest of Honour respectively. I expressmy gratitude to all the guest speakers of theseminar for sharing their knowledge andexperience with the participants. I also wish toplace on record my heartfelt thanks toASSOCHAM for joining hands with NIRC inconducting this National Conference.

Visit to Chapters:-

Friends we all are aware that ICSI is followingthree tier system of governance through itsChapters, Regional Councils and Central Council.This three tier system will become effective onlywhen chapters will be empowered and motivatedto become self sustainable and all the facilities tomembers and students are provided at local level.

With an objective of empowering and motivatingthe Chapters in their activities, a delegation fromthe NIRC led by me visited five chapters of NIRCviz. Yamunanagar, Karnal-Panipat Sonepat,Meerut and Modinagar Chapters on 25th Augustand 4th September, 2011. The Chapters wereencouraged for providing all the facilities tostudents as well as members. The meetings werefruitful and the delegation was satisfied with thekind of encouragement and response shown bythe chapters.

From the Chairman

Investor Awareness Programs:-

Friends, while successfully discharging theresponsibility given by Ministry of CorporateAffairs, NIRC organized two Investor AwarenessPrograms on 26th & 29th August, 2011 on thetopic “Recent Developments in Capital Market”at S P M College, Punjabi Bagh and on the topic“Understanding the Capital Market” atDepartment of Business Economics,South Campus, University Of Delhi respectively.I wish to place on record my sincere thanks tothe guests and the speakers of these programs.

10th All India Elocution Competition:-

On 20th August, 2011, NIRC organized RegionalRound of 10th All India Elocution Competition onthe topic “Dynamics behind sky rocketing fuelprices” at NIRC premises. The winner & Runnerup of the competition will represent NIRC at theNational Round of the Elocution competition tobe held on 18th September, 2011 at Bangalore.

Various training programs viz. ManagementSkills Orientation Program, Student InductionProgram, Training Orientation Program werealso organized by NIRC during the month ofAugust, 2011.

Friends, Change is inevitable. It is a continuousprocess. The only thing we have to ensure is thatit should be positive. Everything has got furtherscope of improvement so are the activities of NIRCalso. Friends, I request you to give your valuablesuggestions for improving the services of NIRC. Ialso request you to suggest the topics/subjects onwhich you want seminar or conferences to beorganized. This will certainly help us in servingyou better.

With warm regards,


By Anil Aggarwal, FCS

Article

I can not forget the date of 16.03.2008 when one ofmy investors came crying to me that he had beenruined. Sadly but curiously when I asked whathappened, he told that he was holding a goodquantity of shares of M/s Orchid Chemical Ltd. andthe same crashed from Rs. 210 to Rs.120 in singleday. I tried to pacify him and explained that the mainreason of the crash was the fact that the promoterhad pledged a big percentage of shares in favor ofcertain lenders who had offloaded the same in theopen market leading to its sudden crash. But naturallymy explanation could not have mitigated his losses.After more than three years, the story got repeatedwhen another investor vociferously alleged that theshare market had no base. After enquiry I learnedthat he was holding future contracts of M/s GTL Ltd.which had crashed from Rs. 408 to Rs.100 between16.06.2011 to 23.06.2011 .Again the problem was highdebt with a fear that some lender holding the pledgedshares sold the quantity in the market. I wascompelled to give a serious thought to the issue ofpledging of shares by the promoters and the presentarticle is a small exercise in this direction.1. Existing legal frame workBefore examining the practical aspects of the issue, itis important to understand the legal provisions undervarious acts governing the pledging of shares.Indian Contract Act, 1872 defines the pledge as under:“Pledge is the delivery of goods by the pawnor tothe pawnee by way of security upon a contract thatthey shall, when the debt is paid or the promise isperformed, be returned or otherwise disposed ofaccording to the directions of the pawnor.”A pledge would, therefore, create a right of possessiononly. The title of the pledged property remains withthe pawnor.Now a days majority of the shares are held in dematform and it is therefore important to know that boththe depositories in India namely NSDL and CDSLhave adequate system in their software to createpledge and its invocation in such a way that theholding statement shows the share holding undertwo heads ‘Free and Pledged’. Further Regulation58 of the Depository Participant Regulations 1996reads as under:

“Subject to the provisions of the pledge document,the pledgee may invoke the pledge and on suchinvocation, the depository shall register the pledgeeas beneficial owner of such securities.”The standard pledge agreement gives the pledgeethe unconditional right to invoke the pledge in caseof dilution or lapse of security at his end.The simple reading of above paragraphs implies thatunder pledging of shares, a person borrows moneyand in security of that executes the pledge agreementin lendor’s favor. This act involves the marking ofshares held by him as pledged in his demat accountin favor of the said lender. Whenever there is defaultby the pledger, the pledgee can immediately invokethe pledge which results into transfer of shares fromthe demat account of the pledger to the demataccount of the pledgee who is free to sell the sharesin any manner opted by him.Further, the Companies Act 1956 does not place anybar or restriction to the quantum or manner ofpledging of shares.Sometimes it is argued that the pledging is like acontingent future sale by the pledger and if hehappens to be a promoter of the same company, ittakes the nomenclature of insider trading particularlyin those cases where he knows that the internal health& position of the company is not good. The SEBIInsider Regulations do not cover the pledging in thedefinition of insider trading as it uses the word‘dealing of securities’ and technically the pledge isnot considered as dealing of securities. In certaindeveloped countries, the pledging of shares bypromoters or insiders is considered as equivalent toa sale of stock to the pledgee. In UK this is coveredunder insider trading.A further ramification of pledging is that if it resultsinto invocation by the pledgee , it results into dilutionof the promoters holding in the company. TheCompanies Act 1956 does not prescribe any minimumpercentage to be held by the promoters or thedirectors. However, the Articles of Association of acompany may prescribe the qualification shares of adirector but practically this is a very nominal figuregrossly immaterial for the movement of share price.

