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Dear Students

नास्ति स्िद्यासमो बन्धुनाास्ति स्िद्यासमः सुहृि् । नास्ति स्िद्यासमं स्ितं्त नास्ति स्िद्यासमं सुखम् ॥

(स्िद्या जैसा बंधु नहीं, स्िद्या जैसा स्मत्र नहीं, (और) स्िद्या जैसा अन्य कोई धन या सुख नहीं ।)

I am sure that the month of June must have been quite busy for all of you owing to your exams and now you must be looking forward for the announcement of your results in order to relish the fruits of your hard work with flying colors.

Friends, the path towards learning and edification is not made of parallel lines, rather it is a circle of various activities throughout the year. A student persistently engage himself in studying, take preparation for the exam, awaits result and schedules for success. For sailing smooth, the student should have some qualities like focussed approach with determination, commitment and willingness for hard work to succeed. Also, they should have to take challenges bravely rather than focusing on problems.

Though, the collective set of all qualities lead the students towards their desired path of success and accomplishment, yet one of the very important characteristics of a student is to attain the holistic development . This will facilitate to excel in both personal and professional life.

In order to provide a platform to the students for their inclusive growth and also to create vibrancy and awareness about social causes among the students, the month of July is celebrated as “Student Month of ICSI” every year, which aims at the holistic development of students through their engagement in various activities organized by the Institute throughout the country. Taking this initiative forward, this year too, several activities for the students are scheduled to be organized during the ICSI Student Month, 2019 on Pan India basis at Regional and Chapters offices of the Institute.

I am sure that, the exclusive celebration of ‘Student Month’ would witness much stronger cods this time confirming number of activities and involving the large participation of students.

At the end I would like quote that ‘Alphabet ‘O’ stands for ‘OPPORTUNITY’, which is absent in ‘YESTERDAY’ available once in T’O’DAY and thrice in T’O’M’O’RR’O’W. So never lose Hope’.

Wishing you all the best for Student Month, 2019 and looking forward to your wider Participation.

Best Wishes

CS Ranjeet Pandey President, ICSI

Message from the

President

2 e-bulletin – July 2019

Academic Guidance

RELATED PARTY TRANSACTIONS - COMPLIANCES AND DISCLOSURES FOR LISTED COMPANIES*

INTRODUCTION

A majority of Indian listed companies are promoter driven, with significant shareholding held by promoter/promoter group. Promoters and Directors have the authority to regulate the affairs of the company collectively as a Board. Though, it is common for companies to deal with their promoters or directors or others who are connected with their directors and KMPs, yet, the special relationship inherent between the involved parties creates potential conflicts of interest. It is the duty of the directors to act in good faith and not to use company’s assets, opportunities or information for their own profit. With a view to protect the interest of shareholders, a proper system of checks and balances on interactions and relationships between listed entities and their promoters or significant shareholders or directors is very crucial for good governance. There are various laws and regulations for regulating and monitoring such related party transactions in India.

In this article, we would analyse the provisions pertaining to related party transactions applicable to listed entities which are prescribed under-

Companies Act, 2013

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Indian Accounting Standard (Ind AS) 24 - Related Party Disclosures

MEANING AND DEFINITIONS OF RELATED PARTY

Section 2(76) of Companies Act, 2013, read with rule 3 of Companies (Specification of definitions details) Rules, 2014

"Related party", with reference to a company, means—

A director or his relative;

A key managerial personnel or his relative; A firm, in which a director, manager or his relative is a partner; A private company in which a director or manager or his

relative is a member or director; A public company in which a director and manager is a

director and holds along with his relatives, more than two per cent of its paid-up share capital;

Anybody corporate whose Board of Directors, managing director or manager is accustomed to act in accordance with the advice, directions or instructions of a director or manager;

Any person on whose advice, directions or instructions a director or manager is accustomed to act: Provided that nothing in sub-clauses (vi) and (vii) shall apply to the advice, directions or instructions given in a professional capacity;

*Nishita Singhal, Assistant Director, ICSI.

The views expressed are personal views of the author and do not necessarily reflect those of the Institute.

e-bulletin – July 2019 3

Anybody corporate which is—

(A) A holding, subsidiary or an associate company of such company;

(B) A subsidiary of a holding company to which it is also a subsidiary; or

(C) An investing company or the venturer of the company; Here the investing company or the venturer of a company means a body corporate whose investment in the company would result in the company becoming an associate company of the body corporate.

A director other than an independent director or key managerial personnel of the holding company or his relative with reference to a company, shall be deemed to be a related party.

Regulation 2(zb) of SEBI (LODR) regulations, 2015

“Related party” means a related party as defined under sub-section (76) of section 2 of the Companies Act, 2013 or under the applicable accounting standards-

Provided that any person or entity belonging to the promoter or promoter group of the listed entity and holding 20% or more of shareholding in the listed entity shall be deemed to be a related party.

Provided further that this definition shall not be applicable for the units issued by mutual funds which are listed on a recognised stock exchange(s).

Para 9 of Ind AS 24 A related party is a person or entity that is related to the entity that is preparing its financial statements (in this Standard referred to as the ‘reporting entity’).

(a) A person or a close member of that person’s family is related to a reporting entity if that person:

(i) has control or joint control of the reporting entity; (ii) has significant influence over the reporting entity; or (iii) is a member of the key management personnel of the

reporting entity or of a parent of the reporting entity.

(b) An entity is related to a reporting entity if any of the following conditions applies:

(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

(iii) Both entities are joint ventures of the same third party. (iv) One entity is a joint venture of a third entity and the other entity

is an associate of the third entity.


(v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.

(vi) The entity is controlled or jointly controlled by a person identified in (a).

(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity including:

(a) that person’s children, spouse or domestic partner, brother, sister, father and mother;

(b) children of that person’s spouse or domestic partner; and (c) dependants of that person or that person’s spouse or domestic

partner.

RELATED PARTY TRANSACTIONS: THE CONCEPT

Section 188(1) of Companies Act 2013, read with rule 3 of Companies (Specification of definitions details) Rules, 2014 provides that following transactions would be considered as related party transactions –

Transactions covered

under RPT

sale, purchase or supply of any goods or materials;

selling or otherwise disposing of, or buying, property of any kind;

leasing of property of any kind;

availing or rendering of any services;

appointment of any agent for purchase or sale of goods,

materials, services or property;

related party's appointment to any office or place of profit in the

company, its subsidiary company or associate company

underwriting the subscription of any securities or derivatives

thereof, of the company:


Regulation 2(zc) of

SEBI (LODR) regulations, 2015

Para 9 of Ind AS 24

“Related party transaction” means a transfer of resources, services or obligations between a listed entity and a related party, regardless of whether a price is charged and a "transaction" with a related party shall be construed to include a single transaction or a group of transactions in a contract: Provided that this definition shall not be applicable for the units issued by mutual funds which are listed on a recognised stock exchange(s).

A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

PROCEDURE FOR APPROVAL OF RELATED PARTY TRANSACTIONS

A. Under Section 188 (1) of the Companies Act, 2013

Prior approval of the Board of Directors of the Company

a) For every company, prior approval or consent of the Board of Directors by means a resolution at a Board meeting is required before entering into any related party transaction as listed above.

b) The agenda of the Board meeting at which the resolution is proposed to be moved shall disclose-

the name of the related party and nature of relationship;

the nature, duration of the contract and particulars of the contract or arrangement;

the material terms of the contract or arrangement including the value, if any;

any advance paid or received for the contract or arrangement, if any;

the manner of determining the pricing and other commercial terms, both included as part of contract and not considered as part of the contract;

whether all factors relevant to the contract have been considered, if not, the details of factors not considered with the rationale for not considering those factors; and

any other information relevant or important for the Board to take a decision on the proposed transaction.

c) Where any director is interested in any contract or arrangement with a related party, such director shall not be present at the meeting during discussions on the subject matter of the resolution relating to such contract or arrangement.

Prior approval of

a) In the following circumstances, in addition to approval of Board of Directors, prior approval of the members of the Company by


the Members of the Company

means of a resolution must be sought before entering into any related party transaction pertaining to:

(i) sale, purchase or supply of any goods or material, directly or through appointment of agent, amounting to 10% or more of the turnover of the company or Rs. 100 crore, whichever is lower

(ii) selling or otherwise disposing of or buying property of any kind, directly or through appointment of agent, amounting to 10% or more of net worth of the company or Rs. 100 crore, whichever is lower

(iii) leasing of property any kind amounting to 10% or more of the net worth of company or 10% or more of turnover of the company or Rs. 100 crore, whichever is lower,

(iv) availing or rendering of any services, directly or through appointment of agent, amounting to 10% or more of the turnover of the company or Rs. 50 crore, whichever is lower.

(The limits specified in sub-clause (i) to (iv) shall apply for transaction or transactions to be entered into either individually or taken together with the previous transactions during a financial year.)

(v) Appointment to any office or place of profit in the company, its subsidiary company or associate company at a monthly remuneration exceeding Rs. 2.5 lakh

(vi) Remuneration for underwriting the subscription of any securities or derivatives thereof, of the company exceeding 1% of the net worth.

b) No member of the company shall vote on such resolution, to approve any contract or arrangement which may be entered into by the company, if such member is a related party. However, it shall not apply to a company in which 90% or more members, in number, are relatives of promoters or are related parties.

c) The prior approval of members is not applicable for above transactions entered into between a holding company and its wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval.

Explanation of Terms

The expression “office or place of profit” means any office or place—

(i) where such office or place is held by a director, if the director holding it receives from the company anything by way of remuneration over and above the remuneration to which he is entitled as director, by way of salary, fee, commission, perquisites, any rent-free accommodation, or otherwise;

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(ii) where such office or place is held by an individual other than a director or by any firm, private company or other body corporate, if the individual, firm, private company or body corporate holding it receives from the company anything by way of remuneration, salary, fee, commission, perquisites, any rent-free accommodation, or otherwise;

Non Applicability

Section 188(1) shall not apply to any transactions entered into by the company in its ordinary course of business other than transactions which are not on an arm’s length basis.

“Arm’s length transaction” means a transaction between two related parties that is conducted as if they were unrelated, so that there is no conflict of interest.

B. Under Regulation 23 of the SEBI (LODR) Regulations, 2015

Policy on materiality of Related Party Transactions

All listed entity shall formulate a policy on materiality of related party transactions and on dealing with related party transactions including clear threshold limits duly approved by the board of directors and such policy shall be reviewed by the board of directors at least once every three years and updated accordingly.

Identification of Material Related Party Transactions

A transaction with a related party shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceeds 10% of the annual consolidated turnover of the listed entity as per the last audited financial statements of the listed entity.

