student company secretary · in form ndh-1 along with such fee as provided in companies...

Dear Students,

“Take up one idea. Make that one idea your life – think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.” - Swami Vivekananda

May the festival of lights be the harbinger of joy and prosperity in your life. As the holy occasion of Diwali is here and the atmosphere is filled with the spirit of joy and happiness, I hope this festival of lights brings your way, bright sparkles of contentment, that stay with you through the days ahead.

Festivals not only give a progressive message but also rejuvenate us amidst all the preparation. I am sure it will fill you all with new energy and vigor so that you can better prepare yourself for the coming examinations. To better prepare the students, the Institute has undertaken some new initiatives and has enriched the academic resources on its website with Revisionary papers, Practice manuals and Video lectures under MOOCs. A major e-learning initiative is underway, which would change the face of education at ICSI. It would converge everything that a student wants on an e-platform.

The Institute has also launched ‘ICSI Study Centre Scheme’ in collaboration with recognised Universities/Colleges, to reach out to the students in areas which are not represented by the Institute’s Regional/Chapter Offices. Moreover 6 new examination centres have been opened up in different parts of the country for conduct of CS examinations from December, 2015 session. Details of these new centres can be referred inside this e-bulletin.

I am sure these initiatives will serve as significant preparation resources/facilitator for all those appearing in the examination. I advise the students to optimally utilize their time and take maximum benefit out of these offerings.

My best wishes to you all!

Wishing you all a bright & prosperous Deepawali.

CS Atul H. Mehta President [email protected]

Message from the President

Inside This Issue Academic Guidance

Frequently Asked Questions on SEBI (Delisting of Equity Shares) Regulations, 2009

IGNOU Admission

Legal World

Students – ICSI Academic Connect

Student Services

Examination

Training

Corporate Compliance Executive Certificate For Students

News from Region

Student Company Secretary (e-bulletin for Executive & Professional Students)

NOV EMBER 2015

e-bulletin 2 November 2015

Academic Guidance

Nidhi Companies*

Part - I

The primary object of Nidhis is to carry on the business of accepting deposits and lending money to member-borrowers only against jewels, etc., and mortgage of property. For over a century Nidhis, with the objective of cultivating the habit of thrift, generally promoted by public spirited men drawn from affluent local persons, lawyers and professionals like auditors, educationists, etc., including retired persons. The area of operation was local – within municipalities and panchayats. Some Nidhis on account of their financial and administrative strength opened branches within the respective revenue district and even outside. The principle of mutual benefit has been to pool the savings from members and lend only to members and never have dealing with Non-members.

Prevailing Regulatory Aspects of Nidhi

As per section 406 of the Companies Act, 2013, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such class of companies.

In exercise of powers conferred under section 406 read with section 469 of the Companies Act, 2013, Central Government issued the Nidhi Rules, 2014 which came into force on the 1st day of April, 2014. Nidhi Rules, 2014 applicable to:

every company which had been declared as a Nidhi or Mutual Benefit Society under sub-section (1) of Section 620A of the Companies Act, 1956;

every company functioning on the lines of a Nidhi company or Mutual Benefit Society but has either not applied for or has applied for and is awaiting notification to be a Nidhi or Mutual Benefit Society under sub- Section (1) of Section 620A of the Companies Act, 1956; and

every company incorporated as a Nidhi pursuant to the provisions of Section 406 of the Act.

Incorporation of Nidhi

1. A Nidhi to be incorporated under the Companies Act, 2013 shall be a public company and shall have a minimum paid up equity share capital of five lakh rupees.

2. Nidhi shall not issue preference shares.

* CS Disha Kant, Assistant Education Officer, ICSI. The views expressed are personal views of the author and do not necessarily reflect those of the Institute.


3. If preference shares had been issued by a Nidhi before the commencement of the Companies Act, 2013, such preference shares shall be redeemed in accordance with the terms of issue of such shares.

4. No Nidhi shall have any object in its Memorandum of Association other than the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit.

5. Every Company incorporated as a “Nidhi” shall have the last words ‘Nidhi Limited’ as part of its name.

Requirements for minimum number of members and net owned funds

Sub-Rule (1) of Rule 5 of the Nidhi Rules, 2014 deals with requirements for minimum number of members, net owned fund etc. It provides that:

(1) Every Nidhi shall, within a period of one year from the commencement of these rules, ensure that it has—

a) not less than two hundred members; b) Net Owned Funds of ten lakh rupees or more; c) unencumbered term deposits of not less than ten per cent of the outstanding

deposits as specified in rule 14; and d) ratio of Net Owned Funds to deposits of not more than 1:20.

It may be noted that “Net Owned Funds” means the aggregate of paid up equity share capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet. Further, the amount representing the proceeds of issue of preference shares shall not be included for calculating Net Owned Funds .

Extension for Compliance

Sub Rule (3) of Rule 5 states that if a Nidhi is not complying with clauses (a) or (d) of sub-rule (1) above, it shall within thirty days from the close of the first financial year, apply to the Regional Director in Form NDH-2 along with fee specified in Companies (Registration Offices and Fees) Rules, 2014 for extension of time and the Regional Director may consider the application and pass orders within thirty days of receipt of the application. Where the company fails to comply with the requirements of this rule and non-compliance extends beyond the second financial year, Nidhi shall not accept any further deposits from the commencement of the second financial year till it complies with the provisions contained in sub-rule (1), besides being liable for penal consequences as provided in the Act.

Return of statutory compliances by Nidhi Companies

Within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, Nidhi shall file a return of statutory compliances in Form NDH-1 along with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 with the Registrar duly certified by a company secretary in practice or a chartered accountant in practice or a cost accountant in practice.

General restrictions or prohibitions

In terms of Rule 6, Nidhi shall not —

a) carry on the business of chit fund, hire purchase finance, leasing finance, insurance or acquisition of securities issued by any body corporate;


b) issue preference shares, debentures or any other debt instrument by any name or in any form whatsoever;

c) open any current account with its members; d) acquire another company by purchase of securities or control the composition of the

Board of Directors of any other company in any manner whatsoever or enter into any arrangement for the change of its management, unless it has passed a special resolution in its general meeting and also obtained the previous approval of the Regional Director having jurisdiction over such Nidhi;

e) carry on any business other than the business of borrowing or lending in its own name. Nidhis which have adhered to all the provisions of these rules may provide locker facilities on rent to its members subject to the rental income from such facilities not exceeding twenty per cent of the gross income of the Nidhi at any point of time during a financial year.

f) accept deposits from or lend to any person, other than its members; g) pledge any of the assets lodged by its members as security; h) take deposits from or lend money to any body corporate; i) enter into any partnership arrangement in its borrowing or lending activities; j) issue or cause to be issued any advertisement in any form for soliciting deposit. It

may be noted that private circulation of the details of fixed deposit Schemes among the members of the Nidhi carrying the words “for private circulation to members only” shall not be considered to be an advertisement for soliciting deposits.

k) pay any brokerage or incentive for mobilising deposits from members or for deployment of funds or for granting loans.

Share Capital and Allotment

Every Nidhi incorporated as a Nidhi pursuant to the provisions of Section 406 of the Act, shall issue equity shares of the nominal value of not less than ten rupees each. No service charge shall be levied for issue of shares. Every Nidhi shall allot to each deposit holder at least a minimum of ten equity shares or shares equivalent to one hundred rupees:

It may be noted that a savings account holder and a recurring deposit account holder shall hold at least one equity share of rupees ten.

Membership of Nidhi

1) A Nidhi shall not admit a body corporate or trust as a member. 2) Every Nidhi shall ensure that its membership is not reduced to less than two hundred

members at any time. 3) A minor shall not be admitted as a member of Nidhi. It may be noted that deposits

may be accepted in the name of a minor, if they are made by the natural or legal guardian who is a member of Nidhi.

Branches of Nidhi

a) A Nidhi may open branches, only if it has earned net profits after tax continuously during the preceding three financial years. A Nidhi may open up to three branches within the district.

b) If a Nidhi proposes to open more than three branches within the district or any branch outside the district, it shall obtain the prior permission of the Regional


Director and an intimation is to be given to the Registrar about opening of every branch within thirty days of such opening.

c) Nidhi shall not open branches or collection centres or offices or deposit centres, or by whatever name called outside the State where its registered office is situated.

d) Nidhi shall not open branches or collection centres or offices or deposit centres, or by whatever name called unless financial statement and annual return (up to date) are filed with the Registrar.

e) A Nidhi shall not close any branch unless it— a. publishes an advertisement in a newspaper in vernacular language in the

place where it carries on business at least thirty days prior to such closure, informing the public about such closure;

b. fixes a copy of such advertisement or a notice informing such closure of the branch on the notice board of Nidhi for a period of at least thirty days from the date on which advertisement was published under clause (a) ; and

c. gives an intimation to the Registrar within thirty days of such closure.

Acceptance of deposits by Nidhis

A Nidhi shall not accept deposits exceeding twenty times of its Net Owned Funds (NOF) as per its last audited financial statements

The Central Government has been empowered under section 462 (1), to issue in public interest, by notification, directing that any of the provisions of Companies Act, 2013 shall not apply to such class or classes of companies or shall apply to the class or classes of companies with such exceptions, modifications and adaptations as may be specified in the notification. In this context the Central Government vide notification no. 465(E) dated 5th June, 2015 directed that respective sections of the Companies Act, 2013 shall not apply or shall apply with certain exceptions, modification and adaptations to Government companies. A brief analysis of these exemptions is given hereunder.

Exceptions, modification and adaptations to Nidhi Companies

Sr. No.

Chapter / Section Number / Sub-section(s) in the Companies Act, 2013

Exceptions/Modifications/Adaptations

1 Chapter II

Section 20(2)

Incorporation of Company

Shall apply subject to the modification that in the case of a Nidhi, the document may be served only on members who hold shares of more than one thousand rupees in face value or more than one per cent of the total paid-up share capital of the Nidhi’s whichever is less. For other shareholders, document may be served by a public notice in newspaper circulated in the district where the Registered Office of the Nidhi is situated; and publication of the same on the notice board of the Nidhi.

Note: Section 20 deals with service of documents.


2 Chapter III

Section 42 except sub-section(1), explanation (II) to sub-section (2), sub-sections(4), (6), (8) (9)and (10)

Prospectus and Allotment of Securities

Shall not apply.

Note: Provisions of Section 42(2) except for explanation II, Section 42(3), Section 42(5), Section 42(7) shall not apply to Nidhi companies. Accordingly provision such as recording of names of proposed allottees prior to invitation to subscribe, restrictions on fresh offer, restrictions on payment of subscription money through cash etc. shall not apply to Nidhi companies.

3 Chapter IV

Section 47(1)(b)

Share Capital & Debenture

Shall apply, subject to the modification that no member shall exercise voting rights on poll in excess of five per cent of total voting rights of equity shareholders.

Note: Section 47(1)(b) deals with voting right on a poll to be in proportion with the paid-up share capital held. In Nidhi companies it shall apply, subject to the modification that no member shall exercise voting rights on poll in excess of five per cent of total voting rights of equity shareholders.

4 Section 62 Shall not apply.

Note: Section 62 relates to further issue of share capital. Section 62 is not applicable to Nidhi companies.

5 Section 67(1) Shall not apply, when shares are purchased by the company from a member on his ceasing to be a depositor or borrower and it shall not be considered as reduction of capital under section 66 of the Companies Act, 2013.

Note: Section 67(1) states that no company limited by shares or by guarantee and having a share capital shall have power to buy its own shares unless the consequent reduction of share capital is effected under the provisions of the Act. It shall not apply to Nidhi companies when shares are purchased by the company from a member on his ceasing to be a depositor or borrower and it shall not be considered as reduction of capital under section 66 of the Companies Act, 2013.

6 Chapter VIII

Section 123(5)

Declaration and payment of dividend

Shall apply, subject to the modification that any dividend payable in cash may be paid by crediting the same to the account of the member, if the dividend is not claimed within 30 days from the date of declaration of the dividend.


Note: Section 123(5) states that no dividend shall be paid by a company in respect of any shares therein except to the registered shareholder of such share or his order or to his banker and shall not be payable except in cash. These provisions shall apply subject to the modification that any dividend payable in cash may be paid by crediting the same to the account of the member, if the dividend is not claimed within 30 days from the date of declaration of the dividend.

7 Section 127 Shall apply, subject to the modification that where the dividend payable to a member is one hundred rupees or less, it shall be sufficient compliance of the provisions of the section, if the declaration of dividend is announced in the local language in one local news paper of wide circulation and announcement of the said declaration is also displayed on the notice board of the Nidhis for at least three months.

Descriptive note:

Section 127 deals with punishment for failure to distribute dividend. However for Nidhi companies, where the dividend payable to a member is one hundred rupees or less, it shall be sufficient compliance of the provisions of the section, if the declaration of dividend is announced in the local language in one local news paper of wide circulation and announcement of the said declaration is also displayed on the notice board of the Nidhis for at least three months.

8 Chapter IX

Section 136(1)

Accounts of Companies

Shall apply, subject to the modification that, in the case of members who do not individually or jointly hold shares of more than one thousand rupees in face value or more than one per cent of the total paid-up share capital whichever is less, it shall be sufficient compliance with the provisions of the section if an intimation is sent by Public notice in newspaper circulated in the district in which the Registered Office of the Nidhi is situated stating the date, time and venue of Annual General Meeting and the financial statement with its enclosures can be inspected at the registered office of the company, and the financial statement with enclosures are affixed in the Notice Board of the company and a member is entitled to vote either in person or through proxy.