IS PLEDGING OF SHARES A POTENTIAL CATASTROPHE FOR ORDINARY INVESTORS


Regulation 36 of The SEBI (Issue Of Capital andDisclosure requirements) Regulations 2009 doesprovide that in case of a company making a publicissue, there should be a minimum promoters holdingof 20% which should be locked for a minimum periodof three years. However, after three years thepromoters are free to sell their shares. So if theinvocation of pledge results into promoters holdingfalling below 20% after the said lock-in period, it doesnot violate the SEBI guidelines.2. Provisions relating to disclosure of pledgeAfter the Saytam debacle, the intensity of damagewhich can be created by the pledging of shares firstcame to notice of the public and the regulators andSEBI vide its notification number LAD-NRO/GN/2008-2009/33/15022 dated 28th January, 2009, madethe requirement of compulsory disclosure of pledgedshares. As on date Regulation 8 (a) of the SEBI(Substantial Acquisition of Shares and Takeovers)Regulations, reads as under“A promoter or every person forming part of thepromoter group of any company shall, within 7working days from the date of creation of pledge onshares of that company held by him, inform thedetails of such pledge of shares to that company. ?Apromoter or every person forming part of thepromoter group of any company shall, within 7working days from the date of invocation of pledgeon shares of that company pledged by him, informthe details of invocation of such pledge to thatcompany.?The company shall disclose the information receivedto all the stock exchanges, on which the shares ofcompany are listed, within 7 working days of thereceipt thereof, if, during any quarter ending March,June, September and December of any year:-n aggregate number of pledged shares of a

promoter or every person forming part ofpromoter group taken together with sharesalready pledged during that quarter by suchpromoter or persons exceeds twenty fivethousand; or

n aggregate of total pledged shares of the promoteror every person forming part of promoter groupalongwith the shares already pledged during thatquarter by such promoter or persons exceeds oneper cent. of total shareholding or voting rights ofthe company, whichever is lower”.

The details of shares pledged are easily available onvarious websites including the website of NSE(www.nseindia.com) and BSE(www.bseindia.com)under the heading ‘ShareHolding Pattern’.In fact, the intimation of pledging of shares to thestock exchanges and their further dissemination ontheir website is so common that it is considered as aroutine feature and an ordinary investor hardly givesa serious thought to it unless catastrophe happens.3. Purposes of pledgeThe underlying purposes for which the shares arepledged is very important in taking a view of theintention of the promoters. From the empirical study,it is found that the promoters generally pledge theirshares for the following purposes:

a) To create a security for the loan borrowedby the same company.

b) To raise money for conversion of warrantsof the same company into it’s shares.

c) To create a security for their personal loansor loans taken by their other businessventures.

d) To raise funds for purchasing further sharesof the same company from the secondarymarket.

While (a) and (b) above have a justification in thesense that the pledge is for the purpose ofstrengthening the position of the company orconsolidation of the holding of such promoters. Butthe purpose specified in (c) above may imply anulterior motive or speculative intentions of thepromoters to jack up the price artificially. However,pledging of shares for the purpose specified in (d)above looks to be totally unreasonable and gives asmelling of the bad intentions of the promoters.4. Pitfalls of pledgingThere are two type of pitfalls associated with pledgingof shares. The first is when the funds generated outof pledge are to be used for the personal purposesof the promoters. It implies that promoters want tocontrol the company without adequate financialstakes and in some cases may be a part of plan bythe promoters to make an easy exit from the company.This happens in cases where the internal position ofthe company is very bad which may not be knownto the public at large. The promoters may silentlytake their money out from the company by

Article


encashment of their shares through indirect routesleaving the small investor in a state of dilemma .The second pitfall arises from a situation when theshares of a company start sliding due to market orcompany specific reasons. The lenders make themargin calls requiring either more cash or morecollateral. If the borrowers are not able to infuse moreequity or cash, lenders are forced to sell the securitiespledged at market price. This triggers a chain reactionand the share price in the computerized tradingscreen starts moving downwards at 90 degree. Apanic gets created in the market and generally smallinvestor is the last to exit from the stock at theminimum price. Further, many innocent investorsare trapped in such script at first phase of selling asthey see their wealth eroding to the extent of 40% to70% in a couple of days. Such suffering investors areleft with no option but to curse the very concept ofinvesting in the capital market.5. Past history, recent crashes and present magnitudeof pledgingThe pit falls of pledging first came to the notice ofgeneral public and regulators in Satyam’s case. In thebear market of early 2008, the sudden crash in OrchidChemicals was an eye-opener and bear lobbies tookadvantage of the sentiment to hammer shares whichhad been pledged by the promoters. In many casesthe fall in price due to such hammering was onlysentimental having no fundamental base and theshares recovered later on but in the process , theinnocent investors swayed by panic fall in the marketmade the sales at very low prices thereby makinghuge losses.Recently on 16.06.2011, the shares of GTL fell verysharply and the first reason given by the market wassale of pledged shares by the lenders. The next daythe panic was created by the market to look for thecompanies with pledged shares for making blanksales. Consequently shares of two more companieswere mauled by bears - S Kumars World Wide andOrchid Chemical. S Kumars a textile company tanked25% before recovering to close at 11.5 % down. Ithad about 9 crores shares pledged by the promoterconstituting 33% of total equity of the company.Orchid Chemical tumbled 20% before recovering toa level of 11% down at 231. This shares has furtherfallen to a level of 200 at the time of writing of thisarticle on 02.08.2011.