Also, with effect from July 01, 2019, a transaction involving payments made to a related party with respect to brand usage or royalty shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceed 2% of the annual consolidated turnover of the listed entity as per the last audited financial statements of the listed entity.

Prior approval of the audit committee

All related party transactions shall require prior approval of the audit committee.

Omnibus approval by Audit Committee

Audit committee may grant omnibus approval for related party transactions proposed to be entered into by the listed entity subject to the following conditions, namely-

(a) the audit committee shall lay down the criteria for granting the omnibus approval in line with the policy on related party transactions of the listed entity and such approval shall be applicable in respect of transactions which are repetitive in nature;


(b) the audit committee shall satisfy itself regarding the need for such omnibus approval and that such approval is in the interest of the listed entity;

The omnibus approval shall specify:

(i) the name(s) of the related party, nature of transaction, period of transaction, maximum amount of transactions that shall be entered into,

(ii) the indicative base price / current contracted price and the formula for variation in the price if any; and

(iii) such other conditions as the audit committee may deem fit: Provided that where the need for related party transaction cannot be foreseen and aforesaid details are not available, audit committee may grant omnibus approval for such transactions subject to their value not exceeding rupees one crore per transaction.

The audit committee shall review, at least on a quarterly basis, the details of related party transactions entered into by the listed entity pursuant to each of the omnibus approvals given.

Such omnibus approvals shall be valid for a period not exceeding one year and shall require fresh approvals after the expiry of one year.

Prior Approval of the shareholders

All material related party transactions shall require approval of the shareholders through resolution.

No related party shall vote to approve such resolutions whether the entity is a related party to the particular transaction or not.

However, the requirements specified under this sub-regulation shall not apply in respect of a resolution plan approved under section 31 of the Insolvency Code, subject to the event being disclosed to the recognized stock exchanges within one day of the resolution plan being approved.

Non Applicability

The prior approval from audit committee or shareholders is not applicable in the following cases:

transactions entered into between two government companies; transactions entered into between a holding company and its

wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval.

Other Provisions

The provisions of this regulation shall be applicable to all prospective transactions.

For the purpose of this regulation, all entities falling under the definition of related parties shall not vote to approve the relevant transaction irrespective of whether the entity is a party to the particular transaction or not.


DISCLOSURES TO BE MADE

DISCLOSURES UNDER IND AS 24

(I) Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been transactions between them. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces consolidated financial statements available for public use, the name of the next most senior parent that does so shall also be disclosed.

Summary of

Approval process of RPTs for Listed Companies

RPT is at arm's length entered into ordinary course of business

Approval of Audit Committee

RPT is not an arm's length transactions entered into ordinary course of business

If RPT is not material

Approval of Audit Committe

Approval of Board of Directors

If RPT is material

Approval of Audit Committe

Approval of Board of Directors

Approval of Members or Shareholders

•Every related party transaction i. e. every contract or arrangement entered into under Section 188 (1) shall be referred to in the Board’s report to the shareholders along with the justification for entering into such contract or arrangement.

Section 188(2) of the Companies Act 2013

•The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website.

Regulation 23(9) of the SEBI (LODR) Regulations, 2015

•The listed entity shall disseminate the policy on dealing with related party transactions under a separate section on its website.

Regulation 46(2) of the SEBI (LODR) Regulations, 2015

•The annual report shall contain the additional related party disclosures as specified.

SCHEDULE V of the SEBI (LODR) Regulations, 2015


(ii) An entity shall disclose key management personnel compensation in total and for each of the following categories:

short-term employee benefits; post-employment benefits; other long-term benefits; termination benefits; and share-based payment.

(iii) If an entity has had related party transactions during the periods covered by the financial statements, it shall disclose the nature of the related party relationship as well as information about those transactions and outstanding balances, including commitments, necessary for users to understand the potential effect of the relationship on the financial statements. At a minimum, disclosures shall include:

the amount of the transactions; the amount of outstanding balances, including commitments, and their

terms and conditions, including whether they are secured, and the nature of the consideration to be provided in settlement; and details of any guarantees given or received;

provisions for doubtful debts related to the amount of outstanding balances; and

the expense recognised during the period in respect of bad or doubtful debts due from related parties.

(iv) Amounts incurred by the entity for the provision of key management personnel services that are provided by a separate management entity shall be disclosed. The disclosures shall be made separately for each of the following categories:

the parent; entities with joint control of, or significant influence over, the entity; subsidiaries; associates; joint ventures in which the entity is a joint venturer; key management personnel of the entity or its parent; and (g) other

related parties.

PENALTIES FOR NON-COMPLIANCE

Under Section 188 (4) and (5) of the Companies Act, 2013

• Company may proceed against a director / employee, who had entered into contract or

arrangement in contravention of the provisions, for recovery of any loss sustained by it as a

result of such contract or arrangement.

• Such a director shall be disqualified for a period of 5 years.

• In case of a listed company, such director / employee may be punishable with imprisonment

for a term up to 1 year and/or with fine of Rs. 25,000 – Rs. 5,00,000.

• In case of any other company, such director / employee may be punishable with fine of

Rs.25,000 – Rs.5,00,000.


CONCLUSION

The provisions relating to related party transactions are one of the major indicators of good corporate governance. The Companies Act 2013 has simplified the provisions and the focus is now on compliances and disclosures rather than government approval. SEBI (LODR) Regulations, 2015, has also been further updated and aligned with the Companies Act 2013 based on the several recommendations by Kotak Committee on improving safeguards and disclosures pertaining to Related Party Transactions. These amendments certainly pave a way for aligning with some of the best practices followed globally and bring in a renewed focus on improved corporate governance by way of better structure and more rigorous checks and balances.

References

The Companies Act, 2013

SEBI (LODR ) Regulations, 2015 updated as on 7th May 2019

Indian Accounting Standard (Ind AS) 24 - Related Party Disclosures

***


INDEPENDENT DIRECTORS: A BIRD’S EYE VIEW*

Introduction

Section 149(4) of the Companies Act,2013 provides that every listed public company shall have at least one-third of the total number of directors as independent directors and the Central Government may prescribe the minimum number of independent directors in case of any class or classes of public companies. Any fraction contained in such one-third numbers shall be rounded off as one.

According to Rule 4 of the Companies (Appointment and Qualification of Directors) Rules,2014, the following class or classes of companies shall have at least two directors as independent directors -

(i) The Public Companies having paid up share capital of ten crore rupees or more; or

(ii) The Public Companies having turnover of one hundred crore rupees or more; or

(iii) The Public Companies which have, in aggregate, outstanding loans, debentures and deposits, exceeding fifty crore rupees:

Provided that in case a company covered under this rule is required to appoint a higher number of independent directors due to composition of its audit committee, such higher number of independent directors shall be applicable to it:

Who is an Independent Director

Section 2(47) of the Companies Act, 2013 prescribed that “Independent director” means an independent director referred to in sub-section (6) of section 149 of the Companies Act,2013. Section 149(6) of the Companies Act,2013 explains that who can be an Independent Director.

Eligibility for an Independent Director

According to Section 149(6) of the Companies Act,2013 an independent director in relation to a company, means a director other than a managing director or a whole-time director or a nominee director and who fulfils the following criteria—

(a) who, in the opinion of the Board, is a person of integrity and possesses relevant expertise and experience.

(b) (i) who is or was not a promoter of the company or its holding, subsidiary or associate company;

(ii) who is not related to promoters or directors in the company, its holding, subsidiary or associate company

(c) who has or had no pecuniary relationship, other than remuneration as such director or having transaction not exceeding ten per cent of his total income or such amount as may be prescribed, with the company, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year

*Rahul Ratna, Assistant Director, ICSI.

The views expressed are personal views of the author and do not necessarily reflect those of the Institute.

http://18079.aspx/


(d) none of whose relatives—

(i) (a) is holding any security of the company or security of company’s holding, subsidiary or associate company during the two immediately preceding financial years or during the current financial year:

(b) is holding any interest in the company or any interest in the company’s holding, subsidiary or associate company during the two immediately preceding financial years or during the current financial year:

Provided that the relative may hold security or interest in the company of face value not exceeding fifty lakh rupees or two per cent. of the paid-up capital of the company, or company’s holding, subsidiary or associate company or such higher sum as may be prescribed;

(ii) is indebted to the company or indebted to company’s holding, subsidiary or associate company or their promoters, or directors, in excess of such amount as may be prescribed during the two immediately preceding financial years or during the current financial year;

(iii) has given a guarantee or provided any security in connection with the indebtedness of any third person to the company or to company’s holding, subsidiary or associate company or their promoters, or directors of such holding company, for such amount as may be prescribed during the two immediately preceding financial years or during the current financial year; or

(iv) has any other pecuniary transaction or relationship with the company, or with the company’s subsidiary, or with company’s holding or associate company amounting to two per cent or more of its gross turnover or total income singly or in combination with the transactions referred to in sub-clause (i), (ii) or (iii)

(e) who, neither himself nor any of his relatives—

(i) holds or has held the position of a key managerial personnel or is or has been employee of the company or company’s holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed.

Provided that in case of a relative who is an employee, the restriction under this clause shall not apply for his employment during preceding three financial years.

(ii) is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of—

(A) a firm of auditors or company secretaries in practice or cost auditors of the company or company’s holding, subsidiary or associate company or

(B) any legal or a consulting firm that has or had any transaction with the company, or with company’s holding, subsidiary or associate company amounting to ten per cent or more of the gross turnover of such firm


(iii) holds together with his relatives two per cent or more of the total voting power of the company or

(iv) is a Chief Executive or director, by whatever name called, of any non profit organisation that receives twenty-five per cent or more of its receipts from the company or from any of its promoters, directors or its holding, subsidiary or associate company or that holds two per cent or more of the total voting power of the company; or

(f) An independent director shall possess appropriate skills, experience and knowledge in one or more fields of finance, law, management, sales, marketing, administration, research, corporate governance, technical operations or other disciplines related to the company’s business.

Tenure [section 149(10) & (11)]

Subject to the provisions of section 152 of the Companies Act, 2013, an independent director shall hold office for a term up to five consecutive years on the Board of a company, but shall be eligible for reappointment on passing of a special resolution by the company and disclosure of such appointment in the Board's report. No independent director shall hold office for more than two consecutive terms, but such independent director shall be eligible for appointment after the expiration of three years of ceasing to become an independent director.

Provided that an independent director shall not, during the said period of three years, be appointed in or be associated with the company in any other capacity, either directly or indirectly.

Declaration by the Independent Director [Section 149(7)]

Every independent director shall at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the circumstances which may affect his status as an independent director, give a declaration that he meets the criteria of independence as provided in sub-section (6) of section 149 of the Companies Act, 2013.