Note: Section 136(1) deals with the right of the members to copies of audited financial statement. In case of Nidhi


companies, for members not holding individually or jointly shares of more than one thousand rupees in face value or more than one per cent of the total paid-up share capital whichever is less, it shall be sufficient compliance with the provisions of the section if an intimation is sent by Public notice as prescribed above.

9 Chapter XI

Section 160

Appointment and Qualification of Director

ln sub-section (1), for the words "one lakh rupees", the words "ten thousand rupees" shall be substituted.

Note: Section 160(1) requires a deposit of Rs. 1 lakh for nomination of a director. For Nidhi companies such deposit is Rs 10,000/-

10 Chapter XII

Section 185

Meeting of Board and Its Power

Shall not apply, provided the loan is given to a director or his relative in their capacity as members and such transaction is disclosed in the annual accounts by a note.

Note: Section 185 prohibits loans to directors with some exceptions. However, it shall not apply to Nidhi companies, provided the loan is given to a director or his relative in their capacity as members and such transaction is disclosed in the annual accounts by a note.

11 Chapter XIII

Second proviso to sub-section (1) of section 197

Appointment and remuneration of Managerial Person

Shall apply with the modification that the remuneration of a director who is neither managing director nor whole time director or manager for performing special services to the Nidhis specified in the articles of association may be paid by way of monthly payment subject to the approval of the company in general meeting and also to the provisions of section 197 :

Provided that no approval of the company in general meeting shall be required where,-

(a) a Nidhi does not have a managing director or a whole-time director or a manager;

(b) the remuneration payable during a financial year to all the directors of the Nidhi does not exceed ten per cent of the net profits of such Nidhi or fifteen lakh rupees, whichever is less; and

(c) a remuneration payable under clause (b) is approved by a special resolution passed in this behalf by the


Nidhi.

Note: Section 197 deals with overall maximum managerial remuneration and managerial remuneration in case absence or inadequacy of profits. Second proviso to Section 197(1) limits the remuneration payable to directors who are neither managing directors nor whole-time directors to one percent of the net profits of the company, if there is a managing or whole-time director or manager; three percent of the net profits in any other case. However, Nidhi companies are allowed to pay remuneration to directors who are neither managing directors nor whole-time directors, for performing special services subject to conditions as laid down.

12 Chapter XXIV

Section 403

Registration offices and Fees

Shall apply, with the modification that the filing fees in respect of every return of allotment under sub-section (9) of section 42 shall be calculated at the rate of one rupee for every one hundred rupees or parts thereof on the face value of the shares included in the return but shall not exceed the amount of normal filing fee payable.

Note: Section 403 deals with filing fee. For Nidhi companies it shall apply with the modification that the filing fees in respect of every return of allotment under sub-section (9) of section 42 shall be calculated at the rate of one rupee for every one hundred rupees or parts thereof on the face value of the shares included in the return but shall not exceed the amount of normal filing fee payable.

***


Alternate Dispute Resolution – At a Glance*

The only devils in the world are those running around in our Hearts, And that’s where all battles should be fought. -Mahatma Gandhi

Brief Introduction

Alternate Dispute Resolution (ADR), is an idea that engulfs the concepts of arbitration, mediation, conciliation and various other processes which fall outside the judicial preview. Alternate Dispute Resolution directs towards a swifter and less expensive route to justice, thereby reducing the backlog of a number of cases in the court. This process has emerged as an essential component of conflict management and judicial reform.

Dispute is an argument or a disagreement between two people, groups or countries. A dispute must be resolved as unresolved disputes in business hinder the smooth flow and future growth of not only of domestic trade but also of international trade.

A dispute is normally resolved by way of

– Litigation; or

– Alternative Dispute Resolution (ADR) mechanism

Reasons why Alternate Dispute Resolution is better than Litigation?

In litigation, a dispute is referred to a court of Law.

Litigation is expensive, time consuming and full of complexities.

Besides, the constant rise in the costs of litigation coupled with time delays continues to plague the litigants.

Alternate Dispute Resolution (ADR) refers to any means of settling disputes outside the courtroom. ADR includes dispute resolution processes and techniques that act as a means for disagreeing parties to come to an agreement short of litigation.

Law regulating Arbitration in India

The statutory provisions on arbitration are contained in the Arbitration and Conciliation Act, 1996.

The Arbitration and Conciliation Act, 1996 came into force with effect from 25th January 1996. The Act of 1996 was enacted to update the Law of Arbitration in India on the lines of the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration.

Before the enactment of the Arbitration and Conciliation Act 1996, statutory provisions on arbitration were contained in three different enactments:

the Arbitration Act, 1940,

* Mahesh Airan, Assistant Education Officer, ICSI. The views expressed are personal views of the author and do not necessarily reflect

those of the Institute.


the Arbitration (Protocol & Convention) Act, 1937; and

the Foreign Awards ( Recognition & Enforcement) Act, 1961.

Domestic arbitrations were conducted under the 1940 Act while the other two acts dealt with foreign awards.

Forms of Alternate Dispute Resolution

Negotiation-where interested parties resolve disputes, agree upon courses of action, bargain for individual or collective advantage, and/or attempt to craft outcomes which serve their mutual interests.

Mediation

Mediation is a process in which a neutral third party (the mediator) assists the parties to a dispute to reach a mutually acceptable resolution.

Civil and Commercial disputes can be resolved through mediation except certain special legislations like winding up of a company.

Benefits of Mediation

Unlike litigation or arbitration, where a decision is imposed by the Judge or the Arbitrator, in mediation resolution is made on the consent of the parties to their satisfaction through the assistance and facilitation of the mediator. It is a Win-Win for both parties.

This will help the parties to put a closure to the dispute rather than wasting time on appeals against an imposed decision and concentrate on their business and future.

It helps to maintain ongoing relationships and resolve the dispute amicably.

Another advantage is that the entire process of mediation is confidential.

Mediation is also much faster and cheaper than any other dispute resolution processes.

Internationally, opting for mediation is also considered as an expression of best governance and social commitment.

Many MNC’s have signed the “Pledge to Mediate”, expressing their commitment to resolve dispute amicably to their potential business partners and clients.

Conciliation - Conciliation is an informal process in which the conciliator (the third party) tries to bring the disputants to agreement. He does this by lowering tensions, improving communications, interpreting issues, providing technical assistance, exploring potential solutions and bringing about a negotiated settlement.

Arbitration -disagreeing parties agree to be bound by the decision of an independent third party.

What is Arbitration?

Arbitration is a method whereby parties can resolve their disputes privately.


Instead of filing a case in a court, parties can refer their case to an arbitral tribunal, which is the forum where arbitration proceedings are conducted.

The arbitral tribunal will consider the questions over which the parties are in conflict and will arrive at a decision. This decision is known as an 'award'.

The difference between a court proceeding and arbitration is that arbitration takes less time and typically costs less. Also, some parties do not feel the need to use an advocate in arbitration.

What is Arbitration Agreement?

Arbitration agreement means an agreement by parties to submit the arbitration or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship whether contractual or not.

An arbitration agreement may be in the form of an arbitration clause in a contract or in the form of a separate agreement.

An arbitration agreement shall be in writing. An oral arbitration agreement is not recognized as an arbitration agreement.

An arbitration agreement is in writing if it is contained in

o a document signed by the parties, or

o an exchange of letters, telex, telegrams or other means of telecommunication, which provide a record of the agreement, or

o an exchange of statements of claim and defence in which the existence of the agreement is alleged by one party and not denied by the other.

Arbitration agreement stands on the same footing as any other agreement.

What is arbitral award?

As per Section 2(1)(c) of Arbitration and Conciliation Act, 1996., "arbitral award" includes an interim award.

Arbitral award is required to be made in writing. An oral decision is not an award under the law.

The arbitral award is required to be made on stamp paper of prescribed value (as applicable at the place of making the award)

The award is to be signed by the members of the arbitral tribunal.

The making of an award is a rational process which is accentuated by recording the reasons. The award should contain reasons.

The award should be dated i.e. the date of making of the award should be mentioned in the award.

The arbitral tribunal may include in the sum for which award is made, interest upto the date of award and also a direction regarding future interest.

The award may also include decisions and directions of the arbitrator regarding the cost of the arbitration.


After the award is made, a signed copy should be delivered to each party for appropriate action like implementation or recourse against arbitral award.

Arbitration Ordinance 2015: A Radical Overhaul

The Union Cabinet on 21 October 2015 has approved the Arbitration and Conciliation (Amendment) Ordinance 2015 ('the Ordinance') which was promulgated on 23 October 2015 after having received Presidential assent. The Ordinance introduces several significant changes to the Arbitration & Conciliation Act 1996. The object of these changes is to expedite the arbitration process and minimalize court intervention in arbitration.

The Ordinance will be placed before the winter session of parliament and if approved will be converted in to an Act. Ordinarily the ordinance will remain in force for a period of 6 weeks from the day the winter session of parliament begins. If the Ordinance is not approved by the parliament, the Government can re-promulgate it till such time that the consent of the parliament is obtained.

***


FREQUENTLY ASKED QUESTIONS

ON

SEBI (DELISITING OF EQUITY SHARES) REGULATIONS, 2009*

These FAQs offer only a simplistic explanation/clarification of terms/concepts related to the SEBI (Delisting of Equity Shares) Regulations, 2009 [“Delisting Regulations, 2009”]. Any such explanation/clarification that is provided herein should not be regarded as an interpretation of law nor be treated as a binding opinion/guidance from the Securities and Exchange Board of India [“SEBI”]. For full particulars of laws governing the delisting of equity shares, please refer to actual text of the Acts/Regulations/Circulars appearing under the Legal Framework Section on the SEBI website.

1. What is meant by delisting of securities?

The term "delisting" of securities means removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange.

2. What is the difference between voluntary delisting and compulsory delisting?

In voluntary delisting, a company decides on its own to remove its securities from a stock exchange whereas in compulsory delisting, the securities of a company are removed from a stock exchange as a penal measure for not making submissions/complying with various requirements set out in the Listing agreement within the time frames prescribed

3. What is the exit opportunity available for investors in case a company gets delisted?

SEBI (Delisting of Securities) Regulations, 2009 provide an exit mechanism to the existing shareholders in the following manner:

Voluntary delisting whereby the exit price is determined through the Reverse Book Building process- The floor price is calculated in accordance with the regulations and the shareholders have to make a bid at a price either on or above the floor price. The exit price would be decided on the basis of bidding by the public shareholders. If the exit price so determined is acceptable to the promoter, the promoter pays that price to the investors and the investors can exit.

Those investors who do not participate in the Reverse Book Building process have an option to offer their shares for sale to the promoters. The promoters are under an obligation to accept the shares at the same exit price. This facility is usually available for a period of at least one year from the date of closure of the delisting process.

*Source : Website of Securities and Exchange Board of India : www.sebi.gov.in.


Voluntary Delisting for a small company- Any company with paid up capital of less than Rs. ten crore and net worth less than Rs. twenty five crores, whose equity shares have not been traded in any recognized stock exchange for a period of one year and has not been suspended for any non-compliance in the preceding one year would not be required to follow the Reverse Book Building process. In such cases, the promoter decides the exit price in consultation with the merchant banker. The promoter writes to all public shareholders informing the proposal for delisting. Once the requisite consent is received, the promoter makes payment of consideration for the same and the shareholders can exit.

4. Whether a company listed on more than one stock exchange has to provide exit offer to shareholders in case it delists from one stock exchange but remains listed on the other stock exchange?

A company which delists its equity shares from a recognised stock exchange but continues to remain listed on another recognised stock exchange would not be required to provide an exit opportunity to its shareholders provided the equity shares remain listed on any recognised stock exchange which has nationwide trading terminals.

5. Whether the same merchant banker appointed to carry out due-diligence on behalf of the company in terms of Regulation 8(1A) of Delisting Regulations can act as a Manager to the offer?

Yes, the same merchant banker can conduct due-diligence on behalf of the company and also act as the Manager to the Delisting Offer.

6. What is the reference date for calculation of floor price under the delisting Regulations?

The reference date for computing the floor price would be the date on which the recognized stock exchanges were notified of the board meeting in which the delisting proposal would be considered

7. What would constitute demonstration of delivering the letter of offer to all the public shareholders in terms of the proviso to regulation 17(b) of Delisting Regulations in cases where atleast 25% of the public shareholders do not participate in the book building process?

In this regard, it is clarified as under:

a. If the acquirer or the Merchant Banker sends the letter of offer to all the shareholders by registered post or speed post through India Post and is able to provide a detailed account regarding the status of delivery of the letters of offer (whether delivered or not) sent through India Post, the same would be considered as a deemed compliance with the proviso to regulation 17(b) of the Delisting Regulations.

b. If the Acquirer and Merchant Banker are unable to deliver the letter of offer to certain shareholders by modes other than speed post or registered post of India Post, efforts should be made to deliver the letter of offer to them by


speed post or registered post of India Post. In that case, a detailed account regarding the status of delivery of letter of offer (whether delivered or not) provided from India Post would also be considered as deemed compliance with the proviso to regulation 17(b) of the Delisting Regulations.

8. In case any third party acquirer makes a delisting offer instead of an open offer under regulation 5A of SEBI(Substantial Acquisition of Shares and Takeover) Regulations, 2011, whether the requirement of Board approval and MB due diligence would apply?

Yes, the requirement of Board approval and due diligence by the Merchant Banker would apply in such cases as well.