Further it is relevant to record here that pledging ofshares has become a common phenomenon in today’sdate. According to a report published in ‘TheTelegraph’ on 22.06.2011 about 782 listed companieshave pledged shares of about Rs. 153000 crore ascollateral. But however this figure should not be readas panic sign as it is not a significant percentage inrelation to total market capitalization of the Indianlisted companies which is around 70,00,000 crore.Some of the companies which have pledged theirshares are listed as under:Name of company % of promoters’ As on

pledged sharesto their total holding

Tata Coffee Limited 100 30.06.2011

Gujrat Pipavav 100 30.06.2011Ansal Properties &Infrastructure Limited 95.34 30.06.2011Kotoun Retail 97.04 31.03.2011United Spirits Limited 87.52 30.06.2011Orchid Chemical &Pharmaceuticals Ltd. 73.23 30.06.2011

Suzlon Energy Limited 64.98 30.06.2011

NIIT Technologies Limited 62.25 31.03.2011Tata Consultancy ServicesLimited 11.11 30.06.2011Tata Motors Limited 20.26 30.06.2011Source: www.nseindia.comSo from the above sample, it may be noted that thepractice of pledging of shares is prevalent among thepromoters of both normal and blue chip company.6. Agruments for and against the practice ofpledgingBefore arriving at a final conclusion, it is importantto examine the case for and against the pledging. Asfar as the factors in favor of this practice areconcerned, it is said that the very essence of the jointstock companies implies that every shareholder hasa right to dispose of or to otherwise deal with theshare held by him. The concept of free transferabilityis the very basis of the shares of the listed companyand any restriction on sale or pledging of the sharesby the promoter is undemocratic of their rights. It is

Article


perhaps due to this reason that SEBI has thought itfit not to restrict the minimum percentage ofpromoters holding after the initial lock-in period ofthree years. Furthers SEBI has made adequateregulations requiring full disclosure of the sharespledged. Moreover, in some cases the shares arepledged for the benefits of the company itself or toconsolidate the promoters holdings.As far as the factors against pledging are concerned,we have already discussed the pitfalls in thepreceding paragraphs.7. ConclusionFrom a plain reading , it is amply clear that whateverare the technicalities of the various laws, in all thecases of pledging, it is generally the promoters whoare the beneficiaries and the investors who are theloosers. In case of listed companies, it is generallysaid that a good promoter can bring wonders to abad company but a bad promoter is sure to kill agood company. It speaks of the importance ofpromoters in a company. If we leave aside theprofessionally managed companies like LT andHDFC which are less than 1% of the total number,the rest of all are managed and owned by the privatepromoters and investors park their valuable fundsin such companies on the faith of the promoters’capability and integrity. While making an investmentdecision, fundamental analysis has its ownsignificance but the possibility of accountingmanipulations by the promoters can never be ruledout. Had this not been the case, thousands of investorwould not have eroded their complete wealth in theshares like Pentamedia Graphic, Silverline, HimachalFuturistic, DSQ Software in the tech boom of 2000.Recently there have been questions about theaccounting practices being followed by the both thegroups of Reliance. A promoter is a person who is inultimate control of the company and formulates itsoperating plans and he is the first to be aware of itsgood or bad future. The SEBI guidelines prescriberestrictions on increase in promoters holding aftercertain limit, but contain no prescription of minimumpromoters holding. This leaves a scope for promoterto sell or pledge even its 100% shares with anordinary disclosure. Such companies are alwaysvunerable to sudden crash on a particular sunny daywhich leaves the investors awestruck. The black

Mondays and Fridays of such shares are notunknown to the market. As earlier said, it isaltogether a different question as to whether suchcrash ultimately proves to be real or fictitious but inany case the investor suffers. It is felt that a serious thought needs to be given tothe desirability of minimum promoters holding andthe maximum pledging limits on a continual basis sothat the promoters do not enjoy the freedom ofrunning the affairs of a big corporate entity with anegligible stakes. There are examples of promoterscontrolling the companies with a holding of even 10%.No critical analysis is complete without devising ofappropriate corrective measures and in this context,some suggestions which may be considered by theregulators are given below.

The purposes of pledging of the shares shouldbe specified and regulated.The upper limit of pledging by the promotersmay be restricted say around 50% of their holdingin the company.Apart from the normal disclosure, whenever theunpledged holding of the promoters falls below20%, a special public notice through the stockexchange and media may be made mandatoryto act as positive alert to the investors.

Further , the regulators with a stream ofintelligentsia at their disposal may call for otherremedial measures so that the common investorsdo not become the victims of the said pledging ofshares.

[The views expressed in this article are personal views ofthe Author]

Change in Professional Address ofMr. Atul Mittal, Council Member, ICSI

Director, Tax and RegulatoryDelloite Touche Tohamtsu India Pvt.Ltd.

7th Floor, Building 10, Tower B,DLF Cyber City Complex,

DLF City Phase-II, GurgaonTel: +91(124) 6792828

Fax: 91(124) 6792012 Mob: 9810065744Email: [email protected]

Article


COMPLIANCE CHECKLIST FROM 10TH SEPTEMBER TO 10TH OCTOBER, 2011

Compliance Checklist

S.No. Related to Compliances to be made Compliance Due date

In case of Company assessee, pay Second Installment and incase of assessee other than Company pay First Installmentof Advance Tax to Income-Tax Authorities u/s 211 of IncomeTax Act, 1961.

Deposit tax deducted at source under DVAT Act for the monthof August 2011.

Issue TDS certificate under DVAT Act for tax deducted anddeposited for the month of August 2011 in Form DVAT-43.

File DVAT and CST monthly return in electronic form underDVAT Act for the month ending 31st August 2011.

Deposit PF under Employees Provident Fund & Misc.Provision Act, 1952 deducted for the month of August 2011

1 Advance Tax 15th September

2 DVAT 15th September

15th September

22nd September

25th September

File I. T. Return / Wealth Tax Return for Corporate assesses andall assesses whose have business income including assesseswhose accounts are required to be audited under any law(including Tax Audit u/s 44AB) and working partners by 30thSeptember 2011.Hence please finalize and get your audit reportsat the earliest to avoid last minute hassles. Please note that allindividuals, HUF and firms covered under tax audit shall have tofile their IT Return electronically using digital signatures only

4 Income TaxWealth Tax

30th September

Deposit Service Tax for payments received by Companiesfrom 01.08.2011 to 31.08.2011 in Form G.A.R –7. However incase the entity is to deposit service tax compulsorily throughelectronic mode, then the due date is 06.09.2011.

5 Service Tax 5th September

•Deposit TDS for payments of Salary, Interest, Commission,Rent, Professional fee, etc. during the month of August 2011.• Deposit TCS for collections made under section 206Cincluding sale of scrap during the month of August 2011.• Deliver a copy of Form 15G/15H to CCIT or CIT fordeclarations received in the month of August 2011.