Remuneration of Independent Director [Section 149(9)]

Notwithstanding anything contained in any other provision of this Act, but subject to the provisions of sections 197 and 198, an independent director shall not be entitled to any stock option and may receive remuneration by way of

(i) Fee provided under sub-section (5) of section 197

(ii) Reimbursement of expenses for participation in the Board and other meetings and

(iii) Profit related commission as may be approved by the members.

Liability [Section 149 (12)]

Notwithstanding anything contained in this Act,—

(i) An Independent Director and

(ii) A Non-Executive director not being Promoter or Key Managerial Personnel, shall be held liable, only in respect of such acts of omission or commission by a company which had occurred with his knowledge, attributable through Board processes, and with his consent or connivance or where he had not acted diligently.

http://ebook.mca.gov.in/Actpagedisplay.aspx?PAGENAME=17536

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Conclusion

At the end, one has to remember that the erstwhile Companies Act, 1956 did not provided us the specific definition of an Independent Director. Yet considering the significance of Independent Directors in realm of good governance Companies Act, 2013 went specific for the provisions of Independent Directors. A separate criterion has been established for the companies to have an Independent Director.

Basically, we can say that an independent director is a non-executive director of a company who helps the company in improving corporate credibility and governance standards. He/ She does not have any kind of relationship with the company that may affect the independence of his/ her judgment.

Note: Most of the important provision related to the Independent Director is explained above, however for more detailed provisions Companies Act, 2013 may be referred.

Source: Companies Act, 2013

***


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 Ka Samvidhan) 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.


Attention Students!! The Institute has uploaded the soft copy of all the Study Material of the subjects under ICSI Syllabus, 2017 at the website of the Institute at the following link:

https://www.icsi.edu/student/academic-corner/

We request your valuable academic views/suggestions/inputs on the study material at [email protected]

Student-ICSI Academic CONNECT

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

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e-bulletin - July 2019 19

Legal World

CORPORATE LAWS

JK JUTE MILL MAZDOOR MORCHA v. JUGGILAL KAMLAPAT JUTE MILLS LTD & ORS [SC]

Civil Appeal No.20978 of 2017

R.F. Nariman& Vineet Saran, JJ. [Decided on 30/04/2019]

Insolvency and Bankruptcy Code, 2016- whether trade union is an ‘operational creditor’ when representing the interests of the workmen-Held, Yes.

Brief facts : The present appeal raises an important question as to whether a trade union could be said to be an operational creditor for the purpose of the Insolvency and Bankruptcy Code, 2016 [“Code”]. The facts of the present case reveal a long-drawn saga of a jute mill being closed and reopened several times until finally, it has been closed for good on 07.03.2014. Proceedings were pending under the Sick Industrial Companies (Special Provisions) Act, 1985. On 14.03.2017, the appellant issued a demand notice on behalf of roughly 3000 workers under Section 8 of the Code for outstanding dues of workers. This was replied to by respondent No.1 on 31.03.2017. The National Company Law Tribunal [“NCLT”], on 28.04.2017, after describing all the antecedent facts including suits that have been filed by respondent No.1 and referring to pending writ petitions in the High Court of Delhi, ultimately held that a trade union not being covered as an operational creditor, the petition would have to be dismissed. By the impugned order dated 12.09.2017, the National Company Law Appellate Tribunal [“NCLAT”] did likewise and dismissed the appeal filed by the appellant before us, stating that each worker may file an individual application before the NCLT.

Decision : Appeal allowed.

Reason : On a reading of the aforesaid statutory provisions, what becomes clear is that a trade union is certainly an entity established under a statute – namely, the Trade Unions Act, and would therefore fall within the definition of “person” under Sections 3(23) of the Code. This being so, it is clear that an “operational debt”, meaning a claim in respect of employment, could certainly be made by a person duly authorised to make such claim on behalf of a workman. Rule 6, Form 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 also recognises the fact that claims may be made not only in an individual capacity, but also conjointly. Further, a registered trade union recognised by Section 8 of the Trade Unions Act, makes it clear that it can sue and be sued as a body corporate under Section 13 of that Act. Equally, the general fund of the trade union, which inter alia is from collections from workmen who are its members, can certainly be spent on the conduct of disputes involving a member or members thereof or for the prosecution of a legal proceeding to which the trade union is a party, and which is undertaken for the purpose of protecting the rights arising out of the relation of its members with their employer, which would include wages and other sums due from the employer to workmen.

Even otherwise, we are of the view that instead of one consolidated petition by a trade union representing a number of workmen, filing individual petitions would be burdensome as each workman would thereafter have to pay insolvency resolution process costs, costs of the interim resolution professional, costs of appointing valuers, etc. under the provisions of the Code read with Regulations 31 and 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Looked at from any angle, there is no doubt that a registered trade union which is formed for the purpose of regulating the relations between workmen and their employer can


maintain a petition as an operational creditor on behalf of its members. We must never forget that procedure is the handmaid of justice, and is meant to serve justice.

The NCLAT, by the impugned judgment, is not correct in refusing to go into whether the trade union would come within the definition of “person” under Section 3(23) of the Code. Equally, the NCLAT is not correct in stating that a trade union would not be an operational creditor as no services are rendered by the trade union to the corporate debtor. What is clear is that the trade union represents its members who are workers, to whom dues may be owed by the employer, which are certainly debts owed for services rendered by each individual workman, who are collectively represented by the trade union. Equally, to state that for each workman there will be a separate cause of action, a separate claim,and a separate date of default would ignore the fact that a joint petition could be filed under Rule 6 read with Form 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, with authority from several workmen to one of them to file such petition on behalf of all. For all these reasons, we allow the appeal and set aside the judgment of the NCLAT. The matter is now remanded to the NCLAT who will decide the appeal on merits expeditiously as this matter has been pending for quite some time. The appeal is allowed accordingly.

GENERAL LAWS

GANESAN v. THE COMMISSIONER THE TAMIL NADUHINDU RELIGIOUS & CHARITABLE ENDOWMENTS BOARD & ORS [SC]

Civil Appeal No.4582 of 2019 (Arising out of SLP(C) No. 30365 of 2018)

Ashok Bhushan& K. Joseph, JJ. [Decided on 03/05/2019]

TN Local Act read with section 5 of the Limitation Act- appeal to commissioner- delay condoned- whether commissioner is court so as to condone the delay in fining appeal-Held, No.

Brief facts : The appellant filed an application under Section 63 of Hindu Religious endowment charitable Act, 1959 (hereinafter referred to as Act 1959) claiming his Ambalam right, which was allowed by the Joint Commissioner of Hindu Religious & charitable endowment Board vide order dated 31.12.2010. The third respondent filed an appeal No.2007 of 2012 against the above order. A delay condonation application dated 30.04.2013 was filed by third respondent in his appeal no. 2007 of 2012 praying for condonation of delay of 266 days.In his counter affidavit appellant took a plea that Section 5 of the Limitation Act is not applicable.

Learned commissioner condoned the delay of 266 days in filing the appeal. Writ petition filed by the appellant, challenging the order condoning the delay, was dismissed by the single judge. On further appeal Division Bench also dismissed the appeal. The appellant aggrieved by the Division Bench judgment has come up in this appeal.

Decision : Appeal allowed.

Reason : After hearing learned counsel for both the parties and perusal of the record, following are the questions which arises for consideration in this appeal:

1) Whether the Commissioner while hearing the appeal under Section 69 of Act, 1959, is a Court?

2) Whether applicability of Section 29(2) of Limitation Act is with regard to different limitation prescribed for any suit, appeal or application to be filed only in a Court or Section 29(2) can be pressed in service with regard to filing of a suit, appeal or application before statutory authorities and tribunals provided in Special or Local Laws?


3) Whether the Commissioner while hearing the appeal under Section 69 of Act 1959 is entitled to condone a delay in filing an appeal applying the provisions of Section 5 of the Limitation Act, 1963?

4) Whether the statutory scheme of Act 1959 indicate that Section 5 of Limitation Act is applicable to proceedings before its authorities?

Question No.1

The definition of the Court refers to the Civil Court constituted by Legislature in the State for administration of justice. When an appeal is provided against the order of the Commissioner under Section 69 to the Court which is defined under Section 6(7), there is no question of treating the Commissioner as a Court under the statutory scheme of Act, 1959. We, thus, conclude that Commissioner is not a Court within the meaning of Act, 1959.

Question No.2 & 3

The ratio which can be culled from above noted judgments, especially judgment of three Judge Benches, as noted above, is as follows:

(1) The suits, appeals and applications referred to in the Limitation Act, 1963 are suits, appeals and applications which are to be filed in a Court.

(2) The suits, appeals and applications referred to in the Limitation Act are not the suits, appeals and applications which are to be filed before a statutory authority like Commissioner under Act, 1959.

(3) Operation of Section 29(2) of the Limitation Act is confined to the suits, appeals and applications referred to in a special or local law to be filed in Court and not before statutory authorities like Commissioner under Act, 1959.

(4) However, special or local law vide statutory scheme can make applicable any provision of the Limitation Act or exclude applicability of any provision of Limitation Act which can be decided only after looking into the scheme of particular, special or local law.

We, thus, answer question Nos.2 and 3 in the following manner:

(i) The applicability of Section 29(2) of the Limitation Act is with regard to different limitations prescribed for any suit, appeal or application when to be filed in a Court.

(ii) Section 29(2) cannot be pressed in service with regard to filing of suits, appeals and applications before the statutory authorities and tribunals provided in a special or local law. The Commissioner while hearing of the appeal under Section 69 of the Act, 1959 is not entitled to condone the delay in filing appeal, since, provision of Section 5 shall not be attracted by strength of Section 29(2) of the Act.

Question No. 4

The provision of Section 69 of Act, 1959 also indicates that Legislature never contemplated applicability of Section 5 of the Limitation Act in proceedings before Commissioner. Section 69(2) noted above provides that any order passed by the Joint Commissioner or the Deputy Commissioner, as the case may, in respect of which no appeal has been preferred within the period specified in subsection (1) may be revised by the Commissioner suo motu and the Commissioner may call for and examine the records of the proceedings to satisfy himself as to the regularity of such proceedings or the correctness, legality or propriety of any decision or order passed by the Joint Commissioner or the Deputy Commissioner, as the case may be.


In view of the foregoing discussions, we allow the appeal, set aside the impugned judgment of the High Court.

COMPETITION LAW & CONSUMER LAWS

KANHAIYA SINGHAL v. INDIABULLS HOUSING FINANCE LTD & ORS [CCI]

Case No. 11 of 2019

A.K. Gupta, U. C. Nahta & Sangeeta Verma. [Decided on 24/05/2019]

Competition Act, 2002- section 3 & 4- provision of housing loan- change in the interest rate- whether abuse of dominance- Held, No.