9. Can cash component of the escrow account in the delisting offer process be maintained in an interest bearing account?1

Yes, the cash component of the escrow account may be maintained in an interest bearing account. However, the merchant banker shall ensure that the funds are available at the time of making payment to shareholders.

1 Inserted on 2-11-2015.

***


Attention Students

Applicability of the Finance Act for December 2015 Examinations

Students appearing in the following Papers in December 2015 Examinations

Executive Programme

(i) Tax Laws and Practice (Module-1, Paper-4)

Professional Programme

(ii) Advanced Tax Laws and Practice (Module-3, Paper-7)

May note as follows:

1. For Direct taxes, Finance (No.2) Act, 2014 is applicable for December 2015 Examination.

2. Applicable Assessment year for December 2015 Examination is 2015-16 (Previous Year 2014-15).

3. Since, Wealth Tax Act, 1957 has been abolished w.e.f. 1st April, 2016. The questions from the same will not be asked in examination from December 2015 session onwards.

4. For Indirect Taxes, all changes made by the Finance Act, 2015 are also applicable for December 2015 examination. Supplements covering major Amendments, Notifications, Circulars etc. made/issued under Finance Act, 2015 is uploaded under the ‘Academic Corner’ of the Institute’s website.

5. Students are also required to update themselves on all the relevant Notifications, Circulars, Clarifications, etc. issued by the CBDT, CBEC & Central Government, on or before six months prior to the date of the December 2015 Examination.


To build competency in practical oriented subjects by providing the students with a pool

of solved practical problems, Practice Manual for the following two papers have been

released by the Institute.

Financial Treasury and Forex Management (Professional Programme)

Company Accounts and Auditing Practices (Executive Programme)

Soft copies of the Practice Manual will be available on ICSI website under the head

Academic corner https://www.icsi.edu/AcademicCorner.aspx. The students, who wish to

procure printed copies, may purchase from sale counters at ICSI Regional offices/

Chapter offices or order it online through e-cart on ICSI website.

To facilitate students to better prepare for their examination, the Institute

has introduced Revisionary Papers containing Module wise solved

model question papers, in the subjects of Executive and Professional

Programme. Printed copies of Revisionary papers are available at a

nominal price of Rs. 100/- per Module.

https://www.icsi.edu/AcademicCorner.aspx


Hindi Books relevant for CS Course Curriculum

From Shree Mahavir Publications:

Vyavsayik Arthshasttra, Part – I, by M D Aggarwal

Vyavsayik Vatavaran Avem Udhiamitta by Gupta & Chaturvedi

Vyavasayik Prabandh, Neeti shastra Avem Sanchar, by Sharma & Chaturvedi,

Vyavasayik Arthashasttra Part – II, by S C Sharma,

Lekhankan Ke Mool tatv Avem Ankenshan, by P C Gupta & C L Chaturvedi

Aarthik Avem Samanaye Vidhi, by Jain & Gupta

Prabhandh Lekhanken by M D Aggarwal & N P Aggarwal

Lagat Lekhanken by S N Maheshwari & S N Mittal

Cost Accounting – Theory & Problems by Maheshwari SN & Mittal SN

Cost Accounting & Financial Management, by S N Maheshwari & S N Mittal

Audhyogik, Shram Avem Samanye Vidhi by Jain & Gupta

Pratibhouti Sanniyam Avem Anupalan, by Jain & Gupta

Adhunik Bhartiya Company Adhiniyam by M C Kuchhal

Adhunik Bhartiya Company Law by M C Kuchhal

From Taxmann Publications:

Vyaparik Evam Samanya Vidhi by Shubham Aggarwal

Bharat Law House:

Systematic Approach to Taxation Containing Income Tax & Indirect Taxes by Dr. Girish Ahuja & Dr Ravi Gupta

Eastern Book Company:

Adminstrative Law (Prashasanik Vidhi) by C K Tekwani

Consumer Protection Law (Upbhokta Sanrakshan Vidhi) by S P Gupta

Company Law (Company Vidhi) by Avtar Singh

Constitution of India (Bharat KaSamvidhan) by EBC

Art of Conveyancing and Pleading (Abhivachonon ke Prarooparn aur Abhihastaantarn - lekhan ki kala) by Murli Manohar

Systematic Approach To Income Tax, Service Tax & VAT (Hindi Edn.) by Dr. Girish Ahuja


INDIRA GANDHI NATIONAL OPEN UNIVERSITY Maidan Garhi, New Delhi-110068

Admission to January 2016 admission cycle

Applications are also invited for admission to January 2016 session for the following academic programmes offered by IGNOU in collaboration with the Institute of Chartered Accountants of India (ICAI), Institute of Cost Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI):

Sl. No. Name of Programme Remarks

01 B.Com (A&F) For details of eligibility criteria, programme structure, duration etc., please visit the nearest IGNOU Regional Centre or Director, Student Service Centre, IGNOU, Maidan Garhi, New Delhi, buy the Prospectus on cash payment of Rs.750/-. Prospectus can also be downloaded from the website: www.ignou.ac.in > Schools > School of Management Studies > Programmes > and submitted alongwith cost of Rs. 750/-, in addition to the requisite programme fee.

02 M.Com(F&T)

03 B.Com(F&CA)

04 M.Com (MA&FS)

05 B.Com (CA&A)

06 M.Com (BP&CG)

Last date for receipt of filled-in Admission Form, complete in all respect, at the respective Regional Centre is 30/11/2015 without late fee, and with late fee of Rs. 300/- up to 21/12/2015.

www.ignou.ac.in Registrar, SRD

***

http://www.ignou.ac.in/


Legal World

CORPORATE LAWS

KOSHA INVESTMENTS LTD. v. SEBI & ANR [SC]

Civil Appeal No. 3219 of 2006 with Civil Appeal No. 2132 of 2007

Vikramajit Sen & Shiva Kirti Singh,JJ.[Decided on 18/09/2015]

SEBI Takeover Regulations 1997 - Regulation 11(1) - creeping acquisition - when the public announcement to be made - SC explains the law

Brief facts : The appellant, Kosha Investments Ltd., acquired shares of another company Snowcem India Ltd. (hereinafter referred to as ‘SIL’) from one of the original promoters of SIL and thus itself became one of the promoters. The proposed action under Regulations of 1997 was based upon report of investigation showing that appellant had consistently bought and sold shares of SIL prior to June 1999 and also after August 1999. As per record it was holding 21,32,900 shares of SIL constituting 20.29% of total paid up capital of SIL. The appellant made additional purchase of shares amounting to 10.81% of the paid up capital of SIL in violation of Regulation 11(1) of the Regulations of 1997 as it failed to make the required public announcement in terms of the said Regulation.

After granting personal hearing and considering the appellant’s reply to the show cause notice, in the final order SEBI came to a finding that as on 31st March 1999 appellant was actually holding only 21,32,900 shares as shown by SEBI and not 31,84,228 shares which was claimed by the appellant on the ground that it had already pledged its shares to lenders who had lent money to SIL. The plea of pledge raised by the appellant was found without any substance and only an attempt to conceal subsequent purchase. Hence, SEBI came to a conclusion that the appellant was already holding between 15% to 75% shares of the target company SIL and it could acquire additional shares of this company through creeping acquisition mode, that is, without public announcement only up to 5% of its paid up capital during the period of 12 months ending on 31st March 2000. However, by acquiring 11,36,700 shares of SIL during June 1999 to August 1999 it acquired shares constituting more than 5% of the paid up capital of SIL. For making such acquisition, the appellant was liable to make public announcement as required by Regulation 11(1) of the Regulations of 1997. Since the appellant failed to do so, the Whole Time Member of SEBI held it guilty and issued the following directions on 27th January 2004.

The appellant preferred an appeal before the Securities Appellate Tribunal to challenge the order dated 27th January 2004 passed by Whole Time Member of SEBI, which was dismissed.

Decision : Appeals dismissed with cost.

Reason : Before the Tribunal as well as before us the main contention of the appellant is that SEBI failed to consider that the appellant was not only a promoter having more than 15% shares of SIL but it was also in the business of sale and purchase of shares which was being done simultaneously and hence exceeding the limit of 5% at any one point of time was immaterial unless on a net accounting it could be found that such ceiling of 5% had been violated by


appellant on account of its retaining more than 5% shares of SIL at the end of a financial year. On the other hand SEBI have reiterated their stand before the Tribunal that the ceiling of making acquisition of only up to 5% of the paid up capital of target company was no doubt to be reckoned during a period of 12 months, that is, a financial year but the requirement of Regulation 11(1) of the Regulations of 1997 of making a public announcement was triggered not only on actual acquisition beyond the 5% limit but even on entering into an agreement for such acquisition or deciding to acquire such volume of shares or voting rights, in view of provisions of Regulation 14(1) of the Regulations of 1997. A strong emphasis was laid on Regulation 14(1) which requires the public announcement referred to in Regulation 10 or Regulation 11 to be made by the acquiring company (through its merchant banker), not later than four working days of the agreement or decision to acquire the requisite number of shares or voting rights which by itself triggers the requirement of Regulation 11.

Let us conceptualize the case of an entity holding 20 per cent of shareholding in a target company on 1st April of a given year. If it were to increase its holding by say 3 per cent and subsequently reduce it to 2 per cent. It at that point it intended to purchase 4 per cent shares again, whether by way of fractions or otherwise, it would cross the threshold of 5 per cent. It would then have to make compliance with Regulation 11. We hasten to clarify that if the aggregate percentage of acquisitions at any point of time during the financial year exceeds 5 per cent, the provision would get triggered. In other words, the provision of Regulation 11 mandating a public announcement will kick in at any stage whence the shareholding of the said entity in the target company would exceed 5 per cent.

A careful reading of the Regulations discloses that the public announcement should not be delayed beyond four working days of the agreement or decision to acquire the requisite number of shares or voting rights. We are in agreement with the finding of the Tribunal on this issue and find no merit in the contentions of the appellant. If the plea of appellant will be accepted then an acquirer can keep on violating Regulation 11(1) with impunity on as many occasions as he/it wants and avoid letting the public have the required knowledge through public announcements by simply making subsequent sale or transfer to another entity so as to reduce the so-called net acquisition in a financial year to within 5%. This interpretation will defeat the purpose of Regulation 11(1) and shall also render Regulation 14(1) otiose. The concept of permitting creeping acquisitions by permitting not more than 5% of the shares or voting rights in a company limits the period for such acquisition to a financial year ending by 31st March. But such concept does not dilute the requirement of making a public announcement within the time mentioned in Regulation 14(1) if the acquisition even if only once made and divested, is of more than 5% of shares or voting rights in the target company. In other words, even if such acquisition is followed by sale in the same financial year, the liability of making the public announcement would remain unaffected and shall attract action, as in this case. Hence, the main contention advanced on behalf of the appellant is found to be without any merit. The other contention is that Regulation 14(2) of the Regulations of 1997 postpones the time for required public announcement to acquisition of voting rights when purchased securities are actually converted. According to the contention, only when securities or shares are converted by the acquirer into voting rights by getting it registered or upon exercise of option to acquire voting rights, the liability of making public announcement can be fastened.

Aforesaid plea has been rightly countered by pointing out that in case of acquisition of shares or voting rights the appropriate applicable provision is Regulation 14(1) and not Regulation 14(2) which applies only when the acquisition is of other securities including Global Depository


Receipts, American Depository Receipts. It is only such securities which require conversion or exercise of option which is contemplated by Regulation 14(2). He also pointed out that no such plea was raised before the SEBI or the Tribunal and rightly because in the present case only Regulation 14(1) is applicable as it covers acquisition of either the shares or the voting rights or both which are the subject matter of Regulation 11(1). Reference has also been made to a judgment of this Court in the case of Swedish Match AB and Another vs. Securities & Exchange Board of India & Anr, (2004) 11 SCC 641. This judgment in paragraphs 90 onwards considered the purpose and effect of Regulations 10, 11 and 12 of the Regulations of 1997 and in paragraph 102 held them to be mandatory statutory provisions.

However this judgment needs no elaborate consideration because no plea has been raised on behalf of appellant that the Regulations are directory or do not require compliance. We find that the plea that the matter at hand relates to Regulation 14(2) was not raised before the original authority or the Tribunal. We also find that it is a plea of desperation and undeserving of acceptance. In the final analysis we find no merit in these appeals and hence they are dismissed with consolidated cost of Rs. 50,000/- to be paid by the appellant to SEBI within eight weeks.

JAI MAHAL HOTELS PVT LTD v. RAJKUMAR DEVRAJ & ORS [SC]

Civil Appeal No.7914 of 2015 (Arising out of SLP (Civil) No.4384 of 2013) along with four appeals

Anil R. Dave & Adarsh Kumar Goel, JJ. [Decided on 23/09/2015]

Companies Act, 1956 - Section 111 - rectification of register of members - transfer of shares through will and succession certificates - rival group objecting to the transfer on several grounds - CLB refuses to allow the transfer - whether correct - Held, No.

Brief facts: The question raised in these appeals relates to the scope of power under Section 111 of the Companies Act, 1956, to direct rectification in the share register of a company. The question has to be examined in the context of correctness of the view taken in the impugned order passed by the High Court directing rectification at the instance of Respondent No.1-Rajkumar Devraj and Respondent No.2 - Rajkumari Lalitya Kumari (the DR Group), who are the son and daughter respectively of late Maharaja Jagat Singh (LMJS).