6 TDS/TCS(Income Tax) 7th September

Furnishing copies of Balance Sheet, Profit and Loss Account,etc. for companies having in house R&T to Securities &Exchange Board of India under Regulation 14(5) of SEBI(Registrars to an issue and Share Transfer Agents)Regulations, 1993

7. Furnishing copies ofBalance Sheet, Profitand Loss Account, etc

30th September (providedthe F. Y. ended on 31st

March)

File a Statutory Annual Return on deposits in Form NBS-1 to RBIunder First Schedule of NBFC Public Deposits Directors, 1998

8. Statutory AnnualReturn

After 31st March but before30th September

File return of exposure to capital markets in Form NBS-6 to RBIunder Para 22 of NBFC-D Prudential Norms Directions, 2007

9. Return of exposure tocapital markets

7th October

File a monthly return in prescribed format (NBFC-ND) to RBIunder RBI Circular No. DNBS(RID) CC No.57/02.02.15/2005-06 of Department of Non-Banking Supervision, RBI

10. Monthly return of(NBFC-ND)

7th October

3 EPF


News from NIRC

PROFESSIONAL DEVELOPMENT & TRAINING PROGRAMS

NIRC organised the following programs:Members

Date Program Chief Guest/Speakers Present

12.08.2011 Study Circle Meeting on NonFinancial Disclosures

CS Ranjeet Pandey, CS AshuGupta, CS NPS Chawla, CSManish Gupta, Mr. T.R.Mehta and members

Ms. Sunanda Sharma,Coordinator, GRI Focal PointIndia

20.08.2011 West Zone Study Group Meeting on Public Private Partnership

CS Pradeep Debnath andmembers

CS Gopal Mandal

23.08.2011 One Day Workshop on Practical &Technical Aspects of XBRL

CS Ranjeet Pandey, CSDeepak Kukreja, CS AshuGupta, CS Manish Gupta, CSVineet K Chaudhary andmembers

Mr. Ravindra Vadali, Founderand CEO, Rhapsody Accountingand Advisory Services PrivateLtd.

23.08.2011 Meeting of Company Secretaries inPractice on ProfessionalMisconduct , Stamp Duty & latestnotifications of MCA

CS Ranjeet Pandey, CS AshuGupta, CS Manish Gupta, CSA.K. Dixit and members

CS S. Kumar, Principal Director,ICSI

27.08.2011 National Conference jointly withASSOCHAM on Scientific Art ofValuation

CS Nesar Ahmad (Vice-President, ICSI), CS PavanKumar Vijay (Chairman,ASSOCHAM NationalCouncil for M&A & PastPresident, ICSI), CS RanjeetPandey, CS G.P. Madaan, CSSatwinder Singh, CS VineetK Chaudhary, CS Rajiv Bajaj,Mr. G.P. Srivastava (SeniorAdvisor, ASSOCHAM) & Mr.T.R. Mehta and members

Mr. Dhanendra Kumar (Chairman,Committee on NationalCompetition Policy), Mr. R.N.Dash, Director General of IncomeTax (International Taxation), Dr.Rajiv Singh (Co founder ExplicoConsulting), Mr. Navin Vohra(Partner, Transaction AdvisoryServices, Ernst & Young) Mr. RohitBhasin, (Partner,PricewaterhouseCoopers),Mr. Mehak Vikamsey(Associate Director, KPMG) andMs. Kalpana Jain (Senior Director,Deloitte)

27.08.2011 East Zone Study Group Meeting onXBRL

CS Ashish Gupta, CS AnandKhandelwal & members

Mr. Amit Mahajan, DeloitteHaskins & Sells

28.8.2011 North Zone Study Group Meeting CS Chetan Gupta, CS NiteshSinha and members

CS Rajinder Kapoor & CS VijaySahni from Webtel

26.08.2011 Investor Awareness Program on RecentDevelopments in Capital Market SPMCollege, Punjabi Bagh West, New Delhi

Mr. T R Mehta, Ms. Anju Jain,Head of Commerce Departmentof SPM College, faculty of theCollege and students

Dr. Surjeet Kaur, Principal of SPMCollege, CS J.K. Bareja, Mr. RajeshNarula, DGM, Delhi StockExchange & Mr. B. Tripathi of DSE

Investor Awareness Programs

29.08.2011 Investor Awareness Program onUnderstanding the Capital MarketS P Jain Auditorium, Department ofBusiness Economics, SouthCampus, University Of Delhi, NewDelhi

Mr. T R Mehta, faculty of theDepartment and students

CS Pavan Kumar Vijay,Past PresidentICSI, CS G P Madaan,Past ChairmanNIRC- ICSI, Mr. J.K. Bareja,AssociateProfessor, University of Delhi andProf. V K Kaul,Head of theDepartment of Business Economics,South Campus, University of Delhi


News from NIRC

Date Program Chief Guest/Speakers Present

Students25.7.2011 to1.8.2011

25th Student Induction Program(SIP)

Students of the InstituteMembers of the Institute and otherprofessionals

2-6.8.2011 80th Training Orientation Program(TOP)

CS Deepak Kukreja, CSManish Gupta, CS AvtarSingh and students of theInstitute

Members of the Institute and otherprofessionals

8.8.2011 to17.8.2011



18.8.2011 to26.8.2011



19.8.2011 Valedictory Function of 154th

Management Skills OrientationProgram (MSOP)

CS Ranjeet Pandey, CSDeepak Kukreja, CS Vineet KChaudhary, CS Rajiv Bajaj,Mr. T.R. Mehta, CS AlkaArora and participants

Dr. Satish Bajpai, HeadCorporate Affairs, Life CareInnovations

Regional Round of AllIndiaElocution Competition

CS Alka Arora, participants& students

Judges: CS J.K. Bareja, Mr. SuneelKeswani, Corporate Trainer &Mr. Amit Jugia of PWC

20.8.2011

81st Training Orientation Program(TOP)


22-26.8.2011



29.8.2011 to6.9.2011

Inauguration of 155th ManagementSkills Orientation Program (MSOP)