Brief facts : The present information has been filed by the Informant againstOP-1 and its representatives/ employees (hereinafter, 'OP-2 to OP-18') alleging, inter alia, violation of the provisions of Section 3 and 4 of the Act.

3. It is stated in the information that the Informant had availed a Home Loan facility from OP-1, for which he entered into a Loan Agreement with OP-1 on 21.06.2018. Thereafter, he was extended a home loan of Rs. 1,00,00,000/- (Rupees One crore only) at a rate of interest of 8.75% p.a. repayable in 240 equated monthly instalments ('EMI') of Rs. 88,372/- (Rupees Eighty-Eight Thousand Three Hundred and Seventy-Two only).

The Informant was primarily aggrieved by increase in the rate of interest charged by OP-1 on the home loan facility availed by him and is also aggrieved with the terms and conditions of the Loan Agreement, which are alleged to be one- sided and discriminatory in nature. Further, the Informant has alluded that in-spite of RBI reducing the market interest rate, OP-1 is not passing on those benefits to the Informant. Based on the above, the Informant alleged that the conduct of OPs amount to be in violation of Sections 3(1), 3(4) and Section 4 of the Act.

Based on the above averments and allegations, the Informant has prayed that the Commission direct OPs to discontinue such practices of abuse of dominant position and to modify the Loan Agreement to an extent as may be specified by the Commission.

Decision : Dismissed.

Reason : The Commission has carefully analysed the information filed by the Informant, the documents annexed therewith, and the information available in the public domain in this regard.

Before examining the allegations, it is appropriate to examine the role of OP-2 to OP-18 in the matter. It is observed that OP-2 to OP-18 are officials / employees of OP-1. Further, the Informant has not provided any evidence to show that OP-2 to OP-18 have indulged in any conduct which are in violation of the provisions of Sections 3 and 4 of the Act.

The Commission observes that the Informant has not suggested any relevant market in the matter. From the facts and circumstances, it is evident that the main grievances of the Informant relates to increase in rate of interest charged by OP-1 on the home loan. It is observed that home loan is distinct from other types of loans such as personal loan, property loan, vehicle loan, etc. Further, home loan can be distinguished from other types of loans based on the factors such as intended use, rate of interest charged, term of payment, etc. That banks and home finance companies extend home loans and compete with each other for providing home loan services, therefore, the Commission does not deem it necessary to distinguish between home loans offered by various lending entities. Based on the above, home loan can be considered as a distinct product or service. Thus, the relevant product market in the instant case is delineated as the "market for provision of home loans."


With regard to the relevant geographic market, the Commission observes that there are many service providers that are providing the said services in the aforesaid relevant product market and are also competing with each other for providing home loans to borrowers. There exists no distinction between one region and another with reference to availing home loan services within India. Therefore, the relevant geographic market in the instant case can be considered to be "India". Accordingly, the relevant market in the instant matter is delineated as 'market for provision of home loans in India'.

On the assessment of dominance, the Commission notes that home loan market in India has many providers including Banks, Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). Few prominent home loan providers are State Bank of India (SBI), Punjab National Bank (PNB), ICICI Bank, HDFC Bank and DHFL. The housing finance market in India is fragmented, with 80-plus players. The Commission further observes that as per the Report on Trend and Progress of Housing in India, 2018 published by National Housing Bank1, the outstanding housing loans disbursed by banks and HFCs was about Rs. 17,00,000 crore. As per the annual report of SBI for the year 2017-182, the housing loans disbursed by SBI were Rs. 3,13,106 crore. In other words, SBI had a market share of 18.42% in the relevant market delineated above. Further, it is observed that as per the annual report of OP-1 for the year 2017-18, it had disbursed approximately Rs. 23,329 crore as loans to the housing sector which amounts to roughly a market share of 1.37% in the relevant market delineated above. Considering the large number of players operating in the relevant market which suggests that not only the market is competitive in nature but also that OP-1 does not seem to have the ability to operate independently of the competitive forces, OP-1 is not found to be dominant in the relevant market defined supra. In the absence of dominance, the issue of abuse of dominant position against the OP-1 does not survive.

With regard to the allegations made under Section 3(1) read with Section 3(4) of the Act, the Commission observes that the Informant has not suggested existence of any agreement, as envisaged under Section 3 of the Act, involving the OPs. Be that as it may, the Commission after examining the facts of the case has not found anything that would suggest that there exists any kind of horizontal/ vertical agreement that could be brought under the purview of Section 3 of the Act.

In light of the above analysis, the Commission finds no case of contravention of the provisions of Section 3 or Section 4 of the Act against the OPs in the instant case. The matter is thus closed forthwith in terms of the provisions of Section 26(2) of the Act.

***


Student Services A. SOCIAL MEDIA PLATFORMS FOR COMMUNICATING WITH

THE INSTITUTE

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 3 Instagram

4 LinkedIn

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

https://twitter.com/icsi_cs

https://www.facebook.com/ICSI

https://www.instagram.com/cs_icsi/

https://www.linkedin.com/in/theicsi/

B. REGISTRATION

1. Renewal of Registration (Registration Denovo / Extension)

Registration of students registered upto and including July, 2014 stands terminated on expiry of five-year period on June, 2019.

https://twitter.com/icsi_cs

https://www.facebook.com/ICSI

https://www.instagram.com/cs_icsi/


Students are advised to apply for Registration De novo/ Extension of registration as per the guidelines. Students are advised to click on the following link

https://smash.icsi.in/Scripts/login.aspx

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.

2. Online De novo & Extension Registration Process (for Executive Programme & Professional Programme Students)

Kindly visit the following link to check the process of Denovo and Extension

https://smash.icsi.in/Documents/User_Manual_forDenovoandExtension.pdf

Note: Students whose registration is valid up to February 2019 (i.e. students registered upto & including March 2014 ) are eligible to appear in June 2019 examination without seeking extension of registration/ registration de-novo.

3. 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.

Please check FAQ & Application Form for Re-Registration at

http://www.icsi.edu/docs/Webmodules/REREGISTRATION.pdf

4. 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 registration fee is Rs.12,000/- .Students are also required to remit Rs. 1000/- towards Pre-exam test at the time of registration. Eligibility of students registered to professional programme for appearing in the Examinations shall be as under: -

https://smash.icsi.in/Scripts/login.aspx

https://smash.icsi.in/Documents/User_Manual_forDenovoandExtension.pdf

http://www.icsi.edu/

http://www.icsi.edu/docs/Webmodules/REREGISTRATION.pdf


Students registered during Will be eligible for appearing in

1st June, 2019 to 31st August, 2019 All Modules in June, 2020 Session

1st September, 2019 to 30th November, 2019

Any One Module in June, 2020 Session

Announcement for paper wise exemption on the basis of higher qualification

Stage of the Examination

Date of Commencement of the New Syllabus

1st Examination

under the

Last Examination under the old

Syllabus

All Examinations Under the New

Syllabus

New Syllabus

Professional Programme

01.09.2018 Jun-19 Jun-20 Dec-20

https://www.icsi.edu/media/webmodules/paperwise_exemption_announcement.pdf


While registering for Professional Programme, students are required to submit their option for the Elective Subject (syllabus 2017) under Module 3 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.

Cut-Off Dates for the year 2019

Please visit https://www.icsi.edu/student/ for cut-off dates for the year 2019.

C. PROCEDURAL COMPLIANCE

1. 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.

2. Change of Address/Resetting Password

https://www.icsi.edu/student/


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).

3. 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.

4. 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. 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




ATTENTION STUDENTS!

DEDUCTION OF 30% OF THE TOTAL FEE REMITTED BY THE APPLICANT IN RESPECT OF REGISTRATIONS LYING PENDING FOR MORE THAN A YEAR

The Institute has decided to reject the applications of such students who do not submit the documents within one year after their registration in Foundation and Executive programme by deducting 30% of the fee remitted by them towards administrative charges after expiry of one year. Therefore it is advised that all such students may submit their documents in the sti

D. EXEMPTIONS AND SWITCHOVER 1. 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) The paperwise exemption once granted holds good during the validity period of registration or passing/completing the examination, whichever is earlier.

(c) 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 through the Online facility available. For the purpose, please submit the Online Request by logging into your account at https://smash.icsi.in 15 days before commencement of examination.

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.

https://smash.icsi.in/


(d) 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.

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

(f) 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.

(g) 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.

Attention Students !!!

There is no provision for submitting the exemption at the time of submitting the examination form.

If you have already been granted the exemption, it is reflected in your online account Examination, Enrollment Status and Admit Card issued for examination through online mode.

It may be noted that in some cases, the exemptions granted in accordance with the various provisions contained under the regulations are inter-related with other exemptions granted and cancellation (or appearance) in any one of the papers may result in cancellation of exemptions in all the inter- related papers. For example, if a candidate has been granted paper-wise exemptions in three papers on the basis of scoring 60, 62, 58 & 10 Marks respectively in the four papers contained under Module-I of Executive Programme in previous session and in case he/she appears or cancels the exemption in any one out of the three exempted papers, all the three exemptions shall be cancelled since the exemption criteria in this case is applicable only if all the three papers are taken together. Candidates are, therefore, advised to be extremely careful while seeking cancellation or while appearing in the exempted papers, as the final result will be computed considering the actual marks scored on reappearance and/ or the deemed absence in the papers as the case may be. In other words, candidates appearing in the exempted papers despite an endorsement to the effect in the Admit Card shall be doing so at their own risk and responsibility and the Institute may not be held responsible for any eventuality which may arise at a later date. In case of any doubt regarding the applicability of rules regarding the exemptions, it would be better if the candidates seek prior clarifications from the Institute by writing at [email protected] before appearing in the examination of exempted subjects or seeking cancellation of exemptions granted.


Switchover to New Syllabus :

Revision of syllabus is a constant exercise by the Institute to ensure up-gradation of knowledge amongst the student community. If the student wish to appear under new syllabus 2017, the student have the option to switchover to new syllabus 2017 as per ICSI Notification No. 01 of 2018.

The students are requested to kindly follow the process mentioned in the link for switch over to new syllabus . Further to state that revert switchover is not permissible.

https://www.icsi.edu/media/webmodules/switchover_process.pdf

Please Note :-

1. That, all switchover students are eligible to appear in Online Pre-Examination Test which is compulsory under the new syllabus 2017 before enrolling for any examinations. Process For Remitting The Fee For Pre-Examination Test is available in the URL:

https://www.icsi.edu/docs/webmodules/PreExamTestProcess.pdf

2. New syllabus Study material is not issued free of cost to the switchover students. Therefore, the student need to obtain study material, at a requisite cost.