LMJS held shares in M/s. Jai Mahal Hotels Pvt. Ltd., M/s. Ram Bagh Palace Hotels Pvt. Ltd., M/s Sawai Madhopur Lodge Pvt. Ltd. and M/s. S.M.S. Investment Corporation Pvt. Ltd. He died on 05th February, 1997 leaving behind a Will dated 23rd June, 1996 in favour of his mother Gayatri Devi (GD). Succession certificate dated 19th February, 2009 was issued by the District Judge, Jaipur jointly in favour of GD and DR Group. GD executed transfer deed dated 27th April, 2009 in favour of DR Group. She also executed Will dated 10th May, 2009 in favour of DR Group. She died on 29th September, 2009. Vide letter dated 15th July, 2009, DR Group claimed transmission and transfer of shares in their favour on the basis of succession certificate dated 19th February, 2009 issued by the District and Sessions Judge, Jaipur (Civil), transfer deed dated 27th April, 2009 executed by their grandmother Gayitri Devi (GD) along with revalidation of the letter issued by the Registrar of Companies.

The application having not been accepted by the Company, the DR Group filed appeals before the Company Law Board (CLB). Urvashi Devi, grand daughter of husband of GD from another wife (UD Group) filed application for impleadment stating that the succession certificate was a nullity and raising further objections. Further, Suit No.32 of 2010 was also filed by the UD Group before the District Judge, Jaipur, raising the dispute of succession to the estate of GD. In the said suit,


CMA No.20 of 2010 was filed under Order XXXIX Rules 1 and 2 CPC, for temporary injunction. The application was dismissed by detailed order dated 28th July, 2011.

The CLB dismissed the appeals filed by the DR Group vide order dated 16th March, 2011. On appeal by DR Group, Delhi High Court reversed the order of the CLB and ordered rectification of the register. Aggrieved, appellants filed the present appeal before the Supreme Court.

Decision : Appeals dismissed with cost.

Reason : We have given due consideration to the rival submissions. The main question for consideration is whether there is any real dispute between the parties about the entitlement of DR Group to have the shares transferred in their favour and whether the exercise of jurisdiction by the High Court is beyond the scope of Section 111 of the Companies Act.

We are of the opinion that there is no real dispute between the parties as held by the High Court. DR Group has furnished the succession certificate as well as the transfer deed executed by GD in their favour. The same had to be acted upon. Moreover, the civil court in interim application moved by the UD Group held that the UD Group had no prima facie case. The said order was required to be acted upon subject to any further order that may be passed in any pending proceedings between the parties. There is no conflicting order of any court or authority. There is thus, no complicated question of title. Moreover, there is no bar to adjudication for purposes of transfer of shares unless the court finds otherwise. The stay order obtained by GD herself could not debar her from making a statement to settle the matter. The judgments relied upon by the appellants have no application to such a fact situation.

In the present case, as already observed, there is no real dispute between the parties. The DR Group followed the due procedure. It had the succession certificate in its favour apart from the transfer deed from GD, who admittedly inherited rights from LMJS. Will in favour of GD is beyond any dispute. Thus, the DR Group derived rights from the GD by documents executed by her in her lifetime and conveyed to the Company. Even if the Will of GD is not taken into account, for purposes of issue of rectification, the documents executed by GD clearly entitled the DR Group to have the rectification made.

We sum up our conclusions as follows: (i) LMJS executed will in favour of his mother GD which is not in dispute; (ii) GD and DR jointly obtained succession certificate; (iii) GD signed the transfer deeds and communicated the same to the Board of Directors; and (iv) The civil court vide order dated 28th July, 1991 declined to grant temporary injunction finding no prima facie case against the succession certificate.

In above circumstances, even in summary jurisdiction, the CLB had no justification to reject the claim of the DR Group. The High Court rightly reversed the said order.

In view of the above, we find no merit in these appeals. The same are dismissed with costs quantified at Rs.5 lakhs in each of the appeals.

COMPETITION LAWS

TATA ENG & LOCOMOTIVE CO. LTD. v. DIRECTOR (RESEARCH) [SC]

Civil Appeal No. 2069 of 2006

Vikramajit Sen & Shiva Kirti Singh, J. [Decided on 07/09/2015]


MRTP Act – Section 36A - launch of new car - requirement of deposit of the entire price of the car - whether unfair trade practice - Held, No.

Brief facts: The practice under scrutiny is of the year 1999 when the appellant was to begin the manufacture and delivery of newly introduced Tata Indica cars into the market with effect from February 1999, with the installed capacity of approximately 60,000 cars in a year. The appellant invited the prospective customers to book the car through dealers. The booking amount demanded by the appellant was quite high and close to the estimated price finally payable which would include excise duty, sales tax and transportation charges.

No complaint was made to the Commission by any of the persons who made the booking and thereafter either purchased the car or withdrew the deposits with or without interest, as the case may be. However three complaints were made before the Commission by persons who claimed that they had intentions to make the booking but were dissuaded by the high quantum of deposit required for the purpose. Their specific objection was that the demanded amount exceeded the basic price of the car if cess, taxes and transportation cost were left out. According to the complainants the appellant had indulged in Unfair Trade Practice (UTP) by demanding an excessive amount for bookings of Indica cars and by including the likely taxes, cess and transportation cost.

MRTPC passed the impugned order directing the appellant to cease and desist from the practice, which is assailed in the present appeal.

Decision : Appeal allowed.

Reason : The appellant explained their practice by pleadings which are not controverted, that their past experience as automobile manufacturer was limited to heavy vehicles and hence in their initial venture into the car segment, they were not sure of public response and they had decided to plan their production schedule on the basis of reality test of car’s demand in the market. For this speculative bookings were required to be discouraged and the same was sought to be achieved by demanding an amount closer to the anticipated price which the customer would be required to pay. According to submissions, such practice could not have promoted the sale of their vehicle rather it was discouraging. The large response shows peoples’ faith in the products of the appellant and also that the interest rate offered by the appellants was appreciable and fair.

The second limb of arguments also flows from the definition in Section 36A of the Act. By placing reliance upon judgment of this Court in the case of Rajasthan Housing Board vs. Parvati Devi (Smt.) (2000) 6 SCC 104, it was contended that when supplier and consumer have entered into an agreement then the Commission, in order to hold the supplier guilty of unfair trade practice on the basis of allegations made against it, is required to go into the terms and conditions agreed between the parties for finding out whether there was unfair trade practice so as to require further action on the basis of complaints.

On behalf of appellant reliance was also placed upon judgment of this Court in the case of M/s Lakhanpal National Limited vs. M.R.T.P. Commission & Anr (1989) 3 SCC 251, particularly paragraph 7 and 9 thereof. In paragraph 7 it was held that the definition of “Unfair Trade Practice” in Section 36A is not inclusive or flexible, but specific and limited in its contents. The Court also considered the object of this provision with a view to resolve the issue as to whether particular acts can be condemned as unfair practice or not.


We have gone through the Preliminary Investigation Report, the Notice of Enquiry as well as the Order under appeal. We do not find any material or even allegation in the PIR which could satisfy any of the four unfair trade practices covered by various Clauses such as Clause (i), (ii), (iv) and (vi) of Section 36-A (1) of the Act. A careful perusal of the Notice of Enquiry dated 25.9.2000 reveals that no doubt a copy of the PIR was enclosed but the notice made it clear itself that the Commission came to a considered opinion that the Director (Research) had found the appellant indulging in unfair trade practices falling precisely and only under clauses (i), (ii), (iv) and (vi) of Section 36A(1) of the Act. The enquiry, as per the notice, was to cover: - (a) whether the respondent has been indulging in the above said unfair trade practice(s) and (b) whether the said unfair trade practice(s) is/are prejudicial to public interest. A scrutiny of the judgment under appeal discloses that the Commission failed to keep in mind the precise allegations against the appellant with a view to find out whether the facts could satisfy the definition of Unfair Trade Practice(s) as alleged against the appellant in the Notice of Enquiry. The Commission was apparently misled by the Preliminary Investigation Report also which claimed to deal with reply received from the appellant in course of the preliminary enquiry but patently failed even to notice the stipulation as regards payment of interest on the booking amount although this fact was obvious from the terms and conditions of the booking and was reportedly relied upon by the appellant in its reply even at the stage of preliminary investigation. The Commission noticed the relevant facts including provision for interest while narrating the facts, but failed to take note of this crucial aspect while discussing the relevant materials for the purpose of arriving at its conclusions. Such consideration and discussion begins from paragraph 32 onwards but without ever indicating that the booking amounts had to be refunded within a short time or else it was to carry interest at the rate of 10% per annum. The order of the Commission appears to be largely influenced by a conclusion that the appellant should not have asked for deposit of an amount above the basic price because in the opinion of the Commission it was unfair for the appellants to keep excise and sales tax with itself for any period of time. Such conclusion of the Commission is based only upon subjective considerations of fairness and do not pass the objective test of law as per precise definitions under Section 36A of the Act. Even after stretching the allegations and facts to a considerable extent in favour of respondent Commission, we are unable to sustain the Commission’s conclusions that the allegations and materials against the appellant make out a case of unfair trade practice against the appellant. Nor there is any scope to pass order under Section 36-D (1) of the Act when no case of any unfair trade practice is made out. Hence, we are left with no option but to set aside the order under appeal. We order accordingly. As a result the appeal stands allowed.

TAX LAWS

LLOYD ELECTRIC AND ENGINEERING LTD v. STATE OF HIMACHAL PRADESH & ORS [SC]

Civil Appeal No. 6838 of 2015(Arising from S.L.P. (C) No. 26751/2013)

Anil R. Dave, Kurian Joseph & Adarsh Kumar Goel, JJ. [Decided on 03/09/2015]

HP Industrial Policy - levy of CST @ 1% approved - excise & taxation department implements the said decision after some time - whether the concessional rate is applicable during the period i.e. from the date of approval by the council of ministers and the implementation of the scheme - Held, Yes.


Brief facts : Whether the appellant is liable to pay Central Sales Tax (hereinafter referred to as “CST”) @ 2 per cent on the inter-State sales for the period 01.04.2009 to 17.06.2009 or @ 1 per cent in view of the Industrial Policy of the State, is the dispute arising for consideration in this case.

It is not in dispute that as per the Industrial Policy of the State of Himachal Pradesh, the appellant had been enjoying the concessional rate in CST @ 1 per cent up to 31.03.2009. It is also not in dispute that the Cabinet had taken a policy decision to extend the period of concession up to 31.03.2013 or till the CST is phased out. Still further, it is not in dispute that the Department of Industries had, accordingly, issued a notification extending the concessions from 01.04.2009 to 31.03.2013 or till the time the CST is phased out. The dispute arose on account of the Notification dated 18.06.2009 issued by the Excise and Taxation Department granting the concessional rate of the CST @ 1 per cent wherein the expression “… with immediate effect for the period ending 31.03.2013” was used.

The High Court, as per the impugned judgment, took the view that the expression “… with immediate effect” has to be given a plain meaning, and therefore, the appellant is not entitled to the concession which it had been enjoying up to 31.03.2009 till the Notification dated 18.06.2009 is issued by the Excise and Taxation Department.


Reason : We do not think it necessary to go into the various contentions raised by the parties in view of the undisputed factual position we have referred to above. The State Government cannot speak in two voices. Once the Cabinet takes a policy decision to extend its 2004 Industrial Policy in the matter of CST concession to the eligible units beyond 31.03.2009, up to 31.03.2013, and the Notification dated 29.05.2009, accordingly, having been issued by the Department concerned, viz., Department of Industries, thereafter, the Excise and Taxation Department cannot take a different stand. What is given by the right hand cannot be taken by the left hand. The Government shall speak only in one voice. It has only one policy. The departments are to implement the Government policy and not their own policy. Once the Council of Ministers has taken a decision to extend the 2004 Industrial Policy and extend tax concession beyond 31.03.2009, merely because the Excise and Taxation Department took some time to issue the notification, it cannot be held that the eligible units are not entitled to the concession till the Department issued the notification. It has to be noted that the Finance Department of the State Government had concurred with the proposal of the Department of Industries to extend the tax concession beyond 31.03.2009 till 31.03.2013 and the Council of Ministers had accordingly taken a decision also. No doubt, the statutory notification issued by the Excise and Taxation Department on 18.06.2009 has stated that the eligible units will be entitled to the concession with immediate effect. Merely because such an expression has been used, it cannot be held that the State Government can levy the tax against its own policy. The State Government is bound by the policy decision taken by the Council of Ministers and duly notified by the Department concerned, viz., Department of Industries.

Accordingly, the appeal is allowed, the impugned judgment is set aside. It is declared that the appellant shall be entitled to the concessional rate of CST @ 1 per cent with effect from 01.04.2009 till 31.03.2013 until it is duly varied by the State Government.


INDUSTRIAL & LABOUR LAWS

DELHI TRANSPORT CORPORATION v. RAJINDER SINGH [DEL]

W.P.(C) No. 2164/2004

I. S. Mehta, J [Decided on 18/09/2015]

Industrial Disputes Act, 1947 – Section 33 – dismissal of workman - rejection of employers’ application to pay one month’s salary by the Tribunal - whether workman is said to have been not dismissed - Held, yes.

Brief facts : The respondent-workman, i.e., Shri Rajinder Singh, on 08.03.1988, was found misconducting himself, while on duty as conductor in Bus No. 1050 at Route No. 082, by non-issuance of tickets, keeping with him used and unauthorised tickets, and offering illegal gratification to the checking officials. After following the process of report and charge sheet domestic enquiry was conducted and the workman was dismissed from services and his one month's wages by money order was also remitted as required under Section 33(2) (b) of the Industrial Disputes Act, 1947. An approval application under Section 33(2) (b) of the Industrial Disputes Act, 1947 was also filed before the learned Tribunal for approval of the action taken, i.e., removal of the respondent- workman from services of the petitioner-management. The learned Tribunal rejected the approval application and the order of removal of the respondent-workman was set-aside. Aggrieved by the aforesaid order the petitioner has preferred the present Writ Petition.