CS Ranjeet Pandey, CSDeepak Kukreja, CS Vineet KChaudhary, Mr. T.R. Mehta,CS Alka Arora andparticipants

Mr. Pavan Kumar Vijay,Managing Director, CorporateProfessionals Capital Pvt. Ltd. &Past President, ICSI

1.9.2011

CAREER AWARENESS PROGRAMS

NIRC organised 34 Career Awareness Programs during the month of August, 2011.CS Ranjeet Pandey, CS Dhananjay Shukla, CS Manish Gupta, CS J K Bareja, CS Pradeep Debnath,CS Shiv Kumar Tyagi, CS Sangeeta Harpalani, CS Prashant, CS Nitesh Kumar, CS Neha, CS H KSharma, CS SP Bharti, Mr T R Mehta and Mr Himanshu Sharma addressed in the CareerAwareness Programs.The students were apprised about the mode of registration in the course, syllabus, structure ofthe course and also the avenues available after completion of the Company Secretaryship Courseboth in employment and in practice. Pamphlets of Career in Company Secretaryship Coursewere distributed to the students.


NEWS FROM CHAPTERS

News from Chapters

The Chapters of NIRC held following programs:

Name of Date of Program/Meeting & topic Chief Guest/Speaker(s)Chapter Program/MeetingAgra 22.7.2011 Career Awareness Program at Delhi Public School, Mathura 23.7.2011 Career Awareness Program at Etah 6-12.8.2011 Student Induction Program 12.8.2011 Elocution Contest 15.8.2011 Independence Day Celebrations Flag Hoisting by CS. Anju Jain followed by

a Cultural Program organized by the students 16-22.8.2011 Student Induction ProgramAllahabad 31.7.2011 Study Circle Meeting on XBRL Reporting

Speaker: Dr. Subroto RoyBhilwara 24.7.2011 Workshop on XBRL – Practical Aspects – Chief Guest: Mr. R.N. Gupta,

President, BSL Ltd.,Guests of Honour:Mr. G.C. Jain, President, Sangam IndiaLtd. & Mr. R.P. Agarwal, MD, SR Texfab Pvt. Ltd., Speakers: CA RajeevKhandelwal & CA Ankit Varshney

6.8.2011 Investor Awareness Program–Chief Guest: Ms. Abha Mahatma, Chairperson,Nagar Palika–Guest of Honour: Mr. Suraj Mal Porwal, Past Chairman, NagarPalika–Speakers: CS R.K. Jain, Mr. Mayank Somani, Regional Manager,Systematic Shares and Mr. Rohit Jha, Branch Manager, Reliance CapitalAsset Management Pvt. Ltd.

Chandigarh 6.8.2011 Program on Raising of Equity Capital & Listing of SMES KeySpeaker-Mr. Laksman Gugulothu, CEO, BSE SME Exchange, Mumbai.

23.8.2011 Investor Awareness Program –Chief Guest- Dr. Raj Singh, ROC, PB. HP &CHD , Guest Of Honour- Shri B.B Mittal, DGM-UBI, CHD. Key Speakers- CASanjay Tandon & Shri G.S Chawla, Director Master Trust Ltd.

Faridabad 23.7.2011 Annual General Meeting of the Chapter9.8.2011 Elocution Competition(Chapter Level)11.8.2011 Full Day Workshop on XBRLStarted from 15.8.2011Daily Financial Literacy Campaign (Aired on RMR FM 107.8)Faridabad Chapter isprogram (except Sundays) Resource Partner for this program( the program is sponsored for a period of

three months)Ghaziabad 15.8.2011 Independence Day CelebrationGurgaon 19.7.20211 5th MSOP Inaugural Session–Chief Guest :CS Nesar Ahmad- Vice President

ICSI22.7.2011 Half Day Seminar on XBRL:Speakers: CS Rajender Kapoor and CS Vijay Sahni4.8.2011 5th MSOP Valedictory Session–Chief Guest: CS Hitender Mehta, Past

Chairman, NIRC-ICSI8.8.2011 to 12.8.2011 Corporate Governance Week: Investor Awareness Program; Tree Plantation;

Library Inaugurationby CS Ranjeet Pandey, Student Induction Program &Blood Donation Camp

20.8.2011 Seminar on XBRL; Guest Speker: Ms. Fatima Sami(Associate Director-KPMG)27.8.2011 Talk & Discussion(Compliance under Listing Agreement) Speker: Shri Ilam

C Kamboj ,GM-Legal and Company Secretary,Hero motor Corp27.8.2011 Career Awarness Programmes in 6 Schools/Colleges2.9.2011 Inauguration of 6th MSOP; Chief Guest: CS Hitender MehtaPast Chairman,

NIRC-ICSI


News from Chapters

Name of Date of Program/Meeting & topic Chief Guest/Speaker(s)Chapter Program/MeetingJaipur 30.7.2011 Investor Awareness Program on the theme “Awareness of Capital Market

and Regulatory Authorities” at Sawai Madhopur. Speaker: Mr. Rajesh Roy ofNSE

6.8.2011 Investor Awareness Programs on the theme “Awareness of Capital Marketand Regulatory Authorities” at Sikar & Jhunjhunu.Speakers: Mr. Sandeep ofNSE & Mr. Shyam Agrawal, Regional Council Member, NIRC-ICSI.

8-8-2011 to 12-8-2011 Corporate Governance week: Elocution Competition Blood Donation Camp Slogan and Poster Competition Members Talk on “Board Governance – Roles & Responsibilities in

Global Era”. Speaker: CS C.M. Bindal Tree Plantation

14.8.2011 Inauguration of Managing Committee cum Conference Hall–Shri NesarAhmad, Vice President, ICSI along with Shri S Kumar, Principal Director, ICSIand office bearers of Chapter inaugurated the newly built ManagingCommittee cum Conference Room situated at Chapter Premises.