3. Revert Switchover is not Permissible.

4. Applicability of New Syllabus for the Executive & Professional Programme Candidates

· From and including June 2020, Executive Programme Examination shall be held under the new syllabus only.

· From and including December 2020, Professional Programme Examination shall be held under the new syllabus only.

5. FAQs on Switchover to New Syllabus is available at URL:

(https://www.icsi.edu/media/webmodules/FAQ_ProfProg_switchoverscheme.pdf)

Exemptions and Switchover

Other details regarding Exemptions and Switchover are available at the student page at the website of the Institute. Students can click on the following important links to get access to the information.

Paper wise Exemption

1) Paper wise Exemption on the basis of higher qualification (Syllabus 2017):

https://www.icsi.edu/media/webmodules/Paperwise_exemption_syllabus17.pdf

2) Paper wise Exemption on the basis of higher qualification (Syllabus 2012):

https://www.icsi.edu/media/website/Paperwise%20Exemption_forHighQual.pdf

3) Online Process of claiming Exemptions:

https://smash.icsi.in/Documents/Qualification_Based_Subject_ExemptionandCancellation_Student.pdf

4) User manual for cancellation of Exemption

https://www.icsi.edu/media/webmodules/USER%20MANUAL%20FOR%20CANCELLATION%20OF%20EXEMPTION.pdf

Switchover

1. User manual on switchover Process

https://www.icsi.edu/media/webmodules/switchover_process.pdf

https://www.icsi.edu/docs/webmodules/PreExamTestProcess.pdf

https://www.icsi.edu/media/webmodules/FAQ_ProfProg_switchoverscheme.pdf

https://www.icsi.edu/media/webmodules/Paperwise_exemption_syllabus17.pdf

https://www.icsi.edu/media/website/Paperwise%20Exemption_forHighQual.pdf






https://www.icsi.edu/media/webmodules/User%20Manual%20forSwitchOver.pdf

2. Switchover from Foundation & Executive Programme 2012 Syllabus to 2017 Syllabus

https://www.icsi.edu/media/webmodules/Correspondingexemptionafterswitchover%20-Fnd_ExePrg.pdf

3. Important Announcement on Switchover from Professional Programme 2007 Syllabus to 2012 Syllabus

https://www.icsi.edu/media/webmodules/Switchover_17092016.pdf

3. Submission of Queries / Grievances

https://www.icsi.edu/media/webmodules/User%20Manual%20forSwitchOver.pdf



https://www.icsi.edu/media/webmodules/Switchover_17092016.pdf


E. IMPORTANT ALERTS FOR STUDENTS

1. Chartered Secretary Journal

The “Chartered Secretary” Journal is published by the ICSI, with a view to ensure continuous up-gradation of the knowledge of the Members. The Journal is equally important for the students of the Institute. Students who are interested to purchase the journal can subscribe for the same by remitting the nominal subscription fees of Rs. 500/-per annum. Students can either subscribe for the Journal at the time of registration in each stage of CS Course or separately through our Chartered Secretary

2. Details Regarding conduct of Class Room Teaching Centres at Regional Councils/Chapters. Number of Class Room Teaching Centres at Regional Councils/Chapters

SL NO

REGION

CHAPTER

ADDRESS OF CLASS ROOM

TEACHING CENTRE

STAGE MODULE

NAME OF THE CO-

ORDINATOR

E-MAIL ID OF THE

CO-ORDINATO

R

CONTACT No. OF THE

CO-ORDINATO

R

1 EIR

C

BHUBANESWA

R

ICSI BUILDING PLOT NO 70, VIP

COLONY IRC VILLAGE

BHUBANESWAR - 751015

Foundation

Mr. U C Mishra

[email protected]

9937004139 Executive

I

II

2 EIR

C DHANB

AD

B-14,OLD DOCTORS

COLONY,JAGJIVAN NAGAR DHANBAD-

826003

Foundation Mr. Govind

Kumar Tiwari

[email protected]

9631149991 Executive I & II

3 EIR

C GUWAHATI

GUWAHATI CHPATER, HOUSE

NO 7, RODALI PATH, HEAR

JONALI BUIST STAND RG

BARUAH ROAD GUWAHATI - 24

Executive I & II Mr Rahul

Ratna [email protected]

9972224470

4 EIR

C HOOGH

LY

KRISHIKUNJ APARTMENT, 89/114/2 D.N.

BANERJEE STREET, RISHRA

HOOGHLY

Foundation Mr. Chandra Nath Kundu

[email protected]

du

033-26720315











5 EIR

C KOLKA

TA

ICSI-EIRO, 3A, AHIRIPUKUR 1ST LANE KOLKATA-

700019

Foundation Ms. Rukmini

Nag

[email protected]

033-22832973 Executive I & II

6 EIR

C PATNA

B-27, 2nd Floor, LUV KUSH TOWER, EXHIBITION ROAD

PATNA - 1

Foundation Mr. Gautam Karmakar

[email protected]


7 EIR

C RANCH

I

ICSI CHAPTER,2C, OM SHANTI

APPARTMENT, O C C BANGLA SCHOOL

LANE MAIN ROAD,RANCHI-

834001

Foundation

Mr. Sumanta Dutta

[email protected]


8 NIR

C ALWAR

42, RAGHU COMPLEX,

SCHEME NO.-10, VIJAY MANDIR MARG, ALWAR

Foundation

Mr. Anand Kumar Arya

[email protected]


Professional

9 NIR

C AGRA

SILVER POINT 3/2 G, Second

Floor Nehru Nagar,(Near

Anjana Cinema, M.G. Road), AGRA -

282005

Foundation

Mr Sandeep Kr. Rapra

[email protected]

0562-403144/


10 NIR

C ALLAHABAD

30-A / 9 /2A COOPER ROAD

NEAR HARI MAZID, INFRONT OF HP

MEDIA, 2ND FLOOR, CIVIL

LINES ALLAHABAD -

211001

Foundation

Mr. Amitabh Shukla

[email protected]

du 9415351209

Executive I & II

11 NIR

C BAREIL

LY

FLAT NO. 7, FIRST FLOOR BDA SHOPPING COMPLEX,

NEAR SOOD DHARAM KANTA,

OPP. 1 – INDIA FAMILY MART,

PILIBHIT ROAD, BAREILLY –

243005

Foundation

Mr. Amit Kumar & Mr.

Sanjeev Kumar Sharma

[email protected]/

amit kumarb@ic

si.edu

8755755741/


12 NIR

C BHILW

ARA

ICSI HOUSE, SEC-8, INSTITUTIONAL

AREA, RING ROAD, PATEL NAGAR,

BHILWARA (RAJ.)-311001

Foundation

Mr.Rajeev Ranjan Jha

[email protected]


Professional


























13 NIR

C BIKAN

ER

IN FRONT OF CMHO OFFICE TYAGI VATIKA

STATION ROAD BIKANER 33

4001

Foundation

Mahesh Kr. Swarnkar

7568556111/ 0151-2222050

[email protected] Executive I & II

14 NIR

C DELHI

ICSI-NIRC BUILDING 4,

PRASAD NAGAR INSTITUTIONAL

AREA NEW DELHI- 110 005

Foundation

Mr Bhole Shankar

[email protected]

011 49343009 Executive I & II

15 NIR

C FARIDA

BAD

Institutional Plot No.-1A, Sector-16A, (Near Sai Baba Temple),

Faridabad-121002

Foundation

Ms Suman Iyer

[email protected]


16 NIR

C GHAZIA

BAD

GHAZIABAD CHAPTER, 23-

B,NEHRU NAGAR, NEHRU

APARTMENT GHAZIABAD

Foundation

Mr. Rahul Verma

[email protected]

0120-4559681,

9811894375

Executive I & II

Professional

17 NIR

C GURGA

ON

FIRST FLOOR, DEENBANDHU SIR

CHOOTU RAM BHAWAN JHARSA

ROAD BEHIND SHIV MANDIR

SECTOR 32 GURGAON-122002

Foundation

Mr Amit Likhyani

[email protected]


18 NIR

C JALANDHAR

DAV COLLEGE, DAYANAND

NAGAR, JALANDHAR-

144008

Foundation

Mr. Vinay Kumar

[email protected]


19 NIR

C JAMMU

213 A (1st Floor), Shastri

Nagar , Jammu-180004

Foundation Mr. Rishi Prakash

Singh

[email protected]

0191-2439242/


20 NIR

C JODHP

UR

First Floor, Plot No. 15-A, City Tower

Opp. Dalda Building, 7th

Chopasani Road Jodhpur

Foundation Mr. Raj

Kumar Rai raj.rai@icsi.

edu

(0291) 5102551/

9602956146

21 NIR

C KANPU

R

118/90, GUMTI PLAZA ,

KAUSHALPURI,KANPUR- 208012

Foundation Ms. Ashish Kumar Tiwari

[email protected]


22 NIR

C LUCKN

OW

1/157, VIVEK KHAND-I, GOMTI

NAGAR LUCKNOW -

226010

Foundation Mr. Kunwar

Lal Khushwaha

[email protected]

















23 NIR

C LUDHI

ANA

11B, 2nd FLOOR PHERUMAN COMPLEX,

GURUDWARA, SAHEEDAN, OPP MANJU CINEMA,

G.T. ROAD, LUDHIANA-

141003

Foundation Mr. Sanjay Jakhmola

[email protected]

0161-2545456

24 NIR

C NOIDA

C-37, SECTOR - 62, NOIDA - 201309

Foundation Mr Kushal Kumar

[email protected]

0120-4522058 Excutive I & II

25 NIR

C MODINAGAR

Opp. MM Printer, Near Modi

Steels, Delhi-Meerut G.T.

Road, Modinagar-201204

Foundation

Mr. Omkar Dutt

[email protected]

01232-243048 Excutive I & II

26 NIR

C VARAN

ASI

J BLOCK IIND FLOOR GURU

KRIPA COMPLEX OPP TAKSAL

THEATRE NADESAR, VARANASI-

221002

Foundation

Mr. Ravi Krishna

Srivastava

[email protected]

9839226671

Executive I & II

Professional

27 NIR

C

YAMUNA

NAGAR

DAV College for Girls, Academic

Block-4, Jagadhri Road, Yamuna Nagar-135001

Foundation Mr. Upendra

Kumar [email protected]

9812573452

28 SIRC AMARA

VATI

Ist FLOOR HINDU COLLEGE & HIGH SCHOOL CAMPUS BESIDE CANARA BANK, GUNTUR-

522003

Executive I & II Mr. Vadali

Sheham Raju amaravati@

icsi.edu

0863-2233445

29 SIRC BANGALORE

No-5, 1st MAIN ROAD, KSSIDC INDUSTRIAL ESTATE, 6TH

BLOCK, WEST OF CHORD ROAD, RAJAJI NAGAR BANGALORE-

560010

Foundation

Mr. Juluri V Maitreya

[email protected]

7760976362 Executive I&II

30 SIRC CALICU

T

CALICUT CHAPTER OF SIRC OF ICSI, A-

3,29/2084, 2ND FLOOR, RAHIYAN

BUILDING, K.T. GOPALAN ROAD,

KOTOOLI,CALICUT - 673016

Foundation

Ms. Sheeba calicut@icsi

.edu

0495-2374702

Executive I & II

Professional

I, II & III


















31 SIRC CHENN

AI

"ICSI-SIRC HOUSE", 9, WHEAT CROFTS

ROAD, NUNGAMBAKKAM,

CHENNAI - 600 034

Foundation

Mr. C. Murugan

chelliah.murugan@icsi.

edu


Professional

I, II & III

32 SIRC COIMBATORE

No. 209, KSG COMPLEX, 2ND FLOOR, SASTRI

ROAD, RAM NAGAR,

COIMBATORE- 641 009.