Decision : Petition dismissed.

Reason : The contention of the petitioner management that sufficient opportunity was not given to the management to lead evidence on merits is not convincing and the plea loses its significance in presence of the opportunities given to the petitioner- management on several dates. Moreover, nothing is stated on behalf of the petitioner-management as to why the petitioner-management has not challenged the order of the Industrial Adjudicator dated 05.07.2002 and 22.11.2002 which have now attained finality qua against the petitioner- management. No steps to summon the witnesses were taken by the petitioner-management. If the plea of the petitioner-management is accepted, there is every possibility of the petitioner-management, venture the procedural adventurism against the respondent-workman, particularly in the instant case, where the Industrial Adjudicator himself was left with no option except to close the evidence of the petitioner-management on two occasions and thereafter, passed the impugned order.

The contention of the petitioner management that the respondent-workman is not entitled to back-wages as he has not specifically pleaded that he was not gainfully employed elsewhere after his removal from service is not convincing. In the instant case, the petitioner-management was under a legal obligation to take the mandatory approval under Section 33(2) (b) of the Industrial Disputes Act, 1947 from the Industrial Adjudicator. If the order of removal of workman from the services is not approved by the Industrial Adjudicator, the position of the workman remains to be that of an unblemished workman entitling him to all the benefits to which a workman is entitled under the law.

It is evident from petition under Section 33(2) (b) of the Industrial Disputes Act, 1947 itself that the approval application is moved on behalf of the management and not on behalf of respondent-workman. Therefore, the onus always lies on the petitioner-management to obtain approval of its action taken and if the same fails, the status of the workman remains to be a workman, same as


under section 2(s) of the Industrial Disputes Act, 1947. It has been so held by the Hon'ble Supreme Court of India in the case titled as Jaipur Zila Sahakari Bhoomi Vikas Bank Ltd. v. Ram Gopal Sharma & Ors., 2002 (2) SCC 244.

In the instant case, the approval application on behalf of the petitioner-management under Section 33(2)(b) of the Industrial Disputes Act, 1947 has been rejected by the Industrial Adjudicator. The provisions of Section 33(2) (b) of the aforesaid Act protects the interest of the workman and it is a shield against victimisation and unfair labour practices by the management during the pendency of a dispute. The status of the respondent-workman remains to be that of a workman as defined under Section 2(s) of said Act. Therefore, this being the position of law, the workman-respondent is entitled to all the consequential benefits including back-wages as given to a workman under Section 2(s) of the said Act.

As such, this Court while exercising its power of judicial review finds no illegality or perversity in the impugned order dated 15.09.2003. Consequently, the present Writ-Petition is dismissed. No order as to costs.

ASSISTANT PROVIDENT FUND COMMISSIONER v. HI-TECH VOCATIONAL TRAINING CENTRE [DEL]

LPA 629/2011

Pradeep Nandrajog & Mukta Gupta, JJ. [Decided on 21/09/2015]

Employees Provident fund Act - Section 14B - damages for late deposit of contribution - single judge held that on the date of issuance of notice the non-payment of contribution should have continued so as to make it arrears - whether correct - Held, No.

Brief facts: We are called upon to decide two issues in the instant appeal. The first is whether the Employees Provident Fund Commissioner is obliged to levy damages under Section 14B of the Employees Provident Fund Miscellaneous Provisions Act, 1952, and while doing so is the authority bound to levy the damages prescribed in the table in Para 32A of the Employees Provident Fund Scheme,1952. The second is whether the penalty can be levied under Section 14B if by the date proceedings are initiated under Section 14B the assessee has paid the necessary dues under the Employees Provident Fund and Miscellaneous Provisions Act, 1952.


Reason : A perusal of the Section 14B shows that to trigger initiation of proceedings thereunder there must be an employer who has made a default in the payment of any contribution to the fund, and for which we simply highlight the first 13 words of the Section: 'Where an employer makes default in the payment of any contribution to the Fund....'. Once triggered, the Central Provident Fund Commissioner or such other officer as may be authorized by the Central Government, and we note the language of the Section: 'may recover from the employer by way of penalty such damages, not exceeding the amount of arrears, as may be specified in the scheme'.

The legislature has used the word 'may' twice. Firstly with reference to the very recovery itself, apparent from the use of the expression 'may recover'; and secondly with reference to the quantum, apparent from the use of the expression 'not exceeding the amount of arrears as may be specified in the scheme'.

In light of the case law and the language of Section 14B it is apparent that the legislature has vested a discretion in the Commissioner to levy damages with further discretion to determine such damages as he may determine.


The view taken by the learned Single Judge on the first issue is correct, however we would be failing if we do not note that moneys payable into the fund are for the ultimate benefit of the employees and there being no provision by which the employees can directly recover these amounts, the Commissioner would be obliged to ensure that at least such amount which is necessary to recompense the employees should be levied by way of damages notwithstanding that in the statute book we find Section 7Q being inserted and there being 12% statutory simple interest per annum payable on the defaulting amount. There is an element of a stick in the Section, but the same must be yielded with care and caution. The stick would be to penalize the employer so that he learns by example and does not willfully default in future or adopt a casual attitude. Persistent and repeat defaulters should be dealt with sternly and visited with the maximum penalty. First time defaulters deserve sympathy. These are some of the indicative factors, not exhaustive, which must be kept in mind while exercising the discretion.

Cross fertilization of ideas can prove to be dangerous if the textual and the contextual context of an idea are not properly understood. On the second view taken by the learned Single Judge, the reason given is that power to recover damages under Section 14B is by way of penalty and the expression 'not exceeding the amount of arrears' in the Section has been read by the learned Single Judge as envisaging that when proceedings are initiated under Section 14B there is an arrear of contribution to the fund. The learned Single Judge has cross fertilized the idea by transporting the law declared in the decision reported as AIR 1968 SC 461 Vithal Vasudeo Kulkarni & Ors. Vs. Maruti Rama Nagane & Ors. The Supreme Court was dealing with Section 25 of the Bombay Tenancy and Agricultural Land Act, 1948. Sub-Section 1 of Section 25 of the Act enable a landlord to initiate proceedings to eject the tenant if tenancy was terminated for non-payment of rent. The Supreme Court held that if there was a default in payment of rent but before the landlord initiated ejectment proceedings the rent was tendered and accepted, the act of tendering an acceptance would result in waiver by the landlord of the right to terminate the tenancy. The learned Single Judge has reasoned by analogy that if before proceedings under Section 14B were initiated the defaulting employer had made the payment to the fund, the very initiation of the proceedings would be bad in law.

It is trite that where a default by a party confers a right upon another, it would be open to the said other party to waive the breach. This would be when the relationship is interpersonal and stems from either a contract or a law. But where the power to levy damages are on account of a default in making the contribution to a fund which is for the benefit of the employees, the Commissioner would be nobody to waive the default. Further, as we have noted hereinabove what triggers Section 14B is the default in the payment of the contribution to the fund, and the default would be not making the contribution to the fund by the 15th day of the ensuing wage month. The statute nowhere contemplates that the default must be in existence on the day when proceedings under Section 14B are initiated. Thus, if there is a default in making contribution to the fund, notwithstanding belated contribution being made to the fund, since the default has already taken place the Commissioner would be within his power to initiate proceedings under Section 14B. The learned Single Judge has overlooked that the Section triggers 'Where an employer makes default in the payment of any contribution to the fund'. The Section is not worded 'Where an employer continues to be in default in the payment of any contribution to the fund'.

The second view taken by the learned Single Judge in the impugned decision being contrary to law, we dispose of the appeal affirming the first view taken by the learned Single Judge and overruling the second.

***


Student-ICSI Academic CONNECT Students may clarify their subject specific academic queries related to study material between 2.00 p.m. to 3.00 p.m. on all working days (Monday- Friday) at 011-45341074.

Students may also write their academic queries on [email protected]

, ह ह

( ह २.०० ३.०० ) . 011-45341074 ह ई-

[email protected] ह ।


Student Services

The Institute has initiated various steps to provide instantaneous services to its stakeholders by the use of technology. More and more services are being added in this march for automation. The study material is now fully available to one and all through the online portal. Some of services and their uses which are important for awareness are listed:

CALL CENTRE

The Institute has established a dedicated call centre with Phone Nos. 011-33132333, 011-66204999. The Call Centre provides for Interactive Voice Response as well as a Ticketing Mechanism.

eBOOKS

Students have now been provided various options for study material. In addition to softcopy of the study material, eBooks have also been developed. All such eBooks shall be displayed when the website of the Institute www.icsi.edu is viewed only through mobile device. These eBooks can be freely downloaded on the mobile device for reading. Appropriate reader for these epub file may be downloaded from respective online stores. For example for android mobile platform, the online store play.google.com may be used. There are many readers available on the android platform and many of them have got enhanced capability of speech and search. One such reader on the android platform is Cool Reader. All the epub files can be downloaded and opened through such eBook readers.

CS TOUCH - ANDROID BASED MOBILE APPLICATION

The Institute of Company Secretaries of India has launched ‘CS touch’ an android a n d I O S based mobile application for students and members recently. CS touch is an android and I O S based mobile application for web based content Management system. The application features are Splash screen, home screen, top menu screen. Following categories will be available to end users in times to come like Announcements, Events, Photo Gallery, Videos, President message, ICSI in media, Contact us, Know your Institute, Favourite, Setting and Info among others. CS touch is available in Google play store. You can download the same from Google play store.

http://www.icsi.edu/


REGISTRATION

Renewal of Registration (Registration Denovo / Extension)

Registration of students registered upto and including September, 2010 stands terminated on expiry of five-year period on 31st August, 2015. Similarly, registration of students registered upto and including October, 2010 stands terminated on expiry of five-year period on 30th September, 2015.

Students are advised to apply for Registration De novo/ Extension of registration as per the guidelines published in this bulletin. Online facility for availing Registration Denovo and Extension is available at www.icsi.edu. Students are required to login to their account in the Student Portal www.icsi.edu for seeking Registration Denovo or Extension subject to meeting the eligibility conditions. Students are required to seek Registration Denovo or Extension by 9th April and 10th October for appearing in June and December sessions of examinations. Detailed process for seeking Registration Denovo and Extension online is given below.

However, students whose registration is valid till 31st August, 2015 are eligible for appearing in December 2015 examination without any extension/de-novo of their registration.

ONLINE DE NOVO & EXTENSION REGISTRATION PROCESS

(FOR EXECUTIVE PROGRAMME & PROFESSIONAL PROGRAMME STUDENTS)

STEP 1 : Click the Online Services button on the home page of www.icsi.edu

STEP 2 : Click on the Student login option.

STEP 3 : Enter your User name (i.e. Registration number) and Password and Click on Login

STEP 4 : Go to “Students” option and then click on “My Account”

STEP 5 : Go to “Payment Requests” option and click on “Denovo Registration & Extension”

STEP 6 : Select Request Type and Payment mode and then click on “Submit Request” Request ID

and Transaction ID will be generated on successful submission of the request

STEP 7 : Proceed for payment through Credit Card / Debit Card / Net Banking/Challan.





For all successful payments an acknowledgement receipt is generated and an intimation will be sent on the respective email ID. In case acknowledgement is not generated due to any reason, follow the procedure as given below:

Click Student-> select My Account

Click payment request->Generate payment Receipt

Write Request id and Transaction id and click on check status.

STEP 8 : Please download the de novo registration Letter from Section “Letter for student” in “other” option

STEP 9 : In case of unsuccessful payment please resubmit your request

REGULARISATION OF EXECUTIVE PROGRAMME ADMISSION

Students provisionally admitted to the Executive Programme are advised to upload the scanned copies of their graduation Pass Certificates or marksheets for regularizing their admission at their online account at www.icsi.edu . They are required to login at their account to upload the desired marks sheets/certificates at manage account option. Subsequently they are required to go to qualification tab option to upload their graduation pass marksheet/certificate. Students, who have already uploaded / submitted their graduation pass certificate/Marksheet and have not received any confirmation with regard to approval of their admission, must contact the Institute immediately either through online grievance Redressal module or ticketing Mechanism of the Institute quoting the following particulars through online grievance redressal module:

Name

Details of Fee paid

Admission No.

Email Address

Complete Postal Address with Pin code

CANCELLATION OF PROVISIONAL ADMISSION

Provisional admission of the students, who fail to submit/upload the requisite proof of having passed the graduation examinations within the stipulated time period of six months shall stand cancelled and no refund of fee will be made.

Change of Address/Resetting Password

Students are advised to update their addresses instantly through online services option at www.icsi.edu. Their Registration Number shall be their user Id itself. Students can also reset their password anytime (The new password will be displayed on the screen). The process is given below:

1) Visit Institute’s website www.icsi.edu

2) Click on ON-LINE SERVICES (top right side of your screen)

3) Click on Student Login

4) Type your registration number in Username


www.icsi.edu



5) Click on Reset password (students only)

6) Enter your all details (i.e. Your Programme, Registration Number, Gender, DOB, Pin Code etc.)

7) Click on Proceed.

8) Enter your correct e-mail id & mobile number

9) Click on Reset Password and Get the password on screen.