15.8.2011 Independence Day ceremonyJodhpur 12.8.2011 Seminar on Corporate Governance – a success Mantra for Corporate during

ICSI Corporate Governance WeekChief Guest: CA Suresh Rathi, EminentIndustrialist

21.8.2011 Seminar on Changing Profile of Company Secretary’s Profession– Speakers:Mr. Mahesh Pandya, BSE and Dr. Mahesh Gour, Director, Renaissance,Personality Developer and Management Guru

Kanpur 10.7.2011 Program on XBRL & latest amendments in Corporate LawsSpeakers: Mr. Vinod Kashyap, Director, Nextgen KnowledgeSolutions Pvt. Ltd., CS Ranjeet Pandey and CS Saurabh Gupta

11.7.2011 6th Student Induction Program 15.8.2011 Independence Day ceremony

Lucknow 24.7.2011 Investor Awareness Program–Speakers: CS Sanjay Grover, CentralCouncil Member, ICSI, and CS Deepak Kukreja, Vice Chairman,NIRC of ICSI

5-11.8.2011 12th Student Induction Program12.8.2011 Panel Discussion on Corporate Social Responsibility.Speakers: CS

CB Thapa, Company Secretary, Compliance Officer and GroupChief General Manager, Sahara India.Shri O.P Saxena, ImmediatePast Chairman, ICWAI, Shri Rajesh Bhalla, Vice Chairman, ICAILucknow Branch, Shri S.B.Agarwal, Company Secretary and CostAccountant, and Secretary of ASSOCHAM,Shri Alman Ray, DeanIIPM.Brig. Amitabha, Resident Director,PHD Chamber.

12.8.2011 Career Awareness Program at “Indian Public Inter College, Speaker:CS Sandeep Bansal

15.8.2011 64th Independence Day–Chief Guest CS Satendra Kohli, SeniorCompany Secretary.


An Appeal to Members

AN APPEAL TO MEMBERS

Our beloved and one of the new Member Satyam Ghosh of ICSI fraternity passed away in thewee hours of 30th August 2011. He was born on 8th November 1975 and became the member ofICSI on 14th August, 2011 and was issued Certificate of Practice on 23rd August 2011. Satyamhailed from Ranchi and started his CS from NIRC library Prasad Nagar, New Delhi . Presentlywhilst fighting from dual kidney failure, Satyam was to take up active practice in coming days.He passed away after a prolonged hospitalization and multiorgan failure at Vadodara. Satyamis survived by his wife Mrs. Bhawana Ghosh and 5 year old son.During all these months of prolonged illness and hospitalization, the bereaved and survivingfamily is under heavy debt.We as a member of the ICSI can contribute emotionally and yet more importantly, financiallyto the family of dear Satyam Ghosh. Unfortunately, since CS Satyam Ghosh was only a Memberfor few days in the profession and due to his hospitalization, he could not register himselfunder CSBF.Therefore the urgency to help his family becomes more important and urgent. NIRC of ICSIcall upon the members to come out openly and reach out to the family of CS Satyam Ghosh tohelp generously. Members are requested to contribute through forwarding a Cheque of generousamount to the following address under intimation to NIRC.

Mrs. Bhavna Ghosh, w/o CS Satyam Ghosh34, Saya ji Society, Netaji Park ,

Muktanand Bus Stop, KarelibaugVadodara-390018 Gujarat

Tel: 9924080706, 9835352865

ATTENTION MEMBERS

NIRC of ICSI organizes various training programs for students viz. StudentInduction Programs (SIP), Training Orientation Programs (TOP), ExecutiveDevelopment Programs (EDP) and Professional Development Programs(PDP) covering the topics of Soft Skills and other topics relating toprofession of CS.Interested members who wish to take sessions in above training programsare requested to forward their resume to NIRC-ICSI at [email protected] their preference of topic


RESEARCH AND PUBLICATION COMMITTEE OF NIRC- ICSIPROUDLY ANNOUNCES

"RESEARCH PAPER COMPETITION"For the members of ICSI-NIRC

OBJECTIVE:The competition is aimed at sharing the skills of the Members of ICSI-NIRC:

Enticing Members to excel and update their knowledge; andTo bring together the views and experiences of different people on similar issue.

PROCESS:2 Tier competition is envisaged.The word limit varies accordingly.Research papers will be judged by a panel of jury members for each group.

SUBMISSION OF PAPERS:The last date for the submission of Research Paper - 30th September, 2011The Research papers shall be submitted (via e-mail: [email protected] and also through signed hard copy addressed to The Convenor, Researchand Publication Committee, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, NewDelhi - 110005).The hard copy shall be supported by two passport size photograph, membership number, e-mail ID and declaration regarding originality.Prescribed word limit shall be adhered to; only eligible entries shall be scrutinized.The decision of the Jury shall be final & binding on all the participants.

ELIGIBILITY CRITERIA:Members of NIRC- ICSI as on cut-off date.Elected Council Members; Regional Council Members; Staff Members of NIRC - ICSI and Members of Research & Publication Committeeare not eligible to participate.

SUGGESTED TOPICS:

RECOGNITION & AWARDS:The best article on each topic is proposed to be included in CD to be released by RPC. Three best entries in each group shall be awarded with aCitation, Trophy and Cash Prize.

Ist Prize IInd Prize IIIrd PrizeGROUP I Rs. 3,100/- Rs. 2,100/- Rs. 1,100/-GROUP II Rs. 5,100/- Rs. 3,100/- Rs. 2,100/-

END USE :Research and Publication Committee reserves the right to publish the Articles / Excerpts either in print or in electronic media.