Foundation

Mr. Sreejith P, Mr.

S.Ashok

[email protected],

[email protected] &

[email protected]

0422 - 2237006 /

9486477497

Executive I & II

Professional

I, II & III

33 SIRC HYDERABAD

H.NO:6-3-609/5,ANAND

NAGAR COLONY,KHAIRATABAD,HYDERABAD

-500004.

Foundation

Mr. V Srinivas

[email protected]


34 SIRC KOCHI

KOCHI CHAPTER,ICSI

HOUSE, NO 65/635, JUDGES

AVENUERBI QUARTERS ROAD, BEHIND INDIAN

EXPRESS, KALOORERNAKUL

AM - 682017

Foundation

Mr Sree Kumar T S

[email protected]

0484-4050502/24

02950 Executive

35 SIRC MADUR

AI

CHAPTER OFFICE, C3, 3rd FLOOR, A.R.

PLAZA, 16/17 NORTH VELIS

STREET MADUARI - 625001

Foundation

Mr. T.Raja

[email protected] &

[email protected]


Professional

I, II & III

36 SIRC MANGA

LORE

ICSI MANGALORE CHAPTER GRACE TOWER BILDING

IIND FLOOR BEJAI MANGALORE

575004

Foundation

Mr Shankar Rao Badi

[email protected]

0824-2216482/98

86400332

Foundation

Executive I & II

37 SIRC MYSOR

E

MYSORE CHAPTER OF ICSI

ICSI House, #125, NHCSL LAYOUT OFF KRS ROAD, OPP. J K TYRES,

METAGALLI MYSORE- 570016

Foundation

Mr. N.Dhanabal

[email protected]












38 SIRC PALAK

KAD

Ist FLOOR ABOVE PNB ATM, SHREE

KRISHNA BUILDING NURANI,

PALAKKAD-678004

Foundation

Ms. Roby Joshep

[email protected]


39 SIRC SALEM

SALEM CHAPTER OF THE ICSI, 173, PEARL VILLA, 1ST

FLOOR, 3RD CROSS, NEAR CO -

OPERATIVE MARRIAGE HALL, NEW FAIRLANDS, SALEM - 636 016

Foundation

I & II Mr. Sunder

Swamy S salem@icsi.

edu


40 SIRC THRISS

UR

ROOM NO. 17, THIRD FLOOR, DEVAMATHA

TOWER, NEAR ST. THOMAS COLLEGE,

THRISSUR

Foundation

Ms Soumya S soumya@ic

si.edu


41 SIRC

THIRUVANANTHAPU

RAM

T.C 27/398(1),1st Floor,Soorya

Complex, Karunalayam

Lane,Near Indian oil petrol Pump, G

H Road,Thiruvananthapuram -695035.

Foundation

Mr. S V Vinod Kumar

[email protected]

du


42 SIRC VISAKHAPATN

AM

C/o.Dr.L.BULLAYYA COLLEGE,

SURVEY NO 44, BLOCK B

BUILDING, 1ST FLOOR, UPSTAIRS OF ANDHRA BANK RESAPUVANIPALE

M, VISAKHAPATNAM-530013, ANDHRA

PRADESH

Foundation

Mr. K Vijay Kumar

[email protected]

du


43 WIR

C AHMEDABAD

ICSI AHMEDABAD CHPATER, S-2 B TOWER, MANEK

LAL MILLS COMPLEX,

CHINUBHAI TOWERS, ASHRAM

ROAD, AHMEDABAD -

380009

Foundation

Ms. Smita Subin

[email protected]

079-26575334/

35 Executive I & II














44 WIR

C BHOPA

L

BHOPAL CHAPTER OF WIRC OF ICSI, PLOT NO. 148, II FLOOR, ANCHOR MANSION, ZONE-

2, MP NAGAR, BHOPAL (M.P.)

462011

Foundation

Ms. Amita Malviya

[email protected]


45 WIR

C GOA

CHAPTER OFFICE, 6TH FLOOR,

INDRAPRASTH APARTMENTS OPP. GOVINDA

BUILDING, MENEZES

BRAGANZA ROAD, PANAJI

GOA - 403001

Foundation

Mr. Vasant H Kerkar

[email protected]

8322435033

Executive I & II

46 WIR

C INDOR

E

B-1/2/3, ASHRAY APARTMENT , 2/1, MANORAMAGANJ, INDORE-452001

Foundation Mr. Pravin

Gupta indore@icsi

.edu

0731-424818/249


47 WIR

C KOLHA

PUR

KOLHAPUR CHAPTER OF WIRC

OF ICSI C.S NO 455, OFFICE UNIT NO 403/404,

4TH FLOOR, MATOSHREE

PLAZA, VENUS CORNER,

SHAHUPURI KOLHAPUR.

Foundation

Rajashree Lambe

[email protected]

0231-2526160

Executive I & II

Professional

48 WIR

C MUMB

AI

THE INSTITUTE OF COMPANY

SECRETATIES OF INDIA, 13, 1ST FLOOR, JOLLY

MAKER CHAMBER -II, NARIMAN

POINT MUMBAI- 400021

Foundation & Executive

Mr. Bannashank

ar Dasari

bannashankar.dasari@i

csi.edu 9223542195

MKES INSTITUTE (NAGINDAS

KHANDWALA COLLEGE) S.V.

ROAD, MALAD - 400064

Foundation & Executive










49 WIR

C NAGPU

R

NAGPUR CHAPTER OF ICSI,3RD

FLOOR, AVINISHA TOWERS,

MEHADIA SQ, DHANTOLI,

NAGPUR - 440012

Foundation

Mr. Sudhakar Aisalwaru

[email protected]

0712-2453276

Executive I & II

50 WIR

C NASHI

K

7-8, NATRAJ PLAZA , OPP- BOYS

TOWN SCHOOL, COLLEGE ROAD

NASHIK MAHARASHTRA-

422005

Foundation Mr. Amit Kumar

[email protected]

8796090345

51 WIR

C

NAVI MUMB

AI

ICSI-CCGRT, OFFICER NO-204, 2ND FLOOR, PLOT NO- 101, SEC-15

INDUSTRIAL AREA CBD BELAPUR, NAVI MUMBAI-

400614

Foundation

Mr. P S Emmanuel

[email protected]

022- 49727816 Executive I & II

52 WIR

C PUNE

PUNE CHAPTER OF ICSI

SHREYAS APARTMENTS

CONDOMINIUM, C.T.S. No.

1654/1655 SURVEY

GANANJAY SOCIETY, D.P. ROAD KOTHRUD

PUNE - 411038

Foundation

Mrs. Garima Mehrotra

[email protected]

020-24263228/ 24260341 Executive I & II

53 WIR

C RAIPUR

H.NO C-67, SECOTR - 2 1ST FLOOR ABOVE

LITTLE STAR PLAY SCHOOL,

DEVENDRA NEAR GUJRATI SCHOOL, RAIPUR -492001

Foundation

Mr. Prafulla Kumar Dash

[email protected]

0771-2582618

Executive I & II

Professional

54 WIR

C SURAT

B – 209, TIRUPATI PLAZA, NEAR COLLECTOR

OFFICE, ATHWAGATE,

SURAT, GUJARAT. PIN – 395001

Foundation

Mr. Ratnesh Kumar

goutam.karmakar@icsi

.edu


55 WIR

C THANE

ICSI THANE CHPATER, 201-202

SAI PLAZA COMPLEX

GODBUNDER

Foundation

Ms. Kavita Chavan

[email protected]

022- 25893793

022- 25891333

Executive I & II















ROAD NEAR KAPURBAWADI JN,

OPP TO ORION BUSINESS PARK,

ABOVE VIJAY SALES THANE (W)

400607

56 WIR

C VADOD

ARA

ICSI VADODARA CHPATER, OFFICE NO.1 (2ND FLOOR)

STOP-N-SHOP PLAZA OFFTEL

TOWER-II, R. C.DUTT ROAD VADODARA -

390007

Foundation

Mr. Arjun Sinh Solanki

[email protected]

8980181498

Executive I & II

**For any clarification/Assistance/Guidance you may mail to [email protected] Class Room Teaching Guidelines

Study Centres

The objective of the Study Centre Scheme is to break the distance barrier at the end of students for availing the services from the institute. Under the Scheme, Study Centers are opened in cities /areas, wherein the Institute's Offices are not in existence. Apart from providing basic services, the Study Centres also impart coaching to the students of various stages. The details of study centres are available at the link https://www.icsi.edu/media/webmodules/Study_Centre.pdf

Details of Classroom teaching at Study Centres of ICSI

S.no

Study Centre

Name of the University/

College Full Address Region

Region / Chapter

Name

Status of OTC YES/ NO

E-Mail Id Mobile

Number

1 Silliguri Silliguri College of Commerce,

Silliguri

P.O. : SILIGURI, DARJEELING- 734001, West

Bengal

EIRC Hooghly Yes [email protected]

0353-2432594/243

6817

2 Mathur

a R C A Girls (PG)

College, Mathura

Vrindavan Gate, Masani, Mathura, 12, Aakash Nagar,

Vishwa Laxmi Nagar, Mathura, Uttar pradesh -

281003

NIRC Agra Yes [email protected]

g

0565-2505956/094

12777091



https://www.icsi.edu/media/webmodules/ICSI_CLASS_TEACHING_GUIDELINES.pdf








3 Solapur

Hirachand Nemchand College of

Commerce, Solapur

S W H Marg, Ashowk Chowk

New Pacha Peth, Walchand Collage

Campus, S W H Marg, Solapur, Maharashtra

413006

WIRC Kolhapur Yes

[email protected];shahsatyajeet@gma

il.com

02172656121/9370323585

4 Latur Jaikranti Arts &

Commerce Senior College

Sitaram Nagar, Latur- 413512

WIRC Aurangabad Yes principal@jaikranticollege.