Updation of E-Mail Address/ Mobile

Students are advised to update their E-Mail Id and Mobile Numbers timely so that important communications are not missed as the same are sent through bulk mail/SMS nowadays. Students may update their E-mail Id/ Mobile Number instantly after logging into their account at www.icsi.edu at request option.

Student Identity Card Identity Card can be downloaded after logging into the Student Portal at www.icsi.edu. After downloading the Identity card, students are compulsorily required to get it attested by any of the following authorities with his/her seal carrying name, professional membership No., designation and complete official address:

1. Member of the Institute, with ACS/FCS No.

2. Gazetted Officer of the Central or State Government.

3. Manager of a Nationalised Bank.

4. Principal of a recognized School/College.

5. Officer of ICSI

Unattested Identity Cards are not valid and the students are advised to carry duly attested Identity Card for various services during their visits to the offices of the Institute, Examination Centres, etc.

Registration to Professional Programme

Students who have passed/completed both modules of Executive examination are advised to seek registration to Professional Programme through online mode. The prescribed fee is Rs.12,000/-.Eligibility of students registered to professional programme for appearing in the Examinations shall be as under: -

Students registered during

Will be eligible for appearing in

1st December, 2014 to 28th February, 2015

All Modules in December, 2015 Session

1st March, 2015 to 31st May, 2015

Any One Module in December, 2015 Session

1st June , 2015 to 31st August 2015 All Modules in June, 2016 Session

1st September, 2015 to 30th November 2015 Any One Module in June, 2016 Session




While registering for Professional Programme, students are required to submit their option for the Elective Subject under Module 3 as per details given below:-

Electives subject 1 out of below 5 subjects

1. Banking Law and Practice

2. Capital, Commodity and Money Market

3. Insurance Law and Practice

4. Intellectual Property Rights - Law and Practice

5. International Business-Laws and Practices

Notwithstanding the original option of Elective Subject, students may change their option of Elective Subject at the time of seeking enrolment to the Examinations. There will be no fee for changing their option for elective subject, but the study material if needed will have to be purchased by them against requisite payment. Soft copies of the study materials are available on the website of the Institute.

Clarification Regarding Paper wise Exemption

(a) Paperwise exemption is granted only on the basis of specific request received online through website www.icsi.edu from a registered student and complying all the requirements. There is one time payment of Rs. 1000/- (per subject).

(b) Students are required to apply for paper wise exemption on-line by logging into their

account on www.icsi.edu before 9th April for June session of examinations and before

10th October for December session of examinations.

(c) The paperwise exemption once granted holds good during the validity period of registration or passing/completing the examination, whichever is earlier.

(d) Paper-wise exemptions based on scoring 60% marks in the examinations are being granted to the students automatically and in case the students are not interested in availing the exemption they may seek cancellation of the same by sending a formal request at [email protected]. If any student appears in the examinations disregarding the exemption granted on the basis of 60% marks and shown in the Admit Card, the appearance will be treated as valid and the exemption will be cancelled.

(e) It may be noted that candidates who apply for grant of paper wise exemption or seek cancellation of paper wise exemption already granted, must see and ensure that the exemption has been granted/cancelled accordingly. Candidates who would presume automatic grant or cancellation of paper wise exemption without obtaining written confirmation on time and absent themselves in any paper(s) of examination and/or appear in the exempted paper(s) would do so at their own risk and responsibility and the matter will be dealt with as per the above guidelines.



mailto:[email protected]


(f) Exemption once cancelled on request in writing shall not be granted again under any circumstances.

(g) Candidates who have passed either module of the Executive/Professional examination under the old syllabus shall be granted the paper wise exemption in the corresponding subject(s) on switchover to the new/latest syllabus.

(h) No exemption fee is payable for availing paper wise exemption on the basis of switchover or on the basis of securing 60% or more marks in previous sessions of examinations.

Important

Paper-wise Exemptions are available only on the basis of passing (i) ICAI (Cost) Final Examinations (ii) LL.B. Examinations (with 50% marks) or (iii) Members of ICSA-UK in selected subjects of Executive Programme & Professional Programme and no other exemptions are admissible on the basis of any other higher qualifications.

ATTENTION STUDENTS:

Two More Attempts to students of Professional Programme (Old Syllabus). The Council of ICSI in its meeting on 03.09.2015 decided that the professional programme (Old Syllabus) Students shall be allowed to appear in two more examination under Old Syllabus in December 2015 and June 2016. : -

FAQs ON GRANT OF TWO MORE ATTEMPS TO THE STUDENTS OF PROFESSIONAL PROGRAMME (OLD SYLLABUS)

Q1. I am a Student of Professional Programme (Old Syllabus), can I appear for examination under Old Syllabus?

Ans. Yes.

Q2. How many attempts will I get for appearing in examination under Professional Programme (Old Syllabus)?

Ans. You will be allowed to appear in a maximum of two attempts i.e. December 2015 and June 2016 examination under the Old Syllabus.

Q3. Which shall be my last attempt in Professional Programme (Old Syllabus)?


Ans. The last attempt for Professional Programme (Old Syllabus) examination shall be June, 2016.

Q4. I have already switched over under Professional Programme (New Syllabus) and do not want to do reverse switchover to the old syllabus, what should I do?

Ans. You shall appear in the examinations under Professional Programme (New Syllabus).

Q5. I have switched over to Professional Programme (New Syllabus) and have taken one or more examination under Professional Programme (New Syllabus). Am I eligible for reverse switchover to Professional Programme (Old Syllabus)?

Ans. In case you have taken any examination under Professional Programme (New Syllabus) after switchover from Professional Programme (Old Syllabus), you are not eligible for the reverse switchover back to Professional Programme (Old Syllabus).

Q6. I have switched over to Professional Programme (New Syllabus) and have not taken any examination under Professional Programme (New Syllabus). Am I eligible for reverse switchover to Professional Programme (Old Syllabus)?

Ans. Yes, you are eligible. You have to fill Form RSW-1 and send the same at [email protected]

Q7. I have switched over to Professional Programme (New Syllabus), enrolled for the examinations, but did not appear in the examination. Am I eligible to revert to Professional Programme (Old Syllabus)?

Ans. Yes, you are eligible. You have to fill Form RSW-1 and send the same at [email protected]

Q8. I have switched over to the Professional Programme (New Syllabus) and also enrolled for December, 2015 Examinations in New Syllabus. Am I eligible for taking examinations under Professional Programme (Old Syllabus)?

Ans. Yes, you are eligible for taking examinations under Professional Programme (Old Syllabus) for maximum of two attempts. You have to fill Form RSW-2 and send the same at [email protected]

Q9. I have switched over to the Professional Programme (New Syllabus) and but not enrolled for December, 2015 Examinations in New Syllabus. Am I eligible for taking examinations under Professional Programme (Old Syllabus)?

Ans. Yes. You are eligible for taking examinations under Professional Programme (Old Syllabus) for maximum of two attempts. You have to fill form RSW-1 as below and send to email id [email protected]






FORM- RSW-1

FOR STUDENTS WHO HAVE ALREADY SWITCHED OVER TO NEW SYLLABUS BUT NOT ENROLLED FOR DECEMBER, 2015 SESSION

Date : _________ Dte. of Student Services The ICSI Noida

E-Mail Id : [email protected]

Dear Sir,

I have switched over to Professional Programme (New Syllabus) but not enrolled for December, 2015 Session of Examinations.

I hereby request for ‘Reverse Switchover’ to Professional Programme (Old Syllabus).

Registration No.

Name of the student

E-mail Id

Mobile Number

Thanking you,

Yours faithfully,

(Name of the Student)

FOR OFFICE USE ONLY

The reverse switchover has been carried out and the student has been enrolled under Professional Programme (Old Syllabus) for _______________ Module(s).

Dealing Assistant SO AO DD

After submitting the request, the status will be updated in the preliminary enrolment details displayed on the website within 5 working days which may be verified by the students at the requisite link on the Institute’s website.

Refunds, if any, will be processed after 10th October, 2015.

Q10. I have already enrolled for December, 2015 after switching over under Professional Programme (New Syllabus) and desire to revert back under Professional Programme (Old Syllabus). What steps should I take now?



Ans. The students who have already switched over to new syllabus & enrolled for December, 2015 session of examinations, have to apply for ‘Reverse Switchover’ and Enrollment for Examination under Old Syllabus at E-mail Account [email protected] as per the formats given below : -

FORM-RSW-2

FOR STUDENTS WHO HAVE ALREADY SWITCHED OVER TO NEW SYLLABUS & ENROLLED FOR DECEMBER, 2015 SESSION OF EXAMINATIONS

Date : _________

Dte. of Student Services The ICSI Noida

E-Mail Id : [email protected]

Dear Sir,

I have switched over to Professional Programme (New Syllabus) and enrolled for December, 2015 Session of Examinations.

I hereby request for ‘Reverse Switchover’ to Professional Programme (Old Syllabus).

Please enrol me for December, 2015 Examinations under Professional Programme (Old Syllabus) as per details given below :-

Registration No.

Name of the student

Module(s) for which I have already enrolled under Professional Programme (New Syllabus)

Module(s) under Professional Programme (Old Syllabus) for which I am now seeking enrolment

Medium of Examination under Professional Programme (Old Syllabus) for which I am now seeking enrolment

Centre of Examination with Centre Code under Professional Programme (Old Syllabus) for which I am now seeking enrolment

E-mail Id

Mobile Number

Thanking you,

Yours faithfully,

(Name of the Student)




FOR OFFICE USE ONLY

The reverse switchover has been carried out and the student has been enrolled under Professional Programme (Old Syllabus) for December, 2015 Session for ____________ Module(s). An amount of Rs._________ is becoming due for refund which is being processed separately.

Dealing Assistant SO AO DD

Q11. What is the last date for sending the request for reverse switchover?

Ans. The last date for receipt of application for enrolment for December, 2015 Examination shall remain 25th September, 2015 without late fees and 10th October, 2015 with late fee. All modalities pertaining to switchover/reverse switchover/enrolment examination should be completed within these mentioned timelines.

Q12. I am student of Professional Programme (Old Syllabus), my registration validity expired and after registration de-novo would I be allowed to appear in Professional Programme (Old Syllabus)?

Ans. Yes, you would be allowed to appear in maximum of two attempts under Professional Programme (Old Syllabus) i.e. December, 2015 and June 2016 examinations.


Schedule of Fees

A.) The details of fee applicable for availing various services are as under:-

PARTICULARS

FEE (Rs.)

A. FOUNDATION PROGRAMME

(i) Admission Fee

1500

(ii) Education Fee

3000

Total

4500

B. *EXECUTIVE PROGRAMME

(i) Foundation Examination Exemption Fee

500 (Commerce and non-commerce graduates) 4000 (ICAI-CPT/ICAI (Cost) Foundation Pass Students)

(ii) Registration Fee

2000

(iii) Education Fee for Executive Programme

6500

(iv) Education fee for Foundation Programme

payable by non-commerce graduates who are seeking exemption from passing the Foundation Programme examination under clause (iii) of Regulation 38

1000

Total

8500 (CS Foundation Pass Students) 9000 (Commerce Graduates) 12500 ICAI-CPT/ICAI(Cost) Foundation Pass Students) 10000 (Other Graduates)


C. *PROFESSIONAL PROGRAMME

Education Fee

12000

D. OTHER FEES

Registration De-novo Fee

Students may apply for Registration de-novo within two years of the expiry of former registration

2000

If students fail to apply for Registration de-

novo within two years of expiry of Registration, they may still seek Registration de-novo within a maximum period of five years from the expiry of former registration.

3000

Extension of Registration Fee

1000

Paper-wise Exemption Fee Per Paper

1000

Issue of Duplicate Pass Certificate Fee

200

Verification of Marks Fee (Per Paper)

250

Certified Copy of Answer Book (Per Paper)

500

Issue of Transcripts (excluding Service Tax)

250

Duplicate Result-cum-Marks Statement

100

Prospectus

200

E. EXAMINATION FEES

Foundation Programme

1200

Executive Programme(Per Module)

1200

Professional Programme (Per Module)

1200

Surcharge for appearing in Examinations from Overseas Centre (Dubai) (over and above normal Examination Fee)

US$ 100

(or equivalent amount in Indian Rupees)

Late Fee for Submission of Examination Application

250

Change of Examination Centre/ Medium/ Module

250


B.) (*) Students who do not want to opt for study material at the time of registration are required to pay the fees as mentioned below.

Stage Fee Amount for students not opting for study material

GENERAL CATEGORY

Professional

10000

Executive (Foundation Pass)

7000

Executive (Commerce)

7500

Executive (Non Commerce)

8500

ICAI-CPT/ICAI(Cost) Foundation Pass Students)

11,000

SC/ST CATEGORY

Executive (Foundation pass)

3,500

Executive (Commerce)

3,750

Executive (Non Commerce)

4,250

Professional

5,000

ICAI-CPT/ICAI(Cost) Foundation Pass Students)

5,500

C.) Concession in fee for the widows and wards of martyrs of the military and para-military forces

Registration to Foundation Programme, Executive Programme & Professional Programme Stages

50% of the fee applicable to general category students

Examination Fee

50% of the fee applicable to general category students

Discontinuation of Public Private Partnership Scheme for Class Room Teaching

The Public Private Partnership Scheme for conducting Class Room Teaching has been


discontinued and presently no Centres are authorized to conduct the classes under the Scheme. Students registering at these centres will be doing so at their own risk and responsibility. Students are advised to the approach the nearest Regional and Chapter Offices of the Institute for availing the Class Room Teaching facility.