GROUP I

0-5 years900 - 1100 words (Procedural)

Incorporation of Companies in other countries.De-meger through slump saleFDI Policy of India - practice and procedure.Remuneration of Independent DirectorsECB policy - practice and procedure.Professional liability : while dealing with fraudSetting of a non-profit organizationTaxation on LLP

GROUP II

more than 5 years1400 - 1600 words (Technical)

Delegation of regulatory powers to professional practitionersWorking Profile of Company Secretaries in smaller towns.Globalization of CS Profession - Scope and Hope

Whistle blowing and professional responsibilitiesManaging a Global depository receipt of a Indian CompanyLiability of Indian company under listing agreement in USALegal compliances at Commodity ExchangesProvision of Income tax - Limiting Indian Businesses’ social responsibilityinitiatives

Research Paper Competition

Company Secretaries with experience of


Company Secretaries Benevolent Fund

In recent past, some of our members have died leaving behind thespouse and minor children. In some cases providing adequatefinancial assistance to the bereaved family becomes animpediment. Although the Managing Committee of the CSBFwanted to help the bereaved family members, but it wasconstrained to do so in view of financial position of the Fund. Atpresent around 7900 members are the members of the CSBF. Thefund can provide the much needed financial assistance in suchcases if the corpus of the Fund increases substantially which ispossible if more number of members are enrolled to the fund. The members in all earnestness are therefore sincerely requestedto become the members of the CSBF by paying one time Lifemembership fee of Rs. 5,000/-.The payments made to the Fund are exempted under Section 80Gof the Income Tax Act, 1961.The members have to just fill up Form-A (available onthe web-site of the Institute, i.e. www.icsi.edu) and sendthe same along with a cheque for Rs. 5,000 favouring‘Company Secretaries Benevolent Fund’ payable at NewDelhi to NIRC Office.Following benefits are presently provided by the CSBF1. Financial assistance in the event of death of a member

of CSBFUpto the age of 60 years

Group Life Insurance Policy for a sum of Rs. 2,00,000;and

Upto Rs. 1,00,000 in deserving cases on receipt of requestsubject to the Guidelines approved by the ManagingCommittee from time to time.

Above the age of 60 years Upto Rs. 1,00,000 in deserving cases on receipt of

request subject to the Guidelines approved by theManaging Committee from time to time.

2. Other benefits (in deserving cases on receipt ofrequest subject to the Guidelines approved by theManaging Committee from time to time).

Reimbursement of Medical Expenses Upto Rs. 40,000

Financial Assistance for Children’s Education (one time) Upto Rs. 10,000 per child (Maximum for two children)

in case of the member leaving behind minor children.

AN APPEALFOR BECOMING MEMBER OF CSBF

S.No Name1 Mr. Ranjeet Pandey2 Mr. Deepak Kukreja3 Mr. Manish Gupta4 Mr. G.P. Madaan5 Dr. Dinesh Gupta6 Mr. Gerogey Soman7 Mr. Rajesh Kr. Gupta8 Mr. Manish Durga9 Mr. Ankur Chawla10 Mr. Rajesh Kumar11 Ms. Rakhi Aggarwal12 Mr. Sandeep Rawat13 Ms. Vishakha Kothrari14 Mr. Y.Maheshwari15 Mr. Prince Grover16 Mr. Sanjay Rana17 Mr. Parth Arya18 Mr. Divay Arora19 Mr. Nikhil Gupta20 Mr. Sandeep Kumar21 Mr. Vishwas Jain22 Mr. Sudeep Rathi23 Mr. Sunil Yadav24 Mr. Vinit Dalmia25 Mr. Akash Pandey26 Mr. Ashish Pandey27 Mr. Rahul Jain28 Mr. Krishna Shrestha29 Mr. Vikas Chauhan30 Mr. Vinay Agarwal31 Mr. Nitin Sharma32 Mr. Shamsher Ansari33 Mr. Deepak Gupta34 Mr. D.Marwah35 Ms. Harpreet Kaur36 Mr. Manoj Kumar Jha37 Mr. Abhishek Bansal38 Mr. Rohit Batham39 Mr. J.S. Saluja40 Ms. Vaishali Jain41 Mr. Deepak Kakkar

LIST OF MEMBERS & STUDENTS WHO DONATEDTHEIR BLOOD IN THE BLOOD DONATION CAMP

ORGANISED BY NIRC-ICSI ON 25.7.2011


Company Secretaries Benevolent Fund

COMPANY SECRETARIES BENEVOLENT FUND

Members enrolled as Life Members of The Company Secretaries Benevolent Fund from Northern Region:

Donations to CSBF received during the period from 31st July, 2011 to 30th August, 2011

S. No. Name of the memberS/Shri Membership No. Amount of donation(Rs.)1. JIL Information Technology Ltd. (Through Mr. Harish K. Vaid) 1,00,000/-2. Mr. Ranjeet Pandey FCS-5922 5,100/-3. Mr. Manish Gupta FCS-5123 5,100/-4. Mr. Sutanu Sinha FCS-3976 2,100/-5. Mr. Suchitta Koley FCS-1647 2,100/-6. Mr. D.P. Gupta FCS-2411 1,100/-7. Mr. Rupesh Agarwal ACS-16302 1,100/-

S.No.Name Membership No.1 Ms. Nidhi Pokharna ACS - 283572 Mr. Sanjay Kumar Gupta FCS - 33483 Mr. Vishal Rai FCS - 62384 Mr. Hitesh Kumar Jain FCS - 62415 Mr. Pradeep Tahiliani ACS - 185706 Mr. Sachin Dev FCS - 65077 Ms. Amita Gola FCS - 53188 Mr. Ashok Ranjan Mishra FCS - 53779 Ms. Ritu Choudhary ACS - 2235410 Mr. Manish Kumar ACS - 1637611 Mr. Vinit Kumar ACS - 1909312 Mr. Rahul ACS - 1703513 Mr. Ankesh Kumar ACS - 1908014 Mr. Nitin Kochhar FCS - 623515 Mr. Rohit Gupta ACS - 2577016 Mr. Chetan Gupta FCS - 649617 Mr. Maninder Singh ACS - 1483418 Mr. Ashutosh Kumar ACS - 2648619 Mr. Alok Kumar Tripathi ACS - 2744820 Mrs. Pooja Bhardwaj ACS - 28401