com

8999482960/02382-57410

5 Bhilai

G D Rungta College of Science &

Technology, Bhilai (closed)

Rungta Education Campus, Kohka

Road, Kurud‐ 490024(C.G)

WIRC Raipur Yes dr.manoj.verghese@rungta.

ac.in

09229155538 / 0788-

6666666

6 Bilaspu

r

Drona College of IT

Applied Social Science, Bilaspur

In front of Kanan Zoo, Pendari, Sakri, Bilaspur‐495001,

Chhatishgarh

WIRC Raipur Yes

[email protected];

[email protected]

07752-214336 /

09425535514

7 Solapur

Hirachand Nemchand College of

Commerce, Solapur

S W H Marg, Ashowk Chowk

New Pacha Peth, Walchand Collage

Campus, S W H Marg, Solapur, Maharashtra

413006

WIRC Kolhapur Yes

sarikamahindrakar33@gm

ail.com; [email protected]

02172656121/ 9370323585

8 Jaipur Biyani Girls

College

Sector‐3, Vidhyadhar Nagar,

Jaipur‐ 302023, Rajasthan

NIRC Jaipur Yes [email protected]

g

0141-2336226 /

09314927400

9 Chenna

i

Shrirmathi Dev kunvar Nanalal Bhatt Vaishnav

College for women, Chennai

Shanti Nagar, Chromepet,

Chennai‐ 600044 SIRC SIRO Yes

[email protected]

09940337470 / 044-

22655450

10 Chenna

i II

Alpha Arts & Science College

No.30 Thundalam, Porur, Behind Ramachandra

Hospital,Chennai 600116

SIRC SIRO Yes rathikaksr@g

mail.com

8122675323

11 Chenna

i‐I

Dharmamurthi Rao Bahadur

Calavala Cunan Chetty's Hindu

College,Chennai

DRBCC Hindu college,

Pattabiram, Chennai‐ 72

SIRC SIRO Yes mjawaharlalnehru1964@g

mail.com

9444678613

mailto:[email protected];[email protected]











mailto:[email protected]/




















12 Erode Kongu arts and

Science College

Nanjanapuram, Kathirampatti post

Erode‐ 638107

SIRC Coimbatore Yes

[email protected];

[email protected]

0424-2242888 / 9942452528

13 Hubli ‐

Dharwad

Rukmini Shetty Memorial Sudltakar

Shetty College,

"Jnana Degula", Near K.M.F.

Lakammanhalli Industria Area,

P.B.Road, Dharwad‐580004,

Karnataka

SIRC Bangalore Yes drdgshetty@y

ahoo.in

0836-2465327/ 2465105 /

09343400038

14 Kanchipuram

SCSVMV University,

Enathur, Kanchipuram,

Tamilnadu‐ 631561

SIRC SIRO Yes [email protected]

044-27264179 / 9842754984

15 Puduch

erry

Bharathidasan Govt

College for Women,

Puducherry

Ananda Inn, Thiruvalluvar

Nagar, Puducherry, 605001

SIRC Chennai Yes

[email protected];

[email protected]

m

0413-2213504 /

09787703173

16 Srikaku

lam

Sri sai Krishna Junior College,

Srikakulam

Onway Traffic, Day & Night Junction,

Plot No‐ 12, Nehru Nagar, Near Shanti

Nagar Colony, Srikakulam‐

532001, Andhra Pradesh

SIRC Visakhapat

nam Yes

[email protected]

8942-2253042 /

09440315789

17 Thanja

vur SASTRA Deemed To Be University

Trichy‐Tanjore Road,

Thirumalaisamudram, Thanjavur,

Tamil Nadu 613401

SIRC SIRO Yes deanbadri@s

astra.edu

04362-304223 /

09443148947

18 Tiruchirapalli

National College, Tiruchirapalli

Dindigul Main Road,

Karumandapam, Tiruchirapalli‐620

001

SIRC SIRO Yes [email protected]

9443548859 / 0431-2480263

19

Vaniyambadi, V ellore District

Marudhar Kesari Jain College for

women

Marudhar Nagar, Chinnakallupalli,

Vaniyambadi‐635751, Tamilnadu

SIRC Chennai Yes hod.commerc

[email protected]

09789565577/ 04174-

224300/ 225300























June 25, 2019

Dear Student

As you are aware that the Institute celebrates Student Month every year during July for our budding professionals. The July month is a stand out month which brings plethora of opportunities for our young and dynamic students.

Student month is not only a ritual to celebrate a dedicated month for students but it is platform for you all to excel through various activities to be organised during the month and make niche for yourself.

Student month will give you all an opportunity to learn and face the challenges of the corporate world. The activities to be organised during the month would help in instilling confidence in you.

It is expected that July 2019willbe a great learning experience as all the offices of the Institute located in different parts of the country are taking part in this endeavour to successfully undertake various student-friendly activities with your participation.

Further it is informed that Institute is also conducting daily “Online Quiz” which will start from 1st July till 31st July, 2019 for students. The questions will be based on the Institute, Course and different events of the student month. To win lucrative prizes, kindly visit our student portal at www.icsi.edu on regular basis to keep close watch on various activities which are being planned during the month.

The details of the activities which have been planned across the month are given below. Participate in these activities in large numbers to improve your communication Skills and to groom your personality.

Activities for Student's Month July 2019 –PAN INDIA

S.No. Activities Date

1 Van Mahotsav Divas-Plantation of trees 1st July 2019

2 Doctors day- Blood donation camp shall be organised 1st July 2019

3 Quiz contests for Students 4th July 2019

4 Launch of special initiatives for students like Mock tests, Crash Course, Revision classes, Special classes for non-commerce students, Classes of specific subjects

5th July 2019

5 Submission of articles by the students on academic topis and other important notification to be included in special edition of students bulletins in the month of July 2019

6th July 2019



6 Activation of Class Room Teaching on pan India basis from 8th July, 2019

8th July 2019

7 Cultural Programme for students 9th July 2019

8 Felicitation of Rank holders of December 2018 Examination 10th July 2019

9 Power Point Competition -( Jurisprudence, Interpretation & General Laws), Chapters to conduct the competition and send the PPT's to HQ for evaluation

11th July 2019

10 World Population Day (debate competition) 11th July 2019

11 Webcast for students on any Academic topic 12th July 2019

12 Parent teachers meet would be conducted 15th July 2019

13 Faculty induction Programme 17th July 2019

14 Moot Court Competitions 18th July 2019

15 Communication / Soft skills development Programme for students 19th July 2019

16 ‘Samadhan Diwas’’- Zero Grievance Day 19th July 2019

17 National Flag adoption Day(Flag hoisting across offices) 22nd July 2019

18 Corporate leaders of big Industries to be called to guide the students 22nd July 2019

19 Celebration of Career Awareness Week on pan India basis at all offices and study centers

22nd - 26th July 2019

20 Registration Day -Installation of registration desk with Laptop/Computer with internet connectivity and fecilitating students in registration. Each Region/Chapter has to ensure atleast 2 registartions on Registration Day.

26th July 2019

21 Kargil Victory day-observation of silence in the memory of martyrs who laid their life while sacrificing for the country across the country followed by essay writing competition on "Due diligence in context of armed forces"-

26th July 2019

22 World Nature Conservation Day- Declamation competition on the theme 28th July 2019

23 Swachh Bharat Abhiyan 29th July 2019

http://www.indiacelebrating.com/events/world-population-day/


24 Video bytes of All India Rank holders of Class Room Teaching centres of ICSI to be sent to HQ(Toppers of the last two sessions)

30th July 2019

25 Mock interview for the students who are eligible for training 31st July 2019

Setting up of a dedicated Portal for Student Month

An interactive portal covering the various activities planned during the month has alsobeen developed. The portal gives the details of country-wide activities pertaining to Student Month and also the information and photographs pertaining to celebration of events are being uploaded after conclusion of each event for information of all stakeholders. The portal can be accessed at the web link with effect from 1st July 2019.

https://www.icsi.in/student/Portals/0/StudentMonth_July2019/index.html

We again take this opportunity to welcome all the students of the Institute to take part in the various activities planned by the Institute, in the office nearest to you during the Student Month. You may get in touch with the nearest Regional / Chapter Office of the Institute for the details of activities planned thereat and participate in the events. ICSI

https://www.icsi.in/student/Portals/0/StudentMonth_July2019/index.html


Announcement for Subject exemption

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 beaccepted 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.

https://www.icsi.edu/media/webmodules/paperwise_exemption_announcement.pdf


F. FEE FOR SERVICES

Schedule of Fees

For fees details, kindly visit the link

https://www.icsi.edu/media/webmodules/student/InfoBrochure_CSFndExePrgm.pdf

FAQs ON PRE-EXAMINATION TEST

Q.1 Students of which stage of CS Course are required to complete the Pre-Examination Test?

A.1 The Pre-Examination Test is applicable for students of New Syllabus (2017) of Executive Programme and Professional Programme Stage. Initially, the Pre-Exam Test will be introduced for Executive Programme (2017) New Syllabus Students which will be a pre-requisite for students seeking enrolment to December, 2018 Session of Examinations.

Q.2 Please let me know the pattern and other related details of Pre-Examination Test?

A.2 The pattern of Pre-Examination Test will be as follows : a) Online Computer Based b) The student can take the test from his home, cyber café or any other location. c) Multiple Choice Question (MCQ) type with negative marking of 25% of the

allotted marks; d) Result of the test would be available immediately on completion of the test; e) Result of the test would be linked with the enrolment process for examination; f) The questions will be categorized as per three difficulty levels i.e. Easy,

Medium and Tough and shall have a ratio of 30:40:30 in the overall marking scheme.

Q.3 What will be the qualifying marks for each subject?

A.3 The subject-wise qualifying marks will be minimum 40% marks.

Q.4 I am planning to appear in Module-1 of Executive Programme during December, 2018 Session? Am I required to complete the Pre-Exam Test of Module-2 also before enrolment to December, 2018 Session?

A.4 No. You are required to complete the Pre-Exam Test of subjects covered under Module-1 only. Students are required to successfully complete the Pre-Exam Test of all subjects forming part of specific Modules in which they are planning to appear in the main Examinations. They may complete the Pre-Exam Test of remaining modules separately before seeking enrolment to examinations of such Module(s).


Q.5 Can I complete the Pre-Examination Test after enrolling and appearing in the main examinations?

A.5 No. Students are required to complete the Pre-Examination Test before enrolling for the main examinations.

Q.6 If I successfully complete the Pre-Examination Test before seeking enrolment to December, 2018 Examinations, will it be valid for future sessions if I fail in the main examinations?