Discontinuation of Requirement of Coaching Completion Certificate

The requirement of coaching completion certificate has been discontinued. This would make students eligible for enrolment to Executive / Professional Programme examinations after expiry of six months or nine months as the case may be, from the date of registration to the respective stage.

Henceforth, students of Executive Programme and Professional Programme are not required to:

a) submit response sheets to test papers on various subjects to the Institute under Postal Tuition Scheme, or

b) obtain coaching completion certificate from the Institute or from Class Room Teaching Centres of the Institute, or

c) submit coaching completion certificate for enrollment to examinations of Executive and Professional Programmes.

CLASS ROOM TEACHING

Through Regional Councils/Chapters

The Institute provides facility of classroom teaching also. The Regional Councils/Chapters of the Institute are authorized to impart classroom teaching subject to availability of necessary facilities and sufficient number of students and charge the fee which may vary from place to place. Students interested in having further details may contact any Regional Council/Chapter Office of the Institute. Attending classroom teaching is optional.

Address and contact details of Regional /Chapter Office & Module/Subject wise details for running batches is available on the website at the following links :-

http://www.icsi.edu (Regional /Chapter Office, address and contact details)

https://www.icsi.edu/ClassRoomTeaching.aspx

(Module/Subject wise details for running batches)

Simplified process for seeking Registration Denovo / Extension of registration

The process for seeking Registration Denovo and Extension of Registration has been simplified. For details, please follow the path given below.

1. Log in at institute’s website www.icsi.edu

2. Go to the “sections” option on the right hand side on the website

3. Click on student option

4. Click on “how and when to register for CS course”.

5. Subsequently click on “guidelines for seeking Denovo registration”.



Re-Registration to Professional Programme

The Institute has introduced a Re-registration Scheme, whereby students who have passed Intermediate Course/ Executive Programme under any old syllabus but not eligible for seeking Registration Denovo may resume CS Course from Professional Programme Stage. It is an opportunity to come back to the profession for those students who had to discontinue the CS Course due to compelling reasons. Detailed FAQ, Prescribed Application Form, etc. may be seen at “for students” option at home page of institute’s website www.icsi.edu

ICSI GRIEVANCE SOLUTIONS CELL

The Institute in its endeavour to improve the service delivery mechanism to the Members, Students and other stakeholders has established a Grievance Solutions Cell. In case stakeholders feel that their queries not being properly attended, they may submit their grievance online through “Grievance Portal” by following the steps given below:-

1. Click on the “Online Services” button on the home page of Institute’s Website (http://www.icsi.edu).

2. Click on “Login” button.

3. Enter your User ID (Registration Number / Membership Number) and Password

4. Click on “Login” button

5. Click on “Home” Option and select “Suggestion/Grievances” option

6. Select the Options available as per the nature of your query and enter the details

7. Click on the “Submit” button

Alternatively, the grievances may be sent at E-Mail Id : [email protected].





REVISED PROCEDURE FOR EFFECTING CHANGE OF NAME IN THE INSTITUTE'S RECORDS

In order to ensure uniformity in the procedure for effecting change of name on the basis of specific requests from students, it has been decided that henceforth request for change of name of students in the Institute's records would be accepted only on receipt/ submission of either of the following documents : -

(i) Gazette Notification

(ii) Publication in Newspaper for change of name alongwith an Affidavit

(iii) Copy of Marriage Certificate (in case of Female candidates after marriage)

(iv) Copy of PAN Card / Aadhaar Card / DIN supporting change of name.

Students may send any such request at [email protected] alongwith the requisite supporting documents as mentioned above while quoting their Registration Numbers. It may be further noted that no request would be accepted without registration number.

Schedule of Submission of Examination Form & Requests for Changes in Examination Enrollment Status pertaining to December, 2015 Session of Examinations

Students desirous of appearing in December, 2015 Session of CS Executive and Professional Programme Examinations may please note that the last dates for submission of online examination form & changes thereof are as under : -

Particulars Last Date

Submission of examination form and fee for appearing in Executive & Professional Programme Examinations without late fee

25th September, 2015

Submission of examination form and fee for appearing in Executive & Professional Programme Examinations with Late Fee of Rs. 250/-

10th October, 2015

Change of Examination Centre/ Medium/ Module (*) 6th December, 2015 (Upto 16:00 Hours)

(*) The online facility for submission of requests for changes in Examination Centre/

Medium/ Module will be activated from 11th October, 2015 onwards.


UPDATES /NOTIFICATIONS FROM THE INSTITUTE ARE NOW AVAILABLE ON SOCIAL NETWORKING SITES

Students can now visit the webpage of the Institute on the following Social networking sites to get details regarding various notifications and updates of the Institute.

1. Facebook

2. Twitter

Click on appropriate links on home page of ICSI website to get access to these webpages.

https://twitter.com/indiacs

https://www.facebook.com/ICSI

***

https://twitter.com/indiacs

https://www.facebook.com/ICSI


Examination

1. ISSUE OF RESULT-CUM-MARKS STATEMENT

The Result-cum-Marks Statements to all the Professional Programme students of CS Examination held in June, 2015 have been dispatched via Speed Post after declaration of result on 25th August, 2015. Students who have not received the same may contact the Dte. of Examination through email at [email protected] stating their Name, Roll No., Registration No., complete postal address and mobile number latest by 25th November, 2015. Students may note that fee for duplicate Result-cum-Marks Statement shall be charged on applications received after 25th November, 2015.

2. OUTCOME OF APPLICATIONS FOR VERIFICATION OF MARKS/ INSPECTION OR SUPPLY OF CERTIFIED COPY(IES) OF ANSWER BOOK(S)

The response time to candidates’ requests for verification of marks/ inspection or supply of certified copy(ies) of answer book(s) is normally two months from the date of receipt of their applications complete in all respects in the Directorate of Examinations of the Institute. On receipt of the applications in the Directorate of Examinations, the status/outcome of verification of marks/ inspection or supply of certified copy(ies) of answer book(s) will be shown on the Institute’s website: www.icsi.edu and the candidate concerned can enquire about the status/outcome of his/her application by entering his/her Roll No. or Student Registration Number. In case of no change in his/her marks or result position, the candidate can also download a copy of the reply letter instantly from the link given to this effect and no other communication will be sent in this regard. However, in case of any change/revision in marks in any subject(s) and/or result of a particular Module/Stage of Examination, separate communication to that effect will be sent to the candidate concerned through Speed Post. However, if a candidate does not receive any information from the website/communication within sixty days from the date of dispatch of application he/she may send an e-mail at: [email protected] or write to the Joint Secretary (Exams.) giving relevant details along with the scanned/photo copy of application and demand draft/receipt of application fee.

3. CONDUCT OF DECEMBER, 2015 EXAMINATIONS

The next examination for Executive Programme and Professional Programme scheduled in December, 2015, will be held from Monday, the 21st December, 2015 to Thursday, the 31st December, 2015 as per the Examination Time-Table and Programme at 103 examination centers, viz., 1. Agra, 2. Ahmedabad, 3. Ahmednagar, 4. Ajmer, 5.Akola, 6.Allahabad, 7. Alwar, 8. Amarvati, 9. Ambala, 10. Aurangabad, 11. Bangalore, 12. Bareilly, 13. Beawer, 14.Belgaum, 15. Bhayander, 16. Bhilai, 17. Bhilwara, 18. Bhopal, 19. Bhubaneswar, 20. Bikaner, 21. Bilaspur, 22. Calicut, 23. Chandigarh, 24. Chennai, 25. Chittorgarh, 26.Coimbatore, 27. Dehradun, 28. Delhi (East), 29. Delhi (North), 30. Delhi (South), 31. Delhi (West), 32. Dhanbad, 33. Ernakulam, 34. Faridabad, 35. Ghandhinagar, 36. Ghaziabad, 37. Gorakhpur, 38. Gurgaon, 39. Guwahati, 40. Gwalior, 41.Hisar, 42. Hooghly, 43. Howrah, 44. Hubli-Dharwad, 45. Hyderabad, 46. Indore, 47. Jabalpur, 48. Jaipur, 49. Jalandhar, 50. Jammu, 51. Jamshedpur, 52. Jhansi, 53.Jodhpur, 54. Kanpur, 55.



Kolhapur, 56. Kolkata (North), 57. Kolkata (South), 58. Kota, 59. Kottayam, 60. Lucknow, 61. Ludhiana, 62. Madurai, 63. Mangalore, 64. Meerut, 65. Mumbai (CG), 66. Mumbai (GTK), 67. Mumbai (JOG), 68. Mysore, 69. Nagpur, 70. Nasik, 71. Navi Mumbai, 72. Noida, 73. Pali, 74. Panaji, 75. Panipat, 76. Patna, 77. Pimpri-Chinchwad, 78. Puducherry, 79. Pune, 80. Raipur, 81. Rajkot, 82. Ranchi, 83. Rourkela, 84. Salem, 85. Satara, 86. Shimla, 87. Sikar, 88. Siliguri, 89. Sonepat, 90. Srinagar, 91. Surat, 92 Thane, 93. Thiruvananthapuram, 94. Thrissur, 95. Tiruchirapalli, 96. Udaipur, 97. Ujjain, 98. Vadodara, 99. Varanasi, 100. Vijayawada, 101. Visakhapatnam, 102. Yamuna Nagar and 103. Overseas Centre — Dubai.

NOTES:

1. Bilaspur (Chhattisgarh); Bhayander (Maharashtra), Pimpri-Chinchwad (Maharashtra); Satara (Maharashtra) are on Experimental Basis.

2. The Institute reserves the right to withdraw any centre at any stage without assigning any reason.

3. Please note that no request for change of examination venue will be entertained in respect of a particular city, where multiple examination venues exist.

4. Candidates should note that non-downloading of receipt of e-result-cum-marks statement, non-receipt/delayed receipt of response to result queries, verification of marks, etc., will not be accepted as valid and sufficient reason for seeking any relaxation or not complying with the requirements of regulations and/or last dates for submission of enrolment applications for the next examinations. Therefore, the candidates in their own interest are timely advised to keep track of important announcements, last dates and observe the time schedule.

4. TIME-TABLE & PROGRAMME FOR DECEMBER, 2015 EXAMINATIONS


5. OMR BASED EXAMINATION IN THREE SUBJECTS OF CS EXECUTIVE PROGRAMME

1. The Institute has introduced OMR based Examination in the following three subjects of the CS Executive Programme wherein students are required to attain working knowledge, with effect from December, 2014 Examinations:

(i) Cost and Management Accounting ( Module-I)

(ii) Tax Laws and Practice (Module-I)

(iii) Industrial, Labour and General Laws (Module-II)

2. In the above three subjects, candidates’ knowledge, competency and proficiency would be examined through objective type Multiple Choice Questions (MCQs) under OMR system. However, in the remaining four subjects of the Executive Programme, viz. (i) Company Law, (ii) Economic and Commercial Laws, (iii) Company Accounts and Auditing Practices, and (iv) Capital Markets and Securities Laws, candidates would continue to be examined through descriptive examination.

3. In OMR based examination, each paper shall be of three hours duration having 100 Multiple Choice Questions (MCQs) of one mark each. The questions shall be of average, above average and difficult level covering entire syllabus. In case any paper is divided into different Parts, i.e., Part - A, Part - B, etc., requisite number of questions shall be asked from the respective Part corresponding to the weightage of marks as prescribed in the syllabus.

4. Each question shall contain four answer options and the candidate shall be required to select one option as his/her correct answer and mark in the OMR answer sheet by darkening the respective circle with blue/black ball point pen.

5. Negative marking for wrong answers attempted by the candidates will be implemented w.e.f. December, 2015 session of examination in the ratio of 1: 4, i.e. deduction of one (1) mark for every four (4) wrong answers and total marks obtained by the candidates in such papers would be rounded up to next whole number. Further, the negative marks would be limited to the extent of marks secured for correct answers so that no candidate shall secure less than zero mark in the above subjects.

6. Question paper booklet for (i) Cost and Management Accounting (Module-I) and (ii) Tax Laws and Practice (Module-I) papers shall be provided in English language only. However, candidates who opt for writing the examination in Hindi medium shall be provided question paper booklet of Industrial, Labour and General Laws (Module-II) paper in English along with its Hindi version. However, the OMR Answer sheets for all the three subjects would be provided in English language only.

7. Sample question papers for OMR examination in the above three subjects have been hosted on the website of the Institute for the reference of the students. Detailed instructions for appearing in OMR examination shall be uploaded on the website of the Institute shortly.


6. USE OF CALCULATORS IN EXAMINATIONS

Candidates are allowed to bring and use their own battery operated, noiseless and cordless pocket calculators with not more than 6 functions, 12 digits and 2 memories. Exchange or lending/borrowing of calculators among students is forbidden in the examination hall. Use of scientific calculators is strictly prohibited.

7. BAN ON USE OF MOBILE PHONE IN AND AROUND EXAMINATION CENTRE PREMISES

Candidates are banned from carrying with them mobile phones, pagers, any other communication device(s), books, printed or hand written materials, costly items, etc., inside the Examination Centre premises. Candidates are, therefore, cautioned and advised, in their own interest, not to carry any such banned items inside the Examination Centre premises.

Candidates carrying with them banned item(s) may not be allowed to enter in the examination hall/room premises. Any candidate, found in possession of such banned items in the examination hall/room shall be liable for willful violation of instructions to examinees and shall be tantamount to misconduct under Regulation 27 of the Company Secretaries Regulations, 1982, as in force.