S.No. Name Membership No.21 Mr. Amit Kumar FCS - 591722 Ms. Sarita Tyagi ACS - 1689323 Mr. Mukesh Kumar ACS - 1792524 Mr. Abhay Kumar Sharma ACS - 2093925 Mr. Rajesh Jain ACS - 2524826 Ms. Ritika Sharma ACS - 2613027 Mr. Devender Kumar ACS - 2309028 Mr. Rajeev Ranjan ACS - 2021429 Mr. Vivek Kumar Shukla ACS - 2587330 Mr. Dharmendra K. Dubey ACS -2087331 Ms. Archana Maini ACS - 1609232 Ms. Neetu Saini ACS - 2434433 Mr. Sudhanshu Singhal ACS - 2422734 Mr. Rajeev Sharma ACS - 1827635 Mr. Anuj Kumar ACS - 1584036 Ms. Manpreet Kaur ACS - 2604737 Mr. Lalit Prabhakar ACS - 955038 Ms. Alka Arora ACS - 1599239 Mr. Pawan Kumar ACS - 2316040 Ms. Veena Rathi ACS - 2722341 Ms. Vidhi Kharbanda ACS- 15285


39thNational Convention of Company Secretaries

Days & Dates : Thursday, Friday & Saturday October 13-14-15, 2011Venue : Jaypee Palace Hotel & Convention Centre, Fatehabad Road, Agra 282 003

Theme : Corporate Dynamism and Innovative ProfessionalismSub-Themes

Dynamic Business Environment, Innovation and Risk ManagementRegulatory Convergence, Technology and Innovative ProfessionalismFrom Compliance to Creative Solutions – Vision 2020 challengesLeveraging Globalisation for Trade in Professional ServicesHarmonisation of Companies Bill, 2009 vis-à-vis other Corporate Laws

Members are requested to participate in thisannual mega event of the Institute being

organized in Northern Region.For more details please visit ICSI website : www.icsi.edu

National Convention

ATTENTIONMEMBERS / STUDENTS

The details of Members Programs like Seminar, Conferences, etc. and soft copiesof NIRC-ICSI Newsletters & Students’ programs viz TOP, SIP, ADP, MSOP,Students Activities, such as viz Moot Court Competitions, Elocution Competition,Essay writing, Company Law Quiz and Student Conferences are regularly updatedon the NIRC Portal at ICSI website.

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

www.icsi.edu/niro


Forthcoming Programs

cordially invites membersat

Study Circle Meetingon

Employee Stock Ownership Plans (ESOPs)on

Friday, the 16th September, 2011 at 6.00 PMat

New Delhi YMCA Conference Hall,1, Jai Singh Road, New Delhi

CREDIT H

OUR : 1

LIGHTER SIDE OF THE PROFESSION“What is the secret of your success?”“I worship my Juniors.”“Why?”“I follow the saying “WORK IS WORSHIP”.Since,I get all my work done through my JUNIORS thus Ihave to worship the work through Juniors only.” *********“Is it correct that ABC Ltd., a ProfessionalCompany,has dispensed with the services of ParamjeetSingh?”“Yes.”“But ABC Ltd., was always considered to be Caringand Concerned towards its employees.Whathappened?”“The new Chairman of the Company is also Caringand Concerned but more towards its Shareholdersthus as a cost cutting measure,Paramjeet Singh’sservices were dispensed with.”

-- PARAMJEET SINGH, FCS


DELHI STUDY GROUPS FORTHCOMING MEETINGS

Day, Date & Time Program Program VenueCredit Hours

Saturday EAST Zone Study Group Meeting on ONE Mother Teresa Public School17.09.2011, 6.00 PM Latest Circulars/Notifications issued by MCA C-Block, Preet Vihar, Delhi

Saturday WEST Zone Study Group Meeting on ONE CMC Ltd. Community Centre24.09.2011, 6.00 PM Compliance Regulations of SME C-58, 6th Floor, Behind Janak Cinema

Janak Puri New Delhi

Sunday NORTH Zone Study Group Meeting ONE Hero Mind Mine, 3rd Floor,25.09.2011, 5.00 PM (Topic will be informed through e-mail) Building No. FD-4, (Near

Pitampura Metro Station),New Delhi

Half Day Workshop for Female Company Secretarieson

PROFESSIONAL WOMEN- REALIGING PRIORITIESHow to stay connected with the profession- leading a balanced life

onSaturday, the 17th September, 2011 from 2.00 PM onwards

at

SCOPE Convention Centre, (Mirza Galib Hall)SCOPE Complex, Lodi Road, New Delhi

Fee: Rs. 200/- per delegate including Corporate Members of NIRC

Registration : In order to make necessary arrangements, Female Company Secretaries arerequested to enrol well in advance with NIRC-ICSI, 4, Prasad Nagar Institutional Area, NewDelhi-110 005. The cheque for delegate fee may please be drawn in favour of NIRC of ICSI

payable at New Delhi.Tel.:+91-11-25816593; Fax: 25722662 E-mail: [email protected];

CREDIT H

OUR : 2




SEMINARon

Indirect Taxes -Professional Avenueson

Saturday, the 24th September, 2011 (Registration starts at 9.30 AM)

atHotel Le-Meridien (Souverign-I), Janpath, New Delhi

Fee: Rs.2,000/- per delegate; FREE for Corporate Members of NIRC

Registration : In order to make necessary arrangements, Members are requested to enrolwell in advance with Executive Officer, NIRC-ICSI, 4, Prasad Nagar Institutional Area, NewDelhi-110 005. The cheque for delegate fee may please be drawn in favour of NIRC of ICSI

payable at New Delhi. Tel.:+91-11-25816593; Fax: 25722662 E-mail: [email protected];

(Credit Hours will be given to only those members who joins the programs upto 11.00 AM.Members are required to mark the attendance both at the beginning & conclusion of the program)

○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○

NIRC solicits your kind patronage in the form of advertisement for its Monthly Newsletteras per the tariff given below :

Per Issue 6 Issues 12 Issues(Rs.) (Rs.) (Rs.)

Back cover (Colour) 15,000 80,000 1,50,000Inside Cover (Colour) 11,000 60,000 1,10,000Inside page (Black & White) 6,000 33,000 60,000Inside Half page (Black & White) 4,000 22,000 40,000Inside Quarter page (Black & White) 2,500 13,000 25,000

ADVERTISEMENT FOR“NIRC-ICSI NEWSLETTER”

nirc news sep. - the institute of company

Documents