A.6 The Pre-Examination Test will be valid for future sessions of examinations for the respective subjects and students will NOT have to clear the Pre-Examination Test each time they are seeking enrolment to main examinations.

Q.7 Am I required to remit any fee for appearing in the Pre-Examination Test?

A.7 Yes. Students seeking enrolment to Pre-Examination Test are required to remit a fee of Rs.1000/-. However, students who have already remitted the Pre-Examination Test Fee while seeking registration to CS Executive / Professional Programme Stages are not required to remit the fee again.

Q.8 What will be the syllabus for Pre-Examination Test?

A.8 The questions will be according to the 2017 New Syllabus of CS Course.

Q.9 I was an Old Syllabus Student and I have switched over to New Syllabus (2017) of Executive Programme. Shall I be required to pass the Pre-Examination Test before appearing in the main Examinations?

A.9 Yes. Students who have switched over from Old Syllabus to New Syllabus (2017) of Executive and Professional Programme Stages shall be required to pass the Pre-Examination Test before seeking enrolment to Examinations.

Q.10 I have been granted exemption in some of the subjects on the basis of higher qualification/ switchover/ 60% marks criteria, etc. Am I required to pass the Pre-Examination Test of these subjects before appearing in main examinations?

A.10 No. Students are not required to pass the Pre-Examination Test of subjects in which they have already been granted exemption under different criteria for grant of exemption.

Q.11 What will be the duration of Pre-Examination Test, Total Number of Questions and the Total Marks?

A.11 Duration of Pre-Examination Test : 60 Minutes; Total Number of Questions : 50; Total Marks : 100.

Q.12 In case, I fail in the Pre-Examination Test, shall I be given another opportunity to appear in the Pre-Examination Test?

A.12 Students may appear in Pre-Examination Test any number of times, but they shall be able to appear in the Pre-Examination Test only ONCE in a day.


Q.13 What will be the process of making payment of fee for Pre-Examination Test?

A.13 PROCESS FOR REMITTING THE FEE FOR PRE-EXAMINATION TEST

1. Login Page: Student can login in to the application by entering Registration Number and DOB.

http://www.icsi.in/PreExamFees/Login.aspx

It will not allow student to enter into application if he has already made payment and his transaction is Successful or after Successful reconciliation.

Both Registration Number and DOB are mandatory.

2. Student Profile Page: This page populates student details along with Pre- Exam Test Fee.

http://www.icsi.in/PreExamFees/Login.aspx


3. Payment Instruction Page: This page displays Transaction ID, Receipt ID and Instructions. Student can “Proceed to Payment” by giving his consent on the same by checking the check box.

4. Payment Gateway


5. Receipt Generation

Q.14 What will be the steps for appearing in the Pre-examination Test?

A.14 Steps to attempt Online Pre-Examination Test:

1. Login using your credentials: Link - https://elearning.icsi.in

(Please note, your Login credentials (Login Id and password) would be intimated to you once you pay the requisite fee)

https://elearning.icsi.in/


2. Click on My Course:

3. After Clicking on My Courses, all the courses in which you are enrolled will appear on the screen. You can select Online Pre Examination Test Executive Module - 1 from the list of courses. Click on Online Pre Examination test Module – 1. Click on Launch Button in Green Color.


4. Upon Launching, Pre Examination Guidelines page will open, please

read guidelines carefully.

5. After reading Guidelines, Please click on Assessment Tab given just below paper name

6. After Clicking on Assessment, Please click on launch assessment button:


7. After clicking on launch assessment, instruction page will open. Please

read these instructions carefully. After reading instruction, please tick the checkbox displaying (I have read and understood the instructions and agree to adhere to them). Please click on “I am ready to begin button”.

8. Assessment will start just after you click on this button. Given below is assessment screen:


Q.15 I have enrolled myself for Class Room Teaching conducted by the Regional / Chapter Office of the Institute in my city. Shall I be exempted from appearing in Pre-Examination Test if I pass the Tests conducted by the said Regional/ Chapter Office after completion of the Class Room Teaching Session?

A.15 Yes. Students who have cleared the Offline Test in specific subjects after undergoing Class Room Teaching session in the Regional and Chapter Offices shall be exempted from the specific subjects of Online Pre-Examination Test.

Q.16 Please let me know if the marks scored in the Pre-Examination Test will be considered for computing the result of main CS Examinations?

A.16 No. The Pre-Examination Test will be a qualifying test to assess the level of preparation of the students before appearing in the main examinations. The marks scored in the Pre-Examination Test will NOT be used for computing the results of the main CS examinations.

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Attention Students !

Guidelines for Concession in Fee for Registration to CS Course to the Widows and Wards of Martyrs, Permanent Disability cases, Serving / Retired Personnel of Indian Army, Indian Air Force, Indian Navy and all para military forces

The sacrifice of the personnel of Indian Armed forces and para military forces for maintaining the security and sovereignty of the country is commendable.

In a humble endeavor of the Institute in recognizing the contribution of the serving and retired personnel and as a goodwill gesture to the families of martyrs, the Institute has decided to grant the following concessions for registration to the CS Course :

1. 100% concession in full Fee payable at the time of Registration to various Stages of CS Course and Examination Fee to the wards and widows of martyrs of Indian Army, Indian Air Force, Indian Navy and all para military forces

2. 100% concession in full Fee payable at the time of Registration to various

Stages of CS Course and Examination Fee to the personnel of Indian Army, Indian Air Force, Indian Navy and all para military forces with permanent disability as a result of participating in act of war and other missions.

3. 50% concession in full Fee payable at the time of Registration to various

Stages of CS Course and Examination Fee to all In Service/ Retired personnel of Indian Army, Indian Air Force, Indian Navy and all para military forces.

All other fee payable by the aforesaid category of students shall be as per the rates applicable to the general category students.

These guidelines shall be applicable effective from 1st April, 2019.


Hurry up!! Join classes at The Institute of Company

Secretaries of India to excel in CS examination

B E N E F I T S O F S T U D E N T S O P T I N G F O R CL A S S RO O M T E ACH I N G AT T H E REGIONAL/ CHAPTER OFFICES AND STUDY CENTRES OF THE INSTITUTE

OF COMPANY SECRETARIES OF INDIA

To join Classes, please go through the contact details of Regional/Chapter Offices of the Institute of Company Secretaries of India at the following link.

https://www.icsi.edu/media/webmodules/websiteClassroom.pdf

BENEFITS OF CLASS ROOM TEACHING CENTRES OF ICSI

Small batches for deeper conceptual clarity Special attention for non-commerce students Continuous revisions & tests Exam result & career oriented Best Infrastructure Optimal fee in comparison Library facility with latest books

Distinguished Faculties and a blend of academicians from premier institutions, Professions and industry experts

Periodic Class Tests for evaluation Parents teachers meet at regular intervals Faculty Development Programmes. Learning through practical approach

Exemption from Pre-exam test subject to the clearance of respective subject/Module.

Demo lectures, Mock Tests, Crash Courses Special programme/special guest lectures 100% coverage of syllabus Assistance in placement Scope to learn soft skills and leadership skills

Class Room teaching centres of the Institute extend support to the students in preparation of the main examination.

http://www.icsi.edu/media/webmodules/websiteClassroom.pdf





Examination


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Training & Placement


Release of One day Orientation Programme Manuals for Foundation & Executive Students

The Institute has recently introduced a One Day Orientation Program for the Foundation & Executive registered students with a view to apprise them about the CS Course and Profession. In this regard, The Dte. of Training has recently released the manuals of Foundation and Executive programme. These manuals will be handed over the students during their participation in the orientation program. The Cover page of the manuals are given hereunder:


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 (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) 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) 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 0120-4082135.


Attention Students !!

LICENTIATE - ICSI

Regulation 29 & 30 under Chapter-V of the Company Secretaries Regulations, 1982 provides for Licentiate ICSI.

ELIGIBILITY FOR AWARD OF LICENTIATE ICSI

A person who –

- has completed the Final examination or Professional Programme examination conducted by the Institute may, within six months from the date of declaration of results in which he has passed the Final examination or Professional Programme examination can apply for enrollment as a licentiate

- the Council, however, may condone the delay in applying for licentiateship by any person for reasons to be recoded in writing.

PROCEDURE

An eligible student may apply for enrollment as Licentiate ICSI by submitting an application in prescribed form ST-8 alongwith annual subscription of Rs. 1000/- in cash (at counters of the Institute across the country) or by way of Demand Draft in favour of ‘The Institute of Company Secretaries of India’ payable at New Delhi along with copies of date of birth, professional programme pass certificate and graduation certificate/foundation pass certificate duly attested by any member of the Council/Regional Council/Satellite Chapter of the Institute or any Officer of the Institute.

STATUS OF LICENTIATES

- The person enrolled as a Licentiate of the Institute shall be entitled to use the descriptive letters “Licentiate ICSI” to indicate that he has qualified in the Final examination or Professional Programme examination of the Institute.

- The grant of licentiateship shall not confer on such licentiate any rights of a member nor entitle him to claim any form of membership of the Institute or its Regional Council or Chapter, as the case may be.

- The licentiate may be permitted to borrow books from the library of the Institute, Regional Council or Chapter or participate in the activities of the Institute, its Regional Council or Chapter as the case may be, subject to such conditions as may be imposed by the Council, Regional Council or Chapter, as the case may be.

VALIDITY OF CERTIFICATE

- A licentiate shall not ordinarily be eligible to renew his enrolment for more than five years after passing the Final Examination or Professional Programme examination.

OTHER DETAILS

- The Licentiate will be provided Chartered Secretary Journal of the Institute free of cost.

- The student enrolled as a Licentiate ICSI may apply for ACS Membership on attaining the eligibility for ACS by surrendering his Licentiateship.

- A Licentiate may apply in the prescribed form for exemption from training requirements (except MSOP) along with the requisite documents of work experience. eMSOP can be undergone through online mode by the eligible candidates for acquiring ACS Membership.

- The annual licentiate subscription becomes due and payable on the first date of April every year and non-payment of annual subscription on or before the thirtieth of June of a year shall disentitle the person to use the descriptive letters “Licentiate ICSI” from 1st July of that year, until his annual subscription for the year is received by the Institute.

- The name of the person so disentitled shall be published in the Journal.

For queries, please write at [email protected] or contact on phone number 0120-4082136.


News from Region

SIRC

72 e-bulletin - July 2019

EIRC


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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.

Editorial Team Dr. S. K. Jena, Director

Dr. Gargi Rajvanshi, Assistant Director

Akansha Gupta, Executive (Academics)

Directorate of Academics

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


Message from the President - ICSI

Documents

Transcript of Message from the President - ICSI