However, the Institute or Examination Centre authorities shall neither in any way be responsible for arranging safe keeping and/or loss/damage of such items nor will entertain any complaint/correspondence in this regard.

8. HINDI AS AN OPTIONAL MEDIUM OF WRITING EXAMINATION

Candidates are allowed to use Hindi as an optional medium for writing all papers of Executive Programme, Professional Programme (Old Syllabus) and Professional Programme (New Syllabus) examinations on the following conditions:

(i) Option of Hindi Medium for writing the examination is to be exercised for all papers of an examination OR a particular module of examination, [and not for any individual paper(s)] in the examination enrolment application form each time for appearing in the examination;

(ii) Option of medium for writing examination once exercised is irrevocable for that particular session of examination;

(iii) Answer books of candidates who write part of papers/answers in Hindi Medium and the remaining part in English Medium are liable to be cancelled without any notice;

(iv) Candidates who have exercised option of writing in Hindi Medium in their examination enrolment form will be provided Question Papers printed both in English and Hindi version for Module-II of Executive Programme .

However, the Question Papers for Module-I of Executive Programme and all papers of Professional Programme (Old Syllabus) and Professional Programme (New Syllabus) examinations will be printed in English language only;

(v) If a candidate writes his/her answers in Hindi medium without exercising such an option in the examination enrolment application form, he/she may not be given credit for his/her answers;


(vi) Candidates opting Hindi Medium for the examination must darken the relevant circle against HINDI on the cover page of Answer Book; and

(vii) Candidates opting Hindi Medium for examination may write answers to practical questions, headings, quotations, technical and legal terms, sections, rules, etc., in English, if they so desire.

9. ANNOUNCEMENT INVITING APPLICATIONS FOR ‘MERIT SCHOLARSHIP’ AND‘MERIT-CUM-MEANS ASSISTANCE’ IN RESPECT OF JUNE, 2015 EXAMINATIONS

ATTENTION STUDENTS APPEARED IN JUNE, 2015 EXAMINATIONS

The Institute awards “Merit Scholarships” and “Merit-cum-Means Assistance” to students for pursuing Executive Programme and Professional Programme on the basis of their meritorious performance in the examinations and on merit-cum-need basis on their passing Foundation Programme and Executive Programme examinations respectively, as per the criteria stipulated under the “Merit Scholarship (Company Secretaryship Course) Scheme, 1983” and “Merit-cum-Means Assistance (Company Secretaryship Course Scheme), 1983”.

MERIT SCHOLARSHIP

In pursuance of para 7 of the “Merit Scholarships (Company Secretaryship Course) Scheme, 1983, 25 numbers of scholarships are awarded each for Executive Programme and Professional Programme Course per session only to registered students, purely in order of merit, from amongst the candidates who appeared and passed in all the subjects of their respective examination, at first attempt, in one sitting, without claiming exemption in any subject, on all-India basis and subject to fulfilling other terms and conditions as stipulated in the said scheme.

Accordingly, students who pass the Foundation Programme/Executive Programme Examination in June, 2015 and fulfill the conditions prescribed under the guidelines are eligible for award of Scholarship.

MERIT-CUM-MEANS ASSISTANCE

In pursuance of para 8 of the “Merit-cum-Means Assistance (Company Secretaryship Course) Scheme, 1983”, 25 numbers of financial assistance are awarded each for Executive Programme and Professional Programme Course per session only to registered students. According to the scheme, a candidate has to apply in the prescribed form which can be downloaded from Institute’s website: www.icsi.edu OR obtained from the Institute free of cost by sending a self addressed stamped envelope, and submit his/her application within a specified date as notified from time to time. Any candidate applying for financial assistance should have passed the Foundation Programme/Both the Modules of Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject. If the candidate is employed or having an independent source of income, in that case his/her income should not be more than Rs. 2,40,000 per annum and if he/she is dependent on his/her parents/guardian/spouse, then the combined income from all sources should not be more than Rs. 3,60,000 per annum and also subject to fulfilling other terms and conditions as stipulated in the said scheme.

A separate notification inviting applications for award of “Merit-cum-Means Assistance” is being published elsewhere in this issue.



10. NOTIFICATION FOR INVITING APPLICATIONS FOR ‘MERIT-CUM-MEANS ASSISTANCE’ IN RESPECT OF INSTITUTE’S JUNE, 2015 EXAMINATIONS.


11. GRANT OF FACILITY OF WRITER’S HELP/EXTRA TIME TO PHYSICALLY DISABLED CANDIDATES IN DECEMBER, 2015 EXAMINATION

GRANT OF FACILITY OF WRITER’S HELP/EXTRA TIME TO PHYSICALLYDISABLED CANDIDATES IN DECEMBER, 2015 EXAMINATION

Any physically disabled student having a minimum of 40% physical disability or deformity of permanent nature and who wishes to seek writer’s help and/or extra time for the purpose of appearing or writing Company Secretaries December, 2015 examination should make a separate written request therefor mentioning complete details about his/her Name, Student Registration No., Complete Postal Address, Mobile Number, E-mail id, specifying nature and extent (in % term) of his/her permanent disability, etc., to The Joint Secretary (Exams.), The Institute of Company Secretaries of India, C-37, Sector 62, Institutional Area, NOIDA – 201309 (U.P.) in addition to submitting his/her enrolment application for appearing in the examination together with the following supporting documents :

(i) Disability Certificate issued by the Medical Board/Head of Deptt. or Sr. Medical Officer (Specialists) of a Central or State Govt. Hospital certifying the nature (permanent or temporary) and percentage of disability, and its duration affecting his/her writing ability and/or the normal physical functions; and

(ii) Letter of Permission issued to him/her by Sr. Secondary Board/University and/or any other professional/educational examining body, such as – University, UPSC, SSC, State Public Service Commission, Institute of Chartered Accountants of India, Institute of Cost Accountants of India, etc., granting him/her such assistance for appearing or writing the examinations.

Please note that even the physically disabled students, who had earlier been granted facility of Writer’s Help/Extra Time in the previous examination and wish to avail of such concession or assistance for writing the ensuing December, 2015 examinations are required to apply afresh giving reference of such facility granted in the past and making a separate application to The Joint Secretary (Exams.), The Institute of Company Secretaries of India, C-37, Sector 62, Institutional Area, NOIDA – 201309 (U.P.) before the last date for submission of enrolment application for December, 2015 examination. The application for grant of Writer’s Help/Extra Time should not be clubbed with any other query or correspondence.

It is clarified that in case of disablement of temporary nature and injuries like, fracture in the arm, forearm or dislocation of a shoulder, elbow, wrist or any other illness, etc., the candidates are not eligible to seek any concession or assistance of writer/extra time.

Intimation about grant of Writer’s Help/Extra Time is normally sent 15-20 days before the commencement of each examination.


12. ANNOUNCEMENT: INTRODUCTION OF NEGATIVE MARKING FOR OMR BASED EXAMINATION

ATTENTION STUDENTS!

CS EXECUTIVE PROGRAMME

INTRODUCTION OF NEGATIVE MARKING FOR OMR BASED EXAMINATION

The Institute has decided to introduce the criteria of negative marking for wrong answers attempted by the candidates for the three subjects of OMR based examination of the Executive Programme viz., (i) Cost and Management Accounting; (ii) Tax Laws and Practice; and (iii) Industrial, Labour and General Laws papers with effect from December, 2015 Examinations onwards as under:

Negative marking will be made in the ratio of 1: 4, i.e., deduction of one (1) mark for every four (4) wrong answers or proportion thereof;

Negative marks would be limited to the extent of marks secured for correct answers so that no candidate shall secure less than zero mark in the above subjects;

Total marks obtained in fraction would be rounded up to next whole number.

The Time Table and Programme for CS December, 2015 examinations has been hosted on the Institute’s website www.icsi.edu. The OMR based examination for the above three subjects shall be held consecutively on 21st, 22nd and 23rd December, 2015.

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Training


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Attention Students !!

CORPORATE COMPLIANCE EXECUTIVE CERTIFICATE FOR STUDENTS

The Institute launched the ‘Corporate Compliance Executive Certificate’ in terms of Chapter IVA (Regulation 28A & 28B) of the Company Secretaries Regulations, 1982 on 4th October, 2013.

ELIGIBILITY FOR AWARD OF CORPORATE COMPLIANCE EXECUTIVE CERTIFICATE

A person who –

- is currently registered as a student of the Company Secretaryship course of the Institute;

- has completed at least one group of the Intermediate/Executive Programme Examination of the Company Secretaryship Course, and

- has completed a training of Six months under Regulation 28A of the Company Secretaries Regulations, 1982, which may include skill oriented practical /class room training for two weeks.

PROCEDURE

An eligible student may apply for award of Corporate Compliance Executive Certificate by submitting an application in specified format (available on the website of the Institute www.icsi.edu), after making payment of a fee of Rs. 2000 (Rupees two thousand only), either in cash (at counters of the Institute across the county) or by way of Demand Draft in favour of ‘The Institute of Company Secretaries of India’ payable at New Delhi.

STATUS OF HOLDER OF CORPORATE COMPLIANCE EXECUTIVE CERTIFICATE

- The student who is awarded Corporate Compliance Executive Certificate of the Institute shall be entitled to use the descriptive letters “Corporate Compliance Executive”.

- The grant of Certificate of Corporate Compliance Executive Certificate shall not confer on the Corporate Compliance Executive the rights of a member, nor entitle him to claim membership of the Institute.

VALIDITY OF CERTIFICATE

The Corporate Compliance Executive certificate is valid for a period of three years (financial years) and is renewable on completion of four Programme Credit Hours (PCH) every year and payment of requisite fee as the Council may determine from time to time.

OTHER DETAILS

- The student shall have to complete the course of Corporate Compliance Executive Certificate including the training requirements within the registration period.

- The student having awarded the Corporate Compliance Executive Certificate may continue to pursue the regular Company Secretaryship course if he so desires.

- Except to the extent provided in this Chapter IVA (Regulations 28A & 28B) of the Company Secretaries Regulations,1982 or as decided by the Council from time to time, regulations in Chapter IV and VI relating to ‘Registered Students’ and ‘Examinations’ shall mutatis-mutandis apply to the ‘Corporate Compliance Executive Certificate Course’.

- A student after having awarded the Corporate Compliance Executive Certificate shall secure four Programme Credit Hours (PCH) every year for renewal of Corporate Compliance Executive Certificate.

- There shall be no exemption from training.

Brochure and application form are available at CCEC section on website of the Institute www.icsi.edu. For queries please write at [email protected] or contact on phone number 011-45341049.

***

www.icsi.edu

www.icsi.edu



News from Region

Pune Chapter of ICSI announces Class Room Teaching for JUNE 2016 batch

CLASS ROOM TEACHING (FOR JUNE 2016 EXAMINATION)

Stage Date of Commencement of class

Timings Fees Last date for receipt of application


1.12.2015 3.00 pm – 7.30 pm Rs 12000/- 20.11.2015

Executive Programme (Module I)

1.12.2015 5.00 pm - 8.00 pm Rs 11000/- Per Module

20.11.2015

Executive Programme (Module II)

1.12.2015 7.30 am – 10.30 am Rs 10000/- Per Module

20.11.2015

Executive Programme (Both Modules)

1.12.2015 As Above Rs 19500/- 20.11.2015

For Further Details

Contact : Pune Chapter of ICSI 23, Mukund Nagar, Above Dr Joshi Hospital, Pune-411037

E –mail : [email protected]

Contact : 020 24263228/ 020 24260341



ICSI – SIRO Class Room Teaching

(For June 2016 Examination)

Stage Date of Commencement

Timings Fee Last date for receipt of application


Morning Batch

30.11.2015 09.00 a.m. to

11.00 a.m.

Rs.5100/- 23.11.2015


Evening Batch

30.11.2015 04.00 p.m. to

04.00 p.m.

Rs.5100/- 23.11.2015

Executive Programme

Module –II (Morning)

07.12.2015 6.30 a.m. to

8.30 a.m.

Rs.5600/- 01.12.2015

Executive Programme

Module–I (Evening)

07.12.2015 6.00 p.m. to 8.00 p.m.

Rs.6100/- 01.12.2015

3 days e-governance Programme

(It is compulsory for the students who have completed 2 days Induction programme and it is to be completed within 3 months of passing the

Executive Programme)

Sl.No. Programme Fee Venue of the Programme

Contact

1 7th , 8th and 9th November, 2015 (Saturday, Sunday and Monday)

Rs.2000 “ICSI-SIRC House” 9, Wheat Crofts Road Nungambakkam Chennai – 600 034

The Institute of Company Secretaries of India Southern India Regional Office 9, Wheat Crofts Road, Nungambakkam Chennai 600 034 Phone : 044-28279898;28268685 Email: [email protected]

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© The Institute of Company Secretaries of India.

All rights reserved. No part of this Bulletin may be translated or copied in any form or by any means without the prior written permission of The Institute of Company Secretaries of India.

Disclaimer :

Although due care and diligence have been taken in preparation and uploading this E-bulletin, the Institute shall not be responsible for any loss or damage, resulting from any action taken on the basis of the contents of this e-bulletin. Any one wishing to act on the basis of the material contained herein should do so after cross checking with the original source.

Sonia Baijal, Director

A K Sil, Joint Director

Dr. Rahul Chandra, Joint Director

For views/suggestions/feedback please write to : [email protected]


student company secretary · in form ndh-1 along with such fee as provided in companies...